Restaurateur HMSHost, a subsidiary of catering company Autogrill, has completed the takeover of fellow food and beverage (F&B) operator Concession Management Services (CMS) for US$36.8m.
The transition of the operations of 16 restaurants – 12 at Los Angeles International Airport (LAX) and four at McCarran International Airport in Las Vegas – is effective immediately. Yearly proceeds from the restaurants are expected to total approximately US$50m in 2016 with an estimated store cash flow of US$8m.
With this takeover, HMSHost, which already operates F&B locations in the two airports, will start operating new restaurants such as Panda Express, Marmalade Café, Rolling Stone Bar, Loteria Grill, BLD (Breakfast Lunch Dinner) and Wolfgang Puck in Los Angeles, as well as Einstein Bros. Bagels, 360 Gourmet Burritos, Baja Fresh and Carl’s Jr. in Las Vegas.
