IHOP parent DineEquity Inc., signed a multi-store development agreement with Trihop LLC that calls for 24 new locations in New York, New Jersey and Connecticut — including a flagship restaurant in the city’s bustling Times Square area.
“Times Square is missing that something special IHOP will bring,” said Ben Ashkenazy of Ashkenazy Acquisition Corp. and a managing member of Trihop. “And why stop at Times Square — we’re going to expand IHOP throughout the New York metropolitan area.”
Ashkenazy Acquisition Corp. is a New York-based real estate company and Ashkenazy, as principal, previously was a franchisee of Roy Roger’s Restaurants, IHOP said.
“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.”
IHOP in November passed the milestone of opening 1,500 stores, and the company said it has averaged more than 60 new franchise unit openings this year, despite the challenging economy.
Earlier this year IHOP officials said they also are targeting franchise growth in non-traditional locations. Aramark has pledged to open six express variants on college campuses that have been dubbed “IHOP U.”
The chain also is experimenting with a fast-casual version called IHOP Express, as well as an IHOP Café with a smaller footprint and heavier focus on coffee and specialty beverages.
DineEquity is based in Glendale, Calif.
Contact Lisa Jennings at [email protected].