Saudi Arabia’s Public Investment Fund has signed an agreement to take a 49 per cent stake in Rocco Forte Hotels, in a move which will see Italian company CDPE selling its stake in the hotel group.
Rocco Forte Hotels was established in the 1990s by hotelier Sir Rocco Forte and his sister Olga Polizzi, and currently comprises 14 hotels and resorts and 20 private villas, with properties including Brown’s Hotel in London, The Charles Hotel in Munich, and The Balmoral in Edinburgh.
The Forte family will retain majority ownership and control of the group, with Sir Rocco remaining as executive chairman and Olga as deputy chairman.
Rocco Forte Hotels said that the investment “will include an element of primary equity which will accelerate the brand’s expansion in both existing and new global markets”.
Three properties are currently scheduled to open in the next couple of years – Rocco Forte House, Milan (2024); The Carlton, Milan (2025) and Costa Smeralda, Sardinia (2025).
Commenting on the news 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.”
To read our recent Inside Scoop column featuring Sir Rocco Forte, see:
The inside scoop: Sir Rocco Forte