Wall Street is abuzz this morning with billionaire hotel owner Sam Nazarian’s confirmation that he expects to close a giant merger with Hakkasan Group within 60 days that will form a huge hotel, restaurant and nightclub operation headquartered in Las Vegas with a $1 billion valuation.
The Wall Street Journal and other New York banking sources have confirmed the deal along with Sam’s confirmation. They say although it will be deemed a merger, Hakkasan will be folded into SBE.
Sam confirmed in a news release: “SBE, the leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues globally, is in advanced discussions to merge Hakkasan Group into the SBE family.”
Sam added, “SBE is in advanced discussions with Hakkasan Group regarding a potential merger. As currently contemplated, SBE would welcome Hakkasan’s global portfolio of prestigious restaurants and best-in-class nightlife assets into SBE’s international platform of lifestyle hospitality and entertainment assets to create the most dynamic hospitality, residential, restaurant and entertainment company in the industry.
“The merger is expected to close within 60 days.” Sam, who is known here for opening Hyde Bellagio and SLS Las Vegas with its W Hotel tower, is the founder and CEO of the privately held, leading lifestyle hospitality company that develops, manages and operates award-winning hotels, residences, restaurants and nightclubs.
A spokesman for SBE stated: “Through exclusive partnerships with cultural visionaries, SBE is devoted to creating extraordinary experiences throughout its proprietary brands with a commitment to authenticity, sophistication, mastery and innovation.
“Following the acquisition of Morgans Hotel Group, the pioneer of boutique lifestyle hotels, SBE has an unparalleled global portfolio featuring 23 world-class lifestyle hotel properties in nine attractive gateway markets and more than 136 global, world-renowned hotel, entertainment and food and beverage outlets.