TRAVEL TECHNOLOGY
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.
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TRAVEL TECHNOLOGY
Apple Leisure Group | March 06, 2023
Apple Leisure Group (ALG), a travel services provider, has recently launched a new platform ALG Vacations (a part of Hyatt), dedicated for its customers’ vacation planning, connecting experts from travel industry.
Vacation planning for most Americans is arduous, and their travel gets complicated. With expert travel advisors, ALG Vacations help its customers with the ins and outs of travel, solution to every travel problem, and solve any issues during the journey. Its new platform ‘Travel Advisors Get You There’ offers resources and step-by-step guidelines for utilizing its network of professionals, helping with vacation planning without any tension. It is beneficial in current economic situations where airline inventory can be meager than expected.
ALG Vacations (ALGV) is a part of Hyatt, managed under Apple Leisure Group (ALG). It is a North American resort brand management, leisure travel, and hospitality group. It connects with growing vacation brands to transform the leisure travel experience worldwide. It was voted the ASTA Tour Operator Partner of the Year in 2020 and 2021.
The travel advisor from ALGV’s directory is an invaluable expert who can be trusted for customized vacations, reducing the stress of guesswork and the period of travel selection. With complete knowledge of deals and perks, they have the best insider tips, recommendations, and support for unexpected happenings. This solution empowers travelers with travel anticipation without any anxiety and offers support in any misfortune.
Executive Vice President of Apple Leisure Group Vacations, Jacqueline Marks said, “From the moment you start planning, put your getaway in the hands of someone who will be there to answer your questions and solve any issues.” She added, “From recommending the right hotel to coordinating entire wedding groups, travel pros can make your dream vacation a reality.”
(Source – Business Wire)
About ALG
Headquartered in Newtown Square, Pennsylvania, ALG, a hospitality company, provides services for end-to-end Unlimited-Luxury vacation experiences, Luxury resort brand management, sales and marketing, partnering with hotel owners and developers to enhance the AMResorts brand, destination management, distribution channels, charter flights, and packaged vacations. Its infrastructure consists of travel industry innovators for exceptional travel experience and luxury. Its Vacation brands include Apple Vacations, BeachBound, Blue Sky Tours, CheapCaribbean, Funjet Vacations, Funway Holidays, United Vacations, Travel Impressions, and Southwest Vacations.
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HOSPITALITY TRENDS
Prnewswire | May 15, 2023
OrionStar USA is excited to announce that Lucki, its AI Delivery robot, has successfully integrated with ChatGPT. This integration represents a significant step forward in the hospitality industry, as Lucki's ability to communicate with customers has been greatly enhanced by leveraging ChatGPT's advanced AI capabilities.
With the integration of ChatGPT, Lucki is now able to communicate with customers through natural language interfaces such as voice and text-based chatbots. This allows for a more personalized and efficient customer service experience, with Lucki able to understand and respond to customer requests and queries in real time.
"The integration of ChatGPT with Lucki represents a significant milestone for OrionStar USA and the hospitality industry," said T Shen, CEO of OrionStar USA. "We believe that this integration will enable us to provide businesses with a personalized customer service experience, allowing them to differentiate themselves from their competitors and stay ahead of the game."
In addition to improving the customer experience, restaurants and hotels that adopt Lucki with ChatGPT integration will benefit from increased efficiency and cost savings. The robot can operate around the clock, reducing the need for additional staffing during peak hours. Additionally, Lucki reduces the likelihood of human error, which can lead to incorrect orders, missed deliveries, and dissatisfied customers.
While the integration with ChatGPT is currently in its first phase, OrionStar USA has plans to continue improving the capabilities of Lucki through future upgrades. As a cloud-based platform, all units of Lucki will be automatically upgraded with no additional effort required for clients.
By continually improving the capabilities of Lucki, OrionStar USA is committed to providing its customers with the most advanced and personalized customer service experience possible. The integration with ChatGPT is just the first step in this process, with more exciting developments planned for the future.
Overall, the integration of Lucki with ChatGPT is ultimately a great feat for AI and robotics presence in the hospitality industry. With the ability to provide personalized and efficient customer service, Lucki is poised to become an essential tool for businesses looking to improve their operations and enhance customer satisfaction.
Avout OrionStar USA
OrionStar USA strives for efficiency through robots. We are committed to creating the next generation of revolutionary products based on artificial intelligence technology so that people can be released from repeated physical workloads, making human work and life more intelligent and interesting, and making society and the world better with technology.
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