PIF portfolio hotel gets ink for lower bottom line

PIF portfolio hotel group Rocco Forte Hotels saw its pre-tax net income fall by nearly half y-o-y at the end of April 2024 to GBP 158 mn, according to recent filings (pdf). City AM attributes the drop to costs worth GBP 16.7 mn associated with the transaction that saw the Public Investment Fund acquire a 49% stake in the group last year, valuing the group at GBP 1.2 bn.