Ibiza may look even more different in 2017 than originally expected.
First comes the closure of Space Ibiza after 27 years and now word of the Pacha Group up for sale is circulating the industry. The reason? Well, Pacha’s owner Ricardo Urgell “cannot stomach” the Matutes family, who own the likes of Ushuaïa, Ushuaïa Tower and Hard Rock Hotel in Ibiza.
A source close to Urgell stated:
“Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J…The founder cannot go on any more, and his children do not want to bear witness to the future. For this reason they are looking for an investor.”
Pacha Group is asking a cool half billion euro for the complete package. One that includes not just the Destino and Lio locations, but also multiple franchises located around the world, including in the likes of Dubai, Tel-Aviv, New York, Moscow, Buenos Aires, Macau, and more.
