The Spanish nightlife conglomerate is on sale for 500 Millions Euros.
The famous two-cherries group that was founded in 1973 includes different Pacha venues around the world and others like Destino and Lio in Ibiza. According to the spanish website Cronica Global, the reason of this decision it’s based on differences bewteen some of the biggest nightlife holdings in the white island.
Ricardo Urgell, Pacha Founder just declared he doesn’t share the vision of the Matute’s family – owners of Ushuaïa, Ushuaïa Tower,Hard Rock Hotel and Space Ibiza in 2017 – who are trying to transform Ibiza into a luxurious holidays destination.
After one-year negotiations with a Chinese group that didn’t came to a positive result the Urgell’s group is receiving new offers for the holding. At the moment initial asking price is 500 Millions Euros.