FIVE Holdings is doubling down on its vision of experience-driven hospitality after locking in a new $460 million revolving credit facility with Commercial Bank of Dubai, Arab African International Bank and Santander. The financing deal allows the Dubai-based group to repay its $350 million bond early, cut borrowing costs and free up more than $300 million in available cash to fuel growth.
The move underscores FIVE’s ambition to scale its footprint in Ibiza, expand across the United States and Asia, and continue fusing luxury hospitality with electronic music and nightlife culture.
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The credit agreement follows a two-year run of steady financial growth. FIVE tells Billboard that the company’s revenue climbed from $462 million in 2023 to $589 million in 2024, a 28% jump, while EBITDA rose 17% to $208 million.
That momentum has carried into 2025. In the first half of the year, the company says revenue surged 21% to $298 million, with EBITDA up 24% to $105 million. Dubai remains the company’s anchor market, delivering $177 million in 2025 revenue, while Ibiza’s Pacha Group — acquired in 2023 for 302.5 million euros ($355.1 million) — added $50.5 million in revenue, up 14% year-over-year.
FIVE’s Dubai portfolio continues to set records, according to the company. Hotels posted 85% occupancy in the first half of 2025, it says, while average daily room rates ticked up 5% to $363. Beyond rooms, the company is monetizing its nightlife and dining ecosystem: The company says F&B revenue hit $36.4 million, social events pulled in $45.3 million and live events generated $10.6 million in their debut as a new revenue stream.
On the Balearic Islands, the Pacha Group is also proving to be a financial engine. According to FIVE, Pacha’s legendary nightclub hosted 64 events in the second quarter of 2025, drawing more than 222,000 guests, a 25% increase over last year, while Pacha Hotel hit 87% occupancy and lifted revenue generated per room up 76% year-over-year to 223 euros ($262).
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“These figures showcase the enduring global appeal of Pacha and FIVE’s ability to scale entertainment-led hospitality profitably,” the company said.
The strategy is rooted in a belief that global travelers increasingly want more than just rooms and is banking on a model that integrates luxury hotels with dining, nightlife and live electronic music programming.
“Travelers are no longer seeking just rooms; they want immersive, high-energy experiences that blend hospitality, gastronomy, and entertainment,” said Kabir Mulchandani, chairman/CEO of FIVE Holdings. “This isn’t just 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, conceptualized and executed since 2018.”
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