IHOP to Open New Restaurants in Canada

IHOP announced Monday a new franchise deal with Canadian real estate developer K2 Group, with plans to develop at least five restaurants across Ontario over the next five years.The first location is scheduled to open at the 10 Acre Truck Stop in Belleville, Ontario, at the beginning of 2022. K2 Group acquired the truck stop in May 2021 and plans to invest $2 million into the development of the IHOP restaurant to serve the truck-driving guests.“We are pleased to push forward with our international expansion plans and believe working with K2 Group creates the perfect opportunity to successfully build and grow our portfolio across Ontario,” Tony Moralejo, president of Dine Brands Global Inc., the Glendale-based parent company of IHOP, said in a statement. “We are optimistic that the market is well-positioned to get back to its pre-pandemic growth momentum as we bring jobs, as well as our local and hand-made-to-order menu items to our Canadian neighbors.”IHOP Belleville will employ more than 60 staff and seat up to 184 guests. The franchise agreement calls for a minimum of five IHOP restaurant openings over the next five years in Belleville, Hamilton, Waterloo, London and Windsor, Ontario.Shares of Dine Brands (DIN) closed down $1.22, or 1.6 percent, to $76.14 on Monday on the New York Stock Exchage, while the Dow closed up a fraction of a percent.