Saudi Arabia’s wealth fund in talks to acquire stake in Rocco Forte Hotels – reports

Saudi Arabia’s sovereign wealth fund is in talks to buy a minority stake in Rocco Forte Hotels, according to Bloomberg.

The kingdom’s Public Investment Fund, chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman, may purchase a significant minority in Rocco Forte, including a stake held by a fund linked to Italy’s state-owned lender Cassa Depositi e Prestiti.

The Italian fund acquired a 23% stake in Rocco Forte in 2014 for £60 million.

Rocco Forte owns Browns Hotel, London and The Balmoral Hotel, Edinburgh, as well as others located around Europe and in Russia.

According to Bloomberg, the deal could value the luxury hotels group at €1.3 billion.

Hospitality Investor has approached both PIF and Rocco Forte Hotels for comment.