WoodSpring Suites
Limited-service extended-stay lodging- 2023 Franchise 500 Rank
-
N/RNot 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
Business Overview
- Franchising Since
- 2004(19 years)
- # of employees at HQ
- 50
- Where seeking
-
This company is offering new franchisees 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.
- 在职培训
- Upon request
- Classroom Training
- Varies
- Ongoing Support
-
Purchasing Co-opsMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresField 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
Interested in ownership opportunities like WoodSpring Suites? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where WoodSpring Suites landed on this year’s Franchise 500 Ranking versus previous years.
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