JUNE 1, 2005
IBAC Corp., the new owner of the Memphis Ramada Inn Airport hotel, will expand its Sanibel Steakhouse brand to Arkansas and Tennessee.
IBAC (OTC: ICAN.PK) will expand its Sanibel Steakhouse brand to 5,000-square-foot locations at its newly acquired Ramada Inn property and the Royal Arkansas Hotel & Suites location in Arkansas.
The new additions will heighten the brand's awareness, says Edward W. Hayter, president and CEO of IBAC Corp.
"The company will continue to acquire additional hotel properties in other states that can accommodate a Sanibel Steakhouse as we continue to grow our operations," he says.
IBAC says the new locations will feature the same quality operations and format as the current Ft. Myers, Fla., location.
IBAC is a New York-based food and beverages services/hotel holding company. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
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