MSG had initially acquired its controlling stake in Tao Group Hospitality in 2017 for $181 million.Īnd while MSG Entertainment seems to be downsizing by offloading Tao, the sale appears to be a calculated move on the part of the multibillion-dollar James Dolan -owned conglomerate. south of Manhattan.Īs part of a multiyear separation agreement, Tao Group Hospitality will still retain MSG Entertainment as a consulting and marketing partner. Founded in 2017 by hotel investor Mark Scheinberg, Mohari has already acquired the Peninsula Papagayo property in Costa Rica, a 2,200-acre luxury resort and development anchored by two luxury hotels a Four Seasons hotel in Centro Canalejas Madrid, the first Four Seasons in Spain and is an investor in the Waldorf Astoria Hotel in Miami, an upcoming 91-story, 205-room luxury tower that upon completion will be the tallest residential building in the U.S. The deal adds another attractive asset into Mohari’s growing portfolio of luxury hospitality properties. “Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the group’s tremendous potential.” Allen Smith, managing partner of Mohari Hospitality, in a statement. “Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality,” said J. Tao Group Hospitality generated approximately $485 million in revenue in 2022, according to MSG Entertainment. Tao’s portfolio includes more than 80 branded locations across 20 cities – including LAVO restaurant and nightclubs in New York, Singapore and Los Angeles Hakkasan Mayfair Cantonese restaurants in London, Istanbul, Miami and Dubai Beauty & Essex restaurants in Las Vegas and New York and a number of namesake Tao restaurants in various American cities. Madison Square Garden Entertainment (MSG), which held a 70 percent majority stake in Tao Group Hospitality, is expected to pocket roughly $300 million in net proceeds from the sale, the company said in a statement. Tao Group Hospitality’s corporate headquarters is located in New York City, with full-time marketing and operations staff in every market.SEE ALSO: Crown Acquisitions Acquires New Jersey Office Property for $62M, SocGen Provides Loan We strive to exceed expectations and continually reinvent the future of hospitality through our owned operations as well as partnership opportunities. With over 20 years of industry experience, we consistently set the bar for guest experiences by delivering unforgettable entertainment with innovation and creativity at the core. Tao Group Hospitality is part of Mohari Hospitality, an investment firm focused on the luxury lifestyle and hospitality sectors. These include TAO, Hakkasan, OMNIA, Marquee, LAVO, Beauty & Essex, Yauatcha, Cathédrale, Ling Ling, Wet Republic, Little Sister, The Highlight Room, Sake No Hana, Jewel, and more. The combined company operates more than 80 branded locations in over 20 markets across four continents and features a collection of widely recognized hospitality brands. Under the leadership of Co-CEOs Noah Tepperberg & Jason Strauss, Tao Group Hospitality acquired Hakkasan Group in April 2021. Tao Group Hospitality delivers distinctive culinary and premium entertainment experiences through our portfolio of restaurants, nightclubs, lounges, and daylife venues.
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