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FIVE Hotels Considers Las Vegas And Saudi for Expansion
08.12.2023 - 17:57 / skift.com / Josh Corder
Dubai’s home-grown hotel group FIVE is looking at potentially expanding beyond the emirate into the world’s largest hospitality markets. This includes a potential resort in party haven Las Vegas and in the conservative Gulf kingdom Saudi Arabia.
“For us, the U.S. market is very interesting, Saudi is very interesting. London would be interesting, Miami, Las Vegas,” said FIVE Holding chairman Kabir Mulchandani in a recent Dubai radio interview. “There’s a very high probability we can achieve global success with FIVE.”
The chairman then further teased overseas expansion in an Instagram post that included Las Vegas and Saudi.
A post shared by Kabir Mulchandani (@kabirmulchandaniofficial)
Right now, 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.
When FIVE launched in Dubai in 2017, the brand quickly made a name for itself as a lively nightlife-driven product in the Middle East. While Dubai is often seen as the most modern of all Arab cities, FIVE still managed to push the boundaries and became known as a party spot with extravagant bars and clubs.
This remains the case: Food, beverage and “eatertainment” account for more of FIVE’s business than filling hotel rooms.
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).
FIVE is also focused heavily on the European market, particularly Spain, after it acquired Ibiza’s Pacha Group for around $350 million this year. This deal gives FIVE the Pacha nightclub brand, the El Hotel in Ibiza, and the Destino hotel, which will reflag as FIVE Ibiza in 2025. FIVE will spend around $26.9 upgrading the Destino to make it FIVE-worthy, according to the group’s Q3 development prospectus.
Mulchandani explained in a recent podcast of his that he has always been fond of the Destino, well before FIVE was brought to Dubai’s Palm Jumeirah island.
“We always wanted that [Destino] to be FIVE,” he explained. “In fact, a lot of FIVE was inspired by Destino. So the Destino will change, that will be a pure FIVE,” he continues. “It won’t be FIVE Pacha, that doesn’t make sense. FIVE has a very strong independent name and identity and a promise to its customers. So there will be a FIVE Ibiza, a Pacha Hotel Ibiza, and the Pacha Club.”
FIVE Hotels CEO Aloki Batra confirmed Thursday that he has assumed the dual role of Pacha Group CEO. Batra is credited by FIVE as the “mastermind” behind many of its successful restaurant and bar launches.
While a potential FIVE resort in Saudi could be dry, the brand up to this point has
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