Saudi sovereign wealth fund PIF has reached an agreement to take over "a significant minority stake" in Rocco Forte Hotels Group. The agreement, reads a note, provides for PIF to take over the stake of CDP and invest to accelerate the "expansion" of Rocco Forte, who will continue to have the Forte family as the majority shareholder. Rocco Forte, sources close to the deal said, was valued at £1.4 billion including debt, with the Saudis at 49 per cent and the Forte family at 51 per cent. The group now operates 14 hotels and resorts, as well as 20 private villas, while three more hotels are expected to open in 2024 and 2025.
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