NEW YORK--(BUSINESS WIRE)--
The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced that the Company has signed a licensing agreement to open STK Doha in partnership with Katara Hospitality.
STK Doha will be located on the top floor of the city’s newly renovated Ritz-Carlton hotel, overlooking the Arabian Gulf and featuring exceptional city views. The restaurant is expected to have seating for 150 guests, and will feature STK's classic menu along with the brand’s signature décor.
“We are delighted to be partnering with Katara Hospitality, and to be building our presence in the Middle East with our fourth licensing deal in the region,” said Jonathan Segal, CEO, The ONE Group. “As our first Ritz-Carlton location, STK Doha will retain the elegant, vibe dining experience that our customers have come to know and love.”
Katara Hospitality is a global hotel owner, developer and operator, based in Qatar. With more than 45 years’ experience in the industry, the company’s portfolio has grown to include 34 owned and/or managed hotels in 12 countries across three continents.
This marks the company’s sixth overall licensing deal reinforcing The ONE Group’s current growth strategy to increase expansion through licensing and management deals.
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 Katara Hospitality
Katara Hospitality is the leading hotel owner, developer and operator, based in Qatar. With more than 45 years’ experience in the industry, Katara Hospitality actively pursues its strategic expansion plans by investing in peerless hotels in Qatar while growing its collection of iconic properties in key international markets. Katara Hospitality’s portfolio has grown to include 34 owned and / or managed hotels and the company is now focused on achieving its target of 60 hotels in its portfolio by 2026. As the country’s flagship hospitality organization, Katara Hospitality supports Qatar’s long term economic vision.
Katara Hospitality currently owns properties spread across three continents in Qatar, Egypt, Morocco, UK, France, Germany, Italy, Spain, Switzerland, The Netherlands, Singapore and Thailand. While it partners with some of the finest hotel management companies, Katara Hospitality operates owned and non-owned hotels through its standalone operating arm, Murwab Hotel Group.
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 15, 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.
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