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.
businesswire | April 24, 2023
National Restaurant Association Show, Visit Booth #2784--DTG, the leading provider of industrial-strength power systems and mobile workstation solutions, today launched a new generation of its popular mobile Chef PowerStation. The next-generation carts offer increased power and output capacity, as well as features and functionality that accommodate the needs of mobile food and beverage operations in hospitality markets, such as sports stadiums, clubs and resorts, and other event venues, where the ability to untether concessions from fixed locations can drive a better patron experience, reduce wait times and boost profitability.
DTG’s new generation of battery-powered mobile Chef PowerStations now feature increased power capacity leveraging new models of DTG’s Lithium Iron Phosphate (LFP) batteries, which offer advanced power to mobilize food and beverage operations for up to 18 hours. The new models also provide improved ergonomics for food preparation, and additional options for refrigeration, heating and storage.
“A new wave of challenges is forcing hospitality businesses such as restaurants, resorts and event venues to find new ways to reach more customers with innovative offerings,” said Steve Shaheen, DTG CEO and co-founder. “Our mobile hospitality workstations are helping businesses differentiate themselves and elevate their food and beverage services at a time when consumers are becoming more discerning with their discretionary food and entertainment spending and their time.”
DTG’s Chef PowerStations were recently featured at the Chef-to-Chef event, a premier conference by Club + Resort Chef, where some of the nation’s leading chefs used the new workstations in a variety of formats including a culinary competition in front of a live audience. According to Kevin Silk, Executive Chef, Savannah Yacht Club, “The DTG workstation was a great tool for the competition; it had plenty of power for the oven and my other electric appliances and had a lot of tabletop space for me to utilize for prep. I could definitely see my club using these for action stations during events or for cooking classes! I would recommend these carts to all of my colleagues.”
The Chef PowerStations have also been used to meet the food and beverage needs at Texas A&M football games at Kyle Field in College Station, Texas, a venue that seats more than 100,00 fans. In partnership with the Levy Group, the mobile workstations were employed to reduce customer wait times, increase profitability, and address critical staffing shortages.
DTG is the global leader in the design and delivery of mobilized battery powered workstations and advanced Uninterruptible Battery Systems (UBS) for industries such as industrial materials handling & logistics, healthcare, commercial food services and manufacturing. The company brings workforce automation and unrivaled battery system power to the point of task. DTG is privately held and based in Wilmington, Mass.
businesswire | May 22, 2023
Against a surge in both business and personal travel, global fintech Airwallex and leading travel technology company Expedia Group announced today a joint promotion to help customers save when booking hotel stays.
Jessica Chiu, Head of North American Strategic Partnerships at Airwallex said global business and personal travel was regaining momentum and the new partnership with the world’s leading traveler technology platform, Expedia Group, meant existing and new Airwallex customers could enjoy an exclusive 10 per cent discount off hotel stays when booking on the platform, starting from today. The partnership gives Airwallex’s customers access to exclusive perks and highlights the two companies’ shared core value of customer-centricity.
“We know the cost pressures many companies are facing in their budgets but we also understand how important work travel can be to building new relationships and growing a business,” Jessica added.
“Whether it’s meeting new business prospects, attending a conference or an internal team gathering, we recognize face-to-face engagements help build better connections.”
“With so many business travelers looking to book trips amid rising costs and inflation, this partnership with Expedia makes travel more affordable for all Airwallex customers around the world.”
Clayton Nelson, Vice President, Retail Partnerships at Expedia Group said, “We are delighted to be partnering with Airwallex to offer their members a way to access discounts across our depth and breadth of global travel supply on our sites. We’re always looking for ways to connect our partners with travelers via our industry-leading affiliate technology.”
According to Expedia’s Traveler Value Index 2023, one in three people are planning on business travel in the year ahead. With this increase in demand, and as Covid restrictions are lifted all around the world, Airwallex has been identifying ways to continue to support businesses as they look to travel and grow across borders.
Airwallex is a global payments and financial platform for modern businesses. We remove the unnecessary friction and cost inherent in the traditional financial system to help entrepreneurs achieve their global ambitions. Leading companies around the world trust Airwallex to manage everything from payments, treasury, and spend to embedded finance -- all in one single platform. Our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. With an international footprint across the Asia-Pacific, Europe and North America, we empower businesses to grow without borders.