Dubai’s tourism corporation has just signed a long-term collaboration with Spanish football club Real Madrid. The entrepreneurial emirate linked with the team the day after it was announced that Spain will be one of the joint-hosts for the 2030 FIFA World Cup.
Dubai's FIVE Hotels Publishes Financial Results for First Time
15.09.2023 - 16:23 / skift.com / Josh Corder
The holding company of one of UAE’s best-known local hotel groups, FIVE Holdings, publicly shared its financial results recently – notable because large companies rarely release financial information unless they trade publicly.
FIVE Holdings declined to comment when asked by Skift whether it was considering an IPO.
FIVE shared the results on its website, and here are some of the key numbers:
FIVE Holdings has three hotels: Its original FIVE Palm Jumeirah; FIVE JVC also in Dubai; and FIVE Zurich, which is a reflagged property it opened last year.
The group has a fourth hotel in development, FIVE LUXE, also in Dubai, planned to open before the end of the year. FIVE assigned these properties a “fair value” of 7.16 billion dirhams (approximately $1.95 billion).
The group also has a private jet that its chairman uses and charters to guests in a venture called FLY FIVE, which is not mentioned in the report.
The financial release also confirms an acquisition FIVE executives have been quiet about. Spanish media outlets reported in July that FIVE Holdings was in the process of snapping up part of the country’s entertainment firm, Pacha Group.
The documents say the acquisition is underway “subject to fulfillment of certain conditions,” including regulatory approval.
Should the deal be completed, FIVE will acquire two of Pacha’s existing hotels – Destino and El Hotel Pacha – and the Pacha nightlife business from existing owners, Trilantic Capital Partners.
The deal is reported to cost FIVE 320 million euros (approximately $350 million), according to Diario de Ibiza.
FIVE Holdings intends to split Pacha in two and put one half within the holding company, while original owners Trilantic keep the other portion.
This new business already has a name: Pacha Universe Holding Limited, listed as one of FIVE Holdings’ subsidiaries in its financial report. The company has also already been registered in the Dubai International Financial Center (DIFC), listing its directors as FIVE Holdings chairman Kabir Mulchandani, along with Aloki Batra and Jaydeep Anand who are CEO and CFO of Mulchandani’s company respectively.
Trilantic – owners since 2017 through a €350 million sale – remains in charge of Pacha’s other nightclub brand Lio. To complicate the deal further, a Lio nightclub will open in FIVE LUXE this year, rather than a Pacha nightclub.
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