Saudi Arabia’s Public Investment Fund (PIF) has acquired a significant stake in Rocco Forte Hotels, marking a substantial move in the luxury hotel sector. This investment supports the group’s ambitions for expansion across Europe.
The financial statements for the year ending April illustrate substantial growth for the Rocco Forte group. UK revenues increased to £67.6 million from £62.4 million, while overseas revenues rose to £223.4 million from £209.8 million. Overall, total revenue saw a 6.3% increase, reaching £311.9 million, with room occupancy marginally up to 59.9%. However, revenue from their Russian properties, the Angleterre and the Astoria in St Petersburg, experienced a slight decline, settling at £20.8 million.
Despite the minor setback in Russia, the group remains optimistic about its performance. There was revenue growth in each geographic region, building further on the strong growth recorded in the prior year. The group is committed to ensuring that its hotels remain leaders in their cities,” the company stated.
The expansion plans are ambitious, with two new properties set for Milan—Carlton and Rocco Forte House. Additionally, new hotels will open in Porto Cervo, Sardinia; Palazzo Castelluccio in Noto; and Palazzo Sirignano in Naples. These developments underscore Sir Rocco Forte’s strong family connections to Italy and bolster the group’s footprint in pivotal European markets.
Sir Rocco Forte, 78, will continue as executive chairman, while his sister Olga Polizzi, 77, remains deputy chairman. Key roles are also held by his children, Charles, Lydia, and Irene. The group was originally established by Forte and Polizzi in 1996 after a hostile takeover of their family business by Granada. Despite the substantial investment from PIF, the Forte family retains a majority stake in the company. The deal saw £82 million in new equity issued and included the exit of Italian investment firm CDPE from its stake in the hotel group.
The acquisition by Saudi Arabia’s Public Investment Fund positions Rocco Forte Hotels for significant expansion in Europe. With family leadership still at the helm and a reinforced presence in key markets, the group is poised for continued growth.
