NEW
YORK, May 3, 2023 /PRNewswire/ -- Mohari
Hospitality, an investment firm focused on the luxury lifestyle and
hospitality sectors, announced today the completion of its
acquisition of Tao Group Hospitality, a global leader and innovator
in restaurants, nightlife, and entertainment from Sphere
Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment") and other
limited partners.
"Welcoming 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," said Mark Scheinberg,
Founder and Principal, Mohari. "Noah and Jason built a world class
and industry leading organization and I'm personally thrilled to
have their leadership and entrepreneurial spirit now part of the
Mohari family. The combination of our assets, brands and teams has
created a unique global platform to further realize our vision and
expand on our ambition in the hospitality space."
Mohari's deep estate development and hospitality management
experience joined with Tao Group's global platform and management
team will accelerate Mohari's growth plans and amplify its presence
in leading hospitality destinations.
Tao Group joins Mohari's extensive portfolio of luxury and
lifestyle properties and operating companies, including the
Peninsula Papagayo in Costa Rica,
anchored by a Four Seasons luxury resort; Centro Canalejas Madrid,
featuring the Four Seasons Madrid; and The Ritz-Carlton Yacht
Collection. All of which aligns with Tao Group's global collection
of 80 branded locations in over 20 markets, including TAO, the
Michelin Star-awarded Hakkasan, OMNIA, Marquee, LAVO, Beauty &
Essex and more.
"When you think of premium lifestyle and hospitality
experiences, you think of Tao Group. They are a global innovator
and leader in nightlife, but also in hospitality and entertainment
experiences," said J. Allen Smith,
Managing Partner, Mohari. "Mark and I, alongside the entire Mohari
team, look forward to working together with Tao Group and the
management team to continue growing their business globally as we
elevate both of the brands."
"Tao Group is thrilled to build this partnership with Mohari and
bring our shared vision of premium lifestyle and hospitality
experiences for guests around the world to life on an even larger
scale," said Noah Tepperberg, Co-CEO
Tao Group. "Mohari's experienced leadership team and impressive
portfolio make it ideal partner for the next phase of Tao Group's
growth."
As previously disclosed, Tao Group will enter into a multi-year
agreement with Sphere Entertainment for consulting, marketing, and
support services.
Monarch Alternative Capital LP served as the lead lender for the
debt financing associated with the transaction.
For Mohari Hospitality, Moelis & Company LLC served as
financial advisor and placement agent, Kirkland & Ellis LLP
served as legal advisors and Deloitte served as accounting and tax
advisors. For Tao Group Hospitality, Goldman Sachs & Co. LLC
served as financial advisor, Hughes Hubbard & Reed LLP served
as legal advisor and Ernst & Young LLP served as accounting
advisor.
For more information on Mohari Hospitality visit
moharihospitality.com, and for more information on Tao Group
Hospitality visit taogroup.com.
About Mohari Hospitality
Mohari Hospitality, founded in 2017 by entrepreneurial investor
Mark Scheinberg, is a global
investment company that engages in a broad range of real estate
investment activities, with emphasis on luxury hospitality in prime
urban and resort markets. Mohari's investments include both
development and operating assets, and Mohari invests both
independently and with partners.
About Tao Group Hospitality
Tao Group Hospitality delivers distinctive culinary and premium
entertainment experiences through its portfolio of restaurants,
nightclubs, lounges, and daylife venues. Tao Group Hospitality
acquired Hakkasan Group in April
2021. The combined company operates over 80 branded
locations in over 20 markets across four continents and features a
collection of widely recognized hospitality brands. These include
TAO, Hakkasan, OMNIA, Marquee, LAVO, Beauty & Essex, Wet
Republic, Yauatcha, Ling Ling,
Cathédrale, Little Sister, The Highlight Room, Sake No Hana, Jewel,
and more.
Media Contacts
Mohari: KWT Global, mohari@kwtglobal.com
Tao Group: Sam Ong,
sam.ong@taogroup.com
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SOURCE Mohari