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Pacha Group is about to be sold

Founder Ricardo Urgell plans to work on new hotels and a project in Cuba

  • Valerie Lee
  • 17 October 2016

In mid-September, news emerged about Pacha Group's decision to put the famed chain - including Pacha Destino Ibiza, Lio and other international expansions - up for sale. Founder Ricardo Urgell exclaimed that he could no longer stomach the owners of Ushuaïa, who are set to take ownership of the now former Space Ibiza location in 2017.

In just a matter of weeks, Pacha Group met with global equity firm Trilantic and could sell for €350 million.

The negotiation is ongoing, but Ricardo Urgell seemed ready to say his final goodbyes in a recent interview with Diario de Ibiza. "It hurts a lot to sell Pacha in such a sweet moment," he said.

"I feel like an honest person trying to do the best possible," Urgell said of his Pacha legacy on the island of Ibiza. "We have to want more for the island, invest in it, appreciate it and love her, so that we're not only benefitting ourselves. People need to promote projects to improve Ibiza. It's important that the island does not lose the magic."

When asked further about his opinion on the island's future, Urgell responded: "The island has spoiled areas that will be difficult to recover. If we continue at this pace, it will eventually move to the north of the island. Music should be controlled [in its legal space]. We cannot have music everywhere." He continued, explaining his distaste for party boats in effort to preserve the island's natural elements as well.

When asked about the recent raids of Ibiza venues like Amnesia, Ushuaïa and Pacha, Urgell confirmed that Pacha's finances were all in order and accounts were all transparent.

Finally, though Urgell plans to part ways with his Pacha Group empire, he concluded that he has many ongoing projects, including other hotels and a possible new venture in Cuba.

[Via: Diario de Ibiza]

Valerie Lee is Mixmag's US Digital Editor. Follow her on Twitter here

Correction: This story originally reported that Pacha Group had been sold, however it has been updated to say that a sale has not yet been finalised

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