- Franchise 500 Rank
-
N/R Not ranked last year
- Initial investment
-
$5M - $7M
- Units as of 2015
-
196
Company Overview
About WoodSpring Suites
Industry | Lodging |
---|---|
Related Categories | Hotels & Motels |
Founded | 2003 |
Parent Company | WoodSpring Suites LLC |
Leadership | Bruce Haase, CEO |
Corporate Address |
8621 E. 21st St. N., #250 Wichita, KS 67206 |
Social | Facebook, Twitter |
Business Overview
Franchising Since | 2004 (20 years) |
---|---|
# of employees at HQ | 50 |
Where seeking |
This company is offering new franchises in the following US states: |
# of Units | 196 (as of 2015) |
|
Information for Franchisees
Here's what you need to know if you're interested in opening a WoodSpring Suites franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
Initial Franchise Fee
|
$50,000 |
---|---|
Initial Investment
|
$5,035,000 - $7,031,000 |
Net Worth Requirement
|
$3,000,000 - $6,000,000 |
Cash Requirement
|
$1,000,000 - $3,000,000 |
Royalty Fee
|
5% |
Ad Royalty Fee
|
2.5% |
Term of Agreement
|
20 years |
Is franchise term renewable? | Yes |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
Third Party Financing | WoodSpring Suites has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll |
---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
On-The-Job Training | Upon request |
---|---|
Classroom Training | Varies |
Ongoing Support |
Purchasing Co-ops
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
|
Operations
Additional details about running this franchise.
Is absentee ownership allowed? | Yes |
---|---|
Can this franchise be run from home/mobile unit?
|
No |
Can this franchise be run part time?
|
No |
# of employees required to run | 4-5 |
Are exclusive territories available?
|
Yes |
Franchise 500 Ranking History
Compare where WoodSpring Suites landed on this year's Franchise 500 Ranking versus previous years.
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