The ONE Group Announces Expansion into Dubai and Abu Dhabi with Three New STK Locations
Two STK restaurants and one STK Beach restaurant mark the Company’s first foray into the Middle East
The ONE Group Partners with Horizon Hospitality
NEW YORK--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced that the Company has signed a licensing agreement, which will allow for multiple locations to open in the Middle East.
An STK is expected to open at The Address Downtown Dubai hotel, located in the heart of the city’s dining and entertainment district on Emaar Boulevard, and an STK Beach is planned for opening at the Rixos Hotel located in the city’s Marina District. Both are expected to open in Dubai in late 2017. A third restaurant is anticipated to open in Abu Dhabi, pursuant to a licensing agreement with the award-winning Horizon Hospitality, which currently operates 32 venues of high-end casual restaurants and bars across the Middle East. The ONE Group is currently evaluating multiple locations for the Abu Dhabi venue.
“Dubai and Abu Dhabi represent some of the fastest growing leisure destinations, featuring the finest hospitality, fashion and lifestyle brands in the Middle East. We are thrilled to be announcing The ONE Group’s anticipated expansion into these sought-after Middle Eastern cities, with three new STK locations planned for late 2017,” said Jonathan Segal, CEO, The ONE Group. “We have eyed this market for quite a while, but waited to find the right partner for our brand. By continuing to expand STK through licensing deals, we are able to grow into new markets without significant capital investment.”
STK Dubai at The Address Hotel is expected to have indoor seating for 240 guests, and will feature STK's classic menu along with the brand’s signature décor. The restaurant will also feature an outdoor terrace with 100 seats, overlooking The Burj Khalifa, the world’s tallest building which attracts nearly two million tourists each year. STK Beach will incorporate both STK menu staples as well as new offerings that are more suitable for the beach location, with seating for 160 guests. More details will be shared about the Abu Dhabi venue when available.
Additional STK restaurants currently in development include Edinburgh, San Diego, Denver, Boston, Dallas, Austin and Puerto Rico.
About The ONE Group
The ONE Group (NASDAQ:STKS) is a global hospitality company that develops and operates upscale, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both nationally and internationally. The ONE Group’s primary restaurant brand is STK, a modern twist on the American steakhouse concept with locations in major metropolitan cities throughout the U.S. and Europe. ONE Hospitality, 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 within high-end 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) 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 Company 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 March 30, 2016 and our Quarterly Report on Form 10-Q filed on November 14, 2016.
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.
Sloane & Company
Dan Zacchei or Kate Traynor, 212-486-9500
Don Duffy or Michelle Michalski, 203-682-8200
Source: The ONE Group Hospitality, Inc.
Released December 20, 2016