MGM Resorts Intl., Hakkasan Group Form JV
Tuesday April 15th, 2014 - 9:37AM BOMQ
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LAS VEGAS—MGM Resorts International and Hakkasan Group have formed a joint venture hotel management company: MGM Hakkasan Hospitality.
The alliance will focus on the design, development and management of luxury non-gaming hotels, resorts and residential offerings under the Bellagio, Hakkasan, MGM Grand and SKYLOFTS brands in international gateway cities and prime resort destinations across the globe.
All of the hotel and resort projects currently under development by each group will be contributed to the joint venture, including MGM projects in the Americas, the Middle East, and Asia; and Hakkasan projects in Abu Dhabi and Dubai.
The JV combines MGM's expertise in designing and operating destination hotels with Hakkasan Group's approach to restaurant, lounge and nightlife experiences.
"This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company. While hotel and resort projects have been part of our business plan for some time, it was crucial for us to find the best possible partner that could bring a wealth of experience and skill to the development and operation of branded products, and we believe there is no better choice than MGM Resorts International,” stated Khadem Al Qubaisi, chairman of Hakkasan Group.
Jim Murren, Chairman/CEO of MGM Resorts International, stated, "Our partnership with the team at Hakkasan began with the incredibly successful opening of Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand in April 2013. Growing that relationship to form MGM Hakkasan Hospitality provides us both with access to capital as well as the opportunity to join their internationally renowned lifestyle brand with iconic brands such as Bellagio and MGM Grand as we seek to create resort destinations and lifestyle experiences around the globe.”
Each entity is contributing brand licenses to MGM Hakkasan Hospitality. Additionally, Hakkasan Group will place other high-profile dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments in order to maximize value from its portfolio of assets.
Hakkasan Group CEO Neil Moffitt will lead the joint venture, as CEO of MGM Hakkasan Hospitality, and MGM Hospitality COO Michael Evans serve as COO. The company will operate under a combined board and governance.
Tags: MGM Resorts International • Hakkasan Group • MGM Hakkasan Hospitality • Las Vegas • Jim Murren • Hospitality • Brands • Operational • Management Companies • Owners/Operators •
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