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PIF is in talks to buy a minority stake in Rocco Forte Hotels

PIF is in talks to buy a minority stake in Rocco Forte Hotels

Informed sources said that the Saudi Public Investment Fund is in talks to buy a stake in the Rocco Forte Hotels group. The value of the luxury hotel group may be estimated at 1.3 billion euros ($1.4 billion).


The sources added; According to Bloomberg, the Saudi sovereign fund is the most likely candidate to acquire the stake.


The sources noted that the fund may buy a large minority stake in Rocco Forte Hotels.


Part of it is a stake held by a fund linked to the Italian state-owned bank Cassa Depositi e Prestiti.


The hotel group’s co-founder and chairman, British businessman Rocco Forte, will retain a controlling stake in any deal.


The sources continued, “The deliberations are ongoing and it is not certain that they will result in a deal.


It also indicated that it is possible for others to compete to buy the share.


Rocco Forte Hotels operates more than 10 luxury hotels, resorts, and villas – including Brown’s in London.


It also runs The Balmoral in Edinburgh and the Hotel de Russie in Rome – as well as a chain of fine-dining restaurants.


A fund linked to the Casa Depositi e Prestiti bank acquired a 23 percent stake in the hotel group for 60 million pounds ($72 million) in 2014.


The Public Investment Fund, headed by Saudi Crown Prince Mohammed bin Salman, invests in the hospitality sector. With the aim of promoting tourism in the Kingdom.


Last year, the sovereign fund invested $50 million in Habitas, along with A&K Travel Group.


Habitas is an operator of sustainability-focused residences.


The fund also pumped $900 million into supporting the global expansion of the Aman Group.

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