Live Nation takes stake in Miami’s Groot Hospitality
Live Nation has taken a majority stake in Miami-based venue operator Groot Hospitality, owned by entrepreneur David Grutman.
Groot Hospitality’s portfolio includes nightclubs Liv (1,100-cap.) and Story (1,400-cap.), the Swan and Bar Bevy, which is a joint venture with singer Pharell Williams, and several restaurants.
Launched by Grutman in 2018, Groot Hospitality now plans to expand into new markets, with eleven projects set to open in Dallas, Las Vegas and Dubai, as well as in Miami, over the next two years.
“Entertainment is the DNA of Groot Hospitality, so it was a natural fit for us to join the leading live entertainment company,” says Grutman.
“Entertainment is the DNA of Groot Hospitality, so it was a natural fit for us to join the leading live entertainment company”
“Live Nation shares my passion for creating once-in-a-lifetime experiences and together we will grow our portfolio worldwide while pushing the limits of fans’ expectations.”
Grutman will stay on as CEO of Groot Hospitality, along with executives Chris Cuomo and Mo Garcia.
According to a press statement, Live Nation hopes to use Grutman’s expertise to “elevate and launch offerings” across its venues, festivals and events.
IQ calculates that Live Nation has taken a majority shareholding in 18 promoters, festivals and other live music-related businesses so far this year across Asia (One Production), Australia (Moshtix), North America (Embrace Presents, Neste Event Marketing, Levitate, Spaceland Presents, Bonnaroo), Europe (Planet Events, Blockfest, Tons of Rock, Antwerps Sportpaleis, PDH Music, Go Ahead, Rewind Festival, Hög Agency) and Latin America (Rock in Rio, Ocesa Entertainment).
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