LOS ANGELES, Sept. 24, 2007 (PRIME NEWSWIRE) -- Making further progress on its accelerated growth strategy, Grill Concepts, Inc. (Nasdaq:GRIL) today announced plans for the company's sixth flagship Grill on the Alley restaurant to open in The Promenade at Westlake, located in Thousand Oaks, CA, in the Summer of 2008.
Construction for the Westlake Grill on the Alley, which will accommodate up to 200 guests in 7,700 square-feet of indoor and patio dining space, is budgeted to exceed $3.0 million, before tenant allowances. Grill Concepts signed a 10-year lease on the restaurant property, with one five-year option. Located on the corner of Westlake and Thousand Oaks Boulevard, the Westlake Grill on the Alley will serve a classic American menu of prime steaks, chops, fresh seafood, pasta and freshly prepared salads using home-cooking techniques and with fresh ingredients purchased daily.
"We are very excited to confirm the opening of our next Grill on the Alley in the Conejo Valley, northwest of the greater Los Angeles area," said Philip Gay, chief executive officer. "Highly acclaimed for its classic American grill fare, the original restaurant opened in Beverly Hills in 1984 and has become a staple of the power lunch scene. Celebrated as one of the Conejo Valley's most enjoyable retail centers, The Promenade at Westlake is a prime location with great demographics for us to extend our well-known, fine-dining restaurant concept."
The Promenade at Westlake, a Mediterranean-styled outdoor shopping and entertainment center, features 210,000 square feet of retail space and offers patrons some of the most respected merchants in the world, including Sur La Table, Barnes & Noble, m. Fredric, Restoration Hardware, David's Shoes and Bristol Farms.
"The Grill on the Alley is a premier restaurant that is very selectively expanding its locations," said Rick Caruso, president and chief executive officer of Caruso Affiliated. "It is an ideal fit as The Promenade at Westlake is at the center of a thriving community where discerning consumers seek fine dining opportunities."
Developed by Caruso Affiliated in 1996, The Promenade at Westlake has won multiple design awards, including 1997 Gold Nugget Award for the "Best Commercial Project for Retail," and the 1998 International Council of Shopping Centers 22nd International Design and Development Award for "Innovation Design and Construction of a New Project."
Caruso Affiliated is known for creating open-air community and regional retail environments that serve as local gathering places. Caruso's style has become a recognized brand within the retail industry and with Southern California residents and visitors, and the firm gained international recognition for The Grove in Los Angeles' Fairfax district. In addition to The Promenade at Westlake and The Grove, Caruso Affiliated owns The Commons at Calabasas, The Lakes at Thousand Oaks, The Village at Moorpark, Encino Marketplace and Waterside at Marina del Rey. Projects in development include The Americana at Brand in Glendale, The Shops at Santa Anita in Arcadia and The Village at Playa Vista in Marina del Rey.
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 27 restaurants including five The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California; Chicago, Illinois; and Dallas, Texas as well as 22 Daily Grill restaurants in Southern and Northern 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 and projected opening dates of restaurants. 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.