Twin Hospitality Group Inc. (TWNP) announced a new area development agreement that will launch three Twin Peaks sports lodge locations in Connecticut. The deal gives Twin Peaks the right to build and operate lodges in key markets including New Haven, Hartford, Danbury, Stamford/Bridgeport, and Waterbury, with New London Hospitality—led by Deepak Verma and Kam Singh—acting as the local developer.
The expansion marks Twin Peaks’ first entry into the Connecticut market and extends the brand’s footprint beyond its existing U.S. and Mexican locations. By partnering with seasoned hospitality entrepreneurs, the company aims to accelerate site selection, construction, and launch timelines, while generating recurring royalty revenue that supports its capital‑light growth strategy.
Twin Hospitality has faced significant financial headwinds in recent periods. The company reported a net loss of $48.2 million for fiscal year 2024 and a net loss of $24.5 million in the third quarter of fiscal year 2025, with revenue declining year‑over‑year. Liquidity challenges have prompted the firm to pursue expansion that can create new revenue streams without heavy capital outlays. The Connecticut deal is therefore a strategic move to offset cash burn and build a more resilient franchise pipeline.
CEO Kim Boerema said the partnership with New London Hospitality would “anchor Twin Peaks as a new favorite for sports fans throughout the state.” She added that the company’s focus on operational fundamentals, cost discipline, and a measured market‑informed approach to pricing will help sustain growth even amid financial pressures.
Deepak Verma, the local developer, emphasized the brand’s appeal: “Twin Peaks delivers everything guests want in a sports bar—scratch‑made food, 29‑degree draft beer, and the best place to catch every game. We look forward to introducing the signature lodge experience and welcoming Twin Peaks girls to Connecticut.”
Investors reacted positively to the announcement, reflecting confidence in the franchise model and the company’s ability to generate recurring revenue from new locations, even as it continues to navigate liquidity constraints.
The expansion aligns with Twin Hospitality’s long‑term goal of 650 domestic and 250 international lodges and the conversion of some Smokey Bones sites to Twin Peaks. While the company has not disclosed specific financial projections for the Connecticut locations, the partnership is expected to contribute to the firm’s royalty income and support its broader growth strategy.
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