So now that we’re officially in a recession, the Stephen Starr restaurant empire has been effected. Gael Greene reports that Starr’s plans to bring in outside investors and buyers to his properties is on hold:
The investment cash freeze may have chilled Stephen Starr’s efforts to sell off part of his restaurant fiefdom in Philadelphia, Manhattan and Atlantic City – multiple Morimotos, Buddakans, Striped Bass, Tangerine, Pod, Alma de Cuba and more. “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.
Short Order [Gael Greene]