GLENDALE, Calif., Dec. 21, 2016 /PRNewswire/ -- DineEquity,
Inc. (NYSE: DIN) announced plans today for a new location in
Detroit that will for the first
time leverage both its category leading brands, IHOP®
restaurants and Applebee's Grill and Bar® in one
restaurant destination to be at Millender Center in Detroit.
This innovative concept, which brings together the leader in
family dining—IHOP—and the leader in casual dining, Applebee's,
will be owned and operated by Applebee's franchisee TEAM Schostak
Family Restaurants (TSFR), a Livonia,
Michigan-based family-owned restaurant group with an
expansive portfolio of casual dining, quick service and family
dining restaurants throughout the state.
The location will incorporate the classic Applebee's menu that
has made it America's favorite neighborhood grill and bar for over
three and a half decades along with many of IHOP Restaurant's
freshly made signature breakfast foods and beverages, including the
brand's world-famous buttermilk pancakes, that have been served all
day, every day for nearly 60 years.
"With its creation in 2007, DineEquity brought together two of
America's most iconic brands, Applebee's and IHOP under one
franchisor—and now, ten years later, we are equally excited to
bring these two brands together for the first time under one roof,"
said Julia Stewart, chairman and CEO
of DineEquity, Inc. "We are grateful to our franchisee Mark Schostak and everyone at TSFR for leading
this new concept which represents a landmark in the history of
DineEquity and both our brands."
"As we continue to lead the way in the restaurant industry, TSFR
is proud to expand our portfolio by uniquely combining two
nationally recognized and family-oriented brands into one hybrid
restaurant in the City of
Detroit," said Schostak. "This expansion is a testament to
our commitment to the City of
Detroit and Michigan, and
it's aligned with our strategic growth plan. Applebee's is built on
the concept of being a neighborhood grill and bar, which is the
perfect complement to the welcoming, family-friendly environment
IHOP has delivered for nearly 60 years. We look forward to bringing
more jobs to our community and providing an elevated dining
experience to all restaurant guests."
TSFR hopes to begin construction in April, 2017, pending
municipal approvals, with the grand opening slated for late 2017.
The approximately 11,939-square-foot, 300-seat restaurant is
expected to employ more than 100 people and will be TSFR's second
Applebee's in the City of Detroit
and the first IHOP restaurant in the company's portfolio.
"Collaborating with TEAM Schostak Family Restaurants to bring
both Applebee's and IHOP to the GMRENCEN's expansive dining
portfolio demonstrates our commitment to providing a diverse
selection of meal options to suit building visitors, office workers
and Detroit residents' needs,"
said Claudia Killeen, manager of
Renaissance Center development, General Motors Company. "This
offers more selections for people as they can find breakfast, lunch
and dinner at a single location when they visit, work or stay in
Detroit's most iconic
building."
TSFR opened the City of
Detroit's first Applebee's in 2015, making it the first
national casual dining restaurant outside the city's central
business district and the company's 66th Applebee's
restaurant.
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 and IHOP brands.
With more than 3,700 restaurants combined in 18 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
www.dineequity.com.
About TEAM Schostak Family Restaurants
Livonia, Mich.-based TEAM
Schostak Family Restaurants is a family-owned restaurant group with
an expansive portfolio of casual dining, quick service and family
dining restaurants throughout the state of Michigan. With a commitment to quality
operations, TEAM Schostak Family Restaurants is an industry leader
in attracting, developing and retaining the most talented work
force that proudly delights its guests and sets an unmatched
standard of excellence. For the past three decades, TEAM Schostak
Family Restaurants has expanded its restaurant catalog to include
67 Applebee's, 25 Olga's Kitchen restaurants and four Del Taco
restaurants. In 2014, TSFR announced plans to launch 25 MOD Pizza
restaurants in Michigan and opened
its first five locations in 2015. For more information on TSFR and
its portfolio of restaurants, please visit
www.teamschostak.com.
About the GMRENCEN
One of Detroit's most iconic
skyscrapers, the GMRENCEN serves as the global headquarters
for General Motors Co. Located along the international riverfront
since 1977, the GMRENCEN reaches across 5.5 million square
feet of prime real estate and is divided into seven towers of
office, retail and lodging space. Welcoming more than 15,000
visitors and employees to the building each day, it provides an
array of dining, shopping and meeting opportunities, including
eateries like Andiamo Detroit Riverfront, Coach Insignia, and Joe
Muer Seafood, as well as the 71-story Detroit Marriott hotel, a
conference center and more. The building also hosts the annual
General Motors Rockin' on the Riverfront concert series each
summer. For more information, visit www.gmrencen.com. Connect
with the GMRENCEN on Facebook, Twitter, Instagram and Trip
Advisor.
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: our engagement in business in
foreign markets; our franchisees failure to fulfill their
contractual development obligations; inability of franchisees to
fund capital expenditures; 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; 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; 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.