New York-based Madison Square Garden Entertainment Corp., which is working to complete the construction of the $2.2 billion MSG Sphere venue near the Strip, has sold its ownership of Tao Group Hospitality to global investment company Mohari Hospitality for approximately $550 million. The transaction is expected to close next month.
Founded in 2017, Mohari is focused on luxury hospitality in prime urban and resort markets, including development and operations. Tao Group, first acquired by MSG in 2017, operates dozens of restaurants, nightclubs and lounges around the world, including prominent Las Vegas brands such as Tao, Hakkasan, Omnia, Beauty & Essex and Marquee. The company is preparing to open another Strip restaurant, Cathédrale, at Aria on April 28.
Mohari managing partner J. Allen Smith said in a statement the company is looking forward to working with the existing Tao management team “to continue growing Tao Group’s business.”
The 17,500-seat MSG Sphere is expected to open in September with the debut of a new concert residency from U2.
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