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16 Apr 2014
MGM, Hakkasan form hotel management JV
BY
Jason Holland
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The new JV company is seeking projects in international gateway cities and prime resort destinations
photo: MGM Resorts International
MGM Resorts International and Hakkasan Group have formed a joint venture (JV) hotel management company, to be named MGM Hakkasan Hospitality. The partners said the new company would design, develop and manage luxury non-gaming hotels, resorts and residential offerings under the Bellagio, Hakkasan, MGM Grand and Skylofts brands.
Hakkasan Group CEO Neil Moffitt will be CEO of the JV company, while MGM Hospitality COO Michael Evans will take the same role at MGM Hakkasan Hospitality. The company will operate under a combined board and governance.
All projects will be located in what the JV company considers to be international gateway cities and prime resort destinations across the globe. Early targets will be New York, Beverly Hills and London.
The projects that MGM and Hakkasan are currently working on separately will be included in the JV.
"This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company. 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," said Khadem Al Qubaisi, chairman of Hakkasan Group.
Jim Murren, chairman and CEO of MGM Resorts International, said the alliance provided his company with both access to capital and “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."
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