The ONE Group Hospitality, Inc. (Nasdaq:STKS) today announced the signing of a license agreement to open two STK locations in Puerto Rico, within the Condado Vanderbilt Hotel in San Juan. Puerto Rico’s exclusive Condado district is home to luxury shopping, high-end restaurants, as well as a wide variety of nightlife options, and is a natural fit for STK’s social, high-energy dining experience.
“We are excited to open an STK restaurant and STK Beach in Condado, the epicenter of San Juan’s luxury shopping, dining and entertainment. We found great synergy between our customers and the Condado Vanderbilt guests, and expect to attract both hotel guests and locals to drink, dine and celebrate with us,” said Jonathan Segal, CEO of The ONE Group. “Similar to STK Ibiza, this location will require no capital contribution while driving high-margin revenue, an integral part of our ambitious growth plan.”
The STK restaurant will be approximately 8,000 square feet, including a new extension to the hotel, which will provide additional street frontage. Construction is expected to begin November 2016 with the new structure, the restaurant will be accessible from the street or the hotel, and will feature a centrally located bar, DJ booth and banquette seating to encourage STK’s vibe dining experience.
STK Beach will open for lunch and dinner on the hotel’s beach, featuring stunning water views and a pool where guests can unwind and dine in an oceanside setting. The restaurant will provide elements of a traditional STK—great music, a social vibe—in a relaxed, outdoor setting.
“We are thrilled to welcome STK to the Condado Vanderbilt Hotel,” said Ricky Diaz from the Condado Vanderbilt. “Our guests and the surrounding community visit our hotel for unparalleled beachside nightlife and dining in San Juan. STK is the perfect addition to our hotel as a destination for the best in music, food, drinks and entertainment.”
The agreement includes a license fee and a share of the gross revenue and profit of the restaurants.
Additional STK restaurants currently in development in cities across the globe include Edinburgh, San Diego, Denver, Boston, Miami, Dallas, Austin and Toronto.
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