hakkasan group acquires angel management group
Hakkasan Group announced the acquisition of Las Vegas-based nightlife and entertainment company, Angel Management Group (AMG). AMG manages a number of significant hospitality venues, including Hakkasan’s own Nightclub at MGM Grand Hotel & Casino, together with PURE Nightclub at Caesars Palace, WET REPUBLIC Ultra Pool at MGM Grand, Social House restaurant inside The Shops at Crystals, HQ Beach Club, and HQ Nightclub at Revel in Atlantic City. The acquisition will provide Hakkasan Group with significant day-to-day operational capability and infrastructure, which will enable it to further expand its brand and hospitality operations in North America. HKK Hospitality Limited will continue to provide global strategic management services to the Hakkasan Group, from its headquarters in the UAE.
Hakkasan Group selected AMG over two years ago to develop the world’s most innovative dining and nightlife establishment, Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand, which debuted to critical acclaim in 2013. Since then, the two companies have been working in conjunction to open new properties including Hakkasan Beverly Hills, and the newly acquired Herringbone at Mondrian Los Angeles. Hakkasan Shanghai will open in early 2014.
"Following a successful partnership with Angel Management Group, we believe the consolidation of its businesseswill accelerate Hakkasan’s goal of creating a suite of multifaceted global lifestyle brands. AMG has a proven track record of success in venue operation and marketing, and has established high-performing venues and experiences that appeal to guests and generate strong revenues. That combination makes the acquisition extremely appealing in the context of our business objectives. I am also confident that AMG’s existing relationships in the US hospitality industry will provide opportunities for Hakkasan to establish other strategic partnerships as we seek to grow the business," said Khadem Al Qubaisi, Chairman of Hakkasan Group.
"I am delighted to be in a position to unite our collective assets and teams in order to create a strong international group with experience in all areas of hospitality," said Neil Moffitt, Chief Executive Officer of Hakkasan Group. "Our first priority will be to expand upon the success of Hakkasan’s venues and develop the brand portfolio in other markets, followed by the launch of several new concepts over the next few years".
The acquisition will see Moffitt, the founder and CEO of AMG and current CEO of Hakkasan Group and HKK Hospitality Limited, increase his focus on the strategic development and global expansion of the Hakkasan Group. New responsibilities will include the establishment of additional divisions, including the group’s hotel division. Nick McCabe, former Vice President of Strategy for AMG, will become the President of Hakkasan Group, and will be responsible for the day-to-day operations of the company’s portfolio.
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