Aman secures $900m to fund expansion

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Aman secures $900m to fund expansion

[Credit: Aman New York]

Saudi Arabia/London: Saudi Arabia’s Public Investment Fund (PIF) and London-based real estate investment firm Cain International have invested $900 million into Aman Group.

The transaction, which values Aman Group at $3 billion, will support the expansion of Aman’s luxury hotels and branded residences globally. Locations include the US, Japan, Mexico, South Korea, Saudi Arabia and across Europe. The cash injection will also be used to enhance the existing portfolio.

Currently, the group operates 34 hotels in 20 countries, 12 of which include branded residences. A further nine hotels and residences are under construction.

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.”

Speaking on Twitter, Turqi Alnowaiser, PIF deputy governor said: “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.”

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 prioritise experiences supported by preeminent brands like Aman. This investment represents a unique opportunity to further enhance this portfolio of unrivalled destinations.”

Earlier this month, Aman opened its second city centre location in New York.

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