IHOP Corp today announced that during the first quarter 2006 it signed a Multi-Store Development Agreement for international expansion in the state of Nuevo Leon in the country of Mexico. Franchisee Junior Foods, S.A. de C.V., a current operator of multiple Carl’s Jr. franchise restaurants throughout Nuevo Leon, Mexico, has agreed to develop six new IHOP restaurants over the next four years within Nuevo Leon, including the area of Monterrey. Junior Foods also acquired an option exercisable by 2010 to develop five IHOP restaurants over a five-year period, as well as a second option exercisable by 2015 to develop 10 IHOP restaurants over a 10-year period, both within Nuevo Leon, Mexico. In the United States, IHOP also secured additional Multi-Store and Single-Store Development Agreements during the first quarter 2006 for its franchisees to build 23 new IHOP restaurants over the next eleven years. These agreements provide for the development of new IHOP restaurants in the states of Arkansas, California, Connecticut, Georgia, Illinois, Mississippi, New Jersey, New York, Tennessee, Texas and Virginia.
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