Sir Rocco Forte to develop five new hotels after Saudis buy stake

Sir Rocco Forte is developing five new hotels across Europe after Saudi Arabia’s Public Investment Fund took a minority stake valuing the luxury chain at £1.4 billion. While the purchase of a 49 per cent stake in Rocco Forte Hotels by PIF has bolstered its acquisitive ambitions, it has also more than halved the wider Forte group’s profits.

Accounts released for the company for the year to the end of April show that the group’s UK revenues grew to £67.6 million from £62.4 million for the full-year and to £223.

4 million from £209.8 million overseas. Total revenue grew by 6.

3 per cent to £311.9 million on the back of room occupancy of 59.9 per cent, up from 58.

9 per cent. The black spot was the.