Photo courtesy of Tao Group Hospitality
The restaurant and nightlife brand Tao Group Hospitality has acquired Hakkasan Group, the entertainment chains said on Wednesday.
The newly formed hotel group operates 61 restaurants and nightlife spots in 22 markets across five continents, with brands including Tao, Beauty & Essex, Hakkasan, Yauatcha and more.
Financial details of the transaction were not disclosed.
Before the pandemic, Tao Group Beauty & Essex is frequently manufactured Catering company ” list of the most profitable independent restaurants. The lavish restaurant’s New York location achieved nearly $ 16.4 million in annual sales in 2019, according to an estimate by RB sister company Technomic.
The Hakkasan Group management team will continue to manage the day-to-day operations of its properties under the leadership of Group Co-CEOs Tao Noah Tepperberg and Jason Strauss.
âDespite the challenges caused by the pandemic, we know that people around the world are very keen to come together again,â Strauss said in a statement. âAs dining and other hospitality experiences begin to return to normal, we believe our newly merged company will be well positioned to take advantage of this pent-up demand, paving the way for long-term growth.
The agreement will promote the global growth of both brands. The acquisition of Hakkasan extends Tao’s reach to Las Vegas, Southern California and Miami. It will also provide benefits in areas such as marketing, cross-promotion, buying, buying and sponsorship, the companies said.
Tao Group is part of Madison Square Garden Entertainment Corp., and the newly formed company will continue to work with MSG Entertainment to have a “significant presence” in MSG locations such as Madison Square Garden in New York and new locations to be built in Las. Vegas and London, called MSG Sphere. The Las Vegas site is expected to be completed in 2023.
The Tao Group completed the transaction by issuing equity from one of its subsidiaries to acquire Hakkasan, giving Tao majority control of the merged company. MSG Entertainment owns a majority stake in Tao Group and now owns an indirect majority stake in the merged company.