IHOP, formerly known as The International House of Pancakes, is a United States based restaurant chain that specializes in breakfast foods.
The majority of IHOP restaurants are operated by franchisees requiring investors to look carefully at each locations sales and guarantors strength. There is great net lease appeal in the IHOP locations. The prototypical IHOP is a 4,500 square foot building on 1 acre of land. These locations can be easily converted into another casual dining location if IHOP were to vacate.
IHOP is franchised and operated by Glendale, California based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of DineEquity, Inc. DineEquity also owns the Applebee's concept. As of December 31, 2017, all of IHOP's 1,786 restaurants were operated by franchisees. 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.