Sponsored by VE Hospitality Group
Some hospitality companies adapt just to survive. Others change so they can delight current customers, attract new guests, and thrive in a time of economic uncertainty. Independent hospitality companies are especially known for their innovation, creativity, and ability to adapt. That’s been true for Vida & Estilo Hospitality Group, which recently expanded into the hotel business, was awarded Top Company honors by two publications, and announced plans for more growth.
VEHG, which opened its first restaurant, Oh! Mexico Restaurant in 1997 in Miami Beach, Florida, now operates 30-plus restaurants in South Florida and Las Vegas. The group recently expanded its holdings by acquiring two Miami Beach hotels: the 80-room, five-story Beacon South Beach Hotel on Ocean Drive and a boutique luxe hotel on Collins Avenue. Both acquisitions were in partnership with Nakash Holdings, a family-owned company that began with the fashion brand Jordache Jeans and over the years diversified into real estate, banking, and air travel, and owns a portfolio of hotels in Miami Beach, hotels and a vacation resort in Israel, and an office building in Washington, D.C.
Both Miami Beach hotels feature restaurants that will be owned and operated by VEHG and will offer a diverse range of culinary experiences. The acquisition is a logical move for a company that specializes in exceptional hospitality.
“This enables us to continue our business diversification process, strengthening the group's financial position and sustainability in the short and long term while significantly mitigating the risks to which we are exposed day by day,” says Matías Pesce, CEO of the Miami-based VEHG.
Favorable market opportunities
Pesce adds that the expansion into lodging enables VEHG to remain focused on existing and new customers, increase and diversify sources of revenue, generate consistent profit, and maintain a strong reputation in the market. “In our specific case we have found a favorable market opportunity and partners to start our jump into full hospitality mode,” he says.
This is an opportune time to jump into full hospitality mode, as people are eager to dine out and travel. According to the National Restaurant Association, consumers continued to spend on restaurant meals in September. The association, citing U.S. Census Bureau figures, reports that eating and drinking places registered total sales of $91.9 billion on a seasonally adjusted basis in September, up 0.9% from August. For the third quarter, consumer spending in restaurants increased 9.7% from the third quarter of 2022.
There are also positive trends on the hotel side of the hospitality industry. According to McKinsey & Company’s US Consumer Pulse Survey conducted in February and March, people are still willing to spend on travel despite economic uncertainty and concerns over saving. The report notes that travel spending is up 6%, even when adjusted for inflation, and is one of the top categories that consumers plan to splurge on.
Diversify for success
For Vida & Estilo, which translates to life and style in Spanish, this is the perfect time to leverage the brand’s expertise. “Nothing speaks better to the full hospitality experience than lodging and dining,” Pesce says. “The combination of accommodation and on-site dining services provides guests with the perfect combination and convenience, which will definitely impact the overall experience.”
Vida & Estilo Restaurant Group changed its name to Vida & Estilo Hospitality Group to reflect the brand’s mission, vision, and long-term strategy. “The core elements of customer satisfaction, efficient operations, and financial stability and profitability we pursue are universal indicators of success in both the restaurant business as well as the hospitality industry,” Pesce says.
Pesce adds that the name change, and the expansion of the group’s scope and services, will provide benefits that include diversification of revenue streams, adaptation to changing consumer preferences, increased resilience, better risk management, enhanced brand image, competitive advantage, and customer loyalty.
“For Vida & Estilo, this change doesn’t mean only a name change;” he says. “There are many relevant things involved and aligned with our mission, vision, and long-term strategy.” The change highlights the transition from successful food and beverage company to a comprehensive brand that now includes two additional new categories: real estate and the hotel business.
Industry awards
This year Vida & Estilo was named among the Top 25 America’s Most Influential Restaurant Groups by Nation’s Restaurant News. Also, South Florida Business Journal named VEHG one of the Top 50 Largest Employers in South Florida, and the highest ranked among three hospitality industry entrants included in the list.
VEHG has several restaurants in South Florida, including the five-location Havana 1957, the three-location Oh! Mexico Restaurant & Tequileria, one Oh! Mexico Taco Shop, Marabú Coal Fired Cuban Cuisine, the nightlife spot Barsecco, two Paperfish Sushi Bars, three locations of Cafe Americano, Mercato Della Pescheria Italian-Seafood Restaurant, the iconic News Café & three Cortadito Coffee House, with two more opening within the next months.
Before the end of the year, two more restaurants will be added to the portfolio: The Beacon on Ocean Drive, and Salty Flame in the Brickell area in Miami.
In Las Vegas, VEHG operates two locations of Cafe Americano that are 24-hour operations, at Caesars Palace & Paris Hotel, and Mercato Della Pescheria Italian-Seafood at the Grand Canal Shoppes, and will open the first Havana 1957 at the Flamingo Hotel in 2024.
