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Investment
$5,035,000
Initial Franchise Fee
$50,000
Units
N/A
Growth Rate
N/A
Overview
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.
Investment Details
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%
Technology Fee
N/A
Term of Agreement
20 years
Is Franchise Term Renewable?
Yes
Financing
Third Party
Veterans Incentive
N/A
Available Territories
Franchising opportunities available in the following regions
United States
Training & Support Programs
Comprehensive training and ongoing support to help you succeed
Training
On the Job Training
Upon request
Classroom Training
Varies
Ongoing Support
Purchasing Co-ops
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Operations & Requirements
Key operational details and requirements for 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
Ranking History
WoodSpring Suites performance in the Franchise rankings over recent years
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Disclaimer
The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Our listings and rankings are solely research tools you can use to compare opportunities. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. That should include reviewing the company's legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers.
Updated: December 12th, 2022