Saudi Arabia’s Public Investment Fund has bought a 49% stake in Rocco Forte’s luxury hotel chain.
The £550bn deal values the chain of 14 hotels across Europe at £1.2bn.
As part of the deal, Italian sovereign wealth fund CDP Equity, which owned a 23% stake, will exit the business, along with four of Forte’s five sisters.
Forte, alongside another sister, Olga Polizzi, will retain a controlling 51% stake.
PIF said it plans to invest tens of millions of pounds in the group to double the size of its hotel portfolio over the next five years.
Rocco Forte Hotels plans to open three new hotels in 2024 and 2025, including one in Dubai.
