Now it’s official — Morgans Hotel Group Co. "has entered into a definitive agreement to sell its 90 percent controlling interest in The Light Group," to Hakkasan Group, according to a press release just off the presses. The $36 million deal includes the remaining 10 percent equity interest that Andrew Sasson, The Light Group's founder, and Andy Masi, The Light Group's chief executive officer, own in the company.
Morgans Hotel Group for its part assumes control of the food and beverage outposts from The Light Group at the Delano South Beach hotel as well as interests in the three Mandalay Bay restaurants that will continue to be managed by The Light Group. Morgans has the option to buy a minority interest in The Light Group in the next 18 months.
The addition of 22 nightlife, daylife and restaurant properties makes Hakkasan Group the "largest non-gaming dining, entertainment and hospitality company" in Las Vegas.
Presumably, that means Hakkasan now operates Yellowtail, Fix Restaurant & Bar, The Bank Nightclub, 1 OAK, Stack Restaurant & Bar, Liquid, Bare, Deuce Lounge, Alibi, Light Nightclub, Daylight Beach Club and Hearthstone Kitchen & Bar. The three Mandalay Bay restaurants retained by Morgans and operated by The Light Group are Kumi, Red Square and Citizens.
The deal should close in January.
Hakkasan already has its five-story nightclub and restaurant at the MGM Grand, LAX at the Luxor and Social House at Crystals, to name a few, and plans to open Omnia and Searsucker at Caesars Palace this spring.