Legendary nightlife franchise Pacha Group sold for €350 million

Posted on 18 October 2016

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Global nightlife franchise Pacha Group has been sold for €350 million. The news was confirmed by Diario de Ibiza, who spoke to founder Ricardo Urgell in a recent interview.

Back in September, Pacha Group was rumored to be on sale for €500 million, reportedly due to a shifting landscape in Ibiza nightlife and mounting tensions between Pacha and the Matutes family, who are responsible for several clubs and resorts in Ibiza, including Ushuaïa and Hard Rock Hotel.

While the news has yet to be officially issued by the nightlife conglomerate, the deal appears to be finalized, at least according to Urgell’s comments. “It hurts a lot to sell Pacha in such a sweet moment,” he told Diario de Ibiza.

The deal will include all of Pacha’s properties, such as its iconic, eponymous venues in Sydney, Macau, London, Tel-Aviv, as well as Ibiza resorts like Destino and Lio. Further details on the transaction, including the buyer of Pacha, have yet to be revealed.

The news arrives on the heels of yesterday’s announcement that Pacha Group will open 25 new hotels and spa resorts in an effort to appeal to a “new young generation” between 38 and 45 years of age.

Via: Diario de Ibiza

The post Legendary nightlife franchise Pacha Group sold for €350 million appeared first on Festival Gear.

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