Fortes stay on as Saudis buy stake in hotels

SAUDI Arabia’s sovereign wealth fund has snapped up a 49% stake in Rocco Forte Hotels, owner of five-star Mayfair venue Brown’s, left.

The Public Investment Fund is buying the stake from Italian investors CDPE Investimenti in a deal that values the business at about £1.2 billion. The Forte family will retain majority ownership and control with Sir Rocco Forte remaining as executive chairman, and his sister Olga Polizzi staying on as deputy chairman. His children Charles, Lydia and Irene will stay on in “key roles”.

The move comes days after PIF bought a 10% stake in Heathrow airport.

Sir Rocco said: “I look forward to working with PIF to expand the group and improve the high level of service we offer our customers.” Rocco Forte Hotels operates 14 hotels and resorts as well as 20 private villas across Italy, the UK, Germany, Belgium and Russia.