DineEquity Inc. said that it reached agreement to sell 66 company-operated Applebee’s restaurants in New England to Apple American Group LLC for net proceeds of $49 million.

The Glendale parent of the Applebee’s and IHOP chains said late Tuesday that once the deal closes, 95 percent of DineEquity’s restaurants will be franchised, achieving a long-stated goal of reducing debt from its $2 billion acquisition of the Applebee’s chain in 2007.

Chief Executive Julia A. Stewart said shifting the company’s business model to franchising is less capital intensive and will result in less volatility in cash flow compared with operating company-owned restaurants.

“We have refranchised more than half of Applebee’s company-operated restaurants, enabling us to leverage free cash flow to pay down debt and focus on enhancing the Applebee’s restaurant experience through comprehensive marketing, menu, operations and remodel strategies,” Stewart said in a statement.

The restaurants in the latest deal are located in Massachusetts, New Hampshire, Maine, Rhode Island, Vermont and parts of New York. 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.

Apple American is based in Independence, Ohio and has 270 restaurants. It recently received an investment from Goldman Sachs Capital Partners to build and acquire restaurants and remodel old ones.

The transaction is expected to close in the third quarter.

Shares were down 30 cents, or less than 1 percent, to $54.06 in midday trading on the New York Stock Exchange.