The deal for the operators of Tao and Lavo is valued at around $550 million.
(Bloomberg) — Tao Group Hospitality, the nightlife and dining powerhouse behind the Lavo, Hakassan and Marquee brands, will be sold to Mohari Hospitality Ltd, the investment firm of PokerStars co-founder Mark Scheinberg.
Mohari is taking over Tao from the Madison Square Garden Entertainment Corp., which owns a majority stake in the company. The deal, which is expected to close in May, values Tao at around $550 million.
Earlier, Bloomberg News reported that Mohari had beat out rival bidders and was nearing a deal to buy Tao Group. In 2014, Scheinberg’s family sold PokerStars to Amaya Gaming Group Inc. for $4.9 billion; Scheinberg then started Mohari.
Mohari’s portfolio includes 1 Hotel in Toronto, Centro Canalejas in Madrid, the Ritz Carlton Yacht Collection and other Four Seasons and Waldorf hotels and residences.
Tao has been on an expansion streak, with the newest project scheduled to open this summer: Casadonna, a 20,000-square-foot coastal Italian restaurant on Miami’s Biscayne Bay in partnership with David Grutman and Groot Hospitality. The group runs bars, nightclubs, restaurants and event spaces in cities across the globe, in New York, Singapore, Dubai, London and Las Vegas.
“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,” said J. Allen Smith, managing partner of Mohari, in a statement about Tao.
Mohari will purchase MSG’s majority stake and maintain a consulting contract with the entertainment group. Tao’s management — including co-CEOs Noah Tepperberg and Jason Strauss — will keep an ownership stake.
–With assistance from Gillian Tan.
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