While the island's dancefloors currently rage in the throes of closing party season, activity in the boardroom is apparently just as lively. Pacha Group owner FIVE Holdings has secured funding for the global expansion of its music-driven hospitality empire.
A near $500 million credit facility has been raised for projects around the world. The war chest will strengthen the company's footprint on Ibiza, in its Dubai base and aid its ambition to move into the United States and Asia over the next two to three years.
Fuelling the next era of dance culture innovation, FIVE Holdings aims to create new destination venues at the intersection of electronic music and luxury hospitality, that blend electronic music, gastronomy, travel and entertainment.
Kabir Mulchandani, chairman and CEO of FIVE Holdings, commented: "The support for this facility affirms trust in FIVE Holdings' vision and financial resilience.
At FIVE, we identified early on the transformative power of experiential hospitality - where live gastronomy and high-energy entertainment are driven by electronic music converge. This isn't a trend; it's the future of global tourism.
Our positioning today is no accident - it is the result of a bold, forward-thinking strategy, conceptualised and executed since 2018."
At the epicentre of the expansion remains Pacha Ibiza, arguably the most globally recognised clubbing brand that has had a presence on the island for over fifty years. The energy on the dancefloor this summer has spoken for itself, but now some of the figures are in.
The club hosted 64 parties in the second quarter, welcoming 222,018 customers through its doors. That represents a 25 per cent increase on the same period last year.
We'll take the accountants' word for it! The only evidence we ever needed was that of our eyes and our ears. Here's to many more moments on the dancefloor in the last two weeks of this summer and beyond. Please visit our party calendar to fulfil all your dancing needs.
