Friday, June 14, 2024
Friday, June 14, 2024
HomeNewsSaudi sovereign wealth fund to take significant stake in Balmoral owner Rocco...

Saudi sovereign wealth fund to take significant stake in Balmoral owner Rocco Forte

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 49% stake in Rocco Forte Hotels, owner of the Balmoral Hotel in Edinburgh. The deal, which is subject to regulatory approval, sees Italian entity CDPE Investimenti (CDPEI) selling its entire stake.

The Forte family will retain majority ownership and control, lead by Sor Rocco Forte, who remains Executive Chairman and Olga Polizzi who continues as Deputy Chairman.  Charles Forte, Lydia Forte and Irene Forte will also continue to hold key roles in the business.

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. The group today operates 14 individual hotels and resorts as well as 20 private villas.

PIF is one of the largest sovereign wealth funds in the world. 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.”

 

 

- Advertisment -

Most Popular