Subsequent events |
6 Months Ended |
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Jun. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent events |
Subsequent events:
On July 7, 2015, the Company received a payment of $121,000 in partial settlement of the property damage portion of the insurance claim relating to water damages sustained at STK Miami. The Company filed a claim for property damages in the estimated amount of $500,000 and has received approximately $375,000 to date against this claim. The Company is still negotiating a final settlement with its insurance carrier for the remaining balance of approximately $125,000.
On July 9, 2015, the Company announced that it entered into an agreement with SBEEG Holdings, LLC (“SBE”), holding company of the SLS, Redbury and Hyde hotel brands, to purchase the Katsuya and Cleo restaurant brands and establish a strategic relationship to seek to open Katsuya, Cleo and other The ONE Group restaurants at new SLS, Redbury and Hyde hotels (the "Acquisition"). Total consideration includes $75 million in cash and 200,000 warrants at an exercise price of $5.00 per share. The closing of the Acquisition is subject to certain customary closing conditions.
On July 20, 2015, the Company announced that an STK Rebel will open in the Andaz Hotel in San Diego, California a lifestyle boutique hotel operated by Hyatt and owned by Xenia Hotels & Resorts, Inc. (NYSE:XHR). Located at 600 F Street in San Diego’s historic Gaslamp Quarter, the hotel is in the heart of the city’s entertainment and nightlife district.
On August 13, 2015, the Company announced that its subsidiary had entered into a management agreement for an STK in Toronto, Canada.
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