REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsSummaryCompanies Saudi Arabia's PIF buys into Rocco Forte hotel groupPlans to help expand luxury hotel groupItalian investor CDPE checks out of chainDec 4 (Reuters) - Saudi Arabia's PIF sovereign wealth fund will buy a 49% stake in luxury hotel group Rocco Forte Hotels and help to support its expansion, the owner of Britain's Balmoral hotel said on Monday.
A spokesperson for Rocco Forte Hotels declined to confirm the size of PIF's stake.
Rocco Forte Hotels, founded in 1996, operates across Italy, Britain, Germany, Belgium and Russia and has 20 private villas in addition to its hotels.
CDPE, which owned a 23% stake in Rocco Forte Hotels, is owned by Italy's state-backed fund CDP.
Rocco Forte, which was advised by Rothschild, reported revenues of around 300 million pounds last fiscal year, with a core profit of around 60 million pounds, according to a source.
Persons:
Russell Cheyne, Companies Saudi Arabia's PIF, Rocco Forte, CDPE, Olga Polizzi, Forte, Rocco Forte Hotels, Al Nowaiser, PIF, Rothschild, Yadarisa, Elisa Anzolin, Keith Weir, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Alex Richardson
Organizations:
REUTERS, Companies Saudi Arabia's, Saudi Arabia's, Rocco Forte Hotels, Financial Times, Granada, Thomson
Locations:
Balmoral, Scotland, Edinburgh, Britain, Saudi, Italy, Germany, Belgium, Russia, Milan, Sardinia, Italy's, SAUDI ARABIA, Saudi Arabia, Bengaluru, London