The PIF and Cain said, in separate announcements, the investment would support Aman Group's "global expansion of ultra-luxury hotels and branded residences." Cain said the funds would also be used to enhance existing properties and support the acquisition and development of new locations.

"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," PIF Deputy Governor Turqi Alnowaiser was quoted as saying in a tweet by the public fund.

Aman Group has 34 hotels in 20 countries, including 12 branded residences, and another nine properties under development, including in Saudi Arabia and the United States, Cain said.

"As the hospitality landscape continues to evolve, we expect to see a growing desire for travelers and investors alike to prioritize experiences supported by preeminent brands like Aman," Cain Chief Executive Jonathan Goldstein said.