In a move that further cements his reign as America’s most prominent restaurateur, Houston’s Tilman Fertitta announced that his company, Landry’s Inc., has agreed to purchase the storied Palm steakhouse chain.
The deal was made public on Friday, February 21 and is worth $50 million “plus assumption of certain liabilities and working capital,” according to Landry’s.
“The transaction will not close until there is final court approval,” said Landry’s general counsel, Steven L. Scheinthal, in a statement. “Tilman is tremendously excited at owning this brand, so we are highly confident that we will be the successful owner at the conclusion of this process, which we anticipate will end in mid-March.”
The Palm’s 21 locations stretch across the country, dotting cities such as New York City, Los Angeles, Miami, Las Vegas, Nashville, and of course, Houston. (President George H.W. Bush celebrated his 90th birthday there.) The once-beloved steakhouse chain fell on hard times and last year, its licensing company filed for Chapter 11 bankruptcy.
But, Fertitta counts himself as a fan of the brand, which launched in New York in 1926. “The Palm is one of the storied restaurant brands in America, and we are excited for this opportunity,” he said in a statement. “The Palm is a perfect complement to our portfolio of steak house concepts, including Mastro’s, Morton’s, and Del Frisco’s, among others.”
Indeed, the new purchase means that Fertita now owns a quartet of luxury steakhouses in the Galleria. In addition, the company also operates steakhouses under the Vic & Anthony's, Brenner's, and Strip House brands.
Fertitta is the sole owner of Fertitta Entertainment, Landry’s, the Golden Nugget Casinos and Hotels, and the NBA’s Houston Rockets. He is also familiar for his reality TV show, Billion Dollar Buyer, and his new book, Shut Up and Listen! Hard Business Truths That Will Help You Succeed.