NeoVista Hospitality Faces Financial Losses and Senior Management Shakeup in Albany

NeoVista Hospitality has lost most of its senior management since August while struggling with financial losses, according to a report by the Times Union.

The company, which revived the Jack’s Oyster House brand late last year, has also temporarily closed two of its restaurants. More than 20 people have left the organization following a round of layoffs in July, which founder and CEO Kevin Yang attributed to a summer business slowdown, the Times Union reported.

The departures include several high-level roles. Nick Parker, the corporate culinary director, has moved to a new company founded by former NeoVista chief operating officer John Hwang. Other departing leaders include corporate beverage director Josh Turo, food and beverage operation manager Arnole Santos, executive catering chef Joe Schulte, and executive pastry chef Starla Bradshaw.

NeoVista’s aggressive growth strategy in downtown Albany appears to have outpaced its available capital. The company debuted four restaurant concepts in less than a year but is now restructuring. The company’s original vision, which was largely led by Hwang before his June resignation, reportedly included as many as eight restaurant brands and a massive five-story development on James Street intended for a supermarket, daycare, and children’s indoor playground.

NeoVista Hospitality Faces Financial Losses and Senior Management Shakeup in Albany — Photo: yahoo.com

That James Street property remains largely untouched. Similarly, a planned Jewish deli concept at 41 State St. has been scaled back to a limited lunch menu at Cafe 66. The financial pressure of maintaining multiple employees across several buildings during a slow business period made the previous model untenable, according to Patrick Toomey of business development.

Toomey, who serves as a spokesman for Yang, noted that the company has brought in an outside consultant to evaluate the business. Robb Finn, the owner of Saint Florian in Hudson, is currently advising NeoVista on staffing and financial challenges.

“With an outsider perspective, he’s been evaluating everything from the bottom up and inside out, and he advised (Yang) on some of these changes,” Toomey said.

The scale of the company’s recent footprint and the subsequent volatility highlights the high stakes of urban hospitality investment. When large-scale hospitality groups attempt to anchor downtown revitalization through multiple simultaneous openings, any delay in construction or dip in seasonal revenue can create a liquidity crisis.

The company is currently pivoting its remaining concepts to find more efficient ways to operate. At 60 State St., a former bank building, NeoVista has temporarily closed two Japanese concepts in the basement while determining their future.

The company is considering adding sushi to the small plates menu at Izakaya Kinko and is planning to transform the front space, previously known as The Vault Japanese Chophouse, into a cocktail lounge and bar.

The following table outlines the recent management and operational shifts reported by the Times Union and Yahoo News:

Role / Concept	Status / Change
Corporate Culinary Director	Nick Parker departed for a new company
Chief Operating Officer	John Hwang resigned in June
The Vault Japanese Chophouse	Being converted to a cocktail lounge
60 & 66 State St. Japanese concepts	Temporarily closed for maintenance/future planning

Communication challenges have also surfaced during this period of transition. The Times Union noted that the company’s social media manager was among those lost in the October staff reductions, resulting in a lack of public updates for the 60 and 66 State St. businesses since late September.

Despite the recent instability and the cost of the downtown foray, Yang remains committed to the capital city. Toomey stated that the CEO is not leaving and intends to maintain his investment in Albany.