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, [email protected]
Tao Group: Sam Ong, [email protected]
SOURCE Mohari
