LOS ANGELES, Jan. 30, 2008 (PRIME NEWSWIRE) -- Grill Concepts, Inc. (Nasdaq:GRIL) today announced three additions to its line-up of new restaurant openings planned through 2009, including Daily Grill restaurants in the Annapolis Town Center at Parole and The Westin Los Angeles Airport, as well as a new fast casual concept, coined In Short Order -- Daily Grill, in the Seattle Sheraton Hotel lobby.
"We continue to make great strides with our accelerated expansion strategy," said Philip Gay, chief executive officer. "In our first full year since initiating this plan, we opened four new Daily Grill restaurants in Memphis, Seattle, Austin and Fresno, and we are well on track to open our target of four to six new restaurants each year."
Located in one of the most affluent areas of Maryland, the Annapolis Towne Centre at Parole is a new mixed-use urban development on schedule to open later this year. Upon completion, the development is expected to have approximately 665,000 square feet of retail space, including Whole Foods and Target as anchor tenants, 900 residential units, 100,000 square feet of office space and a 200-room full-service hotel. The company signed a 10-year lease with two five-year options for the 6,900 square-feet plus patio Annapolis Daily Grill and has budgeted approximately $3 million for construction of the new restaurant expected to open in late 2008.
The company signed a 10-year lease agreement with two five-year options with the Westin Los Angeles Airport hotel. The new 7,000 square-feet plus patio Daily Grill will be located in the main lobby directly next to the entrance of the hotel with seating for up to 220 guests. In addition to serving breakfast, lunch and dinner, the restaurant will provide room service to the guests of the 740-room hotel. Budgeted at $3 million for construction, the LAX Westin Daily Grill is expected to open winter 2008/2009.
Newly developed as an upscale, fast casual concept, In Short Order -- Daily Grill will augment the company's presence in the recently expanded 1,253-room Seattle Sheraton where its Daily Grill restaurant already serves breakfast, lunch and dinner, provides room service for the hotel guests and services the hotel lobby lounge. Designed for guests on the go, the In Short Order -- Daily Grill menu will serve up soups, salads, beverages and desserts, and will feature the high quality ingredients and freshly prepared food synonymous with the Daily Grill brand. The company signed a five-year lease with a five-year option on the 400 square-foot property, expected to open in February 2008.
About Grill Concepts, Inc.
Grill Concepts owns, manages and licenses upscale casual and fine dining, full service restaurants under two core brand names: The Grill on the Alley and Daily Grill. The company operates 28 restaurants including five The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood and San Jose, California; Chicago, Illinois; and Dallas, Texas, as well as 23 Daily Grill restaurants in California; the Washington, D.C. metropolitan region; Houston and Austin, Texas; Portland, Oregon; Memphis, Tennessee and Seattle, Washington.
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, projected opening dates of restaurants and projected opening dates of restaurants currently under letters of intent and the expected construction cost of planned openings. 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 its filings with the United States Securities and Exchange Commission.