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More IHOP Restaurants Planned for Youngstown Market
GLENDALE, Calif. -- Restaurant developer David Paradise and his partners have signed agreements to develop five IHOP restaurants in Youngstown and Cleveland markets over the next 18 months and acquire five existing IHOP restaurants from other franchisees.Currently, IHOP restaurants are located in Niles and Boardman.Through a second multi-store development agreement, Paradise plans to develop 35 more restaurants in the Youngstown and Cleveland markets and throughout Kentucky over the next eight years. This option must be exercised by January 2006."This development agreement and option provide us with an excellent opportunity to add a layer to our existing restaurant operations and diversify our holdings into another category of the foodservice business," Paradise says. "IHOP is a terrific brand that has produced impressive same-store sales results over the past 18 months." Paradise and his partners currently own and operate 56 Taco Bell restaurants in Alabama, Florida, Louisiana and Mississippi, and 13 Applebee's Neighborhood Bar & Grill restaurants in Louisiana. "I have known David for many years and respect his skills as a restaurant developer and operator," says Julia A. Stewart, chief executive officer of IHOP Corp. "He will be opening new IHOP restaurants in two under-penetrated markets in Ohio and, if he exercises his option, will bring IHOP restaurants to the Kentucky market for the first time in IHOP's history."The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. As of June 30, there were 1,167 IHOP restaurants in 48 states and Canada.Visit IHOP Corp.: www.ihop.com "