Thursday, February 21, 2008

Light Group Cashes Out

We want to offer a hearty congratulations to Andrew Sasson, who has just sold off a 50% stake of the Light Group to the Dubai-based Zabeel Investments, who seem to have fallen head over heels over the upcoming Harmon Hotel project. According to the press release, Zabeel's "goal is to develop the hospitality industry in the UAE and across the region - an aim which encompasses all areas of this sector from food and beverage to hotels and restaurants. In addition, The Light Group can tap our UAE hospitality expertise, and evolve that to other developments around the world." We commend your selection. Say what you will about Sasson et al, but the group has been wildly successful as hospitality operator in Vegas. Selling a 50% stake to Zabeel is only going to raise their bar, infusing them with a huge chunk of capital to allow them to take their operation global. Exciting stuff.