Kabir Mulchandani’s FIVE Holdings has dramatically taken over operation of the Viceroy Palm Jumeirah hotel, less than three months since its official opening.

In a statement released, Aloki Batra, CEO of FIVE Hospitality LLC said: “We believe now is the right time to disrupt the hospitality industry. The people who actually provide a hospitality experience never receive the real benefits while most of the commercial benefits are taken in most cases by operators. This needs to change. There needs to be a much more equitable distribution and we will be introducing this in our hospitality vertical immediately to ensure our philosophy is executed from the heart.”

FIVE Holdings, the Dubai-based real estate development and hospitality group previously known as SKAI Holdings, also today announced the launch of FIVE Hotels & Resorts, a new luxury hospitality brand, under its subsidiary FIVE Hospitality LLC.

“We are pleased to announce the launch of our new hospitality brand, which will operate four hotels and residences in Dubai by 2020. The total value of these projects will be AED7.2bn ($2bn), said Kabir Mulchandani, Chairman and CEO, FIVE Holdings.

The launch of FIVE Hotels & Resorts follows days after FIVE Holdings unveiled its new corporate identity, also based on the five elements. Previously known as SKAI Holdings, the firm’s new name reflects the group’s continued ambition to grow its current property portfolio of $2bn.