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.
TRAVEL TECHNOLOGY, DESTINATION AND TOURISM, COMMERCIAL TRAVEL
TCS World Travel | April 28, 2023
TCS World Travel, the world’s leading operator of private jet expeditions, today unveiled eight new customizable itineraries for travelers seeking a personalized getaway with private jet, plane or first class commercial travel options. From a deep dive into some of the most remote destinations in southern Africa, to an island-hopping journey around the Mediterranean, travelers can choose from a diverse menu of all-encompassing trips that combine exclusive access and one-of-a-kind experiences with luxury accommodations in desirable destinations around the world.
TCS World Travel’s Private Custom Travel arm offers guests an exclusive, private and stress-free way to travel, leveraging TCS’ wealth of knowledge, global network of connections, and on-the-ground expertise from the company’s 30 years of experience creating unforgettable Group Jet Expeditions. Guests will enjoy TCS World Travel’s exceptional service, dedication and attention to detail, and benefit from their exclusive access and insights, as their knowledgeable travel consultants plan every step of the journey. TCS can also include an experienced trip leader to travel with the group and sort out all the on-the-ground details throughout the journey.
Travelers will begin with a complimentary trip consultation with TCS’ travel consultants, who will help them personalize their itinerary by choosing the perfect destinations and activities. All itineraries are completely customizable for travelers looking to build their own personalized vacations to their own unique tastes and specifications. While these itineraries are designed to spark ideas, TCS can create trips that are as over-the-top as guests wish to go.
“Whether guests are planning a once-in-a-lifetime bucket-list trip, multi-generational family getaway, or romantic trip with their partner, TCS World Travel has the planning and operational expertise to make the complex simple,” said Shelley Cline, President of TCS World Travel. “The unparalleled expertise of our travel consultants makes the process seamless and enjoyable from start to finish, as guests work with our team to create the trip of their dreams.”
TCS’ all-encompassing curated journeys include luxury accommodations, savvy local guides, exceptional dining experiences, transfers, gratuities and end-to-end service. The trip pricing includes all accommodations and activities in the proposed itinerary, with the ability to add on a private jet or first-class commercial travel to the itinerary starting points. Select itineraries (as indicated below) include private jet travel between destinations, but TCS can arrange anything from commercial or private flights to private car service, yachts or even train travel. Choosing Private Custom Travel gives guests the freedom to travel however they desire.
About TCS World Travel
TCS World Travel leads the industry in private jet journeys with the experience and knowledge built from developing hundreds of trips for over 30 years. The company excels at providing unparalleled local access and exclusive activities tailored to any travel style. Circle the globe or take a dive deep into a region on a luxury private jet expedition or embark on a luxury custom journey by private charter plane created especially for you to any destination in the world.
businesswire | June 02, 2023
Sonder Holdings Inc, a leading next-generation hospitality company that is redefining the guest experience through technology and design, today opened The Arcadian, its sixth live property in Greater Boston. It becomes the largest hotel in Sonder’s portfolio, and one of its highest key-count properties alongside Battery Park in New York City and Business Bay in Dubai.
Sonder is now operating The Arcadian hotel, which has 264 rooms and occupies a prime location in Brookline. The property is close to Boston University and Fenway Park stadium, with easy access to Harvard University, Boston College, and several leading medical institutions. It is the perfect base for exploring the city and discovering hidden local spots.
“We’re excited to operate this large hotel in an unbeatable location, more than doubling our key count in Greater Boston. Our signature design-forward, tech-enabled experience appeals to the next generation of travelers, and will help us maximize the potential of this incredible asset. We bring deep operating experience with over 40 markets worldwide, and look forward to welcoming business and leisure guests in the heart of Brookline,” said Gregg Klein, Regional General Manager at Sonder.
The Arcadian features food and beverage on site, parking, and a fitness center. It joins Sonder’s five existing properties in Greater Boston, including the 907 Main hotel in Cambridge and The Pierce serviced apartments in the Fenway-Kenmore neighborhood.
“Sonder leases, manages and operates hotel and multi-unit apartment buildings in prime locations. Properties which already align with Sonder’s brand can be quickly and efficiently integrated into Sonder’s portfolio. This enables property owners to start benefiting from Sonder’s operational expertise, brand and distribution, revenue management technology, and RevPAR initiatives to maximize NOI. Additionally, Sonder works with property owners on ground-up new developments, as well as conversions from office to hospitality use,” said Jenna Jacobson, Regional Director of Real Estate at Sonder.
Sonder operates in 40+ cities across ten countries and has approximately 18,200 live and contracted units worldwide as of Q1 2023. The company distinguishes itself in the hospitality industry through modern design and by infusing technology into its guest experience. This app-driven experience puts guests in full control of their stay. They can access everything they need – from booking, to interacting with guest services, to check-out – via their own mobile device from anywhere and at any time, using the Sonder app.
In Q1 2023 Sonder reported 50% year-over-year revenue growth, as the company continued on its path to achieving sustainable cash flow positivity. Sonder continued to expand its corporate travel business, including signing new GDS partnerships and working with leading travel management companies. The company rolled out improved pricing algorithms allowing it to better capture demand throughout the booking window, and continued to implement its elevated merchandising strategy with a reimagined art direction and photography leading to a conversion uplift.
Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 40 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.