The newly formed company will focus on the design, development and management of luxury non-gaming hotels, resorts and residential offerings under the Bellagio, Hakkasan, MGM Grand and Skylofts brands in key international gateway cities, including London.
“This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company,” said Hakkasan Group’s chairman Khadem Al Qubaisi.
“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.”
London's calling
The joint-venture will ‘aggressively pursue gateway cities around the world’, with early targets including New York, Beverly Hills and London. Hakkasan will focus on placing other high-profile dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments, in order to maximise value from its portfolio of assets.
Founded in London in 2001, Hakkasan Group pioneered modern Cantonese fine-dining through its Michelin-starred restaurants Hakkasan Hanway Place, Hakkasan Mayfair, Hakkasan New York, Yauatcha and HKK.
It has since expanded its Hakkasan locations globally to the likes of Miami, Abu Dhabi and Mumbai, and the brand portfolio also includes the Japanese fine dining concept Sake no Hana, with sites in London and Dubai. Yesterday it was revealed that the restaurant group has put the London site of its Chrysan brand up for sale.
In the pipeline
Hakkasan Group’s chief executive Neil Moffitt will lead this new joint venture, as he becomes chief executive of MGM Hakkasan Hospitality. “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,” said Moffitt.
Jim Murren, chairman and chief executive of MGM Resorts International, added: “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.
“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.”