Two Spokane restaurateurs have merged their operations into a holding company that soon will oversee six restaurants here, and say the new concern expects to launch an aggressive acquisition and development strategy that could include buying hotels and retail properties downtown.


The restaurateurs, Noel Macapagal and Eric Nagano, say they cant comment yet on what properties the new company, Northwest Islanders Hospitality Group LLC, will target, but say that they have their eyes on an upscale hotel, restaurants, and entertainment venues.


Macapagal owned Spokane Sushi LLC, which until the merger had operated the Raw Sushi & Island Grill downtown and Okane on the Hill, on the South Hill, as well as catering services. Nagano was a principal in Cuisine Northwest LLC, which had operated the Bluefish restaurant downtown, as well as the Artisan Room in the Ridpath Hotel and the food and beverage service at that downtown hotel.


Macapagal says the new company will proceed with Spokane Sushis plans to open a new restaurant and bar this summer on the east end of downtown to be called the Five-O Lounge, and also with Cuisine Northwests plans to open a restaurant to be called Soleil in the former Ankenys spot on the top floor of the Ridpath.


We put the group together so that, should development projects pop up, its a lot easier for us to pool our resources, he says.


Northwest Islanders Hospitality Group currently has about 250 employees and roughly $8.5 million in annual revenues, and is projected to have about $12 million in revenues within a year, excluding revenues from any acquisitions it makes, Macapagal says.


In the six months prior to the merger, which closed this week, Spokane Sushis revenues grew 250 percent, he says, adding that business at Bluefish also has been very strong. Macapagal and Nagano, who both are natives of Hawaii and have backgrounds in business development and hotel management, respectively, have been recruiting managers and lower-level staff from Hawaii and other places outside the Spokane area, as well as people here, to help run their combined operations.


The organic growth that weve had separately makes me think that market conditions are right, Macapagal says. More importantly, its the quality of talent weve put together that Id like to capitalize on right now and that makes me confident in this aggressive venture.


Contact Emily Brandler at (509) 344-1265 or via e-mail at emilyb@spokanejournal.com.