Rocco Forte sells 49% of luxury hotel chain to Saudi Arabia

Deal is thought to value the owner of the Balmoral and Brown's hotels at about 1.2bn

Sir Rocco Forte has agreed to sell 49% of his family's luxury hotel chain to Saudi Arabia's sovereign wealth fund.

Rocco Forte Hotels, which owns 14 upmarket hotels including Brown's in London and the Balmoral in Edinburgh, announced on Monday that it had agreed to sell almost half of the company to Saudi Arabia's Public Investment Fund in a deal that values the hotel group at about 1.2bn.