Upstart:

DineEquity Inc., the parent company of Kansas City-based Applebee’s, is selling 65 company-operated Applebee’s restaurants for $61 million, a deal that would complete the restaurant chain’s transition to a 99 percent-franchised system.

DineEquity announced Wednesday that it would sell 65 Michigan restaurants to TSFR Apple Venture LLC. After the sale, DineEquity will own 23 test-market Applebee’s restaurants. In total, it has sold or reached sale agreements for 510 locations since acquiring Applebee’s in November 2007. More.