11 C
Ibiza Town
Thursday, February 29, 2024

Pacha’s new owner: “We can add much more value to the hotels” of the group

"80% of the business is being managed very well," he says of nightlife venue

The United Arab Emirates-based businessman Kabir Mulchandani, who has bought the Pacha Group’s nightclubs and hotels for 303 million euros, considers that “80% of the business is being managed very well” in terms of the holding company’s nightlife venues, but that “they can add much more value to the hotel part”, where “we want to put the focus”.

Mulchandani closed the purchase of these two divisions of the two cherry empire to Trilantic Capital Partners (which in turn bought it from Ricardo Urgell in April 2017 for around 350 million) months ago, but both parties then agreed not to make the deal official until the end of the season. The businessman, who has his companies’ headquarters in Dubai, made it official last week via social media and now hints at some of his thoughts regarding his new acquisition in a post on Instagram.

In addition to announcing that he will be in Ibiza “from October onwards” because he considers the cultural part (“that’s Spain and we are from Dubai”) to be “fundamental” to avoid the failure of this acquisition, Mulchandani emphasizes the need to get the two teams to work together. “We have acquired Pacha and its people are the same family.” “I think there is great strength in the Pacha team,” he adds, to appreciate “what they have achieved” and how they “manage such a successful brand.”

After qualifying that “we cannot arrive and think that we know how to do it better” than the previous owners, they do advance that “they have identified a few things that we definitely do better”. And he lists: “We are definitely better at social networking, we do better in the marketing …”.

“I’m going to make sure that we are going to integrate as we need to, but maintain the identity and culture.” In this regard, the businessman notes that they have “a good and diverse international team.” “I think we have to respect the culture and improve only what is absolutely necessary so we don’t throw down the sink [lo bueno] and not reinvent something that is working really well,” ends the entrepreneur in his Instagram post.

For the full article, please visit Diario de Ibiza website here.

Latest news

Related news