Itrip Vacations Franchise Cost, Revenue & Review 2026
- Investment
- $118K – $153K
- Disclosed sales
- $1.7M
- gross sales, not profit
- SBA charge-off
- 40.0%
- on 29 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
FranchiseVerdict summary · 2026
A Itrip Vacations franchise requires a total initial investment of $118K – $153K, including a $10K – $30K franchise fee. Per the 2025 FDD, average unit revenue was $1.7M[2]. SBA 7(a) loans show a 40.0% charge-off rate across 29 loans[1]. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Last cited check: · Staleness risk: medium - a newer filing may exist
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 scored5 of 6 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $118K – $153K
- 71st pct Real Estate
- Avg gross sales
- $1.7M
- 10th pct Real Estate
- Royalty
- Not extracted
- Units
- 115
- 52nd pct Real Estate
- SBA charge-off
- 40.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Real Estate · color = vs category peers
Green = favorable by >10% vs Real Estate 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 $118K – $153K including a $10K franchise fee.
- RETURNSAverage unit revenue of $1.7M/year (median $1.2M).
- RISKVerdict D (Below average), verdict score 31/100 (higher is better). SBA loan charge-off rate of 40.0% across 29 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHFlat: no net change in franchised outlets in the latest year (3 opened, 3 closed) (Item 20).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- iTRIP, LLC
- Parent company
- iTrip Holdco, LLC
- FDD Item 1, page 6 of the 2025 FDD
- Ultimate parent
- Smokey Parent, L.P. (c/o Blackstone Inc.)
- FDD Item 1, page 7 of the 2025 FDD
- CEO title
- General Manager
- Vickie Storm
- Incorporated in
- TN
- HQ
- 2035 Lakeside Centre Way, Suite 250, Knoxville, Tennessee 37922-6594
Same owner · FDD Item 1, page 7
Portfolio: Blackstone (private-equity sponsor)
Grouped by the owner's name as each filing prints it (this page: the 2025 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
Vacation rental property management and online listing services franchise; provides property management, digital marketing services, and related services for short-term rental properties
- CEO
- Vickie Storm
- Headquarters
- TN
- Founded
- 2015
- FDD year
- 2025
Can you afford it, and what does the money buy?
Entry cost is about typical for a real estate franchise (near the category median).
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $10K | $10K |
| Equipment, build-out, other | $108K | $143K |
| Total initial investment | $118K | $153K |
Source: Itrip Vacations 2025 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
- $118K – $153K
- Bottom third — review vs category
- Liquid capital req'd
- N/A
- Cash you must have on hand
- Franchise fee
- $10K – $30K
- Top 40% of category vs category
- Royalty
- 4% to 6.1% of Total Rental Revenue per client; minimum 4%…
- Ad fund
- -n/d
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Technology fee | $540 |
| Transfer fee | $10K |
| Renewal fee | $5K |
What do units actually make?
Average unit sales run 352% above the real estate norm.
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Itrip Vacations until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, ad fund rate, COGS, labour, rent / occupancy, other operating costs and working capital, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Itrip Vacations 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 royalty rate, ad fund rate, COGS, labour, rent / occupancy, other operating costs and working capital, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, ad fund rate, COGS, labour, rent / occupancy, other operating costs and working capital, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
- Avg gross sales
- $1.7M
- Per unit, per year
- Median gross sales
- $1.2M
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Sample size
- 114 territories
- vs category median 53 · large
- Range (low → high)
- $0→$12.2MNot cited — published from our reading of the franchisor's disclosure document; the page it is printed on has not been located.
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
Compared against 101 Real Estate brands
Revenue is 12.8x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
vs Real Estate medians
How Itrip Vacations Compares
Category median of published Real Estate 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 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 115
- Opened
- 3
- Last reporting year
- Closed
- 3
- Turnover rate
- 2.6%
- Company-owned
- 1
- Corporate units in the system
Last fiscal year · Item 20 exits and transfers
- Reacquired
- 3
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 21 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
90 current owners across 20 states; 1 former (terminated, transferred or not renewed) listed separately.
- FL 29
- CO 10
- CA 7
- TX 7
- GA 5
- NC 4
- SC 4
- TN 4
- AZ 3
- MA 3
- ID 2
- MD 2
- +8 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 29
- Loan volume
- $6.0M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- 40.0%
- on 29 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 60.0%
- 5-yr charge-off
- 50.0%
- Loans approved 2021+
- Active lenders
- 10
- Defaults
- 4
- Typical loan rate
- 8.2%
- avg rate to borrowers
- vs industry
- N/A
- NAICS 5313
- Jobs supported
- 94
- 1.6 per loan
- Lender concentration
- 55%
- top lender's share
Borrower mix: 83% went to startups / new businesses, 17% to established operators
Top lenders financing Itrip Vacations franchisees
Showing 3 of 10 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Itrip Vacations from SBA 7(a) FOIA data.
- Principal loss rate
- 6.3%
- Avg SBA guarantee
- 81%
- Avg interest rate
- 8.21%
- Avg chargeoff amount
- $94K
- Lender concentration
- 55.2%
- Job velocity
- 1.6 per $100K
- Jobs supported
- 94
Top SBA lendersTop lender holds 55% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | 16 | N/A | N/A | |
| 2 | 3 | N/A | N/A | |
| 3 | 2 | N/A | N/A | |
| 4 | 2 | N/A | N/A | |
| 5 | 1 | N/A | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| FLFlorida | 10 | 1 | 25.0% |
| OROregon | 3 | 0 | 0.0% |
| TXTexas | 3 | 0 | 0.0% |
| CACalifornia | 2 | 0 | -- |
| COColorado | 2 | 1 | 100.0% |
| SCSouth Carolina | 2 | 0 | -- |
| ARArkansas | 1 | 0 | -- |
| AZArizona | 1 | 0 | -- |
| GAGeorgia | 1 | 0 | -- |
| IDIdaho | 1 | 0 | -- |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
A 40.0% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 40.0% — 150% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Bankruptcy (Item 4)
None disclosed
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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
What are you signing up for?
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Termination notice | 90 days |
|---|---|
| Jury trial waiver | No |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- On-the-job training
- 48 hrs
- Franchisor financing
- Not offered
- Item 10
Item 20 · call current owners
Franchisee Contacts
91 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 Itrip Vacations franchise?
The total investment to open a Itrip Vacations franchise ranges from $118K – $153K, with an initial franchise fee of $10K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Itrip Vacations franchise owners earn?
According to Item 19 of the Itrip Vacations FDD, the average gross sales per unit is $1.7M. The median is $1.2M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Itrip Vacations?
Itrip Vacations is franchised by iTRIP, LLC. Its parent company is iTrip Holdco, LLC. The ultimate parent named in the FDD is Smokey Parent, L.P. (c/o Blackstone Inc.). Source: FDD Item 1, 2025 filing.
What is Item 19 in the Itrip Vacations 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 Itrip Vacations FDD and qualifies whose outlets they describe.
What is Itrip Vacations's franchise failure rate?
Based on SBA 7(a) loan data, Itrip Vacations has a charge-off rate of 40.0% across 29 loans, meaning 40.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Itrip Vacations franchise locations are there?
As of their most recent FDD filing, Itrip Vacations has 115 total units in the United States, including 114 franchised units and 1 company-owned units. 3 new units were opened in the latest reporting year.
Is Itrip Vacations a good franchise to buy?
FranchiseVerdict rates Itrip Vacations as a D-grade franchise with a verdict score of 31 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.