Charles Forte: 'Now the Carlton in Milan, then we aim for 11 hotels in Italy'

"The next planned openings in Italy will be: Oremari (formerly Le Palme) in Costa Smeralda, Sardinia; Palazzo Sirignano in Naples; and then we will be back in Sicily with Palazzo Castelluccio in Noto," says Charles Forte. With the next openings we will therefore have 11 hotels in Italy, making us the largest operator of luxury hotels in the country. This will bring us to a total of 17 hotels, two Rocco Forte Houses (the one mentioned in Milan and the smaller one in Rome) and 22 branded residences".

The 51% of the group remains firmly in the hands of the family, while 49% of the capital of Rocco Forte Hotels is in the hands of the Saudi sovereign fund Pif (Public investment fund), an acquisition announced at the end of 2023, since when Cassa Depositi e Prestiti has sold its own stake (around 23%). The deal was reportedly valued at around GBP 1.2 billion at the time of the transaction.

"The group's turnover was £320 million last year and we are on track to exceed this figure in the next one," says Forte. Revenues come 43.9 per cent from Canada and the US, 20.7 per cent from Europe (excluding the UK which alone accounts for 10 per cent), the Middle East comes in at almost 5 per cent.

The expansion strategy continues in Europe and worldwide. "We expect to announce several new and interesting properties outside Italy in the coming year," says the interviewee. "Although I cannot name them yet, they include properties in the Iberian Peninsula, Greece and the Middle East. And he emphasises that the goal is to continue to be the leading luxury operator in Italy. "We believe a lot in less frequented areas of the country," he says, "We want to have a presence in the North between mountains and lakes, in Tuscany and Forte dei Marmi, the Amalfi Coast, Ischia and Capri, Ortigia, Taormina and other destinations in Sicily. We would also consider areas such as the Langhe, Alba and Lecce, Matera. Venice is very important for us. Liguria also remains underserved in terms of luxury hotel offerings'.

As a family business with a long-term vision, the goal of apartment buildings is not set. The focus is on not lowering quality standards in the first place. "It is important for us to find projects that meet our quality standards, whether it is one or two a year or even none at all if we don't find anything that is up to scratch," he concludes.