The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced that STK Ibiza is now open in the Ibiza Corso Hotel and Spa at Marina Botafoch in Ibiza Town. This marks the restaurant’s first location in Spain, joining other European locations in London and Milan.
STK’s unique blend of a modern steakhouse and chic lounge in one is a natural fit for Ibiza’s world-class dining and nightlife options. The restaurant features two dining floors, as well as two private dining rooms, a main lounge and terrace with sweeping ocean views.
“STK Ibiza marks a big milestone for the brand and our company overall, as the 12th STK. We are thrilled to open our newest location on an island internationally known as a destination for the best in nightlife and entertainment,” said Jonathan Segal, CEO of The ONE Group. “STK Ibiza also provides an opportunity for the company to drive high margin licensing revenue at low capital cost—a significant part of our strategy as we continue to expand the STK brand.”
The ONE Group entered into a licensing agreement with Dubai based group Foxhole Holdings to develop the Ibiza property. The agreement includes a onetime entry fee, as well as ongoing royalties based on sales from the restaurant.
“We are pleased to begin this new relationship with The ONE Group to open the brand’s first location in Spain. The vibe and energy in Ibiza is the perfect match for STK and we believe STK will quickly become a popular dining and late night venue for holiday makers and locals alike,” said Charles Weaving, managing partner of Foxhole Holdings.
Additional STK restaurants currently in development in cities across the globe include Edinburgh, San Diego, Denver, Boston, Miami, Dallas, Austin, Puerto Rico and Toronto.