The ONE Group Hospitality Inc. (Denver) said it plans to open as many as a dozen new STK and Kona Grill restaurants this year. The company disclosed those numbers with its financial results for the second quarter ended June 30.
The ONE Group said it is currently building four company-owned STK restaurants (in Charlotte, N.C., Boston, Salt Lake City and Washington D.C.) and one company-owned Kona Grill restaurant (in Phoenix). It also plans to begin work on a Kona Grill restaurant in Tigard, Ore., in the near future.
“We expect to open eight to 12 new venues in 2023 and target a new restaurant approximately every four to six weeks for the foreseeable future,” Emanuel “Manny” Hilario, President and CEO of The ONE Group, said in a news release. “We expect the significant investments we have made in our training teams, in-restaurant staffing and in G&A support will begin to show positive returns as we enter this new chapter of growth at The ONE Group. We believe we are early in our expansion story and have significant opportunity ahead, and we view our total addressable market as 200 STK restaurants globally and 200 Kona Grills domestically with best-in-class ROIs of between 40 percent and 50 percent.”
The company describes STK as a modern twist on the American steakhouse concept with 25 restaurants in major metropolitan cities in the U.S., Europe and the Middle East. It says Kona Grill is an upscale, bar-centric grill concept with 26 locales in the U.S.