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.
Marriott International | May 26, 2023
Marriott International announced today that it has signed an industry-first agreement with Rappi, Inc., the multilatina technology company. The collaboration aims to increase everyday earning opportunities and offer an elevated travel experience for both Marriott Bonvoy members and Rappi users.
Marriott Bonvoy members will soon be able to link their Rappi and Marriott Bonvoy accounts, which will result in exclusive benefits, like earning Bonvoy Points for qualifying Rappi purchases while offering additional benefits to Rappi Prime users. This unique arrangement marks the first time that a global hotel company has entered into a strategic collaboration with a Latin American technology company, showcasing Marriott International's continued commitment to innovative and tech-forward collaborations that meet the evolving needs of its guests.
"As the largest hotel company in the Caribbean and Latin America, we continue to be committed to enhancing the travel experience of our Marriott Bonvoy members, from booking to check-out, ensuring we are meeting our guests where they are. Working with one of the most innovative startups will allow us to keep our promise of providing more everyday earning opportunities for members and introduce us to Rappi users who may still be unfamiliar with our award-winning travel program," said Diana Plazas-Trowbridge, Chief Sales and Marketing Officer for Marriott International in the Caribbean and Latin America.
Marriott Bonvoy, Marriott International's award-winning travel program and marketplace, currently has over 5.8 million users in the Caribbean and Latin America. The collaboration with Rappi will enable Marriott International to offer its services to Rappi's more than 30 million users across nine countries in Latin America, including Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru, and Uruguay.
"With this strategic partnership with Marriott Bonvoy we continue to strengthen our position as a leading multi-vertical technology company in Latin America, ensuring the best offer and experience when booking travel through Rappi, and continuing to make our Prime subscription the highest value program in Latin America," said Guido Becher, Global Head of Rappi Travel.
The collaboration between Marriott Bonvoy and Rappi will roll out first in Mexico, Marriott's largest market in the region, and will be followed in the upcoming months by Colombia and other markets where Rappi operates.
Rappi, which has quickly become one of the most popular and trusted technology companies in Latin America, is a leader in digital services that offers innovative solutions to unmet needs, as it manages to connect users, commerce and courier in a strong digital ecosystem. Among its verticals, Rappi offers restaurant, grocery & pharmacy delivery, courier, Fintech, ecommerce and travel, and a Prime subscription service offering free delivery and numerous other benefits. Rappi is headquartered in Bogota, Colombia, and currently services over 350 cities in 9 Latin American countries.
About Marriott International
Marriott International, Inc. is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 8,500 properties under 31 leading brands spanning 138 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy, its highly awarded travel program.
prnewswire | April 27, 2023
Marina Bay Sands' US$1 billion reinvestment programme its most ambitious to date since opening in 2010 reached a critical milestone this week with the completion of over 850 hotel rooms that are setting the tone for a new era of luxury hospitality.
The rooms – located in Towers 1 and 2 of the iconic hotel – represent the first wave of exquisitely designed luxury accommodation that draws inspiration from Singapore's multicultural environment.
The newly configured rooms and suites, which convey a sense of space amid intricate details, offer a preview of the multi-year transformation that had its roots in late 2021, when the integrated resort started to reimagine the future of luxury hospitality and travel.
Paul Town, Marina Bay Sands' Chief Operating Officer, said, "This extensive design transformation of our iconic Hotel is a leap forward in our commitment to set new benchmarks for ourselves and the industry. And the transformation doesn't just stop at our new rooms, as this is only the beginning. Over the next few years, guests will witness luxury at every corner of our property. From the arrival experience at the Lobby to new concepts on Sands SkyPark, every guest touchpoint is being reviewed and transformed, at a scale unprecedented in our 13 years of operations. We are very excited about what lies ahead as we transform to meet the evolving and elevated expectations of our guests."
Currently, over 850 rooms have been completed, nearly two-thirds of the 1,282 rooms that will result from the renovation at Towers 1 and 2. The next phase of renovation will focus on the ultra-luxe suites. All in, the hotel renewal will see more suites being created at Marina Bay Sands within these two towers – from 137 previously to around 422 – to cater to rising demand for luxury travel.
With the transformation in Towers 1 and 2 expected to be completed by end 2023, the renewal will continue into Tower 3, the Hotel Lobby and Sands SkyPark, details of which will be announced at a later date. The integrated resort's suite of world-class experiences will also encompass a revamped Executive Club lounge, new premium fine dining options, and health and wellness offerings. These new signature experiences will set a fresh benchmark for the landmark, ensuring it remains a prominent destination synonymous with the epitome of Asian hospitality.
The completion of the current phase of transformation comes on the back of strong earnings in the first quarter of 2023. Marina Bay Sands saw net revenues more than double to US$848 million for the period ending 31 March 2023, with room revenue hitting US$97 million – an approximately 155% increase from the same period in 2022. Hotel occupancy reached 97.6 per cent, with Average Daily Rate (ADR) at US$594. Mass gaming revenue reached an all-time property record US$549 million, up from US$275 million a year ago, while The Shoppes saw revenues of US$53 million, with tenant sales per square foot reaching US$2,809.
New Partnerships for the Bay
The integrated resort is also making headway with the launch of its Bay Precinct Strategy, positioning Marina Bay Sands and the Bay area as the epicentre for hosting international business events.
The Bay Precinct Strategy is a first-of-its-kind approach that combines the forces of different hospitality players, attractions, service providers and restaurants from the Marina Bay area, playing to their strengths in an enlarged MICE (meetings, incentives, conferences & exhibitions) ecosystem.
Partnerships across 10 hotels, including the Fullerton Hotel and Fullerton Bay Hotel, JW Marriott Hotel Singapore South Beach, The Westin Singapore, Swissotel The Stamford, Fairmont Singapore, PARKROYAL COLLECTION Marina Bay, Mandarin Oriental, Pan Pacific Singapore and Ritz Carlton, have been inked so far. The close collaboration enables Marina Bay Sands and the respective partner hotels to leverage each other's strengths and assets to offer an expanded offering for international event organisers looking to host their events in Singapore.
"Authenticity, mass customisation, sustainability and wellness are some of the key drivers that will fundamentally shift the tentpoles of how future events are designed. Even as Marina Bay Sands is playing the lead role in hosting international events, we need to continually innovate and drive benefits beyond our own corners. The Bay Precinct Strategy allows us to do just that – we're able to offer clients an enlarged platform and direct access to different services around the Bay, opening up the playing field. Event organisers are empowered to harness the best-in-town offerings to conceptualise their desired event experience," said Mr Town.
The integrated resort will also be joining hands with other service providers and attractions around Marina Bay such as Gardens by the Bay and Satay by the Bay, Makansutra, Esplanade, Victoria Theatre and National Gallery Singapore to create quintessential trails that focus on exploring Singapore's multi-faceted charm in different ways – gastronomy, wellness, hotel, and arts, culture and attractions. From the diverse selection, event organisers can conceptualise and curate these interest-based trails suited to their attendees' preferences and itineraries, expanding the scope of their event and broadening the experience beyond a single venue. This cross-sector alliance is a critical step to amassing and presenting a directory of specific partner capabilities to facilitate the design of a highly personalised event programme.
A World of Festivals
Marina Bay Sands is also reinventing its guest experience through a series of back-to-back festivals that aim to inspire and deepen engagement with visitors via thematic, immersive activities that showcase the integrated resort's multi-dimensional prowess.
Earlier this year, 'Where Art Takes Shape' marked the prominent debut of the year-round series revolving around key festivals. Come 15 to 28 May, gastronomy will play a starring role through 'Where Your Senses Feast', a lively food and wine festival encompassing over 30 dynamic events including experiential dining concepts featuring a Six Star Dinner, an unprecedented culinary experience at ArtScience Museum, and a French wine cave.
From 17 June to 9 July, Marina Bay Sands will be introducing 'Where Mind and Body Connect', an ultimate journey of relaxation and rejuvenation as the resort celebrates wellness. Held in conjunction with Wellness Festival Singapore 2023, the celebration aims to offer holistically immersive experiences for the public at unique spaces only found at Marina Bay Sands, from the Rain Oculus at ArtScience Museum, to Digital Light Canvas at The Shoppes and the iconic SkyPark Observation Deck.
From 15 to 23 July, Marina Bay Sands will set the stage for 'Where Music Takes Over', a week-long celebration of live entertainment and music with a stellar line-up of performances across the property. Marina Bay Sands will liven up with a plethora of music acts across different venues and spanning presentation styles and music genres. The week-long affair will feature a phenomenal line-up of international and local acts, which will be announced soon via this website.
In October, the integrated resort will dazzle with 21 days of glitz and glamour showcasing immersive luxury events as fashion takes centre stage all around the property.
"For the first time in our history, we're celebrating the many facets of life – from art, food, wellness, music to fashion – in a series of back-to-back Festivals that elevate the use of our venues and amplify the quintessential Marina Bay Sands experience. This is an evolution from the days of singular events to extravaganzas that are spread out across our property on a scale that will be inviting and awe-inspiring," said Mr Town.
Designed to deliver an elevated home-away-from-home experience that comforts, soothes, delights and excites, Marina Bay Sands' new rooms and suites are a haven of calm amidst the bustling city for luxury travellers, families and business delegates. These guest rooms are an urban sanctuary, featuring a defined and intimate marbled foyer that invites guests to unwind in a timeless space that is unique, composed and balanced.
The new design philosophy echoes in the finest details and elevated level of craftsmanship, from the understated elegance of the taupe colour palette to the selection of impeccable materials and textures. Every item in the room was coordinated to provide an intuitive guest experience that provides intentional functionality with a luxurious feel, such as leather cladding of the drawer safe and hangers in the wardrobe. Drawing inspiration from Singapore's multicultural environment, the bedroom headboard mimics a Chinese screen in a Peranakan shophouse while the floor is covered with thick Axminster wool carpet, featuring a motif similar to textiles found along Arab Street. The intricate placement and careful curation of cohesive furniture, artwork and all items that can be touched and experienced create a stylish residential feel that warmly embraces guests.
At the centre of the harmonious design is the Armoire, a bespoke minibar that challenges the role of its traditional counterpart. Illustrated with muted-gold chinoiserie pattern on shiny black lacquer, it is an eye-catching piece of art that depicts a traveller's enchanting journey en route to the pagoda – an interpretation of 'East meets West' that alludes to Marina Bay Sands' position at the heart of botanical beauty. The Armoire opens to a wide range of specialty tea, coffee, fine wines and snacks with the chinoiserie design subtly making its way into several of the porcelain offerings in the room.
Meanwhile, the Cocktail Trolley presents an elevated beverage experience that evokes the excitement of Singapore's eclectic cocktail scene. Well stocked with an assortment of liquors and pre-mixed cocktails, guests can create their drinks of choice, shaken or stirred before topping them with cocktail garnishes such as dried orange slices, all in the luxury of their own time and space.
The ingenuity in design and attention to detail carries through to the bathroom space, which has been designed to be an urban retreat. Artisanal glass screens with integrated niche lighting accentuate the simple and spacious area while custom pendant lighting decorating his-and-hers vanities soothe the senses.
Integrated technology and sustainability-driven initiatives
Tech-savvy guests will appreciate the seamless experience as a result of the integrated resort's digital transformation, which sees the launch of its mobile-application enabled Smart Hotel features. New features on the Marina Bay Sands mobile application will allow guests to skip conventional means of checking in and out at the front desk. Users will be able to pre-register wherever they are, check in, and complete verification requirements on their mobile phones. Upon arrival at the hotel, guests can activate digital keys for room and lift access.
The hotel has also further embraced technology in its guest journey by introducing smart amenities such as wireless smartphone charging pods, bedside lighting and curtain control panels, and motion-activated occupancy sensors that automatically respond to guests' presence, into the new design.
A spectacular entertainment system features a large 75-inch television and the immersive Yamaha sound system. Guests who wish to personalise their own music experience can choose to connect their devices to the portable Bang & Olufsen bluetooth speaker.
As the largest hotel in Singapore to be certified to the Global Sustainable Tourism Council (GSTC) Industry Criteria for Hotels and Accommodations, Marina Bay Sands has also prioritised sustainable design features and innovative technology solutions that help conserve energy. An intuitive system has been built into every guest room to identify the arrival of guests when they extend the door, automatically drawing the curtains and revealing a breathtaking view of the garden or the city skyline. At the same time, the air-conditioning switches on and configures to its comfortable pre-set mode and temperature. The sensor network will spontaneously do the opposite when balcony doors are opened, immediately resting the air-conditioning to ensure minimal cold air leaves for as long as the room is naturally ventilated.
Environmentally friendly materials such as bamboo are also being used to create high quality multi-use personal amenities such as dental kit, hairbrush and comb. Across the hotel's operations, eco-friendly solutions include reimagining materials and initiating a shift towards sustainability in a guest's journey. A wooden block engineered from 75 locally recycled chopsticks is placed in every guest room, encouraging guests to place it on the bed when they wish to request a change of bed linen. These inventive ways of implementing sustainability-driven initiatives help reduce the impact on the environment without compromising on the overall guest experience.
About Marina Bay Sands Pte Ltd
Marina Bay Sands is leisure and entertainment destination. The integrated resort features Singapore's largest hotel with over 2,200 luxurious rooms and suites, crowned by the spectacular Sands SkyPark and iconic infinity pool. Its stunning architecture and compelling programming, including state-of-the-art convention and exhibition facilities, Asia's best luxury shopping mall, world-class dining and entertainment, as well as cutting-edge exhibitions at ArtScience Museum, have transformed the country's skyline and tourism landscape since it opened in 2010.
Marina Bay Sands is dedicated to being a good corporate citizen to serve its people, communities and environment. As one of the largest players in hospitality, it employs over 10,000 Team Members across the property. It drives social impact through its community engagement programme, Sands Cares, and leads environmental stewardship through its global sustainability programme, Sands ECO360.