Los Angeles- based luxury hospitality and nightlife group The h.wood Group, today announced the reacquisition of its global rights from its strategic partner, Hakkasan Group via the buyback of 100% of Hakkasan Group's equity stake in The h.wood Group.
"This decision follows years of growth with Hakkasan Group that helped us grow our portfolio of nightlife concepts in Los Angeles into a diversified hospitality brand with restaurant, nightlife, and hospitality venues across the world. We are proud of the work we've done with Hakkasan Group and our long-standing partnership with them," says Brian Toll, co-founder of The h.wood Group.
In the last few years, The h.wood Group has expanded its restaurant and nightlife divisions significantly with the successful openings of two restaurants Delilah and Petite Taqueria, a live music venue, The Peppermint Club, and most recently celebrity hotspot, nightclub, Poppy. These new venues expand an already diversified portfolio, which includes SHOREbar, The NICE GUY, Bootsy Bellows and Blind Dragon.
"Our relationship with The h.wood Group has been a productive and valuable one. Early on, we identified John and Brian as uniquely talented operators with vision and we have been impressed with them as strategic partners over the last four years. We look forward to their continued growth and success as an independent group," said Nick McCabe, CEO of Hakkasan Group.
In June 2014, Hakkasan Group acquired a significant equity stake in The h.wood Group. As a result of today's announced reacquisition of that equity stake, John Terzian and Brian Toll are now exclusively entitled to develop, own, license, franchise, and manage all of The h.wood Group entities.
John Terzian, co-founder of The h.wood Group added, "It was the right time for us to be independent again. We have a well-capitalized balance sheet, a talented and expanding executive team, and a robust pipeline of new venues opening over the next two years. We are actively evaluating a number of opportunities for the expansion of our concepts globally. It's an exciting time for us and we believe that this will ignite a path for The h.wood Group's further development and expansion as a globally-recognized hospitality brand in the coming years."
As an independent group, The h.wood Group will continue to focus on the development of restaurants, hotels, nightlife, and event production. John Terzian says, "Our goal over the next 5 years is steadfast and focused. The h.wood Group will be expanding into new markets with our concepts while staying true to our core values - providing The h.wood Group's unique luxury appeal and unparalleled quality to incredible clientele."
The h.wood Group plans to invest significantly in its operations and growth as an independent entity. The company recently announced the hiring of Chef Lord Maynard Llera as Culinary Director and Jacob Shure as its Director of Restaurant Operations. The h.wood Group will open eight new venues by the end of 2018, including 40 LOVE, SLAB, Mason & Blind Dragon at FOUND Hotel Chicago, Mason Santa Monica, two food and beverage concepts at the upcoming 1 Hotel West Hollywood and Bootsy Bellows in Dallas.