But what does "garanghelo" mean?

Garanghelo is a Venetian word whose origins have been lost in the mists of time. The famous Venetian playwright Carlo Godoni writes in "Il Campiello", a garanghelo is a gathering of friends. In the past it was organized and paid for by someone in the group, to stay together to eat and have fun.
In general, a garanghelo is a feast, a banquet, a pleasant stay with good food and drink. This is how Ostaria Garanghelo was named.