The ONE Group Hospitality Inc. announced the signing of a license agreement to open two STK locations in Puerto Rico, within the Condado Vanderbilt Hotel in San Juan.
The location will feature a traditional STK and STK Beach, an outdoor dining option open for lunch and dinner. 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.
“We’re excited to open an STK restaurant and STK Beach in Condado, the epicenter of San Juan’s luxury shopping, dining and entertainment,” said Jonathan Segal, CEO of The ONE Group. “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.”
“Similar to STK Ibiza, this location will require no capital contribution while driving high-margin revenue, an integral part of our ambitious growth plan,” he said.
STK Beach will open for lunch and dinner on the hotel’s beach, 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’re 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.