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WoodSpring Suites

2015 Franchise 500
#297
At a Glance

Products & Services: Limited-service extended-stay lodging

Number of Locations: 196

Total Investment: $5M - $6.4M

Founded: 2003

Began Franchising: 2004

About WoodSpring Suites

Value Place is an economy extended-stay hotel brand founded by Jack DeBoer in 2003. Prior to founding Value Place, DeBoer had been an apartment developer and then founded extended-stay hotel brands Residence Inn, Summerfield Suites and Candlewood Suites. He opened the first Value Place in Wichita, Kansas, offering studio suites with full kitchens and an onsite laundry room and allowing guests to pay by the week with a 24-hour checkout notice.

Franchise Units

Year U.S. Canadian International Company Owned
2015 112 0 0 84
2014 107 0 0 78
2013 132 0 0 52
2012 135 0 0 44
2011 132 0 0 43
Where Seeking Franchisees: Franchisor is seeking new franchise units throughout the U.S.

Startup Costs, Ongoing Fees and Financing

Total Investment: $5,035,000 - $6,439,000
Franchise Fee: $50,000
Ongoing Royalty Fee: 5%
Term of Franchise Agreement: 20 years, renewable
Financing Type In-House Third Party
Franchise Fee
Startup Costs
Equipment
Inventory
Accounts Receivable
Payroll

How This Franchise Supports Franchisees

Training: Available at headquarters: Varies. At franchisee's location: Upon request.
Ongoing Support: Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives
Other marketing support: Promotional items, website

Franchise Ranking History

Franchise 500®: #297 (2015), #268 (2014), #210 (2013), #493 (2012), #396 (2011),