The ONE Group Partners with Grupo Restaurantero Dinar to Expand into Mexico
Four STK Restaurants to open in next 4 years
NEW YORK--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced that the Company has signed a licensing agreement with Grupo Restaurantero Dinar (GRD), which will allow GRD to open four locations in Mexico.
“Our expansion into Mexico is an exciting step as we continue to grow our brand internationally. We are delighted to be partnering with Grupo Restaurantero Dinar as we enter this new market,” said Manny Hilario, CEO, The ONE Group. “Similar to our previous licensing deals, these locations will require no capital contribution while driving high-margin revenue, the driving force behind our growth plans.”
“We are very excited about our licensing partnership with The ONE Group. The first STK in Mexico is expected to open in Mexico City, at Presidente Masaryk Avenue (Tennyson 117), in the heart of the city’s dining and entertainment district on Polanco alongside some of the best commercial and retail tenants in Mexico City. A second STK is planned in Guadalajara at Andares Lifestyle Center located in the city’s Zapopan District. Both are expected to open in late 2018. The third and fourth restaurants are anticipated to open in Monterrey and Cabo,” said Guillermo Arciniega, from Grupo Restaurantero Dinar.
STK Mexico City is expected to have indoor and terrace seating for 175 guests, whilst STK Guadalajara will seat 150 between the restaurant and the terrace. Both restaurants will feature STK's classic menu and signature dishes along with the brand’s signature décor.
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.
About Grupo Restaurantero Dinar
Grupo Restaurantero Dinar is hospitality and development business that currently has 13 company-owned restaurants and night clubs. GRD also manages more than 15 restaurants through management agreements.
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. For example, the statements related to the exploration of strategic alternatives and the potential results therefrom and the statements related to our strategic review of our operations targeting sources for 2017 and beyond are forward-looking. 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) in the case of our strategic review of operations, our ability to successfully improve performance and cost, realize the benefits of our marketing efforts, and achieve improved results as we focus on developing new management and license deals; (4) changes in applicable laws or regulations; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (6) 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 5, 2017.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171127006028/en/
Investors:
ICR
Michelle Michalski, 646-277-1224
Source: The ONE Group Hospitality, Inc.
Released November 27, 2017
