Mohari Hospitality has acquired Hakkasan owner Tao Group for $550m.
The investment vehicle of poker billionaire Mark Scheinberg, Mohari Hospitality has bought the owner of Yauatcha and Hakkasan restaurants in London, as well as restaurants in New York, Las Vegas, Chicago, Los Angeles, Singapore, and Dubai.
Tao Group was previously owned by Madison Square Garden Entertainment Corporation (MSG Entertainment), which also owns the eponymous entertainment venue. In February, MSG Entertainment said it was looking to sell Tao.
Mohari has bought MSG’s majority share, with Tao founders Noah Tepperberg and Jason Strauss maintaining their stake in the business.
As part of the deal, Tao will enter a multiyear agreement with MSG Entertainment for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.
The group’s UK estate includes two Yauatcha locations in the City and Soho, alongside two Hakkasan locations in Mayfair and Hanway Place.
