India: American entrepreneur Michael van Cleef Ault is in talks with Indian conglomerate Spice Global to launch boutique hotels under the Pangaea nightclub brand.
Ault, the man behind the Pangaea brand, is targeting high net worth Indians as his core market: “We get a lot of rich Koreans, Chinese, Swiss bankers, Australians and Americans at Pangaea Singapore, but I must say that the largest, most consistent, loyal and biggest spenders have been Indian guests and most of them are from Delhi and Mumbai,” he said.
Pangaea has launched its first Indian nightclub in Delhi, with a second soon to follow in Mumbai. Spice Global, the major investor in the venture, is mulling partnering Ault to open Pangaea nightclubs in locations such as Dubai and Istanbul.
Ault says of his free-spending Indian clientele. “They are mostly billionaires with big businesses and tremendous spending power, and book the centre of the room every night. These guests frequent the club more than I do. They do not get into fights and are polite to our staff.”
The average per head spend at Pangaea is anywhere from $400 to $1,000 (about 24,000-60,000), much higher than the top nightclubs in Las Vegas where a guest usually spends a $50-100, says Ault, claiming his club in Singapore is the most profitable one in the world with business of $21 million in the first year of operations.
“The kind of business we are doing within the 4,000 sqft space is phenomenally higher than other top clubs in the world, including the ones in Las Vegas which are 30,000 sqft big,” he says. There have been times like the F1 race in Singapore, when Pangaea has done business worth $1 million in just one week.
And Ault is firm on replicating the success in India. “I believe the brand is already very popular here as the top jet Indians have already been to our clubs in Miami, New York, London,” he says.
Now, according to The Economic Times of India, the partnership between Ault and Spice Global could extend to boutique hotels and a luxury concierge service.