MGM Resorts International and Hakkasan Group on Tuesday announced the formation of a joint venture hotel management company named MGM Hakkasan Hospitality.
The strategic alliance of the two Las Vegas-based companies will focus on the design, development and management of luxury non-gaming hotels, resorts and residential offerings under the Bellagio, Hakkasan, MGM Grand and Skylofts brands in international gateway cities and resort destinations. All of the hotel and resort projects currently under development by each group will be contributed to the joint venture, including MGM projects in the Americas, the Middle East, and Asia, as well as Hakkasan projects in Abu Dhabi and Dubai.
Early targets include New York, Beverly Hills and London. Additionally, Hakkasan Group will focus on placing other dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments to maximize value from its portfolio of assets.
Hakkasan Group CEO Neil Moffitt will lead the joint venture, as he becomes CEO of MGM Hakkasan Hospitality, and MGM Hospitality COO Michael Evans will be COO of the newly formed company.
The partnership began in April 2013 when MGM teamed with Hakkasan, known for its restaurant and bar concepts, when they opened the Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand.
“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,” said MGM Chairman and CEO Jim Murren.