GLENDALE, Calif. and
PANAMA CITY, Panama, May 23, 2016 /PRNewswire/ -- DineEquity,
Inc.® ("DineEquity"; NYSE:DIN), one of the world's largest full
service restaurant companies, will enter the Panama market with the first IHOP®
restaurant ("IHOP)" opening on May 23
in Panama City, it was announced today by Daniel del Olmo, President of International,
DineEquity Inc. The restaurant is one of six IHOP locations
planned for Panama during the next
five years under an agreement with franchise partner Collins Rada
Group Inc. and its affiliates.
Located in Costa del Este, Avenida Centenario, Rada Plaza, Ciudad de Panamá, the restaurant is
expected to bring 150 new jobs to the economy as well as additional
tax revenue and ongoing local spending on supplies, ingredients and
marketing and other services.
"We are delighted to bring the world famous IHOP menu and
hospitality to our guests in Panama," said del
Olmo. "We've been interested in being part of this
vibrant and growing market for some time, but wanted to ensure that
we found a franchise partner that shared our commitment to bringing
the very best of the brand to the country. We're confident
that with the Collins Rada Group, IHOP will bring its heritage of
'Spreading Happiness Since 1958' to this location and others to
come."
"We have been fans of IHOP's unparalleled breakfast offerings
and lunch and dinner entrees for years," said Wendy Collins, Collins Rada Group Inc. "We've
always felt that the unique IHOP experience and food would be a
great match for Panama and we are
delighted and excited to bring it here. We look forward to
many years of 'spreading happiness' in Panama City and around the
country and we are already actively looking for our next
location."
The IHOP restaurant will be the latest "California Heritage"
model which pays tribute to the brand's heritage given that the
first IHOP restaurant opened in Southern
California in 1958. The new design is part of an
innovative 360 degree brand evolution that also includes new brand
positioning and marketing, menu items and presentation and a
service culture that has been created as a result of the largest
international research study in the company's history, and is now
being implemented internationally. DineEquity franchises two
top brands that are leaders in their categories—Applebee's Grill
and Bar is a leader in the casual dining category and IHOP
restaurants is a leader in the family dining category. The last two
years have seen record growth internationally for both DineEquity's
brands both in terms of new restaurants in existing markets as well
as the addition of new countries and territories including
Indonesia, Guam, the
Philippines and now Panama.
The restaurant will seat approximately 205 guests and will be
open daily from 7:00 am to 11:00
pm.
ABOUT DINEEQUITY, INC.
Based in Glendale, California,
DineEquity, Inc. (NYSE: DIN), through its subsidiaries, franchises
and operates restaurants under the Applebee's Neighborhood Grill
& Bar brand and franchises and operates restaurants under the
IHOP brand. With more than 3,700 restaurants combined in 19
countries and U.S. territories and over 400 franchisees, DineEquity
is one of the largest full-service restaurant companies in the
world. For more information on DineEquity, visit the Company's Web
site located at www.dineequity.com.
ABOUT IHOP RESTAURANTS
For more than 57 years, IHOP has been a leader, innovator and
expert in all things breakfast, any time of day. The chain offers
65 different signature, fresh made-to-order breakfast options, a
wide selection of popular lunch and dinner items as well as meals
under 600 calories. IHOP restaurants offer guests an
affordable, everyday dining experience with warm and friendly
service. As of March 31, 2016,
there were 1,684 IHOP restaurants in 50 states and the District of Columbia, Puerto Rico and Guam as well as Canada, Mexico, Guatemala, the Kingdom of Saudi Arabia, Kuwait, the United
Arab Emirates, Bahrain,
Qatar and the Philippines.
IHOP restaurants are franchised and operated by Glendale, Calif.-based DineEquity, Inc. (NYSE:
DIN) and its affiliates.
Forward-Looking Statements
Statements contained in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by words such as "may," "will,"
"should," "expect," "anticipate," "believe," "estimate," "intend,"
"plan" and other similar expressions. These statements involve
known and unknown risks, uncertainties and other factors, which may
cause actual results to be materially different from those
expressed or implied in such statements. These factors include, but
are not limited to: the effect of general economic conditions; the
Company's indebtedness; risk of future impairment charges; trading
volatility and the price of the Company's common stock; the
Company's results in any given period differing from guidance
provided to the public; the highly competitive nature of the
restaurant business; the Company's business strategy failing to
achieve anticipated results; risks associated with the restaurant
industry; risks associated with locations of current and future
restaurants; rising costs for food commodities and utilities;
shortages or interruptions in the supply or delivery of food;
ineffective marketing and guest relationship initiatives and use of
social media; changing health or dietary preferences; our
engagement in business in foreign markets; harm to our brands'
reputation; litigation; third-party claims with respect to
intellectual property assets; environmental liability; liability
relating to employees; failure to comply with applicable laws and
regulations; failure to effectively implement restaurant
development plans; our dependence upon our franchisees;
concentration of Applebee's franchised restaurants in a limited
number of franchisees; credit risk from IHOP franchisees operating
under our previous business model; termination or non-renewal of
franchise agreements; franchisees breaching their franchise
agreements; insolvency proceedings involving franchisees; changes
in the number and quality of franchisees; inability of franchisees
to fund capital expenditures; heavy dependence on information
technology; the occurrence of cyber incidents or a deficiency in
our cybersecurity; failure to execute on a business continuity
plan; inability to attract and retain talented employees; risks
associated with retail brand initiatives; failure of our internal
controls; and other factors discussed from time to time in the
Company's Annual and Quarterly Reports on Forms 10-K and 10-Q and
in the Company's other filings with the Securities and Exchange
Commission. The forward-looking statements contained in this
release are made as of the date hereof and the Company assumes no
obligation to update or supplement any forward-looking
statements.
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SOURCE DineEquity, Inc.