Luxury lifestyle and hospitality investment company Mohari Hospitality has announced its acquisition of Tao Group Hospitality from Madison Square Garden Entertainment (MSGE) for a total investment of $550m.
The deal includes the purchase of a majority stake in MSGE and stakes of additional third-party investors.
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Subject to customary closing conditions, the acquisition is slated to close in May this year.
The addition of Tao Group to Mohari’s already extensive portfolio of assets is expected to accelerate the company’s growth plans and expand its footprint in leading hospitality destinations, Mohari reported in their press release.
Mohari’s luxury hospitality portfolio, which includes the Peninsula Papagayo in Costa Rica and Centro Canalejas Madrid, will be complemented by Tao Group’s global collection of brands such as TAO, Hakkasan, OMNIA and Marquee.
Mohari managing partner J. Allen Smith said: “Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality.
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By GlobalData“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”.
Under the terms of the deal, Mohari will own Tao Group along with the management, including co-CEOs Noah Tepperberg and Jason Strauss, which will ensure strong alignment for the company.
Mohari founder and principal Mark Scheinberg said: “Noah and Jason have built a world-class and industry-leading organisation and I’m personally thrilled to have their leadership and entrepreneurial spirit joining the Mohari family”.
As part of the deal, the companies will enter into a multi-year contract for ongoing consulting, marketing and support services at Madison Square Garden and Sphere in Las Vegas.
Tao Group Co-CEO Noah Tepperberg said: “Mohari’s shared vision coupled with the strength of its portfolio and leadership make it an ideal partner as we look at the next chapter for Tao Group.”
