History
The original Capital Grille was founded by Edward P. "Ned" Grace III, in Providence, Rhode Island in 1990. The opening was curious for several reasons: the upscale steakhouse contrasted with the then-rundown downtown area of Providence, and the opening occurred amidst an ongoing recession. Grace envisioned the restaurant being popular with business and political elite, and proved to be accurate. Seven years after opening, the original location pulled in over $4 million in annual sales.
Under the leadership of Grace's Bugaboo Creek Steak House Inc. (the name of Grace's other chain), the chain expanded to several major markets. By 1996, The Capital Grille had locations in Washington, D.C. and Boston. In 1997, aided by a $20 million credit line from two banks, it expanded with four more locations. Bugaboo Creek Steak House Inc. went public in 1994, and later changed its name to RARE Hospitality International, Inc. According to The Washington Business Journal, the chain was acquired by Darden Restaurants as a "part of a $1.19 billion acquisition of RARE Hospitality in 2007".
The Capital Grille operates under the Specialty Restaurant Group division of Darden.
Read more about this topic: The Capital Grille
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