Sir Rocco Forte, at the age of 78, is leading the development of five new luxury hotels in Europe after Saudi Arabia's Public Investment Fund acquired a significant stake in Rocco Forte Hotels, valuing the company at £1.4 billion. The investment has not only fueled the hotel group's expansion plans but has also had an impact on the profitability of the broader Forte group. Financial statements revealed growth in UK revenues to £67.6 million and overseas revenues to £223.4 million, with total revenue climbing by 6.3% to £311.9 million, showing modest growth in room occupancy to 59.9%.
Despite a slight decrease in revenue from the group's two Russian properties, the company remains optimistic about its overall performance, expressing commitment to maintaining leadership in its cities. With new properties in Milan, Porto Cervo, Sardinia, Noto, and Naples, Sir Rocco's family ties to Italy are central to the expansion plan, reinforcing the group's presence in key European markets. Sir Rocco Forte, along with his sister Olga Polizzi, who is the deputy chairman, and his children Charles, Lydia, and Irene in key roles, continue to lead the business that was founded in 1996 following a hostile takeover of their former family business by Granada.
Despite the substantial investment from the Saudi PIF, the majority stake in the company remains with the Forte family, with the deal involving the issuance of £82 million in new equity and the exit of Italian investment firm CDPE from its stake in the hotel group. The development of new luxury hotels marks an exciting phase for the Rocco Forte group, as they aim to strengthen their foothold in Europe under the leadership of Sir Rocco Forte and his family.