Grill Concepts (NASDAQ:GRILE)
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Grill Concepts Opens Newest Daily Grill Restaurant in Premiere
Downtown L.A. Location
LOS ANGELES, May 31 /PRNewswire-FirstCall/ -- Grill Concepts, Inc.
(NASDAQ:GRILE) today announced the opening of its newest Daily Grill restaurant
in downtown Los Angeles, expanding its presence in the Southern California area
to ten Daily Grills.
The company's 21st Daily Grill restaurant, budgeted at $2.2 million, is located
at 6th and Flower, one of the busiest and most vibrant intersections in the
downtown Los Angeles area, with a reported daily average of 80,000 cars passing
through the intersection. The company partnered with property manager Kennedy
Wilson Properties and its affiliates and signed a 15-year lease with two
five-year options for the 6,400 square-foot space.
"This is, perhaps, the first time I have actually looked forward to L.A.
traffic," said Robert Spivak, president and chief executive officer of Grill
Concepts. "We are thrilled about the prospects for our newest Daily Grill
restaurant, which is located in the heart of the downtown area, within walking
distance of office buildings, hotels, entertainment and cultural centers,
residences and other restaurants. We believe this location is ideal to draw a
diverse cross-section of patrons throughout the day and into the evening."
The Daily Grill restaurant in downtown Los Angeles seats 210 guests and
features a private dining room for up to 50 guests, a full-service bar and a
small sidewalk patio that seats 20 guests.
Spivak added, "Building on the momentum of our Santa Monica Daily Grill opened
in March of this year, we believe the downtown location is consistent with our
site selection strategy of targeting high-end, business-oriented complexes.
This restaurant should be well positioned to benefit from the city's ongoing
downtown urban renewal plans and become as much a fixture of the area as
gridlock traffic."
About Grill Concepts, Inc.
Grill Concepts owns and manages upscale casual and fine dining, full service
restaurants under two core brand names: The Grill on the Alley and Daily Grill.
The company operates 25 restaurants including four The Grill on the
Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California,
and Chicago, as well as 21 Daily Grill restaurants in Southern and Northern
California, the Washington, D.C. metropolitan region, Houston, Texas, Portland,
Oregon and Skokie, Illinois. This news release contains forward-looking
statements, which are based on current operations, plans and expectations.
Such statements include, but are not limited to, the company's ability to
continue expanding its restaurant network. Actual results may differ
materially from these statements due to risks and uncertainties beyond the
company's control, which are detailed from time to time in the company's
filings with the United States Securities and Exchange Commission.
CONTACTS: Philip Gay
Chief Financial Officer
Grill Concepts, Inc.
(310) 820-5559
Roger Pondel/Angie Yang
PondelWilkinson Inc.
(310) 279-5980
DATASOURCE: Grill Concepts, Inc.
CONTACT: Philip Gay, Chief Financial Officer of Grill Concepts, Inc.,
+1-310-820-5559; or Roger Pondel or Angie Yang, both of PondelWilkinson Inc.,
+1-310-279-5980, , for Grill Concepts, Inc.