The ONE Group Hospitality, Inc. (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.
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