Miami-based Pollo Tropical announced on Thursday that it is being sold for $90 million to one of the country’s largest Burger King franchisees.

Carrols Corp., a closely held operator of 340 Burger King restaurants, will pay $11 each for 8.26 million outstanding shares of the fast-food eatery. Pollo Tropical owns 36 restaurants and franchises 19 others featuring fresh chicken that’s marinated, then grilled.

Syracuse, N.Y.-based Carrols said it has no plans to convert the restaurants into Burger Kings and will continue to operate them under the Pollo Tropical name.

The definitive merger agreement added a dollar premium to Pollo Tropical’s Wednesday close. On Thursday, it gained 75 cents to close at $10.75, a 52-week high.

“It represents a substantial premium,” Pollo Tropical co-founder and CEO Larry Harris said.

The acquisition by Carrols comes three months after a group led by Harris offered to buy the company for $10 a share. Pollo Tropical then hired NationsBanc Montgomery Securities as an adviser to consider other buyout offers.

“Our entire organization has worked hard to continually improve the value of Pollo Tropical, and this purchase price reflects those efforts,” Harris said.

Pollo Tropical stock has been on a rebound since Harris’ bid in mid-March.

A failed expansion attempt into the Northeast in 1997 caused the stock to slump, said Michael Hurst, a professor at Florida International University’s School of Hospitality and Management.

“[Pollo Tropical) had to focus in the right market,” he said. “They paid the price in the stock market of not being properly focused. They know [the market) better now and so does the company that is purchasing them. Now there is a huge potential to grow in Central and South America.”

Pollo Tropical officials, including Harris, together own 36 percent of company shares.

“We think it is a unique and attractive opportunity,” said Paul Flanders, Carrols vice president of finance. “Pollo has a strong position in the industry.”

Hurst said the key to Pollo Tropical’s success in Latin American markets is just a matter of trying products in the right market.

“The same happened with Mexican food,” he said. “The early restaurants had a hard time introducing the product. Then they tried it in schools … and kids liked it. You have to develop your market.”

Carrols’ tender offer begins next week and continues for up to 30 days. Once 100 percent of the stock is tendered, Carrols will withdraw Pollo Tropical from public trade, turning it into a subsidiary.

Information from Bloomberg News was used in this report.