TAO Group Hospitality has joined forces with Las Vegas-based Hakkasan Group, to become a major powerhouse of restaurants and nightlife entertainment.
Together the two will operate 61 entertainment dining and nightlife venues in 22 markets across five continents. One such venue is the popular restaurant Beauty & Essex located in Los Angeles, across from The Highlight Room – both TAO Group properties.
CEO Noah Tepperberg of TAO Group Hospitality said, “Hakkasan Group is a strong strategic fit with a venue portfolio that not only expands our U.S. presence, but gives us an important foothold in key global destinations. Over the last 20 years, Hakkasan Group has built some of the most successful brands in the hospitality industry. This partnership provides a tremendous platform to use our combined scale to create new opportunities that drive value.”
Tepperberg along with fellow CEO of TAO Group Hospitality, Jason Strauss, will head the day-to-day operations alongside a highly skilled and experienced executive from Hakkasan Group.
“Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again,” says Strauss. “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 new venture will benefit from the significant experience both teams have forging deep talent, guest and corporate relationships. In addition, this transaction will provide various scale benefits, including in areas such as entertainment, marketing and cross-promotion; procurement and purchasing; and corporate sponsorships.
Derek Silberstein, Executive Vice President of Hakkasan Group said, “We are thrilled to join TAO Group Hospitality, a company we’ve long admired for their leadership and innovation in entertainment, dining and hospitality. We look forward to utilizing our collective strengths to continue raising the bar for exceptional guest experiences.”
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. This includes 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.
As part of Madison Square Garden Entertainment Corp. Acquiring Hakkasan Group from Hakkasan USA, will give TAO a majority stake of the combined company, with MSG Entertainment still owning a controlling interest in TAO Group Hospitality – therefore an indirect interest in the newly combined company.