Princeton Pizza Hut sold, but isn’t going anywhere

PRINCETON — Princeton Pizza Hut has been sold, but says the owner, they aren’t going anywhere.

The Princeton restaurant, owned by John and Vanessa Addis under the name JV Enterprises, was reportedly sold for $900,000 along with the parking lot to the west of the building to a Dallas-based LLC.

John Addis said while it’s true they’ve sold the building, they aren’t going anywhere.

“We’re still a franchisee. We’re still Pizza Hut, nothing there is going to change,” he said.

Addis said the business was sold as a leaseback, which means it was sold to an investor, but the seller then enters into a longtime lease for the building and business.

Addis, who owns Pizza Huts in counties of Bureau, Clark, Douglas, Fulton, LaSalle, Rock Island, Warren and Will said the move was a financial one, allowing the couple to reinvest into their existing locations.

“We have a 20-year lease with the new buyer,” Addis said.” We have been here since 1973 and we plan on staying here at least another 20 years, 40 years, hopefully forever.”

The west lot will remain parking for the business.