Cain, Saudi Arabia’s PIF, invests $900 million in hotelier Aman Group

On Monday, Saudi Arabia’s Public Investment Fund (PIF) and London-based real estate investment firm Cain International announced a $900 million investment in luxury hotel group Aman, valued at $3 billion by Cain.

In separate releases, the PIF and Cain stated that the investment would help Aman Group’s “global expansion of ultra-luxury hotels and branded apartments.” Cain stated that the cash would also be utilized to improve existing properties and to help with the acquisition and development of new ones.

PIF Deputy Governor Turqi Alnowaiser was quoted in a tweet by the state fund as saying, “Our investment in Aman Group demonstrates PIF’s trust in the current potential of the hospitality and tourist industry, both internationally and in Saudi Arabia.”

Cain stated that Aman Group has 34 hotels in 20 countries, including 12 branded apartments, and another nine properties under construction, including in Saudi Arabia and the United States.

“As the hospitality market evolves, we anticipate a rising demand for tourists and investors alike to prioritise experiences underpinned by leading brands like Aman,” said Cain Chief Executive Jonathan Goldstein.