future strategy of the group with the same ambition to take a long-term view . I look forward to working with PIF to expand the group and improve the high level of service we offer our customers .
“ We thank CDPEI for having shared the past fruitful eight years during which we both successfully accomplished the mission we shared when we started the journey , having significantly enhanced the value of the company and increased the group ’ s presence in Italy and across Europe .”
“ Our investment in Rocco Forte Hotels reflects PIF ’ s confidence in both the commercial opportunity and strength of the international hospitality and tourism industries that have shown remarkable resilience in recent years ,” said Turqi Al Nowaiser , deputy governor and head of international investments division at PIF . “ As active long-term investors , PIF will continue to invest strategically in promising sectors to achieve sustainable returns globally .”
PIF ’ s investment in Rocco Forte Hotels is proof of concept of hospitality as a strong investment class , one that is even more attractive in a higher interest rate environment , argued Jeanelle Johnson , principal , lead client partner , and travel , transportation and hospitality sector coleader for PwC US . Of PIF ’ s new position in
Sir Rocco Forte and his sister , Olga Polizzi . Sir Rocco Forte founded his eponymous group in 1996 .
Rocco Forte , she said it illustrates the ROI and yield available from the hotel industry .
“ The hospitality sector ’ s ability to attract investment from various sources , including private wealth funds , underscores its strong potential for growth and returns ,” she said . “ Private wealth funds , seeking to diversify their portfolios and capitalize on the industry ’ s resilience , are increasingly recognizing the value of investing in hotels and resorts . This influx of capital not only fuels the expansion of existing properties , but also drives the development of new hospitality projects , further solidifying the sector ’ s position as an attractive investment opportunity .”
Like others in the region , such as Dubai , Saudi Arabia has been looking to wean itself off of oil , its primary commodity , by investing in alternatives , such as travel and hospitality . Saudi Arabia is seeking to do this through Vision 2030 , a government program launched by the Kingdom of Saudi Arabia in 2016 with a goal of increased diversification economically , socially and culturally .
At the middle of this is the PIF , or Public Investment Fund , which is valued at $ 700 billion and has made some high-profile investments inside and outside travel and hospitality . In August 2022 , it , along with London-based real estate investment firm Cain International , invested $ 900 million in another luxury hotel operator , Aman Resorts . The infusion valued Aman Group , with 34 hotels and 12 branded residences , at more than US $ 3 billion .
Last year , PIF invested $ 400 million in luxury hotel operator Habitas .
More prominent is the PIF ’ s bankrolling of LIV Golf , which had its inaugural season in 2022 , and lured many top golfers from the PGA Tour by extending vast cash sums to join .
Completion of the transaction is subject to regulatory approval .
Villa Acacia at Verdura Resort , a Rocco Forte Hotel , in Sicily .
Hotel de Rome , a Rocco Forte Hotel , in Berlin , was once the headquarters of the 19th-century Dresden Bank .
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