Live Nation Entertainment Inc. acquired a majority stake in David Grutman's Groot Hospitality.

Pursuant to the acquisition, Grutman will remain CEO of Groot Hospitality along with executives Chris Cuomo and Mo Garcia. Live Nation plans to use Grutman's expertise to raise and launch offerings across Live Nation's venues, festivals and events, according to an Oct. 21 company release.

Groot Hospitality's portfolio includes dining, entertainment and hospitality brands. The company's footprint includes LIV, Story, Komodo, Swan & Bar Bevy and Papi Steak, and is set to expand with 11 new projects in Miami, Las Vegas, Dallas and Dubai, United Arab Emirates, in the next 24 months.