WoodSpring Suites
Limited-service extended-stay lodging

About
Founded

2003

Franchising Since

2004 (14 Years)

Corporate Address

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

CEO

Bruce Haase

Parent Company

WoodSpring Suites LLC

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

Support Options
Ongoing Support

Purchasing Co-ops

Meetings/Conventions

Toll-Free Line

Grand Opening

Online Support

Security/Safety Procedures

Field Operations

On-The-Job Training:

Upon request

Classroom Training:

Varies

Absentee Ownership Allowed
Number of Employees Required to Run:

4 - 5

Bio
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.
Cost
Initial Investment: Low - $5,035,000 High - $7,031,000
Units

Units (Locations)

Where Seeking Franchisees:

Franchisor is seeking new franchise units throughout the U.S.
Franchise Financing
Using 401(K)/IRA Funds
  • Tax Penalty-Free
  • Debt Free
  • Expert Guidance
Learn More

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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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