Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) entered into a definitive agreement to acquire a significant minority stake in Rocco Forte Hotels, the British luxury hotel chain, a recent press release unveiled.
The PIF’s investment will accelerate the brand’s expansion in both existing and new global markets, backed by the group’s track record of growth and development.
Turqi Al Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said that the investment in Rocco Forte reflects the fund’s belief in the financial attractiveness of the hospitality and tourism industry.
He added that this investment aligns with the fund's strategy to target promising sectors with sustainable and long-term returns.
In turn, Rocco Forte, Executive Chairman of Rocco Forte Hotels, 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,” Forte elaborated.
Rocco Forte Hotels is a world-renowned operator of landmark luxury hotels in exceptional city and resort locations. It 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.
