PIF ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE SIGNIFICANT MINORITY STAKE IN ROCCO FORTE HOTELS (United Kingdom)
Rocco Forte Hotels (the group) is pleased to announce that the Public Investment Fund (PIF) has entered into a definitive agreement to acquire a significant minority stake in the group. |
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PIF ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE SIGNIFICANT MINORITY STAKE IN ROCCO FORTE HOTELS (United Kingdom)
Rocco Forte Hotels (the group) is pleased to announce that the Public Investment Fund (PIF) has entered into a definitive agreement to acquire a significant minority stake in the group. |
Category: Europe - United Kingdom - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2023-12-05
The Forte family will retain majority ownership and control.
The arrangement sees the Italian entity CDPE Investimenti (CDPEI) selling its entire stake.
PIF’s investment will include an element of primary equity which will accelerate the brand’s expansion in both existing and new global markets, building on the group’s track record of growth and development that includes eight new properties opened or committed in recent years.
Sir Rocco Forte will remain Executive Chairman, alongside Olga Polizzi, who will continue as Deputy Chairman. Charles Forte, Lydia Forte and Irene Forte will also continue to hold key roles in the business.
Completion of the transaction is subject to regulatory approval.
Sir Rocco Forte, Executive Chairman of Rocco Forte Hotels, 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.”
Turqi Al Nowaiser, Deputy Governor and Head of International Investments Division at PIF, said: “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. As active long-term investors, PIF will continue to invest strategically in promising sectors to achieve sustainable returns globally.”
Established in 1996 by Sir Rocco Forte and Olga Polizzi, Rocco Forte Hotels is a world-renowned operator of landmark luxury hotels in exceptional city and resort locations.
The group today operates 14 hotels and resorts, as well as 20 private villas, including some of Europe’s most iconic properties. A further three hotels are due to open in 2024 and 2025.
About Rocco Forte Hotels
Established by Sir Rocco Forte and his sister, Olga Polizzi in 1996, Rocco Forte Hotels is a collection of 14 individual hotels and resorts as well as 20 private villas. All of the hotels are landmarks, both old and new, occupying magnificent buildings in exceptional locations. Led by a family who has been in hospitality for four generations, the hotels are united by their distinctive approach to service ensuring guests experience the best of the cities and surroundings. Rocco Forte Hotels comprises: Hotel de la Ville, Hotel de Russie and Rocco Forte House, Rome; Hotel Savoy, Florence; Verdura Resort, Rocco Forte Private Villas and Villa Igiea, Sicily; Masseria Torre Maizza, Puglia; The Balmoral, Edinburgh; Brown’s Hotel, London; The Charles Hotel, Munich; Hotel de Rome, Berlin; Hotel Amigo, Brussels and Hotel Astoria, St Petersburg. Opening in 2024: Rocco Forte House, Milan; Opening in 2025: The Carlton, Milan and Costa Smeralda, Sardinia.
About PIF
PIF is one of the largest and most impactful sovereign wealth funds in the world, driving transformation for Saudi Arabia’s economy while shaping the future of the global economy. Its mission is to build strategic economic partnerships to achieve sustainable returns and unlock promising economic opportunities in Saudi Arabia. PIF deploys capital to enable strategic sectors with significant long-term growth potential that will contribute to maximising its assets and diversifying Saudi Arabia’s economy in line with Vision 2030.
More information about PIF can be found at: www.pif.gov.sa
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