Tao Group Hospitality and Hakkasan Group has announced that Tao Group Hospitality has acquired Hakkasan Group, “creating a premium hospitality powerhouse that includes a global portfolio of brands and properties with significant potential for future growth”, according to the company.

It means the combined group now operates 61 dining and nightlife venues in 22 markets across five continents.

Hakkasan Group’s executive team will continue to run day-to-day operations for the properties under the direction of Tao Group Hospitality, which is led by co-CEOs Noah Tepperberg and Jason Strauss. 

Mr Tepperberg said: “Hakkasan Group is a strong strategic fit with a venue portfolio that not only expands our U.S. presence, but gives us an important foothold in key global destinations.

“Over the last 20 years, Hakkasan Group has built some of the most successful brands in the hospitality industry. This partnership provides a tremendous platform to use our combined scale to create new opportunities that drive value.”

Mr. Strauss said: “Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again.

“As indoor dining and other hospitality experiences start to return to regular operations, we believe our newly combined company will be well-positioned to take advantage of this pent-up demand, setting the stage for long-term growth.”

Derek Silberstein, Executive Vice President of Hakkasan Group said: “We are thrilled to join Tao Group Hospitality, a company we’ve long admired for their leadership and innovation in entertainment, dining and hospitality.

“We look forward to utilizing our collective strengths to continue raising the bar for exceptional guest experiences.” 

There will be expansions happening and, we suppose, new restaurants upcoming.