businesswire | April 21, 2023
Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. The transaction is expected to close in May.
Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million.
Today’s announcement follows a successful bidding process with multiple parties. Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income.(
Completion of the sale is subject to customary closing conditions. The closing of the transaction is not conditioned on the receipt of financing. Effective as of the closing of the sale, the Company will enter into multi-year agreements with Tao Group Hospitality for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.
For Tao Group Hospitality, equity holders of which include MSG Entertainment, Goldman Sachs & Co. LLC served as financial advisor and Hughes Hubbard & Reed LLP served as legal advisor.
For Mohari Hospitality, Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor.
See below for the definition of adjusted operating income included in the discussion of non-GAAP financial measures and a reconciliation of operating income to adjusted operating income.
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 more than 70 branded locations in over 20 markets across five 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. Tao Group Hospitality is part of Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE), a leader in live experiences.
AIRLINES AND AIRPORTS
businesswire | March 28, 2023
Norse Atlantic Airways marks a new era in affordable transatlantic travel between the US and France with the celebration of its inaugural flight from Paris, Charles de Gaulle to New York JFK and from JFK to Charles de Gaulle. The daily direct service commenced on March 26th, 2023, providing customers with a quality service onboard modern Boeing 787 Dreamliner aircraft.
The launch of this route marks Norse Atlantic’s entry into yet another major international market as the airline continues to provide comfortable and budget-friendly travel options for long-haul flights.
“We are delighted to offer cost-effective travel and increased choices for our passengers between the vibrant cities of Paris and New York. This new route connecting the beautiful cities will further boost transatlantic travel benefiting local tourism and businesses on both sides of the Atlantic. With the addition of our latest route to Paris, our airline now offers a total of five European destinations from New York, JFK this summer, including Rome, Berlin, Oslo and London,” said Bjorn Tore Larsen, CEO of Norse Atlantic Airways.
With daily, direct flights from New York, JFK to Paris starting at just $289 one-way, including all applicable taxes, travelers can now access a high-quality airline and travel experience for a fraction of the cost of traditional transatlantic carriers, making travel more accessible to a vast range of leisure and businesspeople, including families, students, and budget-conscious travelers.
Daily departures from New York to Paris are at 12:30 a.m. EDT, with arrival in Paris at 2:05 p.m. local time. The return flights depart Paris at 8:00 pm local time, and land in NY at 10:15 p.m. EDT.
Current economy fares below:
JFK – CDG: $235 (one-way)
CDG – JFK: $289 (one-way)
Round Trip: $524
About Norse Atlantic Airways
Norse Atlantic Airways is a new airline that offers affordable fares on long-haul flights, primarily between Europe and the United States. The company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that will serve destinations including New York, Los Angeles, Fort Lauderdale, Orlando, Oslo, London, Berlin and Paris.
globenewswire | May 12, 2023
Porsche Cars North America, Inc. (PCNA) and Nobu Hotel Atlanta have teamed up to create an immersive, first-of-its-kind hospitality experience for travelers from across the globe. Located just north of Porsche’s U.S. headquarters, Nobu Hotel Atlanta unveils today the new Porsche Icon Suite and Porsche Classic Room. As the first Nobu property worldwide to offer a Porsche-themed experience, the newly opened Buckhead hotel offers stunning accommodations and a host of exclusive amenities designed to give guests an unforgettable stay.
“From our sports cars to the experiences we offer, the goal is to provide an elevated experience for everyone who engages with our brand,” said Ayesha Coker, Vice President of Marketing of PCNA. “We’re thrilled to see this collaboration come to life as two luxury brands come together for Atlantans and travelers from around the world who’re seeking a unique and immersive stay while visiting Atlanta.”
Nobu Hotel Atlanta has elegantly designed a room and suite that seamlessly integrates sleek Porsche-inspired art and decor as well as exclusive memorabilia celebrating iconic Porsche moments. Guests will also find best-in-class amenities consistent with Nobu’s signature attention to detail and customized for the Porsche-minded lifestyle. Among these are a Porsche-dedicated executive conference room onsite for guests looking to host business meetings. For those who are interested in exploring the city, they can take a ride in one of the property’s all-electric Porsche Taycan house cars, expertly navigated by dedicated personal drivers.
With excitement in store at every turn, Nobu Hotel Atlanta will offer an elevated package for those looking to shift their stay into high gear with a two-night stay in the Porsche Icon Suite with breakfast for two and Nobu’s Signature Omakase dining experience. Guests will also enjoy a stylized Nobu Champagne bottle in-room and will receive a personalized Porsche bathrobe to take home. For off-site excursions within a three-mile radius, the hotel will provide its Porsche house car service upon request.
“At the heart of every Nobu Hotels’ collaboration is a desire to thoughtfully curate compelling experiences that enhance our guest journey,” said Rachael Palumbo, VP Global Hotel Branding at Nobu Hospitality. “With 75 years’ worth of brand excellence to its name, Porsche’s reputation as an automotive legend complements our global vision of delivering the highest level of luxury hospitality at an intimate level.”
AboutNobu Hotel Atlanta
Nobu Hospitality’s first Georgia hotel and restaurant are located in Atlanta’s prestigious Buckhead community. The new property features 152 rooms and suites; a Nobu restaurant with a bar and lounge; a rooftop swimming pool and deck; conference center; and a state-of-the-art fitness center with Technogym equipment. Designed by Rockwell Group, the hotel and restaurant are located within the Phipps Plaza luxury retail center, alongside Life Time® Athletic and Life Time Work®, a healthy living and entertainment destination; a 13-story, LEED-certified, Class A office building; and Citizens Culinary Market (opening soon).