prnewswire | May 30, 2023
Placemakr, a flexible-use multifamily and hospitality property operator and investor, today announced its expansion into the condo hotel market in partnership with CA South, a Nashville-based real estate development company. Placemakr will operate the majority of the building as high-end furnished rentals for CA South's latest luxury condo development project, Hyve.
Hyve is a collection of 83 premier short-term rental-eligible residences in the heart of Pie Town, offering impeccable finishes and amenities within close proximity to the Convention Center, Broadway, and SoBro in Downtown Nashville. The property was designed by Alex Pettas Architecture and Barnett Design Studio. Placemakr will act as both property manager and hospitality operator of Hyve units, providing the company's signature blend of home and hospitality to the property. This partnership will create a powerful combination of excellence in design and experience for owners and guests.
"At Placemakr we are constantly striving to push the boundaries and exceed expectations within the real estate and hospitality fields. We are excited to announce this expansion, alongside the new and exciting function of our business," said Jason Fudin, CEO and Co-founder at Placemakr. "This is the first opportunity for individual condo owners and investors to own a Placemakr property, and we are thrilled to be breaking new ground in the high-end luxury condo market. This venture further demonstrates our commitment to innovation and our dedication to providing exceptional value to our partners."
Hyve has cultivated a number of unique partnerships with designers and brands including frenchCALIFORNIA, ThirdHome, and The Home Edit. Specifically, Hyve features 20 units designed and furnished by frenchCALIFORNIA, an AD Pro Directory founding member.
As another innovative collaboration, Hyve allows for complimentary access to ThirdHome's luxury vacation platform. Lastly, The Home Edit will be offering buyers the opportunity to have their spaces organized and designed by The Home Edit team.
"This project is a first of its kind for Nashville and represents a new wave of quality and design for the city. Placemakr is the perfect partner to oversee operations of the property and create this unique opportunity for our buyers," said Megan Aubale Epstein, CEO and Founder of CA South. "We greatly respect and admire the Placemakr brand and the professionalism they bring to everything they do. Hyve provides exceptional value and an innovative approach for participants seeking to participate in this unique Nashville hotel-flexible living product."
Placemakr is a flex-use hospitality and residential operator, and real estate investor. Its tech-enabled operating platform allows the company to blur the line between hospitality and home, delivering the best experiences of both in a single building. Placemakr's curated spaces in hand-picked neighborhoods allow its guests and residents the flexibility to stay for a night, a year, or anywhere in between.
FEATURES AND ADVICE
prnewswire | April 13, 2023
Sabre Corporation a leading software and technology provider to the global travel industry, and United Airlines, today announced the availability of United's NDC offers through Sabre's global distribution system (GDS).
Sabre-connected travel buyers, agencies and developer partners will be able to shop, book, and service United's NDC content through Sabre's Offer and Order APIs, the agency point-of-sale tool, Sabre Red 360, and the online booking tool, GetThere.
"We are so pleased to launch United Airlines' NDC content this week, marking the 10th airline with whom we have completed integration and made content available through NDC to agencies around the world," said Kathy Morgan, vice president, NDC and airline supply, Sabre Travel Solutions. "In delivering a suite of NDC solutions and enabling air content in our NDC channels, we are helping airlines go from where they are today to a new modern approach to travel retailing – a key step in the evolution of retailing and distribution in the travel industry."
Travel buyers connected to the Sabre GDS will be able to choose enhanced offers from United such as United's continuous pricing content with the lowest fares available in these channels. They will also have access to more descriptive information on United's flight offers as well as seat selection enabled in the booking path. NDC offers from United are currently available in over 70 countries, with more coming soon.
Sabre Offer and Order APIs are the foundation of a modern retailing marketplace that allows airlines to dynamically create and distribute tailored offers across any channel, while being seamlessly fulfilled and delivered as orders. Sabre Red 360 unlocks a full spectrum of bookable content and insightful information to efficiently create tailored trip experiences that travel buyers can sell and service.
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.
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.