IHOP announced that it has entered into a multi-store development agreement with Trihop, LLC to franchise and build new IHOP restaurants including a flagship location in Times Square. The initial development agreement calls for 24 new IHOP restaurants with an option to expand after that obligation is met. All the restaurants will be within the New York metropolitan area, including Manhattan and Queens; Fairfield, Connecticut; and the New Jersey counties of Bergen, Essex, Morris and Union.
"The New York metropolitan area presents a great expansion opportunity for IHOP and Trihop is our ideal partner given their recognized real estate expertise in that area," said Jean Birch, IHOP President. "Trihop's management team will leverage their experience beyond real estate, including their familiarity with franchises, as a multi-operator with Roy Roger's."
"Times Square is missing that something special IHOP will bring," said Ben Ashkenazy of Ashkenazy Acquisition Corp. and managing member of Trihop. "And why stop at Times Square -- we're going to expand IHOP throughout the New York metropolitan area."
The opening of traditional IHOPs, such as those to be opened by Trihop, is one of the key tactics in fulfilling IHOP's ongoing strategy to expand the brand's accessibility to new and current guests. IHOP opened their milestone 1,500th restaurant in November 2010, in Washington, D.C. and has averaged more than 60 new franchised IHOP openings in 2010 despite the challenging economy. With a franchise development pipeline of more than 300 restaurants, IHOP is well-positioned for continued growth in upcoming years. IHOP is also embarking on other growth opportunities, including the test of IHOP express restaurants and the licensing of the company's name for select retail products.
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