Five Holdings Hospitality Group Gains Palm Jumeirah Property

Jumeirah Palm Dubai One&Only the Palm- Haider Yousuf/iStock/Getty Images Plus/Getty Images
Jumeirah Palm, Dubai // Photo by Haider Yousuf/iStock/Getty Images Plus/Getty Images

The Palm Jumeirah property of Viceroy Hotels and Resorts has been taken over by Five Holdings, a Dubai-based real estate development and hospitality group.

The transition happened less than three months after opening. Now under Five Holdings' control, the $1.17 billion property is currently in its soft opening phase as Five Palm Jumeirah Dubai. A formal brand re-launch event is scheduled for October of 2017.

Five Holdings, previously known as SKAI Holdings, recently announced its launch of Five Hotels & Resorts under its subsidiary, Five Hospitality LLC. The new name represents the group’s continued ambition to grow its property portfolio to $2 billion. In addition to this, Kabir Mulchandani, CEO and chairman of Five Holdings, said in a written release that the new hospitality brand plans to operate four hotels and residences in Dubai by 2020.

Free Luxury Travel Newsletter

Like this story? Subscribe to The Dossier

Luxury Travel Advisor’s only newsletter, covering unique destinations and product news for affluent travelers. Delivered every Tuesday & Thursday.

Currently, Five Holdings also has property in Jumeirah Village, previously signed with Viceroy as well. With Five Holdings as its new operator, the property is now listed on Five Global Holdings’ website as Five Jumeirah Village Dubai. Other properties in Five Holdings’ portfolio include Skai Residency, Villa Heights Jumeirah Village Circle and Bahar 4.

Aloki Batra, CEO of Five Hospitality LLC, said in a written statement that those who provide a hospitality experience do not often receive the real benefits while most of the commercial benefits are taken by operators. In this, Batra believes there needs to be much more equitable distribution, which the Five Holdings brand plans to introduce throughout its business “to ensure [its] philosophy is executed from the heart.”

Related Stories

The Oberoi Beach Resort, Al Zorah: New Luxury Destination in UAE

10 Great Adventures for Solo Travelers

TCA Abu Dhabi to Introduce Emirati Cuisine Across All Emirate Hotels

Mandarin Oriental Announces Second Hotel in Dubai

Suggested Articles:

Mandarin Oriental Hotel Group will manage a new luxury resort with branded residences opening in 2024 in Da Nang, Vietnam. Learn more here.

Córdoba is most well-known for its Mezquita, but the city also takes pride in its patios, flamenco culture and more. Here's what travelers can expect.

Coworth Park has unveiled a new three-bedroom standalone gatehouse cottage, North Lodge. Here's what travelers can expect.