FIVE Acquires Ibiza’s Fabled Pacha Group in $330 Million Deal
Ibiza's clubbing sector is about to have an entirely new look after Pacha Group, one of the island's most illustrious nightlife institutions, was purchased by the Dubai-based hospitality group FIVE, Billboard reports.
Valued at approximately $330 million, the deal had been over two years in the making, according to FIVE Holdings CEO Aloki Batra. The company's acquisition includes Pacha Group's fabled nightclub as well as their two hotel properties on the White Isle.
FIVE is reportedly planning on making a number of immediate changes, including updated lighting systems and stage production, new VIP areas and the implementation of NFT wristbands.
Batra says FIVE is also interested in reviving Pacha Recordings with a tentative idea of delivering pre-recorded DJ sets to fans via DSPs. And while current Pacha residencies will remain the same, they're going to be exploring more reggaeton acts, citing previous bookings of Maluma and J Balvin.
"We have this rich legacy and need to take it ahead for the digital age and the customer of today," Batra said. "I think that’s a huge opportunity for us, and it’s great for the fans, because we intend to bring your favorite club closer to you."
After FIVE teamed up with Warner Music Group to expand its native record label this summer, we visited the prodigious FIVE Palm Jumeirah to see how the company is redefining luxury for EDM enthusiasts. Read about our experience here.