EU: The Public Investment Fund of Saudi Arabia, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, has acquired a 49 per cent stake in Rocco Forte Hotels.
The deal values the luxury Italian hotel group at €1.5 billion. Sir Rocco Forte will control the majority share of 51 per cent.
Rocco Forte Hotels’ portfolio includes 14 properties in Italy, Belgium, the UK, Germany and Russia. Over half are located in Italy including Hotel De Russie (Rome), The Savoy (Florence), and Masseria Torre Maizza (Puglia). A further three are in the pipeline such as The Carlton Hotel in Milan, expected to open in 2025.
Saudi Arabia’s PIF has an estimated $776 billion worth of assets under management. The investment in Rocco Forte forms part of a wider strategy to boost Saudi’s presence in the hospitality sector. For example earlier this year, the Saudi government announced it will invest US $110 billion in developing hotels across the kingdom.
To learn more about hotel performance, expansion and investment in the Middle East, watch the Urban Living webinar on the growth of boutique and lifestyle hotels in the region here.
The acquisition of Rocco Forte Hotels comes days after Gruppo Statuto’s £245 million purchase of Six Senses Rome. European trophy assets have formed a large proportion of transaction activity this year, highlighted at the Urban Living Insights: Hotels and Hospitality event last week. Read an overview here.