TAO Asian Bistro Las Vegas (from website)
Israeli-Canadian businessman and investor Mark Scheinberg is reportedly set to acquire the Tao Group, a worldwide operator of hotels and restaurants. Scheinberg’s Mohari Hospitality will acquire a 67% stake in the firm owned by James Dolan’s Madison Square Garden Entertainment for $300 million, giving Mohari a valuation of about $550 million.
Dolan acquired Mohari Hospitality for $181 million in 2017.
Founded by Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss – who will all maintain their shares in the company – Tao Group Hospitality delivers distinctive culinary and premium entertainment experiences through its portfolio of restaurants, nightclubs, lounges, and daylife venues. Tao Group Hospitality acquired Hakkasan Group in April 2021. The combined company operates over 80 branded locations in over 20 markets across four continents and features a collection of widely recognized hospitality brands. These include TAO, Hakkasan, OMNIA, Marquee, LAVO, Beauty & Essex, Wet Republic, Yauatcha, Ling Ling, Cathédrale, Little Sister, The Highlight Room, Sake No Hana, Jewel, and more.
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Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with emphasis on luxury hospitality in prime urban and resort markets. Mohari’s investments include both development and operating assets, and Mohari invests both independently and with partners.
“Over the last 20 years, we have been laser focused on building premium guest experiences and a company with a global influence in all areas of hospitality, entertainment and pop culture,” said Noah Tepperberg, Co-CEO Tao Group. “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. We are excited to build this partnership to scale our companies together.”
With the purchase of MSG Entertainment’s majority interest, as well as the stakes of additional third-party investors, Mohari will own Tao Group together with management, including co-CEOs Noah Tepperberg and Jason Strauss. This ensures strong alignment as the management team continues to steer the organization, colleagues, and partners.
“Adding Tao Group to our portfolio is a major strategic milestone for Mohari and we’re excited about the prospects for the combined business and the transformational potential of our partnership,” said Mark Scheinberg, Founder and Principal, Mohari. “Noah and Jason have built a world class and industry leading organization and I’m personally thrilled to have their leadership and entrepreneurial spirit joining the Mohari family. The combination of our assets, brands and teams creates a unique global platform to further realize our vision and expand on our ambition in the hospitality space.”
