Woodspring Suites is an extended-stay hotel offering comfortable accommodations with full amenities. The franchise caters to travelers needing longer-term lodging with spacious rooms and kitchenettes.
Key Insights
- Woodspring Suites emerged from a vision to provide extended-stay lodging, focusing on value and guest experience. The brand's development has been guided by a commitment to consistent quality and operational efficiency, establishing a presence through strategic growth and a dedication to meeting traveler needs.
- The franchise operates by offering comfortable, apartment-style accommodations designed for longer stays. Each suite is equipped with a full-size kitchen, and amenities cater to individuals and families needing a home-like environment away from home, simplifying the travel experience.
- This business is part of the broader extended-stay hotel sector, a segment characterized by its focus on longer-term guests, providing an alternative to traditional hotel stays. The industry responds to evolving travel patterns and a demand for economical, convenient lodging solutions.
Franchise Fee and Costs to Open
Exploring the financial picture of Woodspring Suites gives insight into both the upfront commitment and the potential revenue opportunity. According to FDD Item 7, opening this franchise typically involves an investment in the range of $8,229,200 - $13,293,300, along with a franchise fee of $50,000 - $50,000.
Financial Performance and Revenue
Yearly gross sales of $2,074,971 and estimated earnings of $311,246 - $414,995 show the potential financial performance of this franchise. These figures are crucial for prospective franchisees as they help to project revenue and profitability. They offer insight into the business's ability to generate income and can be used to compare its performance against other investment opportunities. The Franchise Payback Period of 31.1-33.1 provides an estimation of the time it might take for an owner to recover their initial investment. This metric is a key consideration for anyone evaluating the financial viability of a franchise, as it relates directly to the speed at which the business can become profitable. A shorter payback period can indicate a faster return on capital, which is a significant factor in making an informed decision about a franchise investment.
Training and Resources
Woodspring Suites provides new franchisees with comprehensive training. This initial program offers a robust curriculum designed to equip franchisees for success. The training is conducted over a period of five weeks and is held at the Woodspring Suites corporate office. The franchisor also provides ongoing operational support and access to a suite of resources to assist franchisees.
Legal Considerations
Legal considerations for a Woodspring Suites franchisee are outlined in the Franchise Disclosure Document (FDD) and the Franchise Agreement. Note that this franchise discloses lawsuits and/or bankruptcy information in its FDD, which may impact your evaluation. Subscribe now to access more details and be sure to consult a qualified attorney before proceeding.
Challenges and Risks
Operating a Woodspring Suites franchise involves navigating local market dynamics, where established competitors and evolving guest preferences require strategic adjustments. Maintaining consistent service standards across a potentially complex operational model, from housekeeping to maintenance, demands efficient management and staff training. Furthermore, the reliance on specific supply chains for amenities and operational goods presents a consideration for ensuring consistent availability and managing potential cost fluctuations.
Franchise Datasheet
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