Hooters Inks Global Real Estate Agreement
Hooters of America LLC has finalized an agreement with leading global commercial real estate services firm Colliers International. The firm will advise Hooters on real estate needs and provide strategic counsel as the iconic brand expands its contemporary concept store deployment both domestically and internationally. Colliers International’s Bob Browning, vice president for retail services, and Robert Hantgan, senior vice president, are managing the exclusive assignment.“We are thrilled to partner with Hooters of America to leverage the brand’s current real estate usage and build further momentum around its concept rollout both nationally and abroad,” says Browning, of Colliers. Additionally, Hantgan conveyed, “Colliers’ experience in market analysis, site selection, and overall management of retail and restaurant expansions complements Hooters’ long-term strategy for smart growth across the globe, and we look forward to advising on the company’s expansion.”
With more than 400 Hooters locations in 26 countries, the company is focused on increasing units and brand visibility in the U.S. and internationally, while successfully leveraging its real estate holdings. Hooters is investing a significant amount of time and capital into remodeling its existing U.S. locations with a new, contemporary comfort design concept that matches the fun-loving persona of the brand. Over the past 21 months, the company has remodeled nearly 60 corporate-owned restaurants with plans to maintain an aggressive pace for 2015 and continue at a rate of more than 25 remodels per year. From a centrally located bar area and comfortable booths and high back chairs, to sleek finishes and top-of-the-line AV packages, the modern aesthetics are designed to provide an exceptional dining experience from the moment guests walk through the doors. The new concept rollout is coupled with Hooters’ robust plans for strategic growth worldwide.
“Hooters is ramping up the development of new corporate-owned and franchise-operated units domestically and abroad. We are implementing an aggressive growth plan with the intent to open 150 new locations around the world in the next five years,” says Mark Whittle, senior vice president, global development, Hooters of America. “Partnering with a leading commercial real estate company like Colliers International was a strategic move for Hooters. We tremendously value Colliers’ global reach and expertise, balanced with the ability to act nimbly in local markets.”
Last year, the brand opened 10 new international locations and signed a development agreement to open 30 Hooters locations across Southeast Asia over the next six years, including the largest international location slated to open in Pattaya, Thailand, later this year. Domestically in 2015, Hooters announced the world’s largest Hooters is coming to the Palms Casino Resort in Las Vegas, and opened new locations in Douglasville, Georgia, and Morehead City, North Carolina.“Hooters is well positioned to capitalize on today’s rising trend of concept restaurant expansions as the brand uses a fine-tuned approach to growth that follows its corporate philosophy,” says Anjee Solanki, national director of retail services, Colliers International. “In our work with Hooters, we will leverage our extensive global and local teams to ensure target markets and sites present an ideal long-term match for the brand, while also propelling it for ongoing growth.”