MGM Resorts International has partnered with Hakkasan Group — a global lifestyle company specializing in fine dining and luxury nightlife — to form MGM Hakkasan Hospitality, it announced yesterday. A joint venture hotel management company, the new company will design, develop and manage luxury non-gaming hotels, resorts and residential offerings under the Bellagio, Hakkasan, MGM Grand and SKYLOFTS brands.
“This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company,” Khadem Al Qubaisi, chairman of Hakkasan Group, said in a statement. “While hotel and resort projects have been part of our business plan for some time, it was crucial for us to find the best possible partner that could bring a wealth of experience and skill to the development and operation of branded products, and we believe there is no better choice than MGM Resorts International.”
According to MGM, the new joint venture will pursue properties “in key international gateway cities and prime resort destinations,” including New York, Beverly Hills and London.
“Our partnership with the team at Hakkasan began with the incredibly successful opening of Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand in April 2013,” said Jim Murren, chairman and CEO of MGM Resorts International. “Growing that relationship to form MGM Hakkasan Hospitality provides us both with access to capital as well as the opportunity to join their internationally renowned lifestyle brand with iconic brands such as Bellagio and MGM Grand as we seek to create resort destinations and lifestyle experiences around the globe.”
Hakkasan Group CEO Neil Moffitt will lead the joint venture as its CEO while MGM Hospitality COO Michael Evans will be its COO.
Concluded Moffitt, “With existing projects already in the pipeline, a strong operational infrastructure and access to capital resources, MGM Hakkasan Hospitality will have more exposure to greater opportunities, improve the utilization of its resources and be more efficient in its operations.”
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