Five Holdings to open third property in Dubai in 2023

Five Holdings has confirmed that it will open its third property in Dubai – Five Beach – in 2023, following the acquisition of the under-construction Corinthia hotel in Jumeirah Beach Residence (JBR).

The beachfront property will have a total of 227 suites, 102 serviced residences, seven culinary and nightlife venues, a ReFIVE Spa, and access to a private beach as well.

Apart from upcoming property, Five already operates Five Palm Jumeirah (with 476 hotel rooms and apartments, 221 residences with 11 culinary and nightlife venues) and Five Jumeirah Village (with 234 hotel rooms, 267 serviced apartments and 5 culinary and nightlife venues).

Its international outpost, Five Zurich has 149 hotel rooms and eight culinary and nightlife venues in Switzerland.

Kabir Mulchandani, chairman of Five Holdings has said that Five has achieved an earnings growth of 196 per cent in the H1 2021 as compared to the same period in 2019.

“Both our hotels [in Dubai] are running at an impressive occupancy of 88 per cent, and we are ranked number 1 on occupancy, ADR and RevPAR generating more than 214 per cent more on ‘Total Revenue Per Available Room’ than both our respective luxury competitor sets,” says Mulchandani.

“Sixty per cent of all room bookings come directly through our website. Our outstanding financial performance, coupled with low leverage on the balance sheet, has given us the opportunity to offer a higher than market multiple to acquire this prized asset.”

Read: Dubai’s Five Holdings repays Dhs1.1bn financing over a year ahead of schedule

Three years ago in September 2017, Five Holdings said that it had repaid its Dhs1.1bn syndicated finance package 13 months ahead of schedule. The amount raised was used to support the construction of Five Holdings’ luxury hotel in Palm Jumeirah and the Dhs1.28bn Five Jumeirah Village Dubai project.