Hakkasan owner sold to Mohari Hospitality for £441m

The owner of London's Michelin-starred Hakkasan restaurants has been sold to an investment firm owned by online poker billionaire Mark Scheinberg for $550m (£441m).

Tao Group, which bought Hakkasan in 2021, has been acquired by Scheinberg's Mohari Hospitality group.

Scheinberg, who founded PokerStars in 2001, said the deal would create a "global platform" to "expand on the company's "ambition in the hospitality space".

Tao's London portfolio includes the Michelin-starred Hakkasan Hanway Place and Hakkasan Mayfair, as well as dim sum restaurants Yauatcha City and Yauatcha Soho.

It was previously owned by Madison Square Garden Entertainment Corp (MSG), which owns New York's Madison Square Garden.

Mohari, which owns the Ritz-Carlton Yacht Collection, has bought MSG's majority share while Tao founders Noah Tepperberg and Jason Strauss will maintain their stake in the business.

"Mohari's shared vision, coupled with the strength of its portfolio and leadership, make it an ideal partner as we look at the next chapter for Tao Group," said Tepperberg.

"We are excited to build this partnership to scale our companies together."

As a part of the transaction, Tao will enter into a multi-year agreement with MSG Entertainment for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.

The deal is expected to close in May, subject to customary closing conditions.