FOC HOSPITALITY LLC (“the “Company”) is newly organized in 2021 to acquire and hold all the member equity interests (excluding the capital interests) of S/III, JTO Hospitality and Raphael Francois in LARG, FOC Sycamore LLC, FOC La Brea LLC and any restaurant concept development and Management Agreements in the Hotels and certain restaurant projects involving well known chefs and managers.
All of the equity of the promoter interests of these managed projects will be contributed by the FOC Principals to the Company. The Company will take some limited direct capital risk in the entities. Individual Members of the Company may invest directly in the various entities. Management fees will be utilized to compensate the principals as determined by the Board of the Company.
Headquartered in the Mid-City area of Los Angeles, the Company, will use its expertise to incubate, finance, manage and expand its restaurant concepts. The restaurants may utilize chef partners for active day to day managers of their projects and the Company provides specific management services in the form of accounting, tax and cash management, marketing, purchasing, PR and social media management, human resources and legal oversight and strategic planning and expansion. The Company will initially outsource acing services to an independent accounting firm Stanley Price CPA.
The Company’s management team includes Bill Chait, who began in the restaurant business in 1985 with his purchase of Louises Italian Kitchen. He has subsequently opened over 40 additional restaurants which include the restaurants under the Sprout LA and Sprout II holding companies. He serves as the Managing Partner of the various projects.