Live Nation Acquires Majority Stake In David Grutman’s Groot Hospitality
Romain Maurice / Getty Images –
Groot Hospitality CEO David Grutman (right) poses with DJ Khaled (left) and son Asahd Khaled (center) at an event in Miami on Oct. 21, 2017.
Live Nation announced the acquisition of a majority stake in Groot Hospitality on Monday.
The acquisition comes less than two years after Miami nightlife impresario David Grutman – whose portfolio includes nightclubs LIV and Story; restaurants Komodo, Planta’s, Happy Place Donuts, Swan & Bar Bevy and Papi Steak; and OTL coffee house – consolidated his holdings under the Groot Hospitality umbrella.
“Entertainment is the DNA of Groot Hospitality, so it was a natural fit for us to join the leading live entertainment company,” Grutman said in a statement. “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.”
With Groot, Live Nation has acquired another powerful, on-the-rise force in the business. Groot just opened Papi Steak last month, and is set to open 11 new projects in Miami, Las Vegas, Dallas and Dubai over the next 24 months.
“Live Nation has acquired Groot Hospitality, and we’ll look to tap into Dave Grutman’s expertise to elevate and launch new VIP offerings across our venues, festivals and events,” Live Nation president and CEO Michael Rapino tweeted.
Under the new arrangement, Grutman will remain Groot Hospitality CEO along with executives Chris Cuomo and Mo Garcia.