LA M.
AED 22.05M total to landlord over 7 years. A 159% uplift over the current 5-year proposal.
Holdmar & Co, in collaboration with Version Originale, proposes a 7-year lease at Al Habtoor City to operate La M. (trading as La Madone), a premium late-night destination combining a sophisticated dinner service from 7:30pm to midnight with an exclusive club operation from midnight to 3am, five nights per week.
Rather than a fixed escalating rent, we propose a clean higher-of-base-or-TOR mechanism: every year, the landlord receives whichever is greater between a base rent floor or 10% of the venue's net revenue. Under our projected operating plan, this delivers AED 22.05M in total rent. That represents an uplift of AED 13.55M over the original 5-year proposal, a 159% increase.
La M. is a sophisticated dual-service venue grounded in Mediterranean culinary tradition and elevated by an after-hours club programme. Dinner service from 7:30pm to midnight delivers a refined gastronomic experience. From midnight to 3am, the venue transforms into an exclusive club, with bottle service, a curated DJ programme, and a discerning door policy.
Interior design draws on dark marble, brushed brass, walnut joinery, and theatrical red-toned lighting. The atmosphere is intimate, layered, and unmistakably premium. A single coherent venue that operates seamlessly across two service modes.
Anchor late-night tenant in Habtoor City's hospitality offer.
La M. is calibrated to sit alongside Dubai's leading premium late-night venues. The concept, design standard, and operating sophistication have been benchmarked against the following peer set.
| VENUE | STYLE | AVG CHECK (DINNER) | LATE-NIGHT | POSITION |
|---|---|---|---|---|
| Cipriani | Italian luxury | AED 700–1,000 | Lounge | Late-evening reference |
| Gaia | Greek-Mediterranean | AED 600–900 | Lounge | Service standards |
| BiLLiONAiRE | Cabaret / restaurant | AED 800–1,200 | Yes | Show-restaurant peer |
| Andreea's | Mediterranean / lounge | AED 500–800 | Yes | Lounge atmosphere |
| LA M. | Mediterranean + Club | AED 525 / 550 | Yes | Premium late-night |
La M. enters at a more accessible average check than its peers, broadening reach while maintaining peer-equivalent design and service standards. The dual dinner+club model is the differentiator within the Habtoor City venue mix.
A combined operating partnership.
La M. is delivered by two complementary partners. A principal operator with capital and tenant covenant responsibility, and a brand & concept partner with a 15-year track record in luxury hospitality.
Founded in 2023. Building a portfolio of distinctive hospitality brands.
Holdmar & Co was founded in 2023 by Mohamed Hedi Mardassi, drawing on 20+ years of hospitality operating experience across the UK, KSA, UAE, and Qatar. Mohamed's career has spanned the development and operation of premium F&B concepts in the region's most demanding markets, combining the disciplines of brand creation, financial structuring, and day-to-day venue management.
The first chapter of Holdmar's portfolio is ZELLIJ, a Moorish-Mediterranean restaurant concept opening in Marbella on 1 June 2026 for the summer season, followed by a Dubai opening in Q4 2026. Additional brands are currently under development as joint ventures, with launches planned across the GCC and Europe over the coming years.
In 2026, Kadir Guclu joined the venture as partner, bringing the operational and capital strength of GK Investment. Kadir is the founder of Pitaya, the açaí-bowl concept he scaled from a single Paris outlet to 250+ stores across Europe, Africa, and the GCC. He brings to Holdmar the same playbook of brand-led, multi-market expansion.
Together, Holdmar & Co operates as a UAE-based hospitality group with a clear ambition: to build proprietary brands at home, then export them to international territories. La M. is the next chapter in that strategy.
Dubai · Q4 2026
Music, entertainment & concept creation. Artistic direction by Jacques Saadia.
Founded by Jacques Saadia, Version Originale is an international luxury live music and event production agency with over 15 years of experience. With a network of 300+ curated talents, the agency transforms F&B venues, private celebrations, and brand events into immersive, emotionally powerful experiences. Music becomes the thread that connects everything.
@versionoriginalemusic ↗Rikas Hospitality Group
The Maybourne
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Domaine de Murtoli
Audemars Piguet · Piaget
Tiffany & Co.
AED 22.05M total to landlord over 7 years. A 159% uplift.
The structure provides the landlord with the higher of base rent or a percentage of revenue (Turnover Rent), whichever is greater each year. Under the projected operating plan, TOR exceeds base rent from Year 2 onwards, while Year 1 is anchored by the base rent floor. Together they deliver meaningful uplift over the original 5-year fixed-rent proposal.
| YEAR | BASE RENT | TOR @ % | PROJECTED REVENUE | PAYABLE TO LANDLORD | MECHANISM |
|---|---|---|---|---|---|
| Year 1 | 1,500,000 | 10% | 3,783,542 | 1,500,000 | Base |
| Year 2 | 1,500,000 | 10% | 28,785,000 | 2,878,500 | TOR |
| Year 3 | 1,500,000 | 10% | 33,425,000 | 3,342,500 | TOR |
| Year 4 | 1,500,000 | 10% | 35,813,750 | 3,581,375 | TOR |
| Year 5 | 1,500,000 | 10% | 35,813,750 | 3,581,375 | TOR |
| Year 6 | 1,600,000 | 10% | 35,813,750 | 3,581,375 | TOR |
| Year 7 | 1,600,000 | 10% | 35,813,750 | 3,581,375 | TOR |
Year 1 covers a 2-month opening stub (Nov–Dec 2026) at the AED 1.5M base rent floor. From Year 2 onwards, projected revenue places TOR ahead of base rent, with the landlord receiving the higher figure each year.
Transparent assumptions. Live operating model.
The revenue projection is built from operating-level assumptions (covers, average spend, and night occupancy), not top-down extrapolation. The full model is available on request.
Six-month delivery path. Opening 31 October 2026.
From lease lock to opening night in 6 months. License applications (DET, DM, DTCM, alcohol) and Al Habtoor City fit-out approvals are scheduled within the first eight weeks of mobilisation. The 31 October opening date provides comfortable margin against the critical path.
All license applications and Al Habtoor City fit-out approvals scheduled within the first 8 weeks of mobilisation. The 31 October opening date provides comfortable margin against the critical path.
Why we'll deliver on time.
Specific consent sought from Al Habtoor City.
In summary, we respectfully request written consent from Al Habtoor City to enter into a lease on the terms described in this proposal, and to operate La M. (trading as La Madone) at the proposed premises.