GLENDALE, CA-DineEquity, Inc., the operator and franchisor of Applebee's Neighborhood Grill & Bar and IHOP restaurants, has entered into a purchase agreement with American Franchise Capital, LLC for the sale of 33 company-operated Applebee's. The deal, which is expected to be closed in Q3 2012, will result in net proceeds of roughly $26 million.
The restaurants are located in Indiana and Missouri. Since taking Applebee's International in 2007, the Glendale-based operator has sold 342 company-operated restaurants. For the full story, go to San Fernando Valley Business Journal .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.