Wilmer Valderrama

Wilmer Valderrama and Nick Lachey Opening Eatery

09/11/2007 at 03:25 PM EDT

Wilmer Valderrama and Nick Lachey Opening Eatery
Nick Lachey (left) and Wilmer Valderrama
Frank Micelotta/Getty

Nick Lachey

Nick Lachey

Move over, Jamie Oliver, Rachael Ray and Gordon Ramsay: Nick Lachey, Nicky Hilton and Wilmer Valderrama are also jumping into the kitchen.

"We're doing a restaurant in [Las] Vegas, called The Company, in the Luxor hotel," Valderrama, 27, told PEOPLE at Monday's John Varvatos show for New York's Fashion Week.

"It's a steak house," added the actor. "Really great. It's going to be really special for Vegas, a different flavor."

By that, Valderrama says he is referring to the "architecture, the chef, the vibe of the restaurant. There's a lot of great restaurants in Vegas, but this is exciting because it's a different branding, kind of next generation type things."

As for partnering with Lachey, 33, and Hilton, 23, he says, "Nick and I started talking about doing some stuff together, and Nicky's always been really sweet. Then we started talking to ... PURE [nightclub] management, and they gave me the opportunity to be part of this one."

The eatery is set to open "in a couple of months," says Valderrama, whose other current activities include "my clothing line, Calavena [which is] in Saks right now."

In terms of his screen career, "I just finished two films, one called Columbus Day, with Val Kilmer, and the other, called Days of Wrath, with Laurence Fishburne," he says.

And his love life? Admits the former squeeze of Mandy Moore and Lindsay Lohan: "No, no. I'm too busy, and if there was, I'm sure you would have heard about it right away."

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