Saudi Arabia's Public Investment Fund (PIF) has bought a 49 percent stake in Sir Rocco Forte's luxury hotel group and plans to double the chain's size over the next five years with new hotels in the Middle East, Italy, and the US. The deal, announced on Monday, values Forte's group of 14 hotels across Europe at £1.2bn and implies an enterprise value, including debt, of £1.4bn, according to people familiar with the details.