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The One Group makes it official. It shelled out $75 million to buy all 12 Cleo and Katsuya restaurants from SBE, including the two at SLS Las Vegas. In the next five years, The One Group, which operates STK at the Cosmopolitan of Las Vegas, plans to open 10 more restaurants at SLS, Redbury or Hyde hotels. And that means STK restaurants going into those hotels in the next five years.
The brands brought in an estimated $28 million in revenues last year and $55 million in sales.
For those who enjoy those numbers, that means The One Group gets four Katsuya locations in Los Angeles that are company-owned and operated and license fees from the two managed Katsuya locations in SLS Las Vegas and Miami and from two additional managed locations, one expected to open in the SLS Lux at Baha Mar in the Bahamas and the other expected to open in the SLS Lux Brickell in Miami.
Three Katsuya restaurants are expected to open in the Middle East by Alshaya with an additional 14 locations in the region over the next five years.
Cleo includes three locations in LA, Vegas and Miami, and all will pay license fees. A fourth opens in the Bahamas at SLS Lux at Baha Mar.
SBE also plans to give The One Group opportunities to open at least 10 of its own restaurants at SLS, Redbury or Hyde hotels over the next five years.
