Saudi Arabia's PIF Takes 49% Stake in Iconic $1.2 Billion Rocco Forte Hotel Group

A major shake-up has occurred in the luxury hospitality world with Saudi Arabia's Public Investment Fund (PIF) acquiring a 49% stake in the renowned Rocco Forte Hotels.

This landmark deal, announced on December 4, 2023, values the hotel group at approximately $1.2 billion USD and marks a significant step in PIF's ambitious diversification strategy.

Rocco Forte Hotels, founded by the iconic hotelier Sir Rocco Forte, boasts a portfolio of 14 luxurious hotels and resorts across Europe, including:

• The Balmoral, Edinburgh 󠁧󠁢󠁳󠁣󠁴󠁿
• Hotel de Rome, Berlin 🇩🇪
• Brown's Hotel, London 🇬🇧
• Hotel Savoy, Florence 🇮🇹
• The Charles Hotel, Munich 🇩🇪

This partnership is expected to provide Rocco Forte Hotels with access to significant capital, enabling them to expand their global footprint and further enhance their position within the luxury hospitality sector.

Key Takeaways:

• PIF acquires 49% stake in Rocco Forte Hotels for $1.2 billion USD.
• Deal marks a significant step in PIF's diversification strategy.
• Partnership will provide Rocco Forte Hotels with access to capital for global expansion.
• Iconic European hotels like The Balmoral, Hotel de Rome, and Brown's Hotel are part of the group.

Industry Reactions:

The acquisition has been met with positive reactions from industry analysts, who view it as a strategic move by both PIF and Rocco Forte Hotels.

• Turqi Al Nowaiser, Deputy Governor and Head of International Investments at PIF: "Our investment in Rocco Forte Hotels reflects PIF's confidence in both the commercial opportunity and strength of the international hospitality and tourism industries that have shown remarkable resilience in recent years."
• Sir Rocco Forte, Founder and Chairman of Rocco Forte Hotels: "This partnership with PIF is a major milestone for Rocco Forte Hotels and I am confident that it will enable us to achieve our ambitious growth plans and further enhance our position as a leading luxury hotel group."

Looking Ahead:

With PIF's backing and Sir Rocco Forte's continued leadership, Rocco Forte Hotels are poised for significant growth in the coming years. We can expect to see exciting new hotel openings and further enhancements to their existing portfolio, solidifying their position as one of the world's most celebrated luxury hotel groups.

Stay tuned for more updates on this exciting development in the hospitality industry!