Five claims control over Palm Jumeirah property
Five Holdings insists it has retained control of the Palm Jumeirah hotel since June 19, 2017, rather than Viceroy Hotels & Resorts
Dubai's Five Holdings has issued a statement reiterating that it has been in control of the Five Palm Jumeirah Dubai Hotel & Residences since June 19, 2017.
The tussle began on June 19 when Five Holdings announced that it had taken over management of its Palm Jumeirah property, ousting the previous operator Viceroy Hotels & Resorts.
However, on June 24 Viceroy Hotels & Resorts revealed that the DIFC Courts had issued an order prohibiting Five from preventing Viceroy to operate and manage the hotel. Viceroy claimed that Five Holdings had breached the existing hotel management agreement.
Today (July 2), Five Holdings has issued a statement, which says: "Five Hotel FZCO continues to manage the Five Palm Jumeirah Dubai hotel and residences, which it has done since 19 June 2017."
Five Holdings chairman and CEO Kabir Mulchandani said in the statement: "We will take all steps to ensure the interests of the hotel’s employees, guests, investors and stakeholders remain protected and are never compromised. This to us is our single most important guiding principle."
The statement continued: "Pursuant to the Decree and the reference to the Dubai Joint Judicial Committee, all proceedings between ASSAS OpCo Limited and VIH Dubai Palm Jumeirah Ltd (Cayman Islands), the property’s former operator, have been suspended by force of law."