Tao Group Hospitality and Hakkasan Group announced today that Tao Group Hospitality has acquired Hakkasan Group, creating a premium hospitality powerhouse.
The newly combined company operates 61 entertainment dining and nightlife venues in 22 markets across five continents and features a collection of widely recognized hospitality brands.
These include Tao Group Hospitality’s Tao, Marquee, Lavo, Beauty & Essex, Avenue, Cathédrale and Koma brands, as well as Hakkasan Group’s Hakkasan, Yauatcha, Omnia, Ling Ling, Jewel and Casa Calavera brands, among many others.
The partnership brings together two seasoned hospitality groups with decades of industry experience. Hakkasan Group’s highly skilled executive team will continue to run day-to-day operations for the Hakkasan properties under the direction of Tao Group Hospitality, led by co-CEOs Noah Tepperberg and Jason Strauss.
Mr. Strauss said, “Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again. As indoor dining and other hospitality experiences start to return to regular operations, we believe our newly combined company will be well-positioned to take advantage of this pent-up demand, setting the stage for long-term growth.”
This transaction will drive a number of benefits – including the creation of a combined portfolio of world-renowned entertainment, dining and hospitality brands that can be leveraged globally.
The addition of Hakkasan Group immediately increases Tao Group Hospitality’s footprint and provides local expertise to support further expansion.
Hakkasan Group’s portfolio expands Tao Group Hospitality’s domestic reach in key markets such as Las Vegas, Southern California and Miami, while also significantly growing Tao Group Hospitality’s international presence with the addition of important global destinations.
Including London, where Hakkasan Group has five venues, highlighted by its Michelin star-rated flagship restaurants, Hakkasan Mayfair and the original Hakkasan Hanway Place. Hakkasan Group also operates four venues throughout the Middle East, providing an instant platform for growth in several fast-developing markets.
Tao Group Hospitality is part of Madison Square Garden Entertainment Corp., a leader in live experiences.
The newly combined company will continue to work with MSG Entertainment to create innovative experiences that can be integrated across MSG Entertainment’s portfolio of live offerings, including its collection of venues featuring New York’s Madison Square Garden.
MSG Entertainment has also announced plans to build state-of-the-art venues, called MSG Sphere, in Las Vegas and London – where the newly combined hospitality company will have a significant presence.
MSG Entertainment has already made significant progress on the construction of its Las Vegas venue, which it expects to complete in 2023, and continues to pursue its plans in London, pending necessary approvals.
With the completion of the deal, Tao Group Hospitality owns a majority of the newly combined company. MSG Entertainment owns a controlling interest in Tao Group Hospitality and, as a result, also owns a controlling, indirect interest the newly combined company.
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