Ready to join Rocco Forte Hotels

Negotiations to acquire a stake in the group are in their final stages Rocco Forte hotels by Saudi Sovereign Wealth Fund (PIF).Newcastle’s owner, is aiming for him 49%. production | Cdp Equity. To bring it back is today’s edition of The sun is 24 hours. For the hotel chain, the The valuation exceeded €1.2 billion.

Saudi sovereign wealth fund PIF, Riyadh’s public investment fund, has already invested in Italy to acquire a minority stake in Horacio Pagani, the house of supercars based in Modena, and was also linked to the interest of Inter Milan last year, before the Saudis chose to take over Newcastle in the English Premier League. According to rumors, the PIF was going to hit the industrial operator with wire in the operation run by the Rothschilds.

The agreement would have been reached now and would provide, again according to rumours, that The Public Investment Fund acquires 23% of the shares owned by Cdp Equity (the investment vehicle of Cassa Depositi e Prestiti) in 2014 for more than 80 million euros. It will also handle the Public Investment Fund Additional family share of 26%.who will continue to be the reference shareholder and manage the group, eventually owning a total of 49% of the hotel operator.

The total valuation of the Rocco Forte Group will, as mentioned, be greater than 1.2 billion euros, thus between 3 and 4 times the valuation of 2014, when, at the time of the entry of the previous Fondo Strategico Italiano, the chain it owned was just under 350 million euros. At the time the takeover by CDP’s financial arm was viewed with some suspicion, not only because Rocco Forte was headquartered in the UK, but also because it was a company under financial stress and had a backward business on Italian soil.

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Eight years later, the situation has changed. Not only did Rocco Forte Hotels have a valuation of over €1 billion, they opened New large hotels in Italy are moving from 3 to 7 structures. Rocco Forte currently owns an international 14 hotels and 20 villas And also 42 starred bars and restaurants, for a total More than 1,500 rooms. Then new facilities are unlocked.

And so the hotel company closed out 2022 with single-digit revenue About 300 million pounds sterling (at the current exchange rate 338.4 million euros). For the Saudi Public Investment Fund, which is rich in liquidity billions from oil exports, this is a new operation that shows the interest of European companies in sectors such as cars, luxury and hotels, as well as entertainment and football. Rocco Forte has been looking for a new shareholder with characteristics of this type for some time to develop the business internationally.

Maggie Benson

"Bacon trailblazer. Certified coffee maven. Zombie lover. Tv specialist. Freelance communicator."

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