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IHOP CORP. TO BUY 23 JB'S RESTAURANTS IN OREGON AND WASHINGTON

 IHOP CORP. TO BUY 23 JB'S RESTAURANTS IN OREGON AND WASHINGTON
 GLENDALE, Calif., July 22 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today announced a preliminary agreement for IHOP Corp. to acquire 23 JB's Restaurants in Oregon and Washington for approximately $4.5 million. This acquisition represents a significant expansion for IHOP in the Pacific Northwest.
 The transaction contemplates the acquisition of leasehold interests in 22 locations and the fee interest in one restaurant. The agreement is subject to certain conditions, including the preparation of definitive documentation which the parties plan to finalize within 20 days. The parties plan to close the transaction within 60 days.
 IHOP Corp. intends to convert all 23 units to the International House of Pancakes concept in about six months after the close of the transaction. Upon completion of the conversions, each restaurant should seat approximately 140 to 160 guests.
 IHOP Corp. currently operates 12 International House of Pancakes restaurants in the region, 11 in Washington and one in Oregon. After the acquisition and the conversion of the 23 JB's Restaurants, IHOP Corp. will operate a total of 35 restaurants, 19 in Washington and 16 in Oregon. IHOP currently operates 505 restaurants systemwide.
 Richard K. Herzer, chief executive of IHOP Corp. said, "This is a unique opportunity for IHOP Corp. to expand its concept in the Pacific Northwest. Our current units operating in these markets are doing very well, and, with this acquisition, we anticipate greater market penetration. We have previously been successful in acquiring and converting other concepts to International House of Pancakes restaurants."
 IHOP Corp. develops, franchises and operates International House of Pancakes restaurants, one of America's best-known national family restaurant chains. As of June 30, 1992, the IHOP system included 505 restaurants, 349 of which were operated by franchisees, 49 of which were operated by the company, and 107 of which were operated by area licensees. IHOP restaurants are located in 35 states, Canada and Japan, with the greatest concentration of restaurants in California, New York/New Jersey, Florida and Texas.
 -0- 7/22/92
 /CONTACT: Richard K. Herzer, CEO and Frederick G. Silny, VP- finance, of IHOP Corp., 818-240-6055/
 (IHOP) CO: IHOP Corp.; JB's Restaurants ST: California IN: LEI SU: TNM


JB-KJ -- LA020 -- 2135 07/22/92 17:03 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:377
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