MGM Resorts International and Hakkasan Group announced in Las Vegas the partnership of a joint venture hotel management company that will be named MGM Hakkasan Hospitality. The strategic union will focus on the design, development, and management of luxury resorts, hotels, and residences under the MGM Grand, Skylofts, Hakkasan, and Bellagio brands at key destinations like New York, Beverly Hills, and London.
“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 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” said Khadem Al Qubaisi, Chairman of Hakkasan Group.
Jim Murren, Chairman and CEO of MGM Resorts International, said, “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.”
Hakkasan Group CEO Neil Moffitt will be the head of the joint venture as he becomes CEO of MGM Hakkasan Hospitality. Moffitt said, “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.”