Mulchandani founded FIVE Holdings as SKAI Holdings in 2013 and rebranded it to FIVE in 2017. The company operates FIVE Palm Jumeirah and FIVE Jumeirah Village in Dubai, with 981 keys and achieved a combined total sale and disposal value of $928 million by the end of 2023. The company acquired the Swiss-based FIVE Zurich in 2020, which opened in 2022. The company’s portfolio also includes FIVE LUXE with around 382 keys, which achieved a total sale and disposal value of $801.8 million by the end of 2023. The company plans to go public in 2025. In the first 9 months of 2023, the company recorded $314.3 million in revenues and had total assets worth $2.5 billion.