The ONE Group has announced the signing of a license agreement to open two STK locations in Puerto Rico, within the Condado Vanderbilt Hotel in San Juan.
The STK restaurant will be approximately 8,000sq ft, including a new extension to the hotel, which will provide additional street frontage. Construction is expected to begin this November 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.
STK Beach will open for lunch and dinner on the hotel’s beach, featuring water views and a pool. The restaurant will provide elements of a traditional STK—great music, a social vibe—in a relaxed, outdoor setting.
“We are excited to open an STK restaurant and STK Beach in Condado, the epicenter of San Juan’s luxury shopping, dining and entertainment. 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,” said Jonathan Segal, chief executive of The ONE Group. “Similar to STK Ibiza, this location will require no capital contribution while driving high-margin revenue, an integral part of our ambitious growth plan.”
The agreement includes a license fee and a share of the gross revenue and profit of the restaurants.
Additional STK restaurants currently in development in cities across the globe include Edinburgh, San Diego, Denver, Boston, Miami, Dallas, Austin and Toronto.