Hakkasan owner Tao Group acquired by Mohari Hospitality
Mohari Hospitality, which owns a portfolio of luxury and lifestyle properties including The Ritz-Carlton Yacht Collection, has acquired Tao from Madison Square Garden Entertainment Corp (MSG) and will own the group together with its management including co-CEOs Noah Tepperberg and Jason Strauss.
The deal is expected to close in May, subject to customary closing conditions.
“Adding Tao Group to our portfolio is a major strategic milestone for Mohari and we're excited about the prospects for the combined business and the transformational potential of our partnership,” says Scheinberg.
“Noah and Jason have built a world class and industry leading organization and I'm personally thrilled to have their leadership and entrepreneurial spirit joining the Mohari family.
“The combination of our assets, brands and teams creates a unique global platform to further realize our vision and expand on our ambition in the hospitality space.”
Tao acquired Hakkasan, whose London estate includes its eponymous restaurants in Mayfair and Hanway Place, which both hold Michelin stars, back in April 2021.
The group also owns dim sum restaurants Yauatcha City and Yauatcha Soho in the capital.
Mohari says the acquisition of Tao will ‘accelerate its growth plans and deepen its footprint in leading hospitality destinations’.
“Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality,” says J. Allen Smith, managing partner at Mohari.
“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.”
As a part of the transaction, Tao Group will enter into a multi-year agreement with MSG Entertainment for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.
