Completion of the transaction is subject to regulatory approval
Saudi Arabia’s Public Investment Fund (PIF) has entered into an agreement with Rocco Forte Hotels to acquire a significant minority stake in the group.
The Forte family will retain majority ownership and control. The arrangement sees the Italian entity CDPE Investimenti (CDPEI) selling its entire stake.
PIF’s investment will include some primary equity which will accelerate the brand’s expansion in both existing and new global markets, building on the group’s track record of growth and development that includes eight new properties opened or committed in recent years.
Sir Rocco Forte will remain executive chairman, alongside deputy chairman Olga Polizzi. Charles Forte, Lydia Forte and Irene Forte will also continue to hold key positions in the business.
Sir Rocco Forte said: “PIF is an excellent partner for us going forward. We have established an extremely good relationship during the course of our negotiations. 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.
“We thank CDPEI for having shared the past fruitful eight years, during which we both successfully accomplished the mission we shared when we started the journey, having significantly enhanced the value of the company and increased the group’s presence in Italy and across Europe.”
PIF deputy governor and head of international investments division Turqi Al Nowaiser 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. As active long-term investors, PIF will continue to invest strategically in promising sectors to achieve sustainable returns globally.”
For more information, visit www.roccofortehotels.com