Brand USA | May 23, 2023
Brand USA, the nation’s destination marketing organization, opened IPW 2023 with an immersive press conference showcasing the USA as an unrivalled travel destination, as well as the reveal of the organization’s latest consumer marketing campaign, provided international travel forecast, and consumer sentiment insights. IPW is the leading trade show for inbound travel to the United States, bringing more than 5,000 industry professionals from more than 60 countries to San Antonio, Texas for the first time. Brand USA is the premier sponsor of the annual event produced by the U.S. Travel Association and taking place for the first time in San Antonio, Texas.
The press conference featured iconic and lesser-known destinations and attractions, from the best places to taste local cuisine to stepping into the song lyrics or movie locations that first inspired a visit, being pampered in the lap of luxury, or experiencing the USA through the eyes of a sports enthusiast.
“There’s no other destination like the United States,” said Brand USA President and CEO, Chris Thompson to over 200 international journalists. “What sets the USA apart is the diversity of our geography, the diversity of our experiences, the diversity of our people, and our one-of-a-kind pop culture.”
Mr. Thompson described how USA pop culture is often the way people around the world first get to know the United States, asking: “How did you first come to know the United States? Were you on the road with Jack Kerouac, walking the line with Johnny Cash, or having breakfast with Audrey Hepburn at Tiffany’s? Regardless, I bet you were left with a dream, an idea, and an intangible excitement, and you knew you just had to experience it all for yourself.”
Thompson, who is bullish on inbound travel to the USA, gave examples of how pent-up demand continues to drive economic recovery in communities throughout the country as more and more people are now booking travel and living out their dreams. During the press conference Thompson highlighted how two recent barriers to travel have been alleviated: that overall airlines expect a near 100 percent return of connectivity by the end of the year, and that effective May 12, international travelers are no longer required to have a COVID-19 vaccination to enter the United States.
The worldwide travel restart has created a highly competitive global market for the lucrative international visitor. To move consumers more quickly from aspiration to action, Brand USA recently launched a marketing campaign across 10 key markets. The campaign showcases how the USA delivers on the consumer promise that whoever you want to be and whatever experience you long for, the United States is where you can find it. Thompson shared two of the latest campaign assets which speak to travelers seeking adventure or family fun.
About Brand USA
Brand USA, the destination marketing organization for the United States, was established by the Travel Promotion Act as the nation’s first public-private partnership to promote the United States as a premier travel destination and to communicate U.S. travel policies and procedures to worldwide travelers. The organization’s mission is to increase international visitation to the United States in order to fuel the U.S. economy and enhance the image of the United States worldwide. Formed as the Corporation for Travel Promotion in 2010, the public-private entity began operations in May 2011 and does business as Brand USA. According to studies by Oxford Economics, over the past 10 years Brand USA's marketing initiatives have helped welcome 8 million incremental visitors to the United States, benefiting the U.S. economy with more than $58 billion in total economic impact and supporting, on average, more than 37,000 incremental jobs a year.
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.
Life House | March 20, 2023
Tech-enabled hotel management company, Life House, has announced the addition of two more properties in Mexico to its growing portfolio of 80+ independent hotels.
The two properties are Faisano Nomadas in Aldea Zama and The Carmen in Playa Del Carmen. With these hotels, Life House is now managing five independent hotels in the Mexican state of Quintana Roo.
The Carmen is a 37-room hotel in the heart of Playa Del Carmen that is catered to adult vacations and is located directly on the beach. Built in 2017, the hotel features stunning views of the Caribbean from its rooftop bar and lounge, Deck5, and also hosts an Italian restaurant, La Famiglia, on the ground floor. The Owner is a long-time Denver-based developer. Ownership was very excited to have Life House take the reins given their existing presence in the Playa Market.
“We selected Life House for the promise of its advanced tech stack and the opportunity for shared services with their other hotels,” said the Owner of The Carmen. “We expect to see many improvements to The Carmen’s operations and profitability with this new partnership.”
Faisano Nomadas is a 24-room hotel in the heart of Aldea Zama. It was designed not just as a hotel, but as a destination itself, complete with a resort-style pool and a bar offering food and drinks concepted uniquely for the hotel. Francisco Mendoza and Gustavo Acosta, the developers of Faisano Nomadas, are highly experienced hotel owners and strategic growth partners for Life House in Mexico.
Francisco Mendoza shared, “Working with Life House has been really exciting. They have been supporting our project with all their experience and knowledge as we are not Hotel operators - we are just investors trying to develop a profitable business with a great customer experience for our guests. Life House has experienced specialists in all operating areas who are guiding us in this journey and giving us the structure needed in order to achieve our goals.”
Life House, founded in 2017, is uniquely positioned to manage smaller, leisure-oriented hotels and resorts across Mexico. Life House provides institutional-quality hotel management and branding services focused on profitability, ease, and long-term real estate value. They offer best-in-class hotel operations that are powered by their robust operational systems and proprietary technology that consistently drives 2x higher NOI, 40% higher net revenues, and all with a very lean on-site staffing model. Life House is therefore seeing high demand for its management platform throughout Mexico and is targeting the region as a strategic area of growth.
“We are excited to partner with Messrs. Mendoza & Acosta and the owner of The Carmen on their special hotels and forward thinking approach,” said Rami Zeidan, the Founder & CEO of Life House. “Ever since we entered the market in 2020, we have seen how many great independent hotels are underserved and we’re looking forward to helping small & medium indie hotels throughout the country in the near future.”
About Life House
Life House is a vertically integrated hotel management & technology company focused on serving small and medium independent hotels with institutional quality service. Life House uses advanced software & operating systems to increase profitability and reliability for independent hotels throughout North America. Life House was founded in 2017 by real estate, hospitality, and technology veterans and is backed by world renowned private equity and venture investors. The company is ambitiously investing in its operational systems to make hotels fare more profitable, predictable, and seamless for owners. Today the company operates over 80 hotels across North America.