Rocco Forte Hotels & Bank of Scotland in Joint Venture
Sir Rocco Forte and Bank of Scotland announced today that they had reached agreement on a joint venture, which would secure funding for further expansion of the The Rocco Forte Collection brand of luxury hotels.
The joint venture company will have initial equity of £70 million and will raise debt of around £200 million to produce a significant fund for investment in projects that produce good returns. Hotels owned by the joint venture will be managed by The Rocco Forte Collection.
Commenting on the joint venture, Sir Rocco said, 'Bank of Scotland has played a key role in the development of The Rocco Forte Collection since they sold us our first hotel, The Balmoral in Edinburgh, five years ago. They have provided the debt finance, which has helped grow our collection to seven hotels, and I am delighted to extend that relationship by forming this joint venture for future expansion across Europe.'
George Mitchell, Treasurer and Managing Director at Bank of Scotland, said, 'We are delighted to be extending our involvement with Sir Rocco and his team and to be part of this successful business and growing brand. The joint venture is being launched by extending the bank's existing equity position in the new Lowry Hotel in Manchester and we look forward to involvement in more projects.'
For further information, please contact:
Tel: 020 7766 3116
E-mail: pressinformation@roccoforecollection.com
The joint venture company will have initial equity of £70 million and will raise debt of around £200 million to produce a significant fund for investment in projects that produce good returns. Hotels owned by the joint venture will be managed by The Rocco Forte Collection.
Commenting on the joint venture, Sir Rocco said, 'Bank of Scotland has played a key role in the development of The Rocco Forte Collection since they sold us our first hotel, The Balmoral in Edinburgh, five years ago. They have provided the debt finance, which has helped grow our collection to seven hotels, and I am delighted to extend that relationship by forming this joint venture for future expansion across Europe.'
George Mitchell, Treasurer and Managing Director at Bank of Scotland, said, 'We are delighted to be extending our involvement with Sir Rocco and his team and to be part of this successful business and growing brand. The joint venture is being launched by extending the bank's existing equity position in the new Lowry Hotel in Manchester and we look forward to involvement in more projects.'
For further information, please contact:
Tel: 020 7766 3116
E-mail: pressinformation@roccoforecollection.com
