Wall Street is abuzz after billionaire hotel owner Sam Nazarian‚Äôs confirmation that he expects to close a giant merger with Hakkasan Group within 60 days that will form a huge hotel, restaurant and nightclub operation headquartered in Las Vegas with a $1 billion valuation.
The Wall Street Journal and other New York banking sources have confirmed the deal along with Sam‚Äôs confirmation. They say although it will be deemed a merger, Hakkasan will be folded into sbe.
‚ÄúSBE, the leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues globally, is in advanced discussions to merge Hakkasan Group into the sbe family,‚Äù said Mr Nazarian. ‚ÄúSBE is in advanced discussions with Hakkasan Group regarding a potential merger.
‚ÄúAs currently contemplated, sbe would welcome Hakkasan‚Äôs global portfolio of prestigious restaurants and best-in-class nightlife assets into SBE‚Äôs international platform of lifestyle hospitality and entertainment assets to create the most dynamic hospitality, residential, restaurant and entertainment company in the industry. The merger is expected to close within 60 days.‚Äù
Mr Nazarian, who is known here for opening Hyde Bellagio and SLS Las Vegas with its W Hotel tower, is the founder and CEO of the privately held, leading lifestyle hospitality company that develops, manages and operates award-winning hotels, residences, restaurants and nightclubs.
sbe has an unparalleled global portfolio featuring 23 world-class lifestyle hotel properties in nine attractive gateway markets and more than 136 global, world-renowned hotel, entertainment and food and beverage outlets.
‚ÄúThe company is uniquely positioned to offer a complete lifestyle experience ‚Äî from nightlife, food and beverage and entertainment to hotels and residences, and through its innovative customer loyalty and rewards program, The Code, as well as its award-winning international real estate development subsidiary, Dakota Development ‚Äî all of which solidify sbe as the preeminent leader across hospitality.
‚Äúsbe will continue its expansion with 13 hotel properties opening in the next two years (some with residences), including SLS Park Avenue, SLS Seattle, Mondrian Doha and Mondrian Dubai. The company‚Äôs established and upcoming hotel brands include SLS Hotel & Residences, Delano, Mondrian, Redbury, Hyde Hotel & Residences, Clift, Hudson, Morgans, Royalton, Sanderson and St. Martins Lane.‚Äù
Additionally, sbe has the following international acclaimed restaurants and lounges: Katsuya, Cleo, The Bazaar by Jose Andres and Umami Burger here in Las Vegas at SLS, Hyde Bellagio, Fi‚Äôlia by Michael Schwartz and Skybar.
In Las Vegas, Hakkasan operates the namesake company restaurant and nightclub and Wet Republic at MGM Grand, Omnia at Caesars Palace, 1 OAK at The Mirage, Jewel at Aria and Lily Bar at Bellagio and was involved recently with The Light Group at Mandalay Bay. The Hakkasan empire runs from London to Hong Kong to Mexico and Los Angeles with the Bootsy Bellows celebrity nightclub. This is a developing story. Continue to follow us as the merger negotiations go forward.
By Robin Leach from Niche Division of Las Vegas Review Journal