Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) has entered into a definitive agreement to acquire a minority stake in Rocco Forte Hotels, according to a press release.
Under the agreement, the Italian entity CDPE Investimenti (CDPEI) will sell its entire stake, while the Forte family will retain majority ownership and control.
PIF’s investment will accelerate the brand’s expansion in both existing and new global markets. This follows the group’s development which includes eight new properties opened or committed in recent years.
Rocco Forte will remain Executive Chairman, whereas Olga Polizzi will continue as Deputy Chairman.
Meanwhile, the completion of the transaction is subject to regulatory approval.
Forte commented: “PIF is an excellent partner for us going forward. They share the same vision for the brand and the future strategy of the group with the same ambition to take a long-term view.”
“I look forward to working with PIF to expand the group and improve the high level of service we offer our customers,” the Chairman added.
Turqi Al Nowaiser, Deputy Governor and Head of the International Investments Division at PIF, said: “Our investment in Rocco Forte Hotels reflects PIF’s confidence in both the commercial opportunity and strength of the international hospitality and tourism industries that have shown remarkable resilience in recent years.”
Rocco Forte Hotels currently operates 14 hotels and resorts, as well as 20 private villas, including some of Europe’s most iconic properties. A further three hotels are due to open in 2024 and 2025.
Last November, the Saudi fund increased the Korea Trade Insurance Corporation (K-SURE) syndicated term loan to $5 billion from $3 billion.