Meritage Signs Development Agreement to Build 40 New Wendy's Restaurants
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., June 21, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today announced it has entered into a Development Agreement with Wendy’s under the Groundbreaking Incentive Program to develop 40 new Wendy’s restaurants. Under terms of the Development Agreement the Company will develop 40 new Wendy’s restaurants by the end of 2024 and receive significant economic incentives provided under the Groundbreaking Incentive Program, which includes royalty and national marketing fee relief. The development and incentive programs are subject to the Company fulfilling its Joint Capital Plan to re-image 10% of its existing restaurants each year and customary Wendy’s real estate approvals. The Company plans to invest approximately $100.0 million in the development of the 40 Wendy’s restaurants through a combination of cash on hand and development credit facilities. “Restaurant development is an
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