Real estate investment firm Cain International and Saudi Arabia’s Public Investment Fund (PIF) has invested $900 million investment into luxury hotel firm Aman Group,
The injection values Aman at $3 billion and the money will be used to support its global expansion of ultra- luxury properties and branded residences.
Aman Group comprises a collection of 34 hotels across 20 countries, 12 of which include Aman Branded Residences, with nine further hotels and residences projects currently under construction.
Affiliates of Aman own or part-own 16 of the 34 hotels, these ownership interests were not part of this transaction.
St Petersburg-born Vlad Doronin has owned the company since 2014. Earlier this year he distanced himself from the Putin regime.
PIF is Saudi Arabia’s sovereign wealth fund.
What they said
Jonathan Goldstein, CEO and co- founder of Cain International, said: “We are excited to be investing in this phenomenal brand and look forward to building upon our longstanding partnership with Vlad and his team. As the hospitality landscape continues to evolve, we expect to see a growing desire for travellers and investors alike to prioritize experiences supported by preeminent brands like Aman. This investment represents a unique opportunity to further enhance this portfolio of unrivalled destinations.”
Vlad Doronin, owner, chairman and CEO of Aman Group, said: “My long-term strategic vision has been to continue to grow the Aman brand in key markets, all with Aman Branded Residences, as well as creating an ultra-luxury ecosystem which offers the complete Aman lifestyle. We have set the foundation over the last eight years, celebrating the brand’s DNA while continuing our growth in global cities and remote destinations.
“The investment from PIF and Cain International is a vote of confidence in my vision and the work the team has done over the last eight years, cementing the brand’s evolution and ability to deliver this vision at pace. Together we will deliver considerable growth and maximise the extraordinary potential of Aman.”
Turqi Alnowaiser, deputy governor of PIF and head of international investments division said in a statement issued on Twitter: “Our investment in Aman Group reflects PIF’s belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia.”
“The investment is in line with PIF’s strategy to invest in promising sectors to achieve sustainable, attractive returns in Saudi Arabia and globally.”