Tao Group Hospitality and Hakkasan Group announced that Tao Group Hospitality has acquired Hakkasan Group, creating a premium hospitality powerhouse that includes a global portfolio of brands and properties with significant potential for future growth.
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.
Tepperberg 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.
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. Through a combination of license, management and lease agreements, Tao Group Hospitality and Hakkasan Group have built a vast network of partners that provide the combined company with additional opportunities for expansion and brand development.