PIF, Newcastle United’s principal owner, has acquired another UK investment. Newcastle United’s owners have increased their UK stakes by purchasing a large part in Sir Rocco Forte’s premium hotel company.
The move comes less than a week after Saudi Arabia’s Public Investment Fund (PIF) disclosed its 10% interest in Heathrow Airport. PIF now holds a 49 percent share in Rocco Forte Hotels, which is valued at roughly £1.2 billion and owns properties such as Browns’ in London and the Balmoral Hotel in Edinburgh. This adds to Newcastle United’s owners’ recent spate of UK investments. Along with owning the club, 10% of Heathrow, and currently 49% of the premium hotel chain, PIF is also the second largest shareholder in Aston Martin.
PIF acquired a majority share in Newcastle United in 2021, holding 80% of the club.
The sovereign wealth fund appears to be expanding its tourist business, having just founded its own airline Riyadh Air, which swiftly became the front-of-shirt sponsor of Atletico Madrid.
“PIF is an excellent partner for us going forward,” Forte said. “During the course of our negotiations, we developed an extremely good relationship.” They share the same vision for the brand and the group’s future strategy, as well as the same desire to think long term.”
“Our investment in Rocco Forte Hotels reflects PIF’s confidence in both the commercial opportunity and strength of the international hospitality and tourism industries, which have shown remarkable resilience in recent years,” said Turqi Al-Nowaiser, deputy governor and head of international investments at PIF. PIF will continue to invest wisely in promising industries as an active long-term investor in order to produce sustainable returns globally.”
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