Britain’s billionaire Reuben brothers have agreed to a sale-and-leaseback deal to acquire Ibiza’s exclusive El Hotel Pacha from Grupo Pacha and create a partnership to rollout globally Pacha-branded hotels and restaurants, EuroWeekly News reported Tuesday.
The Ibizian chain will continue to operate the hotel near Marina Botafoch with David and Simon Reuben, estimated to be worth more than £18.6 billion (US$24 billion), investing in the existing property as well as developing an adjoining property into another hotel. It would mark the brother’s third investment in Ibiza as they already own 10km of coastline in Cala Conte.
The Reubens’ hotel interests include The Curtain in Shoreditch and the Experimental Chalet Verbier, which includes the Farm Club and the Palazzo Experimental Venice. They have also recently acquired a luxury hotel in Mykonos and historic property in the center of Rome.
Making their fortune in metals and property, the billionaires, EuroNews says, are known for their savvy business skills where they have made use of offshore tax havens.