Mohari Hospitality, a Cyprus-based investment firm announced that it will acquire Tao Group Hospitality in a $550 million deal.
Tao Group, a subsidiary of Madison Square Garden Entertainment, is a luxury restaurant and nightlife company.
The transaction is expected to close in May, subject to customary closing conditions.
“Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality. Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the Group’s tremendous potential,” said J. Allen Smith, Managing Partner at Mohari.
Tao Group will add to Mohari’s existing portfolio of luxury and lifestyle properties and operating companies, including the Peninsula Papagayo in Costa Rica, the Centro Canalejas Madrid, featuring the Four Seasons Madrid, and The Ritz-Carlton Yacht Collection.
Mohari Hospitality was founded in 2017 by Israeli-Canadian investor Mark Scheinberg, co-founder of PokerStars. According to its website, it is a global investment company that engages in a broad range of real estate investment activities, with an emphasis on luxury hospitality in prime urban and resort markets.