Case Study: Restaurant/Entertainment Real
Global Dining, Inc.: Tokyo Comes to Beverly Hills
Global Dining, Inc. is a multi-million dollar Japanese restaurant
management company with 4 major brand names and 3 fine dining restaurants
for a total of 47 restaurants in Japan and the U.S. The company
wanted to bring their Gonpachi concept, a premier contemporary Japanese
restaurant in Japan, to Southern California. Global Dining, Inc.
President and CEO Kozo Hasagawa turned to Ira Spilky & Associates
to perform a site search for a restaurant real estate purchase and
to help create a detailed development plan.
Finding the Perfect Location
Ira began by studying the Gonpachi business model, familiarizing himself
with their branding, customer demographics, menu, restaurant size and more,
to develop a set of site location criteria. Global Dining's overall business
plan, including a desire for continued growth in the U.S., called for a real
estate purchase for their new restaurant, rather than a leasehold arrangement.
Once Ira fully understood Global Dining's requirements, he began an exhaustive
site search, drawing on his extensive industry network to identify likely
locations. Over a period of months, Ira took Mr. Hasagawa on several site
tours, until Ira found the site entirely suitable to the Gonpachi criteria:
a restaurant with land for sale, on Restaurant Row, La Cienega Boulevard
in Beverly Hills. Even better for Global's purposes, the location was directly
next to Lawry's, a steak restaurant enormously popular with Japanese tourists.
Creating the Win-Win Situation
Next, Ira represented Global Dining during the two-month purchase negotiations.
The seller was a Chicago-based restaurateur withdrawing from the Southern
California market. It was, in fact, the seller's representative, realty giant
CB Richard Ellis, who had approached Ira with the property. Because of Ira's
reputation as a consummate professional who works only with qualified clients,
he is regularly offered prime restaurant/entertainment properties. By bringing
together this buyer and seller in an arrangement beneficial to all parties,
Ira created a profitable Win-Win situation for all.
Assembling a Development Team for Success
Once the agreement had been finalized, Ira took on a management consultant
role for Global. Once again making use of his extensive industry knowledge,
Ira began designing a marketing plan and assembling a development team, including
an architect, kitchen designers, and general contractors for the redesign,
as well as a restaurant public relations specialist.
At the same time, Ira helped Mr. Hasagawa begin his integration
into the Beverly Hills business community, introducing the restaurateur
to the city's mayor and several city council members. With the development
team assembled by Ira operating smoothly, restaurant construction
is now moving full speed ahead, and Gonpachi Beverly Hills scheduled
to open in the fall of 2004.