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Tilman Fertitta Will Drop $50M to Expand His Meaty Empire With Another Steakhouse Chain

The Houston Rockets owner has his sights on The Palm

Sacramento Kings v Houston Rockets Photo by Tim Warner/Getty Images

Owner of the NBA’s Houston Rockets Tilman Fertitta is poised to expand to his steakhouse empire. CultureMap Houston reports the Houston billionaire and his company Landry’s Inc., is making a $50 million deal to buy The Palm restaurant chain, which boasts 21 locations nationwide.

The Palm began in New York City in 1926, planting steakhouse locations across the country appealing to a power dining crowd. In 2019, The Palm’s parent company filed for Chapter 11 bankruptcy protection in Florida. Locally, The Palm boasts a Houston location at 6100 Westheimer Rd.

Fertitta’s been on a bit of a shopping spree for steakhouses. The owner of Mastro’s, Morton’s, Vic and Anthony’s, Strip House and Brenner’s acquired the Del Frisco’s steakhouse chain in September 2019.

“The Palm is one of the storied restaurant brands in America, and we are excited for this opportunity,” Fertitta said in a statement. “The Palm is a perfect complement to our portfolio of steak house concepts, including Mastro’s, Morton’s, and Del Frisco’s, among others.”

This deal still needs to received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, according to the Houston Chronicle.