WoodSpring Suites
Limited-service extended-stay lodging
WoodSpring Suites
Limited-service extended-stay lodging
About
Founded
2003
Franchising Since
2004 (15 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
Where Seeking Franchisees:
Franchisor is seeking new franchise units throughout the U.S.
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