Restaurants

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Assessment Evaluation of Restaurants

April 14th, 2010 | Author: admin

Many restaurant owners have been shocked to learn that they are unable to sell or lease their restaurant property for an amount equal to its tax assessment value. The market value of a recently built restaurant is usually less than its construction cost. When an owner attempts to set a sales price or lease rate, he is unable to recoup his costs. Excess property taxes result from improper use of the cost approach to market value.The cost approach is an excellent valuation methodology for some types of new properties. It works better for properties that can be utilized by a large number of users without alteration as opposed to special-use properties. Apartment complexes are an example of properties where multiple users can use the same property with few, if any, alterations. Restaurants are a category where extensive renovations are typically required to convert a restaurant from use by one operator to use by another operator. This is particularly true where chain restaurants are involved. For example, how much would it cost to convert a restaurant built for McDonald’s to be used by Pizza Hutt rome information

Randy Dishongh, of the Mason Jar Restaurant Group, recently purchased a 8,250 square foot restaurant that has been used by another operator and altered for use by his firm. It cost 0,000 (.48 per square foot0 to convert the restaurant. Phil Kensinger, of Kensinger & Company, recently purchased an 8,000 square foot restaurant that cost 0,000 (.50 per square foot) to convert his tenant’s requirements. Kensinger reports, “improvement in a restaurant built-to-suit often has little or no value to a successor tenant.”Part of the business value developed by restaurants is dependent upon a distinctive architecture that is recognizable to restaurant patrons, who believe they can expect a reliable quality of food and service for a set price at this establishment. It is important to restaurant operators that all operating units have this recognizable architecture. It is the primary reason large restaurant operators such as McDonald’s, Pizza Hut, and Whataburger have distinctive restaurant design with distinctive signage.Signage is a good example of one of the high-cost conversion items. McDonald’s golden arches are distinctive and well serve the purpose of announcing to its patrons the presence of the McDonald’s restaurant. However, they are not easily converted for use by another restaurant, perhaps not even with extensive conversion costs. The same is true for changing the elevation (exterior appearance), interior layouts and redoing the interior finish.

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Ark restaurants corp

March 30th, 2010 | Author: admin

Ark restaurants corp

Ark restaurants corp

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Home Page > Education > College and University > Ark restaurants corp

Ark restaurants corp

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Posted: Feb 15, 2011 |Comments: 0
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Introduction

Ark restaurants corp. is one of world’s leading restaurants operator with its headquarters in New York. The Ark restaurants corp. is a holding company; where through its subsidiaries operated a chain of restaurants, corporate dining facilities and bakeries. In the year 1996, the company was operating, 26 restaurants, 2 corporate dining facilities, and 2 bakeries. As at the year 1996, ark restaurants corp. only operated in New York but as time passed by it opened more restaurants in various parts of America, Asia and Europe. For instance, in the year 1997, a new Las Vegas hotel and casino was opened which would serve more than 25,000 people a day. Ark restaurants are really the place to be and have yielded a lot of trust among its customers thus able to capture a large percentage of the market in the restaurants and fast foods sector (Ark Restaurants Corp., 2010).

The following discussion will entail a critical analysis of Ark restaurants corp. from a food service management point of view. To begin with, the analysis on the company’s history will reveal present and past status. This will entail ark restaurant’s strategic business goals and objectives as well as the efforts in attaining the goals. Additionally, a comprehensive market analysis on the operations of the ark restaurants corp. will reveal the company’s; market niche, weaknesses, competition, and strengths. These are the major factors determining the company’s success in the market and will be given maximum attention. A point worth of consideration is that, a thorough analysis of the ark restaurant’s menu will be analyzed and a concrete critique given on its worth. Additionally, analysis of the aspect of human resource management will also of great significance. After addressing this individual sections of the ark restaurant corp., a comprehensive conclusion will be established which will give the ultimate analysis and critique (Ark Restaurants Corp., 2010).

History and development of the ark restaurants corp.

Ark restaurant started in 1975 as a small museum café in Manhattan’s Upper West Side. It was started by Michael Weinstein and two of his friends, after the sickness of Michael Weinstein’s friend he took the full control of the restaurant. After devotion of tireless efforts, Michael Weinstein was able to open another restaurant in Upper West Side and Midtown in the year 1977 and 1982 respectively. In the year 1983, Ernest Bogen and Weinstein formed the ark restaurants as holding company. At this time, four restaurants were operational and they made it public. In the following year, the company opened 5 new restaurants and the revenue increased drastically to more than million. The two partners resorted in sharing the stock; whereby Bogen sold much of his share to the public (Ark Restaurants Corp., 2010).

A series of restaurants were opened at the period 1982 and 1995 in various locations. Most evident was the 300-seat Ernie’s which was located in Upper West Side and specialized in Italian food. With increasing popularity of the Ernie’s, it started to deal with America food thus making it even more popular. At this time the revenues increased significantly; with Ernie’s contributing more than a quarter of total revenues. Significant development was realized in the year 1985 when, ark restaurants made the initial public offer. This led to an influx in revenues and led to an intensive venture in metropolitan areas in New Jersey Suburbs. Most significant was the opening of Albuquerque Eats in Englewood, America’s Diner in Verona, America Eats in Paramus, and Ernie’s in Hackensack (Ark Restaurants Corp., 2010).

In 1994, a break through into the fine dining was initiated after Ark restaurant partnered with an American place following the purchase of Lutèce. In the consequent years, ark restaurant corp. opened more restaurants in Washington thus making it more popular and doubling its revenues. Though there have been many challenges at the early years which included petty thievery and market storms; the company enjoyed employee loyalty which impacted positively on its performance (Ark Restaurants Corp., 2010).

At present the company receives global recognition and stands to be the restaurant of choice to many people. The ark restaurant corp. has very sustainable culture and vision which has made it sail in the market. In this regard, it is an exceptional company on a mission to offer the best restaurant services to the people. The ark restaurants works on the principles of prioritizing the people, ensuring integrity, striving for customer loyalty, and quality and efficient services to the people (Ark Restaurants Corp., 2010).

Ark restaurant strategic business plan

The business strategy for Ark restaurant corp. is to operate distinctively designed restaurants and providing the most efficient services in the food and beverage industry. With regard to the ark restaurant corp. vision, its main vision is to offer the best hotel services in the world while maintaining customer’s satisfaction and loyalty. This is most evident through the vastly visible upscale locations which include favorable restaurant seats ration. This makes the company well positioned in the industry; thus able to attract more customers. The use of partnership has been a powerful tool by the ark restaurants in enhancing their infrastructural developments. In relation with this, ark prefers landlords and partners in financing its projects and subsidizing its constructions. By so doing, the company ensures that its facilities and infrastructure is the best thus able to thrive in the market (Ark Restaurants Corp., 2010).

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ark restaurants corp, ark restaurant strategic business plan, history and development of the ark restaurants corp

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