is under new ownership.
California-based Apple American Group LLC has purchased the restaurant, at 85 Main St., along with the other 65 Applebee's in New England from DineEquity in a $55 million deal. The change will officially take place in November, according to Manager Michael Calandrello.
DineEquity is the parent company for Applebee's and IHOP.
On Tuesday, the Board of Selectmen approved the liquor license transfer associated with the sale of the Tewksbury restaurant.
"Applebee's, in whatever form it's been, has been a good citizen of Tewksbury," said
Atty. Joseph Devlin represented Apple American Group at the hearing. According to Devlin, the group now owns 336 Applebee's franchises across the country. He said the staff of the Tewksbury location will remain in place and that renovations will be made.
"The company does plan to invest money in the location," said Devlin. "They do see the opportunity to get back the sales they’ve lost the last two years in the economic downturn."
Calandrello, who has been manager at the Tewksbury location for six years, said he is excited about sale and feels good about the improvements the new owners are planning.
According to a press release issued by DineEquity, Apple American has agreed to "accelerate the brand's revitalization plan by completing remodels of all Applebee's restaurants in New England by the end of 2012."
With over 16,000 employees, Apple American is the largest franchisee in the Applebee's system.