Five-unit development agreement will expand IHOP presence in Ontario, Canada
IHOP will expand its presence in Ontario, Canada with a new development deal with K2 Group, based out of Toronto. Under the deal, K2 will open five locations in the next five years in Belleville, Hamilton, Waterloo, London and Windsor, Ontario.The agreement is headlined by an opening in Belleville at the 10 Acre Truck Stop in early 2022.
K2 Group holds investments in the hospitality, petroleum and real estate sectors. The landmark IHOP location was made possible after negotiations between Kailash Kasal, president of K2 Group, and Dine Brands International, the pancake chain’s parent.
The 10 Acre Truck Stop in Belleville was acquired by K2 last May. Significant investments by the firm have led to increased traffic and K2 executives are betting that another $2M CAD for construction of the upcoming IHOP restaurant will pay off.
The company noted the combination of IHOP’s diner-style menu and affordable prices as an additional impetus for investment in the new unit. The chain restaurant will further enhance the dining experience of truck-driving guests and the surrounding community. Plus, K2 will be able to offer employment to many of the associates that have worked at 10 Acre previously.
“We are pleased to push forward with our international expansion plans and believe working with K2 Group creates the perfect opportunity to successfully build and grow our portfolio across Ontario,” says Tony Moralejo, Dine Brands International president. “We are optimistic that the market is well-positioned to get back to its pre-pandemic growth momentum as we bring jobs, as well as our local and hand-made to order menu items to our Canadian neighbors.”
The Belleville IHOP will be the first location of the brand to open in Ontario outside of Niagara Falls. According to K2, construction of the restaurant begins this month, with a planned opening in February 2022.
Added Kasal, “Having a superb restaurant offering at the 10 Acre Truck Stop is crucial to ensuring our truckers and local customers have a place to come and gather. With more than 25 years in the hospitality business, we’re confident that we will thrive as we work to meet our guests where they are by providing an all-round exceptional experience and, of course, the world’s most famous pancakes.”
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