PHOTO: The Las Vegas Strip. (Photo via Flickr/David Stanley)
Nearly four months after acquiring boutique hotel pioneer Morgans Hotel Group, SBE Entertainment Group confirmed Wednesday that it's in advanced talks to merge with Hakkasan Group, which operates restaurants and nightlife properties in Las Vegas, London and elsewhere around the globe.
The combined company would boast an equity value of $1 billion, according to the Wall Street Journal.
"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," SBE founder and CEO Sam Nazarian said in a statement.
Nazarian said the deal is expected to close within 60 days.While technically a merger, the Journal, and other outlets report that Hakkasan would be folded into SBE.
If completed, the move would help both SBE and Hakkasan accelerate their growth. SBE's current portfolio features more than two dozen hotel properties and more than 130 hotel, entertainment and food and beverage outlets around the globe.
In the next two years, the company will continue to expand with the addition of 13 new hotel properties, including SLS Park Avenue, SLS Seattle, Mondrian Doha and Mondrian Dubai, among others.
READ MORE: SBE Completes $805 Million Acquisition of Morgans Hotel Group
"The company is uniquely positioned to offer a complete lifestyle experience—from nightlife, food and beverage and entertainment to hotels and residences, and through its innovative customer loyalty and rewards program, The Code, as well as its award-winning international real estate development subsidiary, Dakota Development—all of which solidify SBE as the preeminent leader across hospitality," an SBE spokesman said in a statement via the Las Vegas Review-Journal.
"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."