Live Nation Acquires Majority Stake in Company Owning LIV & Story

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One of the world’s leading entertainment companies, Live Nation Entertainment announced its latest acquisition yesterday. It has acquired a majority stake in Groot Hospitality, originally held by Miami nightlife king David Grutman. This strategic move allows Live Nation to tap into Grutman’s expertise in order to elevate and launch offerings across a wider host of venues, festivals and events. Grutman will remain CEO post acquisition, joined by executives Chris Cuomo and Mo Garcia.

Founded in 2018, Groot Hospitality holds many successful ventures under its portfolio, ranging from restaurants to nightclubs. These include LIV (2009), Story (2012), Komodo (2015), OTL (2017) and Planta (2018). It had also recently developed Swan and Bar Bevy (2019), both developed jointly with Pharrell Williams. With the goal of providing guests the “best possible experience,” Groot Hospitality aims to unveil new projects in Miami, Las Vegas, Dallas & Dubai in the coming year.

In a press release, Grutman shares: “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.