Some of Washington's most popular restaurants, including the Old Ebbitt Grill, are changing hands. ... [+]
For generations, the Graham Family owned the Washington Post, before selling it to Jeff Bezos in 2013.
Now, the Grahams have bought the Washington, DC restaurants where many of its journalists hang out — along with government officials, tourists and locals.
On Thursday, Graham Holdings Company, previously the Washington Post Company, bought the Clyde's Group, one of Washington's best known collections of restaurants.
The purchase price wasn't disclosed, according to Restaurant Business, an industry trade publication.
The Clyde's Group includes eight Clyde's restaurants, popular places around DC for brunch, lunch and dinner, and five other restaurants.
The jewel of the group is the Old Ebbitt Grill, a stone's throw from the White House, the Treasury Department, and the National Press Club.
The Old Ebbitt, as denizens call it, is a perennial gathering spot after events in the nation's capitol. It attracts visitors and locals alike to its old-school surroundings.
It is considered Washington's oldest bar, with a tavern under the Ebbitt name since 1856.
But the Old Ebbitt is more than a place for history detectives. It ranks No. 5 among the nation's top-grossing independent restaurants, according to Restaurant Business' annual list.
The Old Ebbitt achieves annual revenue of close to $34 million, Restaurant Business says. It is outranked only by Tao Downtown and Carmine's in New York, Joe's Stone Crab in Miami Beach, and Tao Las Vegas.
The average check at the Old Ebbitt is $72, the publication calculates.
The Clyde's Group also includes other restaurants such as 1789, The Tombs and The Hamilton.
The future of the group had been in doubt since the death in January of its long-time CEO, John Laytham, a visible figure in Washington.
He began with the group in 1963 as a dishwasher in the original Clyde's, a fixture on M Street NW in Georgetown.
(I've eaten at Clyde's many times since I was a White House intern, graduating to the Old Ebbitt when I became a Washington reporter.)
Graham Holdings, the family's investment arm, is chaired by Donald Graham. He is the son of the late Philip and Katherine Graham, who became the Washington Post's legendary publisher upon her husband's death.
Graham Holdings has a number of business units, including publishing, media, manufacturing and a number of online holdings. The Clyde's purchase seems to be its first venture into the restaurant business.
“For 56 years, Clyde’s Restaurant Group has served the Washington, D.C., area and has built a great business based on our commitment to quality and service,” Tom Meyer, Graham Holdings' CEO, said in a statement.
Graham "is well suited to be the new steward of the Clyde’s brands in that we share the same values and dedication to the region," the statement went on. "We are excited to join such a well-respected company and equally excited about the future.”
