In recent hospitality news, FIVE has announced the expansion of their Hotels and Resorts portfolio with a new concept, the FIVE Beach
The renowned FIVE Hotels & Resorts brand which curates and ignites experiences through lifestyle hotels, gourmet dining and exceptional entertainment, has revealed a new acquisition to their portfolio in Dubai – a FIVE Beach.
Along with FIVE Palm Jumeirah and FIVE Jumeirah Village, this new project will be FIVE Holdings third experiential, luxury-lifestyle destination in Dubai.
Previously held under-construction by Corinthia Hotel & Residences as Meydan Beach Dubai; the now reflagged FIVE Beach is set to open in 2023 and aims to transform the landscape of JBR in true FIVE-style.
FIVE Beach will feature 227 suites, 102 lavish serviced residences, seven culinary and nightlife venues, a ReFIVE Spa, a social pool and private beach. The property boasts sweeping seascapes and uninterrupted views of the Ain Dubai
Kabir Mulchandani, Chairman, FIVE Holdings states that the flourishing Dubai economy has enabled FIVE to buck global trends and achieve an earnings growth of 196 per cent in the first half of 2021 as compared to 2019; and that both FIVE Palm Jumeirah and FIVE Jumeirah Village are running at an impressive occupancy of 88 per cent. He goes on to express that 60 per cent of all room bookings come directly through the hotels’ website, which is a testament to the strength of the FIVE brand; and that this outstanding financial performance, coupled with a low leverage on the balance sheet, has given FIVE the opportunity to offer a higher than market multiple to acquire this prized asset.
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