The competitor's site, which as Scott mentioned is very slow loading, has a lot of full-screen super HD photography, almost all in B&W with deep rich tones, which echo their restauranteur's "concept" of the intersection of fashion, iconography and cuisine. Most shots were done at night, to assure huge black density, and to heighten contrast in all cases.
The hard-to-read typography is intentionally chosen with very "elegant" and traditional and "chic" scripted typefaces, all of which support the subtext of the site, which is "exclusive", "not for the masses" "luxurious", and given that, the hard-to-read aspect of the chosen typeface may even be intentional (subtext support: forget practicality - we don't have to worry about readability - those who know our values will prefer our "quality" typeface).
The custom loading animation which directly takes the client's logo is a bit over large, and the "gold" gradients are over the top, but in context, where almost every other element in the site is black, grey or white, it lends a tone of opulence, which is their target message and audience: those who perceive opulence as desirable.
What I'm getting at here is that though I myself dislike the site, and I'm sure would dislike the experience of dining there, I think it's probable that the design captures the core of the client concept, and therefore also the original client brief to the designer.
There is nothing objectionable I see in your proposed design draft: it hits the expected notes as a site mockup for generic restaurant / hospitality experience X; ask yourself though - does that match your brief?
Was the client expecting more "wow" or "pizazz" or "pop" - all of which meaningless input designers roundly hate, but often understand: as in the competitor's site, which is in many ways lousy, but... which uses high contrast images, fullscreen emphasis on the images (their quality and not the site mechanics) muted tonal palette, a singular powerful accent colour with strong emotional connotations, weighted language and typography, all in careful unison to convey one singular idea: Exclusive Opulence.
Did you get some singular concepts or ideas from your client that can guide you in that same fashion?