MGM Resorts International and Hakkasan Group have formed a joint venture hotel management company, which will focus on the design, development and management of luxury non-gaming hotels, resorts and residential offerings.
The new company, MGM Hakkasan Hospitality, will develop the properties under the Bellagio, Hakkasan, MGM Grand and Skylofts brands in international gateway cities and prime resort destinations around the world.
All of the hotel and resort projects currently under development by each group will be contributed to the joint venture, including Hakkasan projects in Abu Dhabi and Dubai, as well as MGM projects in the Middle East, the Americas and Asia.
In September, Hakkasan announced plans to open a new luxury resort on Dubai's Palm Jumeirah island with construction to begin this year.
"This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company,” said Hakkasan Group chairman Khadem Al Qubaisi.
“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.”
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Hakkasan Group CEO Neil Moffitt will lead the joint venture, as he becomes CEO of MGM Hakkasan Hospitality. MGM Hospitality COO Michael Evans will be COO of the newly formed company. The company will operate under a combined board and governance.
Early targets for the company will include international destinations as 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.
“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 utilisation of its resources and be more efficient in its operations,” said Moffitt.
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