LOS ANGELES, Jan. 9, 2007 (PRIME NEWSWIRE) -- Signaling an accelerated expansion program, Grill Concepts, Inc. (Nasdaq:GRIL) today announced plans to open a Daily Grill restaurant in Austin, TX in mid-2007. The new restaurant will be featured along the upscale Main Street center of The Domain, a mixed-use retail, residential and office village slated to open in March 2007.
"We have begun to accelerate our expansion plans, as indicated by the recent increase in our credit facility to $12 million from $8 million," said Philip Gay, chief executive officer. "With the signing of this lease, we now have three new Daily Grill restaurant openings slated for the first half of 2007 - Memphis to open in April and Seattle and Austin to open during the summer of 2007. Given the success of our branded restaurant concepts, supported by a strengthened management team, more than ever, we believe the prospects for our company are strong."
The Austin Daily Grill will be one of several first class restaurants in The Domain. Construction is budgeted at $3 million for the 7,100 square foot company-owned restaurant, which will provide combined seating for more than 200 guests, plus an outdoor patio and featuring hand-crafted martinis and a large selection of wines.
Gay added: "The Domain is a prime example of our ideal location that serves as a perfect gathering spot for professional, local and visiting guests to enjoy freshly-prepared, made-from-scratch American cuisine. With the solid performance of our Houston Daily Grill, which opened in 2002, and The Grill on the Alley which opened earlier this year in Dallas, we look forward to expanding our existing presence in Texas."
Located in the heart of Austin, northwest of downtown, The Domain is expected to set a new lifestyle standard of shopping and entertainment to a market that ranks as one of the fastest-growing metropolitan areas in the country. The emerging 700,000 square foot village will be anchored by department stores Neiman Marcus and Macy's, as well as high-end retail shops, cafes and restaurants. With 75,000 square feet of premium office space and 400 residential apartments, the new community's attractions will also include a theater and a full-service hotel. The Domain is a project of Simon Property Group, Inc. with the retail properties to be managed by Simon Property Group, Inc.
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 five The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California, Chicago and Dallas, as well as 20 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 opening dates of the Austin, Memphis and Seattle Daily Grills and the construction cost of the Austin Daily Grill. 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.