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.
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.”