Saudi Arabia Sovereign Wealth Fund PIF to acquire 49% stake in Rocco Forte Hotels
Saudi Arabia’s Public Investment Fund (PIF) is close to acquiring a 49% stake in Rocco Forte Hotels, valuing the stake at approximately €1.5 billion. Sir Rocco Giovanni Forte, chairman and founder of Rocco Forte Hotels, will retain a 51% majority stake. The luxury hotels and resorts group was founded in 1996, and today includes a portfolio of 14 properties across Italy, Belgium, United Kingdom, Germany and Russia. Eight of the 14 existing hotels, plus three pipeline properties, are located in Italy. Chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, the PIF has an estimated $776 billion worth of assets under management.