NEW YORK, March 9, 2015 /PRNewswire/ — Latitude 360 (OTCQB:LATX) (http://latitude360.com) today announced that it has entered into a Franchise Agreement with Al Sedriyah, a restaurant and hospitality company based in Doha, Qatar. The deal enables Latitude 360, an upscale casual restaurant with a multi-dimensional entertainment platform to be able to expand its dynamic and unique Restaurant Brand into the Middle East. The initial agreement enables Al Sedriyah to franchise the Latitude 360 brand into the State of Qatar, which according to the World Bank is ranked as the highest GDP (PPP) per capita and the Kingdom of Saudi Arabia, ranked by the World Bank as the 9th highest GDP (PPP) per capita. Al Sedriyah also retains first right of refusal into Egypt and Turkey for potential future locations. Latitude 360 plans to continue its Franchising into the Middle East, which has an approximate population of almost 300 million with certain expansion plans already in the pipeline in the United Arab Emirates in order to create the “360 Experience”™ for many cities and cultures around the globe.
Latitude 360 Founder and CEO Brent Brown commented on the agreement, “We are very excited to partner with Al Sedriyah. They have a great vision for the Middle East and how to maximize the Latitude 360 Brand by customizing the experience to give the customers what they desire in both dining and entertainment. This Franchising Agreement, coming at an early stage of our development here in the U.S, is a testament to the potential growth of the Brand and the dedication and vision of the entire Latitude Team.”
Regarding the announcement, Al Sedriyah Managing Director Mark Boreham stated, “Latitude 360’s restaurant and entertainment platform will be a huge success in the Middle East. We look forward to a long successful relationship and are excited to participate in the growth of this young concept.” Mark Boreham, with a Michelin star and 5 star background from UK as a chef and GM, was brought into Al Sedriyah to develop and manage their new Food and Beverage Division. At Qatar Luxury Group he founded and operated The Anvil Room and La Varenne Restaurants while operating Guy Savoy’s Doha, Qatar restaurant location.
Financial terms of the agreement were not disclosed.
ABOUT AL SEDRIYAH
Al Sedriyah is the hospitality arm of Qatar Horizon investment, and is dedicated to working with proven and exciting brands in the high growth market of the Gulf and the wider region. Qatar Horizon has a range of investment interests covering real estate development; hotels, malls, large scale and multi-format residential, manufacturing, education and healthcare. Currently, our significant investments include a dual-format hotel establishment in collaboration with a global leading hotel chain. As a company we will have 6 restaurant brands in total of which Latitude 360 being our major franchise. All brands will be upscale casual or fine dining.
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