Curio Collection by Hilton Franchise Cost, Revenue & Review 2026
- Investment
- $4.0M – $140.5M
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Curio Collection by Hilton is an upscale hotel franchise of independent, individually branded boutique properties. Franchisees own and operate the hotels, managing guest services and food and beverage while meeting Hilton's brand standards.
FranchiseVerdict summary · 2026
A Curio Collection by Hilton franchise requires a total initial investment of $4.0M – $140.5M, including a $85K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored3 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $4.0M – $140.5M
- 31st pct Lodging
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 3rd pct Lodging
- Units
- 67
- 39th pct Lodging
- SBA charge-off
- N/A
Quick verdict · Lodging · color = vs category peers
Green = favorable by >10% vs Lodging median · 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 $4.0M – $140.5M including a $85K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 56/100 (higher is better).
- GROWTHPositive: net +5 franchised outlets in the latest year (5 opened, 1 closed); 24 signed but not yet open (Item 20).
- GROWTHSystem growing at 39.6% CAGR over 3 years with 67 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Hilton Franchise Holding LLC
- Parent company
- Hilton Domestic Operating Company Inc.
- FDD Item 1, page 9 of the 2023 FDD
- Ultimate parent
- Hilton Worldwide Holdings Inc.
- FDD Item 1, page 9 of the 2023 FDD
- Predecessor
- Hilton Worldwide (offered Curio July 2, 2014 to October 14, 2014)
- Prior franchisor entity
- CEO title
- Chief Executive Officer and President
- Christopher J. Nassetta
- Incorporated in
- DE
- HQ
- 7930 Jones Branch Drive, Suite 1100, McLean, Virginia 22102
- Auditor
- CohnReznick LLP
- Audited financials
- Franchisor revenue
- $1.2B
- vs $883.3M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Same owner · FDD Item 1, page 9
17 other brands on this site name Hilton Worldwide Holdings Inc. as parent or ultimate parent in their own FDD.
- Apartment Collection by HiltonC
- Canopy by HiltonB
- DoubleTree by HiltonA
- Embassy Suites by HiltonB
- Graduate by HiltonB
- Hampton by HiltonA
- Hilton Garden InnA
- Home2 Suites by HiltonA
- Homewood Suites by HiltonA
- LXRB
- Motto by HiltonB
- Outset Collection by HiltonC
- Project Q by HiltonC
- Tapestry Collection by HiltonB
- Tempo by HiltonC
- Tru by HiltonA
- Undergraduate by HiltonC
Grouped by the owner's name as each filing prints it (this page: the 2023 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Christopher J. Nassetta
- Headquarters
- VA
- Founded
- 2007
- FDD year
- 2023
- States available
- 32
Can you afford it, and what does the money buy?
Entry cost runs 712% above the typical lodging franchise.
Source: FDD 2023 · Items 5–7
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $85K | $85K |
| Working capital (3–6 mo) | $1.3M | $1.8M |
| Equipment, build-out, other | $2.6M | $138.6M |
| Total initial investment | $4.0M | $140.5M |
Source: Curio Collection by Hilton 2023 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $4.0M – $140.5M
- Top 40% of category vs category
- Liquid capital req'd
- $1.3M – $1.8M
- Middle of category vs category
- Franchise fee
- $85K
- Middle of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 4.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 4.0% of gross sales |
| Training fee | $5K |
| Transfer fee | $6K |
| Renewal fee | $85K |
| Inventory (initial) | $1.6M – $3.5M |
| Total fee load | 9.0% of rev |
What do units actually make?
This FDD makes no Item 19 financial performance representation - a voluntary item - so unit sales aren't disclosed.
Source: FDD 2023 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Curio Collection by Hilton makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Curio Collection by Hilton unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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: 2023 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 9.0% (near the Lodging median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System expanding at 39.6% CAGR over 3 years across 67 units — operators are staying and new ones are joining.
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 medians
How Curio Collection by Hilton Compares
Category median of published Lodging brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 67
- Opened
- 5
- Last reporting year
- Closed
- 1
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 3.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- +39.6%
- Net unit change over 3 years
- 3-yr CAGR
- +39.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Not renewed
- 0
- Transferred
- 2
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 24
- 0.36 per open outlet · Item 20 Table 5
- Projected new
- 5
- Franchisor's next-year forecast
- Transfer rate
- 3.0%
- Owners selling to other franchisees
- Termination rate
- 1.5%
- Franchisor-initiated terminations
- Ceased ops
- 1.5%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 32 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.
Where the owners are · Item 20 owner list
44 current owners across 32 states.
- NY 4
- CA 3
- TX 3
- FL 2
- GA 2
- MI 2
- NM 2
- TN 2
- AL 1
- AZ 1
- CO 1
- CT 1
- +20 more states
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
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
Curio Collection presents moderate-to-high risk due to missing financial transparency (no Item 19), active multi-category litigation, slow unit growth, and unprotected territory—unsuitable for franchisees requiring clear return projections.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Pending: (1) State of Nebraska v. Hilton re mandatory resort fee disclosure; (2) Destin Platinum LLC v. Hampton Inns re franchise termination. Concluded: (3) Portland Hotel Ownership counterclaim re exclusivity fraud, settled 2022; (4) San Pedro Inn re wrongful termination NJ, settled 2020; (5) Kathleen Soule Hawaii class action re resort fees, settled 2015 for $178K; (6) US v. HWI ADA Consent Decree, expired 2015; (7) Starwood v. HHC trade secret misappropriation, settled 2010 for $75M; (8) US v. Hilton Hotels Corp Sherman Act (1970), injunction entered 1971.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CohnReznick LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 audited financials are for Hilton Franchise Holding LLC (the franchisor), audited consolidated statements as of Dec 31, 2022/2021, in thousands (scaled x1000). Total revenues FY2022 $1,229,465K = franchise royalty fees $1,184,827K + franchise sales/change-of-ownership fees $39,881K + franchise termination fees and other $4,757K (reported as other_revenue). Net income FY2022 $1,233,442K. Balance sheet reconciles: assets $1,163,908K = liabilities $501,845K + member's equity $662,063K. Auditor firm name not printed in extracted text (report signed Tysons Corner, VA, March 16, 2023).
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 56 / 100 verdict
- 01MINORNo financial performance disclosure (Item 19) prevents ROI validation and creates opacity on average unit economics
- 02HIGHActive litigation across multiple categories (consumer protection, ADA compliance, trade secrets) suggests systemic operational and legal vulnerabilities
- 03MINORModest unit growth of 8.1% YoY in a 67-unit system indicates slower expansion than premium hotel franchises; no going concern statement raises sustainability questions
- 04MINORUnprotected territory creates direct competition risk from other Curio properties within same market
- 05MEDHigh capital requirement ($3.98M+) paired with 5% royalty and undisclosed profitability creates significant downside risk
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2023 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 23 years |
|---|---|
| Allowed renewalsℹ | 0 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | No |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Fairfax County, VA (Puerto Rico only) |
| Jury trial waiver | No |
| Governing law | NY |
| Litigation count | 8 |
View Item 3 litigation summary
Pending: (1) State of Nebraska v. Hilton re mandatory resort fee disclosure; (2) Destin Platinum LLC v. Hampton Inns re franchise termination. Concluded: (3) Portland Hotel Ownership counterclaim re exclusivity fraud, settled 2022; (4) San Pedro Inn re wrongful termination NJ, settled 2020; (5) Kathleen Soule Hawaii class action re resort fees, settled 2015 for $178K; (6) US v. HWI ADA Consent Decree, expired 2015; (7) Starwood v. HHC trade secret misappropriation, settled 2010 for $75M; (8) US v. Hilton Hotels Corp Sherman Act (1970), injunction entered 1971.
Items 10, 11
Training & Operations
- Classroom training
- 159 hrs
- On-the-job training
- 1 hrs
- Training location
- Virtual / Online / On-site
- Ongoing training
- Required
- Time to open
- 36 mo
- From signing to launch
- Site selection
- Franchisee (franchisor not obligated to assist with site selection)
- Franchisor financing
- Offered
- Item 10
- POS system
- OnQ (Hilton Property Management System)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: OnQ (Hilton Property Management System)
Item 20 · call current owners
Franchisee Contacts
45 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Curio Collection by Hilton franchise?
The total investment to open a Curio Collection by Hilton franchise ranges from $4.0M – $140.5M, with an initial franchise fee of $85K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Curio Collection by Hilton franchise owners earn?
Curio Collection by Hilton makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Curio Collection by Hilton?
Curio Collection by Hilton is franchised by Hilton Franchise Holding LLC. Its parent company is Hilton Domestic Operating Company Inc.. The ultimate parent named in the FDD is Hilton Worldwide Holdings Inc.. Source: FDD Item 1, 2023 filing.
What is Item 19 in the Curio Collection by Hilton 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 Curio Collection by Hilton FDD and qualifies whose outlets they describe.
What is Curio Collection by Hilton's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Curio Collection by Hilton (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 Curio Collection by Hilton franchise locations are there?
As of their most recent FDD filing, Curio Collection by Hilton has 67 total units in the United States, including 67 franchised units and 0 company-owned units. 5 new units were opened in the latest reporting year.
Is Curio Collection by Hilton a good franchise to buy?
FranchiseVerdict rates Curio Collection by Hilton as a B-grade franchise with a verdict score of 56 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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.