The funds will be used to “enhance existing properties” while supporting the acquisition and development of new locations, Saudi Arabia’s Cain said
Saudi Arabia’s Public Investment Fund (PIF) and London-based real estate investment firm Cain International have invested $900 million in luxury hotel group Aman.
The hospitality group said Aman stood at a value of $3 billion after the investment.
According to reports, the PIF and Cain said, in separate announcements, the investment would support Aman Group’s “global expansion of ultra-luxury hotels and branded residences.”
Cain added the funds will be used to “enhance existing properties” while supporting the acquisition and development of new locations.
“As the hospitality landscape continues to evolve, we expect to see a growing desire for travelers and investors alike to prioritize experiences supported by preeminent brands like Aman,” Cain Chief Executive Jonathan Goldstein Said.
Aman Group has 34 hotels across 20 countries, of which 12 are branded residences, and another nine properties are under development, including in Saudi Arabia and the United States.
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’s deputy governor Turqi Alnowaiser said..
