{"id":3305,"date":"2026-06-22T09:35:26","date_gmt":"2026-06-22T09:35:26","guid":{"rendered":"https:\/\/bostonrelocationinsider.com\/?p=3305"},"modified":"2026-06-22T09:35:26","modified_gmt":"2026-06-22T09:35:26","slug":"why-luxury-steakhouses-are-such-big-business-in-boston","status":"publish","type":"post","link":"https:\/\/bostonrelocationinsider.com\/?p=3305","title":{"rendered":"Why luxury steakhouses are such big business in Boston"},"content":{"rendered":"
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W<\/span><\/span>hen Hawksmoor opens in Boston this fall, the celebrated London-based steakhouse operator won\u2019t be entering a market that\u2019s starving for beef. The 200-seat restaurant will join a growing crowd of more than two dozen steakhouses, all making the same bet that Boston can support yet another temple to cold martinis and dry-aged ribeyes.<\/span><\/span><\/p>\n

Read more Grading the Celtics\u2019 first-round draft picks of the last decade<\/a><\/p>\n

While many restaurants are struggling to make the economics work, steakhouses have emerged as one of the industry\u2019s most attractive categories. Investors are funding them, developers are helping bankroll them, and restaurateurs keep opening them. They\u2019re all convinced that Boston\u2019s expanding pool of wealth will embrace another wave of luxury dining.<\/span><\/p>\n<\/div>\n

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The evidence in favor of the steakhouse\u2019s success is everywhere. The Boston area has long had a roster of both independents and chains, like the iconic Grill 23 & Bar, Mooo, The Capital Grille, Rare at Encore, Del Frisco\u2019s, Frank\u2019s, Fogo de Ch\u00e3o, and STK. Abe & Louie\u2019s is a showy social hotspot, and Bogie\u2019s Place, hidden behind a downtown bar with a no-phones policy, an industry favorite. <\/span><\/p>\n

Now, both local and national brands are flooding the market. More recently, Boston has added Maple & Ash, Vermilion, The Zebra Room, and Prima Italian Steakhouse. More, such as Hawksmoor and Bar 23, are on the way.<\/span><\/p>\n

But even with Boston\u2019s affinity toward meat and potatoes, can the market really sustain such an extreme proliferation of steakhouses?<\/span><\/p>\n

Veteran operators like Chris Himmel, president of Himmel Hospitality Group, which owns Grill 23, believe the answer is yes. Diners have become more risk-averse since the pandemic, Himmel said, favoring dependable experiences over culinary experimentation.<\/span><\/p>\n

\u201cThey\u2019re saying, \u2018If I\u2019m going to spend my money, I want to make sure it\u2019s worth it\u2026. I don\u2019t want to spend $400 and roll the dice,\u2019\u201d said Himmel.<\/span><\/p>\n

Grill 23 has the elegant appeal of a bygone era: dark wood, stark white linens, tuxedo uniforms, and a wine cellar worth roughly $4 million. There are clear expectations of great service and high-quality food when you dine somewhere like this, making the investment of going out less risky. Even as consumers pull back elsewhere, reliability is paying off.<\/span><\/p>\n

Himmel\u2019s four restaurants each posted record sales last year. But Grill 23\u2019s numbers are especially strong, Himmel said, \u201csignificantly, significantly above\u201d those of 2019 \u2014 a rarity for restaurants in the post-pandemic world.<\/span><\/p>\n

Grill 23 is such a hit that \u201cbasically, we\u2019d be crazy not to take on a new adventure,\u201d said Himmel.<\/span><\/p>\n

That\u2019s why Himmel will soon expand to the flashy Seaport District, and open Bar 23, a mini version of Grill 23, as well as Le Boulevard, a French restaurant. Himmel isn\u2019t deterred by the new competition of steakhouses; Grill 23 can\u2019t rest on its laurels, he said. In an added flair of hospitality, his team built a small bar in the restaurant\u2019s wine cellar \u2014 which for years was closed off from the public. Sometimes, they\u2019ll surprise guests, and bring them down to the restaurant\u2019s depths after dinner for a nightcap.<\/span><\/p>\n

Boston\u2019s renewed love for steakhouses mirrors what\u2019s happening in New York City, said Dennis Tucinovic, who owns Delmonico\u2019s, the nearly 200-year-old Manhattan steakhouse. Behind the boom, he said, is a sure profit.<\/span><\/p>\n

\u201cSteakhouses tend to have strong average check sizes, reliable beverage programs, and broad demographic appeal,\u201d said Tucinovic. \u201cThey can work for corporate dinners, tourists, local regulars, and milestone celebrations. From an investor perspective, that makes the category feel more stable and scalable than trend-driven concepts that may have a shorter lifecycle.\u201d<\/span><\/p>\n

Roger Berkowitz, who long ran Legal Sea Foods and now owns Roger\u2019s Fish Co., argued steakhouses have few moving parts, recognizable economics, and a clear path to returns. Plus, they offer investors something aspirational.<\/span><\/p>\n

\u201cEveryone wants to own something hot,\u201d Berkowitz said. \u201cAnd investor bros want to have a piece of their own club.\u201d<\/span><\/p>\n

Himmel has secured roughly a dozen investors to back the Seaport expansion, raising \u201cless than a few million\u201d for Bar 23, he said, and between $3 to $4 million for Le Boulevard. Most backers are individuals who are Grill 23 regulars, he said, and some have supported the group\u2019s previous projects. While most backed both concepts, Himmel said the investors\u2019 excitement is mostly focused on the mini steakhouse.<\/span><\/p>\n

\u201cPeople were like, \u2018Great, I want to talk about Le Boulevard, but can we get back to Bar 23 for a second?\u2019\u201d<\/span><\/p>\n

The boom is happening, bafflingly, at a time when the cost of the main ingredient is skyrocketing. Median steak prices at Boston restaurants were up more than 8 percent in May compared last year, according to Toast data. Yet people are willing to pay.<\/span><\/p>\n

The surge in steakhouse concepts reflects a broader bifurcation within the restaurant industry, said R.J. Hottovy, who heads research at Placer.ai, which tracks foot-traffic analytics. Higher-income consumers are increasingly seeking \u201cpremium\u201d experiences, he said. \u201cThis demand has allowed the fine-dining category to outperform other sectors, despite rising costs.\u201d<\/span><\/p>\n

Steakhouses also provide an air of status and nostalgia. The average restaurant customer is getting older, noted Tufts University food economist William Masters, and the appeal of steakhouses is \u201clodged somewhere deep in the brain where we return as we age.<\/span><\/p>\n

Read more France restricts public alcohol consumption and outdoor sports as heat wave bakes parts of Europe<\/a><\/p>\n

\u201cSome younger people nowadays also like tuning in to more primal feelings, climate change and heart disease be damned,\u201d said Masters. <\/span><\/p>\n

Plus, he said, most diners can\u2019t afford so many fancy dinners these days, so higher-end restaurant owners pivot to \u201cwhatever signals indulgence to older rich people.\u201d<\/span><\/p>\n

One new Boston entry, Maple & Ash, leans heavily into the \u201cballer\u201d mindset. The Chicago-based chain opened in the Seaport this spring, and the menu includes fire-roasted seafood towers costing up to $300, a $225 porterhouse, a cocktail named for actress Syndey Sweeney, and a $175 tasting menu literally called \u201cI don\u2019t give a f*@k.\u201d Pair it with the \u201cIDGAF Old Fashioned\u201d cocktail for $75. It comes with 24-karat gold. At some of Maple & Ash\u2019s other locations, there are gold-plated Tommy guns cradling magnums of Champagne.<\/span><\/p>\n

Danny Grant, Maple & Ash\u2019s corporate chef and partner, admitted that the economics aren\u2019t obvious. In the US in general, \u201cmargins for a steakhouse right now are terrible,\u201d he said. \u201cI actually think a steakhouse in this economy is one of the most inappropriate genres of restaurants to be opening.\u201d <\/span><\/p>\n

But in Boston, he sees people who are willing to spend.<\/span><\/p>\n

\u201cI love seeing the bar full at 4 o\u2019clock on a Tuesday,\u201d Grant said. \u201cThese people are here to enjoy life, the finer things, have a drink after work, dive into really good food.\u201d To hook them, steakhouses now have to go beyond great meat and service. \u201cJust as important is the vibe and the feel, the music, the art, the way the lights flicker in the evening.\u201d<\/span><\/p>\n

Investors aren\u2019t the only ones taking risks on these restaurants. Developers, too, are finding ways to bankroll steakhouses, seeing food as an amenity that can help lease offices, attract residents, and elevate their properties.<\/span><\/p>\n

That\u2019s the case at the Winthrop Center, a billion-dollar downtown skyscraper that partnered with New York City chef John Fraser \u2014 known for his Michelin-starred vegetarian cooking \u2014 to run Vermilion, a 120-seat steakhouse with an extensive cocktail program. The building developers \u201cown the restaurant with me,\u201d said Fraser. \u201cIt\u2019s not a rent-type situation.\u201d<\/span><\/p>\n

When asked if he could have expanded to Boston without this partnership, Fraser was direct: \u201cNot at that stage. No.\u201d<\/span><\/p>\n

The forces fueling the steakhouse boom could also be the result of broader shifts in the local economy. For years, Boston has attracted wealthierresidents, new companies, and opulent housing. <\/span><\/p>\n

Massachusetts has long ranked among the states with the highest incomes, and its wealth is rising quickly. Seventeen municipalities reported median family incomes above $250,000, up from just eight towns five years ago, per recent census estimates. Out-of-state companies are taking note.<\/span><\/p>\n

Two years after opening Vermilion, Fraser calls Boston \u201ca sophisticated market\u201d that\u2019s hungry for more.<\/span><\/p>\n

\u201cSo many educated people [and] quiet wealth,\u201d said Fraser. \u201cThose people need places to go.\u201d<\/span><\/p>\n

Before the pandemic, steakhouses were largely fueled by corporate expense accounts and martini lunches. While operators say drunken business parties are much more tame these days, modern steakhouses are increasingly trying to attract younger people, women, and a social media-driven clientele that\u2019s searching for great vibes. That\u2019s the angle that Coje Management Group took when it recently opened The Zebra Room, a 42-seat steakhouse hidden behind a bookshelf at Yvonne\u2019s, its cocktail bar. Inside, diners dig into salt-crusted prime rib and a buttery baked lobster Savannah in a deep red dining room with flashy decor \u2014 including the head of a zebra named Hank \u2014 while waitstaff wear white tuxedos. Coje founder and CEO Christopher Jamison said the group spent $1.75 million to open it.<\/span><\/p>\n

The Zebra Room\u2019s buzz so far has been strong. Still, Jamison is realistic about the limits of the city\u2019s steakhouse fever: \u201cHow many seats can Boston actually support for that same general experience?\u201d<\/span><\/p>\n

Masters, the Tufts economist, is more blunt: \u201cLots of these steakhouses will fail.\u201d For him, it\u2019s just a question of which ones.<\/span><\/p>\n

\u201cThose who arrive late to the trend might be most at risk, unless they are dramatically better than the incumbents who have an established clientele,\u201d said Masters.<\/span><\/p>\n

While sipping a Sam Adams in a Seaport hotel lobby, Hawksmoor co-founder and CEO Will Beckett rattled off reasons he chose to expand to Massachusetts: a solid post-pandemic recovery, return-to-office momentum, growth in lucrative industries like the life sciences, and a belief that the Fort Point neighborhood, where Hawksmoor will reside, is having a moment.Also, he and his English cohorts \u201cjust really love Boston.\u201d<\/span><\/p>\n

Despite his excitement, Beckett acknowledged that the Boston Hawksmoor is entering a saturated market, and said it likely won\u2019t be an instant success.<\/span><\/p>\n

\u201cDo we come in here and think it\u2019s an instant slam dunk financially? Frankly, no,\u201d he said. \u201cBut this is a long-term bet on Boston.\u201d<\/span><\/p>\n

Read more Nestle executive relocates to Mass. to lead Ocean Spray as CEO<\/a><\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

New, ever-pricier steakhouses keep opening in Boston. 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