Rocco Forte Hotels announced a strategic partnership with Fondo Strategico Italiano (FSI), an Italian state-backed sovereign fund 80% controlled by Cassa Depositi e Prestiti (CDP) and 20% by Bank of Italy. FSI will inject £60 million (US$95 million) into Rocco Forte and Family Ltd., owner of Rocco Forte Hotels, in exchange for an equity stake of 23%, valuing the enlarged equity at £260 million (US$412 million).
In a news release, Rocco Forte Hotels said it has partnered with FSI because it is a strategic and long-term investor. “It has a dynamic approach to all the markets it invests in and a particular remit to help tourism grow into Italy,” the release said. “With Rocco Forte Hotels’ knowledge of Italy and FSI’s well-established position there, the company can move quickly to become the first choice for luxury visitors to Italy. The company is already at an advanced stage of discussion concerning a development in Venice and is actively pursuing projects in Milan, Naples and Sicily.”
Rocco Forte Hotels — which currently has a portfolio of 10 hotels, mostly in Europe — also said it plans to open a hotel in Jeddah next summer, is “actively involved” in a project in Shanghai and it is exploring opportunities in New York, Paris and Madrid.
The company’s involvement with FSI will not preclude it from working with other partners on individual projects as well as with CDP, which is setting up a fund specifically to invest in the hotel sector.
“It is our intention to at least double the size of the company in the next five years, and our partnership with FSI will facilitate this quite considerably,” Co-Founder Rocco Forte said.