Dubai fund buys Pachá’s hotels and discos
2 August, 2023Dubai-based fund Five Holdings has closed the purchase of the Pachá hotel and disco division. Trilantic and its partners have divested the assets in a deal worth around 320 million euros. Two new companies will now be created to manage the two parts into which the company is now divided.
The Pacha Group has four hotels, three of which are in the Balearic Islands: Destino Pacha Resort Ibiza, in the Hotel Pacha Ibiza, Casa Pacha Formentera. The new ownership fund, founded by businessman Kabir Mulchandani, also owns other hotels.
From 2017 the group was in the hands of the fund Trilantic Capital Partners and at the end of 2022 they put Pacha up for sale. The Trilantic fund will keep the management of the Lío cabarets, one of which is located in the Marina Ibiza sports port in Mallorca.