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 | May 08, 2023
AMTD IDEA Group together with our subsidiary, AMTD Digital Inc. are happy to announce that the Singapore Building and Construction Authority (BCA) has granted us the License Permit to display and showcase “DAO AMTD” signage on top of the DAO by Dorsett AMTD Singapore.
The latest development serves to demonstrate our unwavering commitment to Singapore as the headquarters of AMTD Digital and to further showcase our brand values in the hospitality industry.
The DAO by Dorsett AMTD Singapore is strategically located in the vibrant central district of Singapore, offering luxurious accommodation to business and leisure travellers alike. The hotel also features high-end amenities and facilities that cater to the discerning taste of guests. With the display of the “DAO AMTD” signage, our guests can now easily identify and locate the hotel from a distance, making their travel experience seamless.
Dr Timothy Tong, Chairman of AMTD Digital, expressed his delight at this development, “We are extremely proud that the DAO by Dorsett AMTD Singapore has received the BCA License Permit to now officially display the DAO AMTD signage on top of its building. We are committed to contributing and creating a sustainable future for Singapore, enhancing the hospitality industry, and further building a strong connectivity between AMTD and the Singaporean community.”
As we continue to build our brand in Singapore and beyond, AMTD IDEA Group and AMTD Digital remain fully committed to providing the best-in-class services to our guests and partners, in person and digitally. We would also like to take this opportunity to thank our staff, partners and stakeholders for their support and contribution towards our success.
AboutDorsett AMTD Singapore
Dao by Dorsett AMTD Singapore; tailored from arrival. Located in the heart of Singapore's Central Business District, Dao by Dorsett AMTD Singapore features 268 high quality serviced apartment units with excellent connectivity, designed to cater to the needs of discerning international business and leisure travlers. Complete your stay with a variety of key recreational facilities, including a 24-hour fitness center, outdoor infinity pool, and The Living Room (Residents’ lounge).
businesswire | April 17, 2023
Harvest Portfolios Group Inc. is pleased to announce the completion of the initial offering of Class A Units of the Harvest Travel & Leisure Income ETF pursuant to a prospectus dated April 4, 2023, filed with the securities regulatory authorities in all of the Canadian provinces and territories. The Class A Units of the Harvest Travel & Leisure Income ETF will commence trading on the TSX today under the following ticker symbol: TRVI:TSX.
TRVI captures the travel & leisure industry through a diversified index portfolio of Airlines, Cruise Lines, Hotels, Resorts, Casinos, and Online Booking Services. It earns a high monthly income distribution through the application of an active & flexible covered call option writing strategy.
The ETF is launching with an initial target yield of 10.4%. The first monthly distribution will have a record date of May 31, 2023 with a payable date of June 9, 2023.
TRVI tracks the Solactive Travel & Leisure Index GTR which encompasses the 30 largest travel & leisure related companies listed in North America by market cap. It is the same index tracked by the Harvest Travel & Leisure Index ETF, which was launched in 2021 as the first Canadian ETF to exclusively capture the travel & leisure industry.
“TRVI like TRVL is a first in Canada, offering exposure to the lucrative Travel and Leisure market with the addition of an attractive monthly income generating portfolio” said Michael Kovacs, President and CEO of Harvest ETFs. “The Travel & Leisure industry has long-term structural demand drivers, such as retiring baby boomers, and millennials that are entering their peak earnings years. We saw those when we launched TRVL in 2021. Now TRVI offers investors access to those same tailwinds, with the addition of high monthly income earned through Harvest ETFs’ active & flexible covered call option strategy.”
About Harvest Portfolios Group Inc
Founded in 2009, Harvest is an independent Canadian Investment Fund Manager managing $3.3 billion in assets for Canadian Investors. At Harvest ETFs, our guiding principles are premised on building wealth for our clients through ownership of strong businesses that have the potential to grow & generate steady income over time. Harvest ETFs offers an innovative suite of exchange traded funds, mutual funds and publicly-listed structured fund products designed to satisfy the long-term growth and income needs of investors. We pride ourselves in creating trusted investment solutions that meet the expectations of our investors.