Big news from Las Vegas this week, where MGM Resorts International and the Hakkasan Group have formed a joint venture hotel management company called MGM Hakkasan Hospitality.
The new company will design, develop and manage luxury nongaming hotels in international gateway cities under the Bellagio, Hakkasan, MGM Grand and Skylofts brands. All of the hotel and resort projects currently under development by each group will be contributed to the joint venture, including MGM projects in the Americas, the Middle East, and Asia; and Hakkasan projects in Abu Dhabi and Dubai.
We hear early targets will include New York, Beverly Hills and London. Additionally, Hakkasan Group will focus on placing other high-profile dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments in order to maximize value from its portfolio of assets.
Hakkasan Group CEO Neil Moffitt will lead the joint venture as CEO of MGM Hakkasan Hospitality, and MGM Hospitality COO Michael Evans will be COO of the newly formed company. The company will operate under a combined board and governance.