Ciprianis Smooth Things Over With the Bank, Plan Expansion

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Photo: Patrick McMullan

In its October issue, the Real Deal reported that the Ciprianis were due back in court tomorrow to resolve their $4 million dispute with Capital One. Sources noted that Cipriani posted a $3 million bond after the auction was halted to back up their outstanding Capital One debt, the Real Deal writes. Which indicates that Cipriani has the incentive to resolve the legal issues out of court. It looks like thats exactly what happened, because the Ciprianis now send us the following statement.

Cipriani USA today announced that it has ended its ongoing legal dispute with Capital One Bank. The Cipriani family released this statement: We are pleased that we have resolved our dispute with Capital One Bank. We look forward to continuing to provide our customers with the high quality service that has defined Cipriani all these years and are excited about our upcoming expansion in Abu Dhabi and Istanbul before the end of the year and Los Angeles in the spring.

Thats right, with the bank now out of their hair, the Ciprianis are expanding to Abu Dhabi, and the Real Deal reports that they also have three restaurants planned for Moscow, a hotel coming to So Paolo, and theyre opening a restaurant in Istanbul this month. In the rest of the world, the crash really wasn't as bad as it was [in the U.S.], explains Giuseppe. Guess not.