PIF acquires stake in British Rocco Forte hotels

Logo of Public Investment Fund (PIF)

British luxury hotel chain Rocco Forte announced that Saudi Arabia’s Public Investment Fund (PIF) entered into a definitive agreement to acquire a significant minority stake in the group.

The completion of the transaction is subject to regulatory approvals, Rocco Forte said in a statement.

PIF investment 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.

Turqi Al-Nowaiser, Deputy Governor and Head of International Investment Division at PIF said that the fund's investment in Rocco Forte hotels reflects its confidence in business opportunities and the strength of the international hospitality and tourism industries, which have shown remarkable reliability in recent years.

As an active long-term investor, the fund will continue to strategically invest in promising sectors to achieve sustainable returns globally, he added.

Founded in 1996 by Rocco Forte and Olga Polizzi, the group operates 14 hotels and 20 private villas, including some of Europe's most iconic properties. Three more hotels are scheduled to open in 2024 and 2025, according to data available with Argaam.