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Franchise 500 Rank
N/R Not ranked last year
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Initial investment
$5M - $7M
Units as of 2015
196 Decrease

Company Overview

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.

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 Information Circle
$50,000
Initial Investment Information Circle
$5,035,000 - $7,031,000
Net Worth Requirement Information Circle
$3,000,000 - $6,000,000
Cash Requirement Information Circle
$1,000,000 - $3,000,000
Royalty Fee Information Circle
5%
Ad Royalty Fee Information Circle
2.5%
Term of Agreement Information Circle
20 years
Is franchise term renewable? Yes
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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? Information Circle
No
Can this franchise be run part time? Information Circle
No
# of employees required to run 4-5
Are exclusive territories available? Information Circle
Yes
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Franchise 500 Ranking History

Compare where WoodSpring Suites landed on this year's Franchise 500 Ranking versus previous years.

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The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Our listings and rankings are solely research tools you can use to compare opportunities. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. That should include reviewing the company's legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers.
Updated: December 12th, 2022