FSI invests £60m in Rocco Forte Hotels

The investment will be used to expand the hotel group's operations in Italy. According to newspaper la Repubblica, the business is looking to add hotels in Milan, Venice, Naples and Sicily.

Capital for the all-equity transaction was drawn from both the Fondo Strategico and FSI Investimenti, a joint venture with the Kuwait Investment Authority.

The deal, which marks FSI's first foray into the tourism industry, comes as CDP Investimenti also launched a tourism-dedicated vehicle, Fondo Investimenti per il Turismo. The fund will look to address Italy's declining share of the European tourism market.

Company
Headquartered in London and founded in 1996, Rocco Forte Hotels is an operator of five-star hotels with 11 sites across the UK, Italy, Germany, Belgium and Russia. The company generates 30% of its turnover from its Italian operations, where it runs hotels in Rome, Florence and Sicily.

People
Maurizio Tamagnini is managing director of FSI. Sir Rocco Forte is the founder and chairman of Rocco Forte Hotels.

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• Topics
• Expansion
• Consumer
• UK / Ireland
• Fondo Strategico Italiano
• Italy
• United Kingdom