PIF-backed Swiss company Aman secures $360m from investor group

New backers include Mubadala Capital and private equity fund Alpha Wave Ventures

The Amanpuri beach resort in Phuket, Thailand. The Aman Group includes 34 hotels across 20 countries. Photo: Amanpuri
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Swiss hospitality company Aman Group has secured $360 million from a consortium, including Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Company, and Alpha Wave Ventures, a private equity growth fund co-managed by Alpha Wave Global and Chimera Capital.

Last August, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and London-based investment company Cain International invested $900 million in the Aman Group, which valued the company at $3 billion.

The future commitments from this group of investors will support the company’s global expansion of luxury hotels and branded residence, securing future Aman and Janu projects, and new brand development, the company said on Thursday.

“The validation of Aman’s strategy by prominent investors in regions where we have considerable expansion planned enables us to leverage the extraordinary potential of the Aman brand and accelerate the pipeline to deliver sustainable growth,” said Vlad Doronin, owner, chairman and chief executive of the Aman Group.

The Aman Group includes 34 hotels across 20 countries, 12 of which include Aman Branded Residences, with projects in the pipeline or under construction in countries such as the US, Japan, Mexico, South Korea, Saudi Arabia and Europe.

The Aman Group’s sister-brand, Janu, will unveil its flagship Janu Tokyo project this year.

Seven Janu hotels are in the brand's pipeline, including projects in AlUla and Diriyah in Saudi Arabia that are currently under construction.

Founded by Indonesian hotelier Adrian Zecha, the Aman Group was acquired in 2014 by Mr Doronin, who has grown the business globally.

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

Last year, Aman also opened its New York hotel and private residences, located on the upper floors of Manhattan's famous Crown Building.

Aman's Janu Tokyo opening – in pictures

The company is also in partnership with Mr Doronin’s Oko Group on projects in South Florida, including two luxury apartment towers in Miami and 830 Brickell, a 220-metre tall Class-A office tower in the city’s financial district.

Mr Doronin will remain the majority shareholder while previous investors, the PIF and Cain International, have also retained their existing stake in the business after the new investment round, Aman said.

Updated: September 14, 2023, 6:14 AM