Main Photo: The El Hotel Pacha
Date: January 2020
Location: Town Centre, Talamanca Bay, Ibiza, Spain
Name: The El Hotel Pacha
No. of Keys: 57 suites
Seller: Britain’s billionaire Reuben brothers have agreed to a sale-and-leaseback deal to acquire Ibiza’s exclusive El Hotel Pacha from Grupo Pacha and create a partnership to rollout globally Pacha Hotels and Restaurants. Pacha upto now has been very much a club operator with clubs and franchises across the world, including Brazil, USA, Russia, Garmany and other European locations including several in Spain. They started in Sitges in 1967 by Ricardo Urgell and El Hotel Pacha in Ibiza is their first hotel. Looks like that might change.
In 2017 a stake in Pacha Group was sold to a group of investors led by venture capital firm Trilantic Capital Partners for a reported €350m. The deal included the Ibiza venues Pacha, Destino and Lío and the franchise including clubs in Barcelona, Sydney and Munich. It also managed Pacha Sitges, the original nightclub opened by Ricardo in 1967.
Trilantic said that it would provide additional resources to finance the company’s expansion plan.
Buyer: The Reuben Brothers have acquired hotel through a sale and leaseback arrangement. The 57-suite 45,000 sq ft building is located in the heart of Ibiza town’s top leisure area, surrounded by famous bars and right in front of the marina, close to Talamanca Bay. The hotel features a restaurant, bar, and event space whilst plans are underway to upgrade the property.
The transaction represents RB’s third investment in Ibiza and adds to the 7.3km of coastline they already own in Cala Conta, Cala Bassa, & Es Calo on Ibiza’s south west coast.
The brothers also paid 40 million euros to buy up 166 hectares of protected land on the island.
The Reubens’ hotel interests include The Curtain in Shoreditch and the Experimental Chalet Verbier, which includes the Farm Club and the Palazzo Experimental Venice. They have also recently acquired a luxury hotel in Mykonos and historic property in the centre of Rome.
THPT Comment: The brothers certainly seem to have got the hotel bug…they are careful to partner up with some of the best – Pacha here in Ibzia, Corinthia in Rome, Michael Achenbaum in London…well done…and another step in hotel people getting involved with nightclubs…take the Accor deal with SBE.
First Seen: CPP Luxury
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