This is rare restaurant and bar opportunity doesn't come around but once every few years. This opportunity though will take certain skills to get into and we've priced is just for that! This is Mastro's style steakhouse needs Mastro's level management and ownership.
Here's what we need you to have:
1. Deep experience in high-end high volume fine dining restaurants.
2. Proven track record of success as your personal financial statement supports.
3. FICO score above 750.
4. Several hundred thousand in cash and investments as working capital and down payment.
If you have these, then you're going to love this opportunity and you're getting in at a very low price.
THE DEAL: This is a high-end steakhouse and a beautiful restaurant and bar - doesn't need to be steak though - but it needs to be high-end. It has a hard liquor license (but not part of the sale as it is part of the hotel), large bar area with entertainment and dancing seating 120; private rooms seating up to 50; wine room seating 14; a large dining area seating 120 plus access to 5,000 Sq. Ft. banquet room (dividable into 5 rooms). The restaurant provides room service to the hotel with limited hours and services banquets and seminars held at the hotel - but this may not be exclusive and will need to be negotiated with landlord.
This is a 250 room hotel with a classic Spanish look and feel. The owners recently purchase the hotel and are in the process a complete renovation, turning this hotel into a classic upscale retro hotel destination.
The property is beautiful and the restaurant and bar area is grand, in great shape and ready for an experienced operator to get it roaring back to its great days! The restaurant, room service and banquets are already grossing more than $100,000 a month with some months approaching $180,000.
The restaurant, although clearly separated from the Hotel, is in a classy with a recently replaced roof and HVAC units as well.
THE LEASE: Here is the great news. The rent is only $10,000 plus NNN for this 9,600 Sq. Ft. Restaurant and bar. There's also access to a 5,000 Sq. Ft. banquet room as well as exclusive on room service. It is a percentage rent of 6% of gross sales or $10,000, whatever is greater.
KITCHEN: The kitchen is designed for high volume, is clean and currently staffed.
BARS & DINING: There are two bars areas plus a wine room. One bar area is very large holding 120+ people, perfect for a meeting place after work. Another bar area is perfect for small parties while the wine room makes for a great conference meeting room or wine sampling dinners. There is dining for a total of about 304 people. There is also an outside patio for guest to enjoy.
LIQUOR LICENSE: As this is a hotel property, the liquor license is not part of the purchase; rather the buyer will be placed on the liquor license in order to use it for the restaurant and bar. the Restaurant will need a separate insurance policy.
CURRENT FINANCIAL PERFORMANCE: Restaurant and bar revenues are a bit more than $100,000 a month, but they just started the entertainment at the bar and sales are doing great!
ENTERTAINMENT PERMIT: The hotel owners recently reactivated an entertainment permit, but you'll have to go through the process of getting one yourself as they are unique to each owner.
REASON FOR SELLING: Owners are not restaurant operators; rather they are hotel operators and they understand the restaurant needs a strong operator to reach its potential and service the hotel well.
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