News Releases by Category News by Country News by MSA All News for Today Browse News by Day News by Trackbacks All Press Releases for June 28, 2007 Subscribe to this News Feed Restaurant Brokerage Firm, The Prakas Group, Celebrates the Opening of Danny DeVito's Restaurant: The Florida-Based Firm Brokered the Deal between Restaurateur David Manero and DeVito South Beach, LLC Download this press release as an Adobe PDF document. Restaurant and nightclub brokerage firm, The Prakas Group, celebrated the opening of Danny DeVito's new restaurant in Miami recently. The Prakas Group was responsible for brokering the DeVito restaurant deal and news of the opening has thrust The Prakas Group back into the national spotlight after other high-profile deals in Las Vegas and Philadelphia.
(BusinessWire EON) June 28, 2007 -- I had owned 27 restaurants and nightclubs before starting the brokerage firm. I know the business and that's why people keep coming to me from all over the country, says Tom Prakas, President and owner of The Prakas Group. Last year we opened a second office in Orlando to meet demand and the two offices' combined ten field agents closed the year with 55 deals showing $70 million in revenues.
Initial news of the high profile DeVito deal broke in mid-2006 and was widely covered by national media. Shortly thereafter, the South Florida-based Falcone Group tapped Prakas to be the exclusive restaurant broker for their landmark Philadelphia project, Two Liberty Place. The restaurant, which is on the 37th floor, is slated to be the city's highest restaurant.
It was a great year for us. We closed over a deal a week and have expanded our reach outside of Florida It was a great year for us. We closed over a deal a week and have expanded our reach outside of Florida, says Prakas.
Putting together the DeVito deal really helped in that regard. The business of celebrity can really push the peripheral players into the national limelight. The Prakas Group recently ventured into the Las Vegas market with its client Taverna Opa who leased a restaurant space there for a total lease value of $7.
2 million. Prakas has been the exclusive restaurant broker for Taverna Opa since 2002. There are very few brokers out there who focus on the hospitality industry as more than simply real estate and actually know the ins and outs of the business, says Prakas.
Everyone on my staff has restaurant or nightclub operational experience. We even have a field rep dedicated to franchise work. It's that kind of understanding of the business that keeps us on top.
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