IHOP, formerly known as The International House of Pancakes, is a United States based restaurant chain that specializes in breakfast foods. The chain is franchised and operated by Glendale, Calif. based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of DineEquity, Inc. Over 99% of IHOP restaurants are run by independent franchisees. The chain has more than 1,500 restaurants in all 50 states, the District of Columbia, Canada, Mexico, Guatemala, Puerto Rico and the U.S. Virgin Islands. While IHOP's focus is on breakfast foods such as pancakes, French toast and omelettes, it also offers a menu of lunch and dinner items.
On November 29, 2007 the corporate entity IHOP changed its name to DineEquity on May 28, 2008 following the purchase of the bar-and-grill chain Applebee's International, Inc. Applebee's had 1,943 restaurants worldwide at the time, including those operated by franchisees.
Pros:
- Leases call for increases, although amount and frequency vary
- Generally decent sized parcel of land (prefer .8 acres to 1.5 acres)
- Concept has been revitalized of late, creating a lot of new construction or complete remodels
Cons:
- Many sites are franchisee locations, with operator strength varying significantly
- Restaurant industry has seen volatility in performance and sales lately
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Jonathan Hipp
Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.
