Stephen Starr Not Selling Off the Empire Quite Yet
It’s been rumored for months that restaurant mogul Stephen Starr has been looking to unload some of his properties to do some more exciting stuff, but the exact details were always a little murky. Would he sell off and build up? Would he ditch Philly and focus on Manhattan? But now, thanks to the wintry economic climate, Starr’s staying put, as he tells New York mag’s Gael Greene:
“We wanted a compatible partner to help grow the business aggressively. We talked to some people I didn’t feel were the right match for us.” Now, he agrees, is not the time to be looking for a deal. “I’m cool with that. That’s only slowed our pace for now. We have financing for a 120-room boutique hotel in Manhattan” — he’s not saying where — and a second in Philly. “I’m glad I didn’t get bought by a Sternlicht or some other huge company where it’s all about quick growth and not necessarily about quality and taste.”
For now, it looks like Starr will be tending to the many local projects he’s reportedly been sniffing.
Short order [Insatiable Critic]
Recession keeps Starr restaurants in the family [Grub Street]
Starr in the Sofitel [Food and Drinq]
March 28th, 2008 at 10:04 am
Has he stopped expanding in Atlantic City? That would make sense given the closing of Brulee at the Trop last summer and the recent reports that AC’s construction boom may die in the blueprints.