Ibiza's clubbing sector is about to get a whole new look after Pacha Group, one of the island's most illustrious nightlife institutions, was bought by Dubai-based hotel group FIVE. Billboard reports.
Valued at approximately $330 million, the deal took more than two years to complete, according to FIVE Holdings CEO Aloki Batra. The company's acquisition includes Grupo Pacha's legendary nightclub as well as its two hotel properties on the White Island.
FIVE is reportedly planning to make a number of immediate changes, including updated stage production and lighting systems, new VIP areas, and the implementation of NFT wristbands.
Batra says FIVE is also interested in reviving Pacha Recordings with a tentative idea of offering pre-recorded DJ sets to fans via DSP. And while Pacha's current residencies will remain the same, they will explore more reggaeton acts, citing previous bookings from Maluma and J Balvin.
“We have this rich legacy and we need to leverage it for today's digital age and customer,” Batra said. “I think it's a great opportunity for us and it's fantastic for the fans, because we want to bring them closer to their favorite club.”
After FIVE partnered with Warner Music Group to expand its local record label this summer, we visited the prodigious FIVE Palm Jumeirah to see how the company is redefining luxury for electronic music enthusiasts. Read about our experience here.
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