GLENDALE Calif. IHOP Corp. said it has agreed to sell 41 company-operated Applebee’s Neighborhood Grill & Bar restaurants to the brand’s largest franchisee, Apple American Group of San Francisco. Terms were not disclosed.
The units included in the transaction are located in Southern California and Nevada. Apple American Group currently operates 145 Applebee’s restaurants in eight states and had 2007 revenues of $380 million. IHOP did not say how many companies