Register to get 3 free articles
Register to unlock the article and receive our free newsletter. Join 26,000 other hotel leaders and stay in the know.
Want unlimited access? View Plans
Already have an account? Sign in
Rocco Forte Hotels has announced that the Saudi Public Investment Fund has acquired a significant minority stake in the company.
The Forte family will retain majority ownership and control and the arrangement sees the Italian entity CDPE Investimenti (CDPEI) selling its entire stake.
Rocco Forte stated that the PIF’s investment will include an element of primary equity which will accelerate the brand’s expansion.
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.
Rocco Forte 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.”
Rocco Forte currently owns the Balmoral Hotel in Scotland and Brown’s Hotel in London.
