The ONE Group Plans to Open STK in Chicago in 2015
STK Chicago will be The ONE Group's 10th Location
NEW YORK-- The ONE Group Hospitality, Inc. (“The ONE Group”) (OTCQB:STKS) today announced that it has signed a lease for a new STK in Chicago in 2015.
“We are very excited about launching the STK brand in Chicago. We’re confident that STK’s unique blend of innovative menu, vibrant lounge scene and high-energy atmosphere will resonate well with those consumers looking for a modern fine dining steakhouse destination,” said Jonathan Segal, CEO of The ONE Group.
The new STK Chicago will be over 13,000 sq. ft. and will be located in the heart of River North at 360 North State Street. River North is one of Chicago's top neighborhoods for dining and nightlife and is a prime destination for restaurants, nightclubs and entertainment venues. The River North area includes a large concentration of art galleries and is close to some of the top hotels in Chicago. The area has experienced residential development and population growth over the last several years.
“Our development pipeline is filling up nicely and is consistent with the growth strategy we articulated to the investment community when we went public. We expect to open two STKs in 2014, one of which has already opened in Washington, D.C. in April of this year, and we now expect to open at least two STKs in 2015, one each in Orlando and Chicago. In addition, we expect to launch a new hospitality services location in 2015,” continued Mr. Segal.
About The ONE Group
The ONE Group develops and operates upscale, high-energy restaurants and lounges and provides ONExperience™, a turn-key food and beverage service for hospitality venues including boutique hotels, casinos and other high-end locations in the United States and United Kingdom. The ONE Group’s primary restaurant brand is STK®, a unique steakhouse concept with locations in major metropolitan cities throughout the U.S. and in London. STK artfully blends two concepts, the modern steakhouse and a chic lounge, into one offering a high-energy, fine dining experience with the superior quality of a traditional steakhouse. The ONE Group’s food and beverage hospitality services business provides the development, management and operations for premier restaurants and turn-key food and beverage services at high-end boutique hotels and casinos. Additional information about The ONE Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements, including but not limited to, (1) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain our key employees; (2) factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (3) changes in applicable laws or regulations; (4) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors; and (5) other risks and uncertainties indicated from time to time in our filings with the SEC, including our Annual Report on Form 10-K filed on April 1, 2014.
Investors are referred to the most recent reports filed with the SEC by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
Don Duffy or Fitzhugh Taylor, 203-682-8200
Source: The ONE Group
Released June 10, 2014