Franchise: WoodSpring Suites

Initial Investment
LOW:$5,035,000
HIGH: $7,031,000
Change in Units

Ongoing Support
Purchasing Co-ops
Meetings
Toll-Free Line
Grand Opening
Internet
Security
Field Operations

Training Onsite: Upon request

Training at headquarters: Varies

Absentee Ownership Allowed

Number of employees required to run: 4 - 5

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.

Founded

2003

Franchising Since

2004 (13 Years)

Corporate Address

8621 E. 21st St. N., #250 Wichita, KS 67206

CEO

Bruce Haase

Parent Company

WoodSpring Suites LLC

Units (Locations)

Where Seeking Franchisees:
Franchisor is seeking new franchise units throughout the U.S.

Financial Requirements

Initial Investment

$5,035,000 - $7,031,000

Net-worth Requirement

$3,000,000 - $6,000,000

Liquid Cash Requirement

$1,000,000 - $3,000,000

Ongoing Fees

Initial Franchise Fee

$50,000 - $50,000

Ongoing Royalty Fee

5%

Ad Royalty Fee

2.5%

Financing Options

WoodSpring Suites has relationships with third-party sources which offer financing to cover the following: 
franchise fee, startup costs, equipment, inventory, accounts receivable, payroll

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Disclaimer

The Franchise 500 is not intended to endorse, advertise, or recommend any particular franchise. It is solely a research tool you can use to compare franchise operations. Entrepreneur stresses that you should always conduct your own independent investigation before investing money in a franchise.

Updated: September 24th, 2015

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