The Public Investment Fund (PIF) has reached a definitive agreement with Rocco Forte Hotels to acquire a significant minority stake in the group.
Even if the Forte family sells some of its shares, it will retain a majority stake and control of the group. Furthermore, the agreement provides for the Italian entity CDPE Investimenti (CDPEI) to sell its entire stake.
Thanks to PIF's participation, the brand's expansion in existing and new global markets will be considerably accelerated. As a reminder, Rocco Forte Hotels has opened or committed to opening eight new properties in recent years.
The Group's governance will remain unchanged, with Rocco Forte as Executive Chairman and Olga Polizzi as Vice Chairman. Charles Forte, Lydia Forte and Irene Forte will also continue to play key roles in the company.
PIF is an excellent partner for the future. We have established a very good relationship during our negotiations. They share the same vision of the brand and the Group's future strategy, with the same ambition to have a long-term vision. I look forward to working with PIF to develop the Group and improve the high level of service we offer our customers.
Sir Rocco Forte, Executive Chairman of Rocco Forte Hotels
Our investment in Rocco Forte Hotels reflects PIF's confidence in the business opportunities and strength of the international hospitality and tourism industries, which have shown remarkable resilience in recent years. As an active long-term investor, PIF will continue to invest strategically in promising sectors to achieve sustainable returns on a global scale.
Turqi Al Nowaiser, Deputy Governor and Head of International Investments at PIF
