Kabir Mulchandani, Chairman and Chief Executive, FIVE Holdings.
Dubai-based luxury lifestyle group FIVE Holdings has secured a $460m revolving credit facility (RCF) to accelerate its global expansion and repay debt ahead of schedule.
The new facility — arranged with Commercial Bank of Dubai, AAIB, and Santander— will allow FIVE to pre-pay its $350m green bond three years before maturity. Following repayment, the group will retain more than $300m in available cash to fuel future investments and move on new opportunities across its portfolio.
Kabir Mulchandani, chairman and CEO of FIVE Holdings, said: “The support of leading global banks for this facility unwaveringly affirms their trust in FIVE Holdings’ vision and financial resilience.”
He added: “Our banking partners, who aligned with our vision as early adopters, have been instrumental in powering FIVE’s growth. At FIVE, we identified early on the transformative power of experiential hospitality — where live gastronomy and high-energy entertainment driven by electronic music converge. This isn’t just a trend; it’s the future of global tourism.”
Expansion plans and financial performance
FIVE plans to invest $500m over the next two years to grow its portfolio in Dubai and Ibiza while entering new markets in the United States and Asia.
The group posted consistent financial growth over the past two years, with revenue rising 28 per cent to $589m in FY 2024 from $462m in FY 2023. EBITDA climbed 17 per cent to $208m over the same period.
For the first half of 2025, revenues increased 21 per cent year-on-year to $298m, while EBITDA rose 24 per cent to $105m.
Strong performance in Dubai and Ibiza
In H1 2025, FIVE’s Dubai hotels generated $177m in revenue, up 24 per cent year-on-year, with EBITDA growing 25 per cent to $73m. Occupancy stood at 85 per cent with a RevPAR of $310 and an average room rate of $363.
F&B revenue reached $36.4m (18 per cent year-on-year growth), while social events brought in $45.3m (12 per cent year-on-year growth). Live events, a new revenue stream, generated $10.6m.
In Ibiza, the Pacha Group, which FIVE acquired in 2023 for €302.5m, reported a 14 per cent rise in revenue to €43.2m in H1 2025. EBITDA surged 26 per cent to €13.1m.
Pacha Nightclub hosted 64 events in Q2, welcoming 222,018 guests — a 25 per cent increase from last year. Destino Five Ibiza achieved an average daily rate of €533 with 84 per cent occupancy, while Pacha Hotel recorded 87 per cent occupancy and a RevPAR of €223, up 76 per cent year-on-year.
Sustainability leadership
FIVE Holdings’ portfolio, valued at over Dhs12bn, includes green-certified properties in Dubai, Zurich and Ibiza. The group’s UAE hotels are powered entirely by renewable electricity and have earned Dubai Sustainable Tourism’s Gold Tier stamp for their contributions to the emirate’s net zero and D33 economic strategy goals.
In Ibiza, Pacha Hotel has been certified as the island’s first and only LEED Platinum hotel. Destino Five Ibiza operates on green power and has reduced water usage by 40 per cent through recycling and conservation initiatives.
Mulchandani said FIVE’s strategy since 2018 has been to lead the evolution of experiential tourism:
“Our positioning today is no accident — it is the result of a bold, forward-thinking strategy conceptualised and executed since 2018.”
