Saudi Arabia’s Public Investment Fund has acquired a 49% stake in Rocco Forte Hotels.
The deal values the luxury and resorts group, which has 14 properties in Italy, Belgium, the United Kingdom and Germany, at €1.5 billion, say various Italian media reports. Sir Rocco Giovanni Forte has the majority share of 51%.
Rocco Forte Hotels in Italy include Hotel de la Ville (pictured) and Hotel de Russie in Rome, Verdura Resort in Catania, The Savoy in Florence, Hotel Villa Igiea in Palermo, Masseria Torre Maizza in Puglia.
The fund, which is chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, has an estimated $776 billion worth of assets under management.