Saudi Arabia's sovereign wealth fund and Cain invest $900m in Aman Group

The transaction values the Swiss hospitality group at $3bn

The living room in one of the Aman New York's corner suites. Photo: Robert Rieger
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Saudi Arabia's sovereign wealth fund and Cain International have invested $900 million in the hotelier company Aman Group, which values the Swiss hospitality brand at $3 billion.

London-based Cain, a privately held investment firm that is focused on real estate, along with the Public Investment Fund, announced their investment on Monday in the Aman Group.

The investment will help support the hospitality company's global expansion of luxury hotels and branded residence and drive the construction pipeline of new Aman and Janu-branded properties, the companies said in a statement. It will also support the acquisition and development of additional sites.

“Our investment in Aman Group reflects PIF’s belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia,” said Turqi Alnowaiser, deputy governor of PIF and head of the fund's international investments division.

“The investment is in line with PIF’s strategy to invest in promising sectors to achieve sustainable, attractive returns in Saudi Arabia and globally.”

Aman Group includes 34 hotels across 20 countries, 12 of which include Aman Branded Residences, with nine further hotels and residences projects currently under construction.

Affiliates of Aman own or part-own 16 of the 34 hotels, but such ownership interests were not part of this transaction.

Aman has a pipeline of additional ventures in countries including the US, Japan, Mexico, South Korea, Saudi Arabia, and across Europe, the statement said.

Earlier this month, Aman opened its New York hotel and private residences, located on the upper floors of Manhattan's iconic Crown Building.

“As the hospitality landscape continues to evolve, we expect to see a growing desire for travellers and investors alike to prioritise experiences supported by pre-eminent brands like Aman,” said Jonathan Goldstein, chief executive and co-founder of Cain International.

“This investment represents a unique opportunity to further enhance this portfolio of unrivalled destinations.”

Founded by Indonesian hotelier Adrian Zecha, the Aman Group was acquired in 2014 by Vlad Doronin, who has grown the business globally. He is the owner, chairman and chief executive of the company.

“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 Mr Doronin.

“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.”

Aman is the flagship operator at One Beverly Hills, a 15-hectare mixed-use urban resort it is developing in Beverly Hills, Los Angeles.

The company is also in partnership with Mr Doronin’s OKO Group on multiple projects in South Florida, including two luxury condominium towers in Miami and 830 Brickell, a 725- foot Class-A office tower in the city’s emerging financial district.

Updated: August 18, 2022, 12:00 PM