PIF to acquire a 49% stake in Rocco Forte Hotels.

PIF, a sovereign wealth fund of Saudi Arabia, agreed to acquire a 49% stake in Rocco Forte Hotels, a British hotel group. Financial terms were not disclosed. “PIF is an excellent partner for us going forward. We have established an extremely good relationship during the course of our negotiations. They share the same vision for the brand and the 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," Rocco Forte, Rocco Forte Hotels Executive Chairman.