SBE Entertainment Group and the Hakkasan Group are planning to merge and create one big hospitality group. Their combined equity would be worth $1 billion.
SBE’s founder and CEO Sam Nazarian released a statement about the move.
“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 should take place within the next 60 days and help both companies with their growth. They already have 13 new hotel properties in the works.