As millennials age and have children, they, too, choose IHOP.

That's according to Darren Rebelez, president of IHOP, a division of DineEquity Inc. (DIN - Get Report) , which also owns Applebee's.

Rebelez sat down with TheStreet recently to discuss changes for the chain, including celebrating its 60th anniversary next year, renovating the stores and opening more locations than it's closing.

"We've had a lot of fun with millennials over the last couple of weeks," said Rebelez. "We actually have been doing a lot of guest [customer] research around all of our guest demographics, and what's interesting about millennials now is that millennials, believe it or not, the oldest of them are starting to turn 40."

"Millennials are getting to the age of having families and they are having children, and they have bills and they have responsibilities," he added.

 Rebelez said that the "older" millennial with family, kids, more responsibility is a key demographic for IHOP. Families, he added, are the chain's "sweet spot."

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