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ONE Group Hospitality
ONE Group Hospitality owns the STK, Kona Grill, and Benihana restaurant brands, operating a global portfolio of 170 venues via an asset-light model.
ONE Group Hospitality
ONE Group Hospitality was founded in 2004 as a single-restaurant concept before evolving into a global hospitality company that designs, owns, and operates high-energy destination restaurants, lounges, and hotels. The firm went public via a merger with a special purpose acquisition company in 2013 under then-CEO Jonathan Segal. Today the portfolio is anchored by two distinct full-service concepts: STK Steakhouse, a female-forward, modern steakhouse brand with a rooftop-and-DJ positioning, and Kona Grill, an upscale-casual concept offering American fare and sushi in polished settings. The company generates revenue through three channels: company-owned restaurants, licensed locations operated under management agreements, and food-and-beverage operations within managed hotels. The footprint spans North America, Europe, and the Middle East with approximately 60 venues. Managed and licensed locations outnumber owned sites, reflecting a deliberate shift toward an asset-light, fee-based model that improves return on invested capital. Known real-estate partners include Highgate Hotels for STK-branded F&B operations within lifestyle hotels. Seasonal menu rotations, data-driven marketing to a predominantly millennial and Gen Z female demographic, and high-traffic location selection define the operational playbook. In October 2024, the company completed its acquisition of Benihana from private equity firm Snow Phipps Group for $365 million—a transformative deal that nearly doubled the portfolio's unit count overnight and added the enterprise's first teppanyaki and sushi concepts (per the firm's official communications, March 2024 and October 2024). CEO Emanuel Hilario, who previously held finance and strategy roles at the company before ascending to the top position, now oversees an organization spanning four brands across roughly 170 global locations. The corporate headquarters remains in New York City. The structural edge sits in ONE Group's ability to generate stable, high-margin management-fee revenue from licensed venues while retaining the brand equity that attracts premium hotel and casino real-estate partners. Unlike pure franchisors, the company maintains stringent quality control over its Vibe Dining experience by operating both corporate locations and managed venues—giving it direct access to guest data and menu innovation cycles without carrying the full balance-sheet burden of a traditional restaurant owner.
General information
Firm type
Asset Manager
Year founded
2004
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Emanuel Hilario
President & CEO
Sector focus
Frequently asked questions
Who runs investment and strategic decisions at ONE Group Hospitality?
President and CEO Emanuel Hilario leads the company's strategic direction and capital allocation. Hilario joined ONE Group in 2012 as Director of Finance, rose to CFO, and became CEO in 2017, giving him over a decade of institutional knowledge for decisions such as the $365 million Benihana acquisition.
What is ONE Group's business model—does it own the restaurants or operate them for others?
The company uses a hybrid model that includes company-owned restaurants, managed licensed locations, and hotel food-and-beverage partnerships. Management and licensing agreements generate fee revenue without carrying the full real-estate and operating costs, which makes the enterprise more capital-efficient than a pure owner-operator.
How did ONE Group expand its restaurant portfolio beyond STK and Kona Grill?
In October 2024, ONE Group acquired Benihana Inc. from Snow Phipps Group for $365 million. The deal added 80 company-owned and 13 franchised Benihana teppanyaki and sushi units, nearly doubling the firm's total venue count and diversifying its culinary concepts overnight.
Where does ONE Group Hospitality operate geographically?
The portfolio spans North America, Europe, and the Middle East. STK locations cluster in US gateway cities such as New York, Miami, and Las Vegas, as well as international markets including London, Milan, and Dubai. The Benihana acquisition deepened the company's US presence substantially.
How does ONE Group generate returns from hotel partnerships?
The company partners with hotel owners—most notably Highgate Hotels—to operate STK-branded food and beverage outlets under long-term management contracts. This structure secures recurring fee income, places the brand inside high-traffic lifestyle hotels, and allows ONE Group to expand without heavy capital outlay for real estate.
What demographic does STK Steakhouse target, and how does that affect the business?
STK positions itself as a female-forward modern steakhouse, targeting millennial and Gen Z women with design, music, and cocktail programming that depart from the traditional male-skewed steakhouse model. This demographic focus informs marketing spend, menu development, and location selection—especially the emphasis on rooftop venues and DJ-curated soundtracks.
Is ONE Group a publicly traded company?
Yes, ONE Group Hospitality trades on the Nasdaq under the ticker STKS. The enterprise went public in 2013 through a merger with a special purpose acquisition company and has since expanded through organic brand growth and the Benihana acquisition.
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