I would be very offended by if it were called 'The Imperial East India Company'.

.. I take offense of the word colonial being used in an area that has been gentrified so fast and has driven outa diverse community. I know it's not the owner's fault that happened, the same way I wish I did not benefit from the genocide of Native Americans. Yes I still live on this land. BUT I am not disrespecting it by wearing a headdress!! There is a difference between doing something with respect for culture, and then appropriating something without thought to how it may affect others. 

This is what their business has done. 

If you want to open a business you should. But respect the context of the place you are moving in to. Have a dialogue with your neighbors. Don't  get defensive and basically make the argument 'I'm not racist, I have black friends.' 

 Sure, the owner may not be racist but the name chosen for this restaurant is racially and culturally inappropriate.