IHOP to Expand in South America for First Time
Dine Brands International announced that it will bring the IHOP restaurant brand to South America for the first time through an agreement with new franchisee Percapitals S.A.C. to open 25 restaurants in Peru in the next 10 years.
IHOP, which was founded in 1958 and is celebrating its 60th anniversary this month, has been a global brand since 1969 and currently has restaurants in 13 countries and two U.S. territories. IHOP restaurants can be found in Canada, Mexico and Central America, the Middle East and Asia, but this deal represents the first time the brand will be introduced in South America.
"As part of our announced strategy to focus on development in Latin America, the Middle East and Asia, I am thrilled to see the IHOP brand launch in a new continent and especially in such a vibrant and exciting country as Peru," says Steve Joyce, CEO of Dine Brands Global, Inc. and president of Dine Brands International.
"At Dine Brands, we believe in uniting communities over great food and memorable dining experiences, at our restaurants all over the world. Bringing this vision to South America represents a truly historic step for the IHOP brand, and I am proud to be taking that step with our new franchisee, Percapitals S.A.C.," Joyce continues. "They truly share our passion for the brand, and our commitment to excellence, and I know they will bring the very best IHOP experience to our guests throughout Peru."
"We are delighted to bring the unique IHOP experience to the country. Peruvians have shown an outstanding affinity for great American brands, and IHOP is one of the truly great and unique brands with a long heritage of being a breakfast and American Diner leader, serving great menu items throughout the day," adds Alex Neira, CEO, Percapitals S.A.C. "We share the core values of the brand and we know Peruvians will really love IHOP's world-famous pancakes. For us, selecting IHOP, a globally loved brand and a leader in its category represents the perfect opportunity. IHOP is the best in breakfast, an Iconic American Brand and Peruvians deserve the best!"
The first IHOP restaurant is expected to open in mid to late 2019 in Lima, with an additional 24 restaurants expected to open throughout Peru in the next 10 years.
"We have had great acceptance with the IHOP brand throughout Latin America since we opened our first restaurant in Mexico in 2007, and we have seen the brand successfully expand into Central America with restaurants in Guatemala and Panama," says William Urrego, vice president and general manager, the Americas, Dine Brands. "Bringing IHOP to guests in South America for the first time by launching it in Peru is truly a momentous step forward for our brand. We look forward to being active members and contributors to the national economy through both the new jobs we will be creating and the local supplies, construction, produce and taxes we bring wherever and whenever we open new restaurants."
"Expansion throughout Latin America is a high priority for IHOP and finding highly qualified franchisees like Percapitals S.A.C. is key to executing that strategy," says Dan Lecocq, executive director, international development, Dine Brands. "We are pleased to take this next step toward our global growth and are actively looking to continue to expand throughout both Central and South America."