DineEquity to Sell off 63 Applebee’s Locations

DineEquity, Inc., parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, has agreed to sell 63 company-operated Applebee's restaurants to Apple American Group LLC. The $32 million deal covers Applebee's restaurants in Minnesota and parts of Wisconsin and is expected to close in the fourth quarter of 2010.

As a result of this transaction, 90 percent of DineEquity's 3,450 Applebee's and IHOP restaurants will be run by franchisees.

Apple American Group LLC currently owns and operates 206 Applebee's Neighborhood Grill & Bar restaurants in Ohio, Indiana, New Jersey, Delaware, Pennsylvania, West Virginia, Washington State, California and Nevada. With $520 million in sales and employing more than 14,000 people, Apple American is Applebee's largest franchisee, and is the 2nd largest franchise operator of any restaurant concept in the country.