The Public Investment Fund (PIF), the Sovereign Wealth Fund of Saudi Arabia, chaired by Prince Salman bin Abdulaziz Al Saud, is reportedly set to enter the capital of Rocco Forte Hotels by acquiring a 49% stake. As per the current situation, the fund would exit the capital of the company Cassa Depositi e Prestiti, which currently holds a 23% stake, while a similar stake would be sold by the Forte family, who would continue to retain the majority ownership and control of the group. It is worth noting that in 2014, the “Fondo Strategico Italiano” (now CDP Equity) had signed an agreement with Rocco Forte, which included FSI and FSI Investimenti entering the hotel company with a 23% stake for a sum of £60 million, equivalent to approximately €76 million.

The value of the investment is currently unknown but estimated to be around €700 million, based on the company’s estimated value of approximately €1.5 billion. The fund is heavily focused on expanding its presence in the luxury tourism segment, with a portfolio worth $700 billion. The operation would also confirm PIF’s intention to expand in Italy. In fact, as reported in “The Bulletin” on 07/04/2023, the fund has recently acquired a 33% stake in Azimut Benetti, a mega yacht construction group. Along with PIF, Tamburi Investment Partner (Tip) will also remain in the share capital of the Azimut Benetti group with a reduced stake from 12% to 8%. The Rocco Forte Group currently holds a portfolio of 8 properties in Italy, with a total of approximately 660 rooms. Among the group’s pipeline projects, the opening of Rocco Forte House Milan, a collection of 11 apartments, is scheduled for 2023. The rebranding of the 89-room Carlton Hotel in Milan and the opening of the former Hotel le Palme in Arzachena with 64 rooms are planned for 2024. In 2025, the opening of Palazzo Sirignano in Naples is also expected.