The Public Investment Fund of Saudi Arabia has purchased a 49 per cent stake in Rocco Forte Hotels.
The 49 per cent stake in the hotel company which manages luxury hotels and resorts - most of which are in Italy - is said to have been sold in a deal that values Rocco Forte Hotels at €1.5 billion, after several months of negotiation.
Hotel de Russie in Rome, Hotel de la Ville in Rome, Verdura Resort in Catania, The Savoy in Florence, Hotel Villa Igiea in Palermo, Masseria Torre Maizza in Puglia are some of the hotels in Rocco Forte’s portfolio. The company also has hotels in London, Edinburgh, Munich and Berlin. In 2025, Rocco Forte will open The Carlton Hotel in Milan.
Sir Rocco Forte, who founded the group in 1996, will retain control of the majority 51 per cent stake.
Why it matters
Saudi’s sizable investment in the Italian luxury hotel market further signifies high investor interest in that area – coming just a few days after Gruppo Statuto’s £245 million purchase of Six Senses Rome - and is also a progression of Saudi Arabia’s PIF strategy to boost its presence in the hospitality sector and expand its global investment footprint, particularly in the European market.