Saudi PIF Cain invests $900m in hotelier Aman Group
DUBAI, Aug 15 (Reuters) – Saudi Arabia’s Public Investment Fund (PIF) and London-based property investment firm Cain International said on Monday they had invested $900 million in luxury hotel group Aman, which, according to Cain, values Aman at $3 billion.
The PIF and Cain said in separate announcements that the investment would support Aman Group’s “global expansion of ultra-luxury hotels and branded residences”. Cain said the funds would also be used to improve existing properties and support the acquisition and development of new locations.
“Our investment in Aman Group reflects PIF’s belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia,” PIF Deputy Governor Turqi Alnowaiser said in a statement. a tweet from the public fund.
Aman Group has 34 hotels in 20 countries, including 12 branded residences, and nine other properties under development, including in Saudi Arabia and the United States, Cain said.
“As the hospitality landscape continues to evolve, we expect to see a growing desire from travelers and investors to prioritize experiences powered by preeminent brands like Aman,” said Cain’s chief executive, Jonathan Goldstein.
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Reporting by Nayera Abdallah and Alexander Cornwell, writing by Alexander Cornwell; Editing by Jan Harvey and Richard Chang
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