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December 11, 2009

Tavern on the Green Restaurant Brand Name Worth $19 million

I am fascinated by the fact that the name "Tavern on the Green" seems to be worth more than the restaurant itself.

The Le Roy family, who has owned the restaurant for decades, filed for bankruptcy protection in September, but now its landlord, The City of New York, is now selling it off.

However, the name, as it turns out, might be worth as much as $19 million, more than enough to pay the $8 million owed on the place. That's more than the value of Circuit City's name.

New York seems to feel they have rights to the name as part of the bankruptcy protection deal, but the Le Roys have noted that they trademarked it in 1981 (the restaurant's name goes back to 1934). Just to be on the safe side, New York also has rights to an alternate name: "Tavern on the Park."

The San Francisco Public Library Patent and Trademark Blog says this is a great example of just how valuable intellectual property can be. And make no mistake, the Tavern on the Green name has serious equity. It could, for instance, easily be turned into a franchise that has nothing to do with Central Park.

I would hope the Le Roys manage to hold on to it.

Technorati Tags: Tavern on the Green, Tavern on the Park, Brand Name For Sale, Restaurant Brand Names, Restaurant Naming

Posted by William Lozito at December 11, 2009 9:21 AM
Posted to Brand Naming | Branding | Company Naming | Naming | Naming Rights | Trademarking

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