Boarders Inn & Suites by CobblestoneFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Boarders Inn & Suites by Cobblestone franchise requires a total initial investment of $100K – $16.9M, including a $45K franchise fee. The 2025 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: D. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $100K – $16.9M
- 2nd pct Lodging
- Avg gross sales
- N/A
- 2nd pct Lodging
- Royalty
- N/A
- Units
- 15
- 19th pct Lodging
- SBA default
- N/A
Quick verdict · Lodging · color = vs category peers
Green = >15% above Lodging avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 18 to 15 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $100K – $16.9M including a $45K franchise fee.
- Item 19 discloses "ADR, Occupancy, RevPAR, CRS Contribution" rather than annual gross sales, so unit revenue is not directly comparable.
- Verdict D (Below Average) with a risk score of 70/100.
- Item 19 reports "ADR, Occupancy, RevPAR, CRS Contribution" instead of annual gross sales. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Cobblestone Hotels, LLC
- Parent company
- None
- Incorporated in
- WI
- HQ
- 980 American Drive, Neenah, Wisconsin 54956
- Auditor
- Baker Tilly US, LLP
- Audited financials
- Franchisor revenue
- $8.3M
- vs $9.5M 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
Franchisees operate mid-scale hotel properties under the Boarders Inn & Suites brand, managing guest check-in/check-out, housekeeping coordination, maintenance, and revenue management. Day-to-day operations include front desk staffing, occupancy optimization, and brand standard compliance while remitting royalties based on room revenue generated.
- CEO
- Kim Wogernese
- Headquarters
- WI
- Founded
- 2012
- FDD year
- 2025
- States available
- 9
FDD Item 7 · 2025 filing · 31 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 – $16.9M
- Better than avg vs category
- Liquid capital req'd
- $0 – $150K
- Better than avg vs category
- Franchise fee
- $45K – $45K
- Better than avg vs category
- Royalty
- $2.25 per guest room per day or 5% of monthly Gross Room …
- Ad fund
- $0.75 per day multiplied by the number of guest rooms
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Technology fee | $195 |
| Transfer fee | $5K |
| Renewal fee | $45K |
| Inventory (initial) | $20K – $60K |
| Total fee load | 5.0% of rev |
Financial Performance
This brand's FDD disclosed "ADR, Occupancy, RevPAR, CRS Contribution" in Item 19 rather than annual gross sales. This metric cannot be directly compared across brands, so we omit it from rankings.
vs Lodging averages
How Boarders Inn & Suites by Cobblestone Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 15
- Opened
- 1
- Last reporting year
- Closed
- 2
- Turnover rate
- 13.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -6.2%
- Net unit change last year
- 3-yr CAGR
- -16.7%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 5
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 loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- N/A
- Amount data pending
- Median loan
- N/A
- Charge-off rate
- N/A
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 0
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Shrinking franchise system with undisclosed unit economics, vague financial transparency, and structural royalty ambiguities present meaningful investment risk.
Litigation (Item 3)
0 case reference(s): 3 pending, 0 settled.
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
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 70 / 100 rating
- 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
- 03MINORExtremely wide investment range ($99,999–$16.9M) indicates inconsistent unit performance or unclear capital requirements
- 04MINORDual royalty structure ($2.25/room/day OR 5% of GRR) creates ambiguity and potential for franchisor revenue optimization at franchisee expense
- 05MINORModest $45,000 franchise fee relative to $99,999+ startup costs suggests thin margins or high pre-opening capital needs
- 06HIGHGoing 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
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 2 years |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Wisconsin |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 3 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 78 hrs
- On-the-job training
- 44 hrs
- Training location
- On-site and off-site
- Site selection
- franchisor
- POS system
- Stayntouch
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Stayntouch
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 – $16.9M, 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 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 18 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 D-grade franchise with a risk score of 70 out of 100, 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
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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.