Saudi’s PIF Acquires 49% of Sir Rocco Forte's Luxury Hotel Chain
The country’s USD 700 billion Public Investment Fund is poised to inject tens of millions of dollars, fueling a plan to double the chain’s portofolio within a five-year horizon.
British hospitality giant Sir Rocco Forte’s eponymous luxury hotel group is set to undergo a significant expansion driven by a 49% stake acquisition by Saudi Arabia’s Public Investment Fund. A five year plan has been laid out to double the chain’s global presence with new hotels opening in the Middle East, Italy, and the United States.
With 14 hotels spread across Europe, the deal valued the group at GBP 1.2 billion, with a total enterprise value of GBP 1.4 billion including debt. Group chairman Rocco Forte, who together with his sister Olga owns 51 percent of the company’s stake, said in an interview with the Financial Times that he expects “a lot more business” from visitors based in the Middle East, due largely to the partnership with Saudi Arabia.
With plans for three new hotel openings in 2024 and 2025, the company is poised to expand its Middle Eastern footprint, including a hotel in Dubai, marking the chain’s return to the region after its management contract for a hotel in Jeddah, Saudi Arabia, concluded in 2019.
