The transaction now values the Swiss hospitality brand at $3 billion, said Cain in a press statement.
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, a release from Cain stated.
Calling the investment in line with Public Investment Fund’s strategy to invest in promising sectors to achieve sustainable, attractive returns in Saudi Arabia and globally, Turqi Alnowaiser, deputy governor and head of international investments division, said in a tweet, “Our investment in Aman Group reflects our belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia.”
Aman Group has 34 hotels in 20 countries, including 12 branded residences, and another nine properties under development, including in Saudi Arabia and the United States.
Earlier this month, Aman opened its New York hotel and private residences in Manhattan, touted to be the most expensive hotel in the city, according to Bloomberg. The hospitality brand is set to expand further in the U.S. with Aman Miami Beach set to open in 2024, followed by Aman Beverly Hills in 2026.
As the hospitality landscape continues to evolve, Cain expects to see a growing desire for travellers and investors alike to prioritize experiences supported by preeminent brands like Aman, said Jonathan Goldstein, CEO and co-founder of Cain International.
“This investment represents a unique opportunity to further enhance this portfolio of unrivalled destinations,” Goldstein said.
In June, Cain announced Aman as the flagship operator of One Beverly Hills, the 17.5-acre mixed-use urban resort it is developing in Beverly Hills.
“My long-term strategic vision has been to continue to grow the Aman brand in key markets, all with Aman Branded Residences, as well as creating an ultra-luxury ecosystem which offers the complete Aman lifestyle,” said Vlad Doronin, owner, chairman and CEO of Aman Group.
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