Ark Restaurants Corp. announced the finalization of its agreement to terminate the lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL. The agreement, initially made on November 26, 2024, saw the premises vacated on December 15, 2024.
In connection with this termination, Ark Hollywood/Tampa Investment LLC, a subsidiary in which Ark Restaurants holds a 65% interest, received a termination payment of $5,500,000. This transaction resulted in a gain, net of expenses, of $5,235,000, which was recorded during the 13 weeks ended December 28, 2024.
All obligations under the Tampa Food Court lease have ceased following the termination. Ark Hollywood/Tampa Investment LLC is expected to distribute approximately 35% of the net proceeds, after expenses, to its other equity holders during the second fiscal quarter of 2025.
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