Boarders Inn & Suites by Cobblestone Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Boarders Inn & Suites by Cobblestone is a midscale hotel franchise offering value properties in small and underserved markets. Franchisees own and operate the hotels, managing front desk, housekeeping, and revenue.
FranchiseVerdict summary · 2026
A Boarders Inn & Suites by Cobblestone franchise requires a total initial investment of $100K – $2.3M, including a $45K franchise fee. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $100K – $2.3M
- 3rd pct Lodging
- Avg gross sales
- N/A
- Outlet subset
- Royalty
- N/A
- Units
- 15
- 25th pct Lodging
- SBA charge-off
- N/A
Quick verdict · Lodging · color = vs category peers
Green = favorable by >10% vs Lodging avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $100K – $2.3M including a $45K franchise fee.
- RETURNSItem 19 figures are CRS contribution %, ADR, Occupancy %, and RevPAR for Sample Hotels (12-13 of the 15-18 system hotels with 31+ rooms) - not whole-unit gross sales, and do not reflect operating expenses, debt service, or taxes.
- RISKVerdict A (Strongest tier), verdict score 75/100 (higher is better).
- DATAItem 19 reports non-sales performance metrics (CRS contribution %, ADR, Occupancy %, RevPAR) - not whole-unit gross sales or net income rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Cobblestone Hotels, LLC
- Parent company
- None
- CEO title
- Co-Owner and Chief Financial Officer
- Kim Wogernese
- Incorporated in
- Wisconsin
- HQ
- 980 American Drive, Neenah, Wisconsin 54956
- Auditor
- Baker Tilly US, LLP
- Audited financials
- Franchisor revenue
- $9.5M
- vs $8.3M prior year
Affiliated brands
- Slate Hospitality Group
- BriMark Builders
- BriMark Builders LA
- Cobblestone Hotel Development
- Granite Hospitality Group
- Wissota Franchising
- Cobblestone Hotel Group
- Cobblestone Supply Company
- Neenah Hospitality Group
- BriMark Builders Construction
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Kim Wogernese
- Headquarters
- Wisconsin
- Founded
- 2012
- FDD year
- 2025
- States available
- 9
Can you afford it, and what does the money buy?
Entry cost runs 88% below the typical lodging franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown31 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Fee (Conversion) | $45K | $45K | |
| Initial Training Fee (Conversion) | $2K | $11K | |
| Travel and Living Expenses while Training (Conversion) | $1K | $5K | |
| Furniture, Fixtures and Equipment (Conversion) | $0 | $1.8M | |
| Opening Inventory (Conversion) | $20K | $60K | |
| Interior Design Review Fee (Conversion) | $0 | $5K | |
| Exterior Signage (Conversion) | $10K | $50K | |
| Hardware, Software, and Installation (Conversion) | $0 | $20K | |
| Property Management System Set-Up and Installation (Conversion) | $15K | $15K | |
| Reservation System Set-Up and Integration (Conversion) | $2K | $2K | |
| Call Center System Initial Set Up and Installation (Conversion) | $1K | $1K | |
| Insurance (Conversion) | $2K | $150K | |
| High-Speed Internet Access Hardware, Software, and Installation (Conversion) | $0 | $15K | |
| Cobblestone Rewards Initial Fee (Conversion) | $2K | $2K | |
| Signage Review Fee (Conversion) | $0 | $5K | |
| Contactless Check-In and Digital Authorizations (Conversion) | $0 | $1K | |
| Additional Funds - Pre-Opening and 3 Months (Conversion) | $0 | $150K | |
| Initial Fee (New Construction) | $45K | $45K | |
| Initial Training Fee (New Construction) | $2K | $11K | |
| Travel and Living Expenses while Training (New Construction) | $1K | $5K | |
| Total initial investment | $6.4M | $18.5M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $100K – $2.3M
- Top 40% of category vs category
- Liquid capital req'd
- $0 – $150K
- Top 40% of category vs category
- Franchise fee
- $45K – $45K
- Top 40% of category vs category
- Royalty
- Franchisee chooses at signing between (i) $2.25/day per g…
- Ad fund
- $0.75 per day multiplied by number of guest rooms, calcul…
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | Monthly Fee: franchisee's choice at signing of (i) $2.25 per guest room per day (30-day month basis, e.g. $3,375/month for a 50-room hotel) or (ii) 5% of monthly Gross Room Revenues |
| Technology fee | $15K |
| Training fee | $1K |
| Transfer fee | $5K |
| Renewal fee | $45K |
| Inventory (initial) | $20K – $60K |
| Total fee load | 5.0% of rev |
What do units actually make?
Source: FDD 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Boarders Inn & Suites by Cobblestone did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Boarders Inn & Suites by Cobblestone unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
6%
Below the 30–60% attractive-franchise band
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Item 19 figures are CRS contribution %, ADR, Occupancy %, and RevPAR for Sample Hotels (12-13 of the 15-18 system hotels with 31+ rooms) - not whole-unit gross sales, and do not reflect operating expenses, debt service, or taxes.
Reported for a subset of outlets rather than the whole system
- Item 19 type
- non-sales performance metrics (CRS contribution %, ADR, Occupancy %, RevPAR) - not whole-unit gross sales or net income
- Sample size
- 12
- vs category median 99 · small
- Transparency tier
- revenue_only
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 0 / 10
- vs category median 0 / 10 · typical
Compared against 174 Lodging brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 5.0% — below the Lodging average of 10.4%.
Disclosure
Item 19 reports non-sales performance metrics (CRS contribution %, ADR, Occupancy %, RevPAR) - not whole-unit gross sales or net income rather than annual gross sales, so unit revenue is not directly comparable.
Operator retention
System contracting at -16.7% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Lodging averages
How Boarders Inn & Suites by Cobblestone Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 15
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 13.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -16.7%
- Net unit change over 3 years
- 3-yr CAGR
- -16.7%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 2
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 5
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 9 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Shrinking franchise system with undisclosed unit economics, vague financial transparency, and structural royalty ambiguities present meaningful investment risk.
Litigation (Item 3)
No litigation disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Baker Tilly US, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 75 / 100 verdict
- 01MINORSystem declining 6.2% YoY with only 15 units suggests weak growth trajectory and potential systemic issues
- 02MINORNo Item 19 financial disclosure (Avg Revenue/Net Income) prevents accurate ROI assessment and suggests franchisor may lack positive unit economics to share
- 03MINORDual royalty structure ($2.25/room/day OR 5% of GRR) creates ambiguity and potential for franchisor revenue optimization at franchisee expense
- 04MINORModest $45,000 franchise fee relative to $99,999+ startup costs suggests thin margins or high pre-opening capital needs
- 05HIGHGoing Concern = False is ambiguous; clarify if franchisor has financial stability concerns or is merely not flagged by auditors
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 5.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 2 years |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 5 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 26 |
| Curable defaultsℹ | 19 |
| Mandatory arbitration | No |
| Arbitration location | Not applicable - no arbitration; litigation in Winnebago County, WI or Eastern District of WI federal court |
| Jury trial waiver | Yes |
| Governing law | Wisconsin |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 78 hrs
- On-the-job training
- 44 hrs
- Training location
- Corporate headquarters (Neenah, WI) and on-property
- Ongoing training
- Required
- Time to open
- 4 mo
- From signing to launch
- Site selection
- franchisee proposes site; franchisor approves/rejects in its sole discretion
- Franchisor financing
- Not offered
- Item 10
- POS system
- Stayntouch (PMS)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Stayntouch (PMS)
Item 20 · call current owners
Franchisee Contacts
15 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Boarders Inn & Suites by Cobblestone · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Boarders Inn & Suites by Cobblestone franchise?
The total investment to open a Boarders Inn & Suites by Cobblestone franchise ranges from $100K – $2.3M, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Boarders Inn & Suites by Cobblestone franchise owners earn?
Boarders Inn & Suites by Cobblestone does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Boarders Inn & Suites by Cobblestone FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Boarders Inn & Suites by Cobblestone FDD and qualifies whose outlets they describe.
What is Boarders Inn & Suites by Cobblestone's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Boarders Inn & Suites by Cobblestone (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Boarders Inn & Suites by Cobblestone franchise locations are there?
As of their most recent FDD filing, Boarders Inn & Suites by Cobblestone has 15 total units in the United States, including 15 franchised units and 0 company-owned units. 1 new units were opened in the latest reporting year.
Is Boarders Inn & Suites by Cobblestone a good franchise to buy?
FranchiseVerdict rates Boarders Inn & Suites by Cobblestone as a A-grade franchise with a verdict score of 75 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
If you represent Boarders Inn & Suites by Cobblestone, you can request corrections or provide updated information.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.