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EU: The Public Funding Fund of Saudi Arabia, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, has acquired a 49 per cent stake in Rocco Forte Motels.
The deal values the luxurious Italian resort group at €1.5 billion. Sir Rocco Forte will management the bulk share of 51 per cent.
Rocco Forte Motels’ portfolio consists of 14 properties in Italy, Belgium, the UK, Germany and Russia. Over half are situated in Italy together with Lodge De Russie (Rome), The Savoy (Florence), and Masseria Torre Maizza (Puglia). An additional three are within the pipeline corresponding to The Carlton Lodge in Milan, anticipated to open in 2025.
Saudi Arabia’s PIF has an estimated $776 billion value of property underneath administration. The funding in Rocco Forte kinds a part of a wider technique to spice up Saudi’s presence within the hospitality sector. For instance earlier this 12 months, the Saudi authorities introduced it’ll make investments US $110 billion in creating inns throughout the dominion.
To be taught extra about resort efficiency, enlargement and funding within the Center East, watch the City Residing webinar on the expansion of boutique and life-style inns within the area right here.
The acquisition of Rocco Forte Motels comes days after Gruppo Statuto’s £245 million buy of Six Senses Rome. European trophy property have shaped a big proportion of transaction exercise this 12 months, highlighted on the City Residing Insights: Motels and Hospitality occasion final week. Learn an outline right here.
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