The Public Investment Fund (PIF) of Saudi Arabia and Cain International have invested $900m (€872m) to help luxury hotel company Aman expand its global portfolio.
Real estate investment firm Cain said the investment will support Aman’s global expansion of ”ultra-luxury hotels and branded residences”.
”The investment will be used to enhance the existing portfolio, drive the construction pipeline of new Aman and Janu-branded properties, and support the acquisition and development of additional sites”, Cain said.
The transaction values Aman at $3bn.
Aman’s portfolio includes 34 hotels across 20 countries, 12 of which include Aman branded residences, with nine further hotels and residences projects currently under construction. Aman also has a pipeline of additional destinations in countries including the US, Japan, Mexico, South Korea, Saudi Arabia, and across Europe.
Vlad Doronin, owner, chairman and CEO of Aman, acquired the group in 2014.
Doronin said: “We have set the foundation over the last eight years, celebrating the brand’s DNA while continuing our growth in global cities and remote destinations.
”The investment from PIF and Cain International is a vote of confidence in my vision and the work the team has done over the last eight years, cementing the brand’s evolution and ability to deliver this vision at pace. Together we will deliver considerable growth and maximise the extraordinary potential of Aman.”
Jonathan Goldstein, CEO and co-founder of Cain International, said: “We are excited to be investing in this phenomenal brand and look forward to building upon our longstanding partnership with Vlad and his team.
“As the hospitality landscape continues to evolve, we expect to see a growing desire for travellers and investors alike to prioritise experiences supported by preeminent brands like Aman. This investment represents a unique opportunity to further enhance this portfolio of unrivalled destinations.”
To read the latest edition of the latest IPE Real Assets magazine click here.