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.
DESTINATION AND TOURISM
globenewswire | May 02, 2023
Nuvei Corporation the Canadian fintech company, announces today that its market-leading payment platform is fully available on Sabre Corporation’s (“Sabre”) multiple reservation platforms for the travel and hospitality industries.
Sabre is offering Nuvei’s global reach and customizable, modular technology to provide its partners with a superior customer payments experience, wherever they operate. Nuvei’s unrivaled global acquiring reach maximizes card payment approval rates, accelerates revenue growth, and minimizes customers lost due to false declines. Nuvei is also enabling Sabre to offer over 600 alternative payment methods for its partners to integrate into their online checkouts, through a single integration.
Nuvei’s agnostic technology platform gives Sabre and its partners access to the leading payments solutions in every market through a single integration, with unified reporting and data visibility to maximize operational efficiency and enhance control.
Sabre is a leading platform technology provider supplying the travel sector with robust retailing solutions that help its partners operate more efficiently, drive revenue, and offer personalized traveler experiences. Sabre customers include many of the leading brands in the travel and hospitality industries including airlines, hotel chains, and travel agencies.
Sabre Senior Vice President – Product Management Corrie DeCamp commented on the announcement: “As a global technology company, the ability to partner with a premier payments provider that has the broadest possible reach as well as the flexibility and expertise to support our partners in regional markets is critical. Nuvei enables us to provide our partners with an industry-leading checkout experience regardless of their customers’ location, preferred payment method or currency.”
Philip Fayer, Nuvei Chair and CEO, added: “By offering the most agile payments platform in the market, including an unmatched number of alternative payment methods through a single integration, we’re enabling our customers to connect to their customers no matter how they want to pay. We continue to expand our use cases and penetrate markets with large TAMs, and further demonstrate how we accelerate our customers’ growth.”
This announcement is the latest from Nuvei as it continues to increase its influence revolutionizing payments in the travel sector. Many of the world’s predominant brands in travel, including Virgin Atlantic and Air Transat, have recently announced Nuvei as their preferred payments partner.
About Sabre Corporation
Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.
DESTINATION AND TOURISM
GetYourGuide | March 09, 2023
GetYourGuide, an online travel booking platform, has recently launched the 'Originals by GetYourGuide' platform, an exclusive travel experience for discovery. It is a part of GetYourGuide's first global campaign called 'Make Memories,' proving that formative events in life like traveling beat positive memories.
The platform is a collection of travel experiences for a once-in-a-lifetime opportunity to discover famous destinations, sights, cultures and history. The selected group of visitors would also get exclusive access to travel to spaces that are not open to the public. Its 'Make Memories' campaign was launched to prove that formative events in life, like traveling beat positive memories. With the popularity of its 'Turning the Lights on at the Vatican Museums' experience, where travelers visit the Vatican Museums before sunrise, it has added more offerings for a more enhanced travel experience. With a diverse team of travel enthusiasts, experts, and technologists, it connects travelers with their destinations. It helps them with the destination's best cultural activities and attractions for an authentic and extraordinary travel experience.
VP of Brand at GetYourGuide, Jean-Gabriel Duveau said, "For years, GetYourGuide has helped travelers create lasting memories on every trip they take. This year, we are gearing up to unlock even more unforgettable experiences with the launch of Originals by GetYourGuide, where travelers will get a rare glimpse into unique spaces and moments, and discover their treasures in a way no other visitor can." He added, "Together with the 75,000+ experiences we offer, Originals by GetYourGuide will help us to live up to our promise to unlock unforgettable travel experiences, and help more travelers experience moments that will leave them filled with wonder and awe for years to come."
(Source – Cision PR Newswire)
Headquartered in Berlin, Germany, GetYourGuide, a travel booking platform, specializes in online travel, tours, attractions and local activities, tourism, e-commerce, technology, the hospitality industry, engineering, sales management, account management, marketing, and travel experiences. It has been transforming travel experiences for explorers since 2009. It accelerates growth for experience creators through access to data-driven insights, technology and a market expert. It focuses on simplifying the digital travel reality. It provides meaningful moments of discovery for travelers. It has leading venture capital investors for funding and support and various local offices worldwide.