Residence Inn by Marriott is a select-service hotel offering extended stays with amenities like kitchens and spacious rooms. The franchise operates these hotels, catering to travelers seeking long-term accommodations.
Key Insights
- Residence Inn By Marriott originated from founders understanding that customers deserved significantly better options than what was currently available in the marketplace, leading to development of comprehensive service solutions that prioritize quality, reliability, and exceptional customer experiences.
- Staff training programs develop comprehensive hospitality skills that create welcoming environments and positive guest interactions, emphasizing both technical competence and genuine care for guest satisfaction while maintaining professional standards and service consistency.
- Regulatory developments create opportunities for professional service providers who maintain compliance standards and quality certifications, establishing competitive advantages for businesses that invest in proper training, procedures, and documentation to meet industry requirements.
Franchise Fee and Costs to Open
Exploring the financial picture of Residence Inn By Marriott 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 $15,929,510 - $46,813,310, along with a franchise fee of $90,000 - $90,000.
Financial Performance and Revenue
Yearly gross sales of $4,280,822 and estimated earnings of $642,124 - $856,165 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 43.4-45.4 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
Residence Inn By Marriott provides new franchisees with comprehensive training and resources. The initial training program offers a structured curriculum covering operations and brand standards, typically lasting two weeks. This immersive experience is conducted at Marriott's corporate facilities. Additionally, franchisees receive ongoing operational support and access to a wealth of brand resources to assist in their property's success.
Legal Considerations
Legal considerations for a Residence Inn By Marriott 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
A franchisee might consider the intensity of local lodging competition, requiring strategic differentiation to attract guests. Managing daily operations, from staff scheduling to guest services, presents inherent complexity within a branded hospitality model. Furthermore, ensuring consistent availability and quality of supplies, a critical component of the brand's promise, necessitates careful attention to supply chain relationships.
Franchise Datasheet
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