Own the Pacha Nightclubs for €500 Million
The World famous nightclub franchise PACHA is up for sale. Having venues in Ibiza, Buenos Aires Moscow, New York and Marrakech as the current owner does not believe in the new “Rich Ibiza”.
Ricardo Urgell the founder of Pacha who is in his sixties is fed up with the domination of the Matutes Family who own’s Ushuaïa, Hard Rock Hotel and the new Space in 2017, in their attempt to make Ibiza a luxury destination.
Urgell is currently looking for investor and has been in discussion with a Chinese investor for about a year but never went trough.
“It’s simple: Ricardo Urgell—founder—cannot stomach the Matutes family,” say sources close to Pacha Group. “Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J. The founder cannot go on any more, and his children do not want to bear witness to the future. For this reason they are looking for an investor.”
The Pacha nightclubs started out in Sitges outside Barcelona in 1967 since then they have entered in 11 countries and expanded with Pacha Ibiza Hotel, Lio in Ibiza cabaret, Flower Power festival and its own sailing boat Pacha 67.
Via Cronica Global
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