DineEquity Inc. opened its first Applebee’s restaurant in Panama City on Dec 8.
The Glendale restaurant company said the new location is the first of five Applebee’s locations planned for the Central American nation within the next five years through an agreement with Collins Restaurant Group Inc.
Located at the Altaplaza Mall, the restaurant is expected to bring around 70 new jobs to the economy and an additional tax revenue and local spending on supplies, marketing, ingredients and other services.
“This opening represents our continued strategy of bringing our brands to Latin America and we are pleased to expand our relationship with our franchise Collins Restaurant Group Inc.,” Stephen Joyce, chief executive of DineEquity Inc., said in a statement.
Shares of DineEquity (DIN) closed Tuesday down 67 cents, or 1.3 percent, to $50.72 on the New York Stock Exchange.