Sleep Inn Launches Minority Incentive Program
MARYLAND, July 20, 2005. Choice Hotels International, Inc., franchisor of all-new construction, midpriced Sleep Inn brand hotels, today launched a Sleep Inn Minority Incentive Program that offers qualified African American, Hispanic and Native American entrepreneurs a special development incentive with a value of up to $155,000.
"High upfront costs and lack of management experience are two of the primary barriers to entry for minority entrepreneurs interested in hotel development," said Brian Parker, vice president, emerging markets and new business development. "This incentive program is designed to combat the barriers to entry and demonstrate our commitment to increase minority ownership within the Choice Hotels system."
The Sleep Inn Minority Incentive Program features: - Feasibility Study Reimbursement - Choice Hotels will reimburse up to $5,000 for a feasibility study - a critical, lender-required step to hotel ownership. - A 50% Affiliation Fee Reduction - Reduced to $20,000 from $40,000 - Grand Opening Incentive - $70,000 in the form of a fully forgivable note at the grand opening of the hotel for any hotel related purpose. -- Management Company Fee Contribution - Choice Hotels will contribute up to $50,000 of the first year's cost for a professional management company. The retention of a management company may increase financing options for first-time hoteliers. It also enables developers to learn best practice operations and may better position a hotel to achieve fair market share soon after opening. - Bonus Support Services and Training - Developers will receive free Profit Manager by Choice Hotels' property management system software. This proprietary, Windows-based system provides state-of-the-art hotel management functionality and integration with central reservation and frequent guest systems - a $7,500 value. Plus developers will receive three days of extra-customized performance-related training during the first year of operations - a $2,500 value.
Sleep Inn properties' affordable development costs and return on investment (ROI) focus make the brand an attractive business opportunity for new hotel owners. The brand uses a contemporary room concept with upscale, state-of-the-art features to save labor and building costs, while delivering a consistent quality guest experience to value minded business and leisure travelers. A new, value-engineered prototype for the brand has reduced development costs to approximately $35,000 per key excluding land and soft costs.
"Choice Hotels is dedicated entirely to optimizing hotel performance. As a pure franchising company, our success is 100% contingent on the success of our franchisees-our passion is their profitability," Parker added.
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