The hospitality world has changed forever today after news broke that Tao Group Hospitality has acquired Hakkasan Group. The team-up of two of the world’s preeminent hospitality groups means the landscape will forever change, their mega-collab bringing possibilities and promise to an industry bereft of both for the last year. Hakkasan and Tao both have decades of experience being the best in the business, so the sky will be the limit as to what these groups can accomplish together.
Tao Acquires Hakkasan
Two experienced and industry-leading hospitality groups will now be as one after Tao Group announced their acquisition of Hakkasan. The newly combined company will helm 61 entertainment dining and nightlife venues. These venues span 22 markets, across five continents. Included in the acquisition is a number of recognized and beloved hospitality brands. Included are Tao Group Hospitality’s Tao, Marquee, Lavo, Beauty & Essex, Avenue, Cathédrale and Koma brands. Also Hakkasan Group’s Hakkasan, Yauatcha, Omnia, Ling Ling, Jewel and Casa Calavera brands, among others.
Tao was partially acquired by Madison Square Garden Entertainment in 2017. The Madison Square Garden Sphere, set to open in 2023, will be the most state of the art live events venue in the world, and boasts an awe-inspiring geodesic glass dome with futuristic tech to wow visitors.
In a statement, the company leads in charge of the acquisition expressed their satisfaction at a deal well made and the promise of a bright future, including Tao’s co-CEOs Noah Tepperberg and Jason Strauss, along with Hakkasan’s Executive VP Derek Silberstein.
Per BusinessWire, “Mr. 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.’
… 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.’”
Hakkasan Will Manage Day-to-Day Operations For Their Existing Venues
The massive industry acquisition may bring customers benefits in the form of combined master thinktanks, amenity increases and asset combinations.
But don’t worry, Hakkasan will continue to manage the day to day details for their existing venues that make them an industry leader, and now Tao will able to bring its skills and assets to bear as well, making every visit to a Hakkasan Group locale better than ever.
Per BusinessWire, the combination of the company skills are going to provide both with better resources than ever to serve customers and grow the industry in new and exciting ways. “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.”
What the Acquisition May Mean for Hospitality
On a larger scale, the acquisition is a pretty big deal to the business world and the hospitality industry as a whole. The combination of two superstars could pave a path forward for other hospitality groups to combine resources.
Customers and visitors to both Tao and Hakkasan venues will benefit from the team-up, and Tao’s star leadership skills will carve a promising future for both groups.
Tao Group’s Strauss says, “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.”