Franopolis

    Hyatt Select Hotels

    Franchise research report · reviewed 2026 disclosure data

    Researching Hyatt Select Hotels franchise opportunities? Every figure below is cited to the FDD.

    Reviewed sources
    Franchising since
    2005
    Source: franchise.org
    Headquarters
    Chicago, IL United States
    Source: franchise.org

    The StandardX franchise operates as a boutique hotel brand under Hyatt's portfolio, targeting the lifestyle hospitality segment with design-forward properties a

    Headline figures

    Quick facts

    How much does it cost to open a Hyatt Select Hotels franchise?
    The Hyatt Select Hotels Franchise Disclosure Document reports separate estimated initial investments by format: $1,470,545–$9,187,081 for conversion only (100-room conversion — total excluding real estate) (2026 FDD, Item 7, PDF p. 39); $12,977,314–$17,145,350 for 107-room new construction — total excluding real estate (2026 FDD, Item 7, PDF p. 37). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
    What ongoing fees does Hyatt Select Hotels charge?
    The disclosed ongoing royalty is $5 (2026 FDD, Item 6, PDF p. 21). Other recurring fees are listed in Item 6. Details
    Does Hyatt Select Hotels disclose financial performance (Item 19)?
    No. The reviewed Hyatt Select Hotels FDD states that it does not make a financial performance representation in Item 19. Details
    How many Hyatt Select Hotels locations are there?
    The FDD reports 2 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 81). Existing locations do not indicate territory availability. Details

    From reviewed FDD figures only. Not a recommendation or projection.

    What the disclosures show

    1. 1The 2026 FDD (Item 7) estimates opening costs separately by format: $1,470,545 – $9,187,081 (100-room conversion — Total excluding real estate); $12,977,314 – $17,145,350 (107-room new construction — Total excluding real estate); several initial fee options apply.
    2. 2The franchisor makes no financial performance representation in Item 19.

    From reviewed FDD figures only. Not a recommendation or projection.

    Costs · Items 5–7

    What does it cost to open?

    Estimated opening costs and the fees payable to the franchisor.

    Startup Investment — Item 7

    Range across 2 single-unit formats

    2026 FDD · Item 7

    Formats disclosed in Item 7 (2)

    Each format has its own total. The total depends on the format you choose.

    • 100-room conversion — Total excluding real estatePDF p. 39$1,470,545 – $9,187,081
    • 107-room new construction — Total excluding real estatePDF p. 37$12,977,314 – $17,145,350

    Ongoing Fees — Item 6

    Selected recurring charges; payment bases and conditions remain attached to each fee.

    Royalty gross rooms revenueMain ongoing fee

    82 reported fees, each with its payment basis, are listed below; they haven't been sorted into recurring, initial and occasional groups yet.

    Financial Performance — Item 19

    What results are disclosed—and for which locations?

    No financial performance representation in Item 19

    The reviewed 2026 FDD for Hyatt Select Hotels has no Item 19 figures on record. Franopolis does not estimate revenue or earnings in their place; ask the franchisor and current owners what unit-level information they can share.

    Outlet Changes — Item 20

    How has the outlet count changed?

    United States, as labeled in the FDD · counts as of 2025-12-31 of each year.

    2026 FDD · Item 20 · PDF p. 81

    Net +0 outlets, 2025–2025

    022025

    Year-end counts reported in Item 20. The scale starts at zero, so the line looks nearly flat; the labels between the dots show each year's change. Openings and closures for 2025 haven't been pulled from the Item 20 tables yet, so no turnover or churn is shown.

    Questions to investigate

    Prompts based on what this brand's reviewed disclosures do and don't show — not conclusions. Join free as a member to save questions to your research.

    For the franchisor

    • Which line items in the 2026 Item 7 estimate ($1,470,545 – $17,145,350) vary most by market, and why?

    • Which initial fee option would apply to my situation, and what conditions or discounts affect it?

    • Hyatt Select Hotels reports no financial performance figures in Item 19. What information can you share about unit-level results?

    • Is a territory available in my area, and how is it defined in my agreement?

    For current and former owners

    • How did your actual startup costs and timeline compare with the Item 7 estimate?

    • How many hours a week do you work in the business, and in what role?

    • What support from the franchisor has been most and least useful?

    For your advisors

    • Ask a franchise attorney to review the territory, renewal, transfer and termination terms.

    • Ask an accountant to build a cash-flow plan using your own assumptions, not the franchisor's.

    Sources & vintage history

    Every displayed fact is retained with its disclosure vintage, item, page, and reviewed status. Prior vintages remain on file rather than being overwritten.

    Citations (2026 FDD)

    1. [1]Outlet counts — Item 20, Table 1 · PDF p. 81

    "PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD

    Territory & operations

    5 addresses in Franopolis's imported location list. Coverage may differ from Item 20 outlet counts.

    These are contract disclosures, not confirmation that any territory is currently available.

    Legal & agreement

    Franchisor financial statements

    Fiscal yearMeasureReported value
    2025base management fees$446
    2025net fees$1,112
    2025owned and leasedMore than one value recorded for this year — open the FDD source before comparing$1,375
    2025distributionMore than one value recorded for this year — open the FDD source before comparing$946
    2025other revenues$39
    2025for reimbursed costs$3,629
    2025total revenues$7,101
    2025owned and leasedMore than one value recorded for this year — open the FDD source before comparing$1,122
    2025distributionMore than one value recorded for this year — open the FDD source before comparing$823
    2025other direct costs$73
    2025transaction and integration costs$173
    2025reimbursed costs$3,682
    2025net gains$50
    2025equity earnings-$46
    2025interest expense-$317
    2025gains-$15
    2025asset impairmentsMore than one value recorded for this year — open the FDD source before comparing-$40
    2025income before income taxes$81
    2025provision for income taxes-$130
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing-$52
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing-$49
    2025other comprehensive income$158
    2025comprehensive income$109
    2025cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$787
    2025restricted cashMore than one value recorded for this year — open the FDD source before comparing$1
    2025short-term investments$26
    2025receivables netMore than one value recorded for this year — open the FDD source before comparing$1,123
    2025prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing$63
    2025equity method investments$186
    2025financing receivables netMore than one value recorded for this year — open the FDD source before comparing$442
    2025goodwill$3,454
    2025deferred tax assets$518
    2025total assets$14,036
    2025accounts payable$451
    2025accrued expenses and other current liabilities$592
    2025current contract liabilities$1,584
    2025current operating lease liabilities$35
    2025total current liabilities$2,894
    2025long-term debt$4,272
    2025long-term contract liabilities$1,012
    2025long-term operating lease liabilities$243
    2025other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,956
    2025total liabilities$10,377
    2025gains) losses on sales of real estate and other$15
    2025amortization of share awards$74
    2025deferred income taxes-$60
    2025asset impairmentsMore than one value recorded for this year — open the FDD source before comparing$40
    2025equity$46
    2025contra revenueMore than one value recorded for this year — open the FDD source before comparing$86
    2025payments for key money assets-$134
    2025other$173
    2025prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing-$26
    2025other long-term assets-$11
    2025contract liabilities-$108
    2025operating lease liabilities-$35
    2025accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing$22
    2025other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing-$28
    2025contributions to equity method and other investments-$82
    2025return of equity method and other investments$20
    2025acquisitions, net of cash acquired-$1,274
    2025capital expenditures-$220
    2025issuance of financing receivables-$16
    2025proceeds from financing receivables$14
    2025other investing activities$5
    2025net cash provided by$357
    2025repayments and repurchases of debt-$3,629
    2025repurchases of common stock-$293
    2025total equity$3,659
    2025dividends paid-$57
    2025payment of withholding taxes for stock-based compensation-$27
    2025other financing activities-$28
    2025net cash used in financing activities-$954
    2025effect of exchange rate changes on cash-$9
    2025net increaseMore than one value recorded for this year — open the FDD source before comparing-$227
    2025net increaseMore than one value recorded for this year — open the FDD source before comparing-$227
    2025beginning of year$1,015
    2025end of year$788
    2025cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$787
    2025foreign currency translation adjustments$153
    2025financing receivables netMore than one value recorded for this year — open the FDD source before comparing$442
    2025retained earnings$3,482
    2025accumulated other comprehensive loss-$149
    2025total stockholders equity$3,334
    2025noncontrolling interests$325
    2025franchise and other fees$480
    2025incentive management fees$272
    2025gross fees$1,198
    2025general and administrative$555
    2025depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$325
    2025total direct and general and administrative expenses$6,753
    2025inventories$8
    2025contra revenueMore than one value recorded for this year — open the FDD source before comparing-$86
    2025other income$101
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing-$49
    2025comprehensive income attributable to hyatt hotels corporation$68
    2025prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing$169
    2025other assets$3,125
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing-$49
    2025operating lease right-of-use assets$328
    2025accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing$226
    2025amortization of operating lease right-of-use assets$34
    2025gains) losses, net on marketable securities-$19
    2025property and equipment, net$1,577
    2025intangibles, net$2,229
    2025depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$325
    2025contingent consideration liabilities fair value adjustments-$37
    2025accounts payable, accrued expenses, and other current liabilities-$176
    2025total current assets$2,177
    2025current maturities of long-term debt$6
    2025prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing-$82
    2025deferred revenue related to the loyalty program$271
    2025purchases of marketable securities and short-term investments-$714
    2025proceeds from marketable securities and short-term investments$958
    2025net cash provided by operating activities$379
    2025proceeds from sales of real estate and other, net$1,666
    2025total liabilities and equity$14,036
    2025proceeds from debt, net$3,080
    2025restricted cashMore than one value recorded for this year — open the FDD source before comparing$1
    2025derivative instrument adjustments$4
    2025receivables netMore than one value recorded for this year — open the FDD source before comparing$1,123
    2025total cash, cash equivalents, and restricted cash$788
    2024total equity$3,826
    2024contra revenueMore than one value recorded for this year — open the FDD source before comparing-$69
    2024distributionMore than one value recorded for this year — open the FDD source before comparing$1,023
    2024for reimbursed costs$3,352
    2024total revenues$6,648
    2024general and administrative$548
    2024other direct costs$94
    2024transaction and integration costs$42
    2024depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$333
    2024goodwill$2,541
    2024total direct and general and administrative expenses$6,274
    2024net gains$49
    2024equity earnings$31
    2024asset impairmentsMore than one value recorded for this year — open the FDD source before comparing-$213
    2024other income$257
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$1,296
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$1,296
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$1,296
    2024comprehensive income$1,201
    2024comprehensive income attributable to hyatt hotels corporation$1,202
    2024restricted cashMore than one value recorded for this year — open the FDD source before comparing$1
    2024receivables netMore than one value recorded for this year — open the FDD source before comparing$1,121
    2024inventories$8
    2024prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing$46
    2024total current assets$2,733
    2024equity method investments$189
    2024property and equipment, net$1,689
    2024financing receivables netMore than one value recorded for this year — open the FDD source before comparing$368
    2024operating lease right-of-use assets$328
    2024deferred tax assets$466
    2024other assets$2,843
    2024total assets$13,324
    2024current maturities of long-term debt$456
    2024accrued expenses and other current liabilities$565
    2024accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing$192
    2024total current liabilities$3,274
    2024long-term contract liabilities$843
    2024total liabilities$9,498
    2024net incomeMore than one value recorded for this year — open the FDD source before comparing$1,296
    2024depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$333
    2024gains) losses on sales of real estate and other-$1,245
    2024amortization of share awards$64
    2024amortization of operating lease right-of-use assets$36
    2024asset impairmentsMore than one value recorded for this year — open the FDD source before comparing$213
    2024equity-$31
    2024gains) losses, net on marketable securities-$54
    2024contingent consideration liabilities fair value adjustments-$39
    2024other$79
    2024prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing$65
    2024prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing-$116
    2024other long-term assets-$6
    2024accounts payable, accrued expenses, and other current liabilities$56
    2024deferred revenue related to the loyalty program$203
    2024accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing-$6
    2024other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing-$6
    2024purchases of marketable securities and short-term investments-$1,775
    2024proceeds from marketable securities and short-term investments$1,338
    2024return of equity method and other investments$62
    2024capital expenditures-$170
    2024issuance of financing receivables-$136
    2024proceeds from financing receivables$51
    2024proceeds from sales of real estate and other, net$1,421
    2024other investing activities-$13
    2024net cash provided by$81
    2024repayments and repurchases of debt-$750
    2024other financing activities$1
    2024net cash used in financing activities-$618
    2024net increaseMore than one value recorded for this year — open the FDD source before comparing$96
    2024beginning of year$919
    2024cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$1,011
    2024restricted cashMore than one value recorded for this year — open the FDD source before comparing$1
    2024total cash, cash equivalents, and restricted cash$1,015
    2024derivative instrument adjustments$3
    2024receivables netMore than one value recorded for this year — open the FDD source before comparing$1,121
    2024retained earnings$3,815
    2024accumulated other comprehensive loss-$269
    2024total stockholders equity$3,547
    2024noncontrolling interests$279
    2024incentive management fees$242
    2024base management fees$399
    2024franchise and other fees$458
    2024reimbursed costs$3,457
    2024interest expense-$180
    2024gains$1,245
    2024net fees$1,030
    2024provision for income taxes-$267
    2024gross fees$1,099
    2024total liabilities and equity$13,324
    2024owned and leasedMore than one value recorded for this year — open the FDD source before comparing$1,174
    2024owned and leasedMore than one value recorded for this year — open the FDD source before comparing$925
    2024prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing$174
    2024long-term operating lease liabilities$245
    2024other revenues$69
    2024distributionMore than one value recorded for this year — open the FDD source before comparing$875
    2024income before income taxes$1,563
    2024cash and cash equivalentsMore than one value recorded for this year — open the FDD source before comparing$1,011
    2024other comprehensive income-$95
    2024current operating lease liabilities$33
    2024intangibles, net$2,167
    2024accounts payable$475
    2024other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing$1,810
    2024repurchases of common stock-$1,190
    2024net increaseMore than one value recorded for this year — open the FDD source before comparing$93
    2024short-term investments$372
    2024current contract liabilities$1,553
    2024contra revenueMore than one value recorded for this year — open the FDD source before comparing$69
    2024long-term debt$3,326
    2024payments for key money assets-$153
    2024contract liabilities$48
    2024net cash provided by operating activities$633
    2024deferred income taxes-$123
    2024acquisitions, net of cash acquired-$609
    2024payment of withholding taxes for stock-based compensation-$43
    2024proceeds from debt, net$1,424
    2024operating lease liabilities-$35
    2024contributions to equity method and other investments-$88
    2024effect of exchange rate changes on cash-$3
    2024end of year$1,015
    2024dividends paid-$60
    2024financing receivables netMore than one value recorded for this year — open the FDD source before comparing$368
    2024foreign currency translation adjustments-$96
    2023gross fees$970
    2023contra revenueMore than one value recorded for this year — open the FDD source before comparing-$47
    2023net fees$923
    2023owned and leasedMore than one value recorded for this year — open the FDD source before comparing$1,339
    2023total revenues$6,667
    2023general and administrative$578
    2023owned and leasedMore than one value recorded for this year — open the FDD source before comparing$1,022
    2023transaction and integration costs$42
    2023depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$397
    2023reimbursed costs$3,144
    2023equity earnings-$1
    2023interest expense-$145
    2023asset impairmentsMore than one value recorded for this year — open the FDD source before comparing-$30
    2023other income$124
    2023income before income taxes$310
    2023provision for income taxes-$90
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$220
    2023other comprehensive income$67
    2023comprehensive income attributable to hyatt hotels corporation$287
    2023depreciation and amortizationMore than one value recorded for this year — open the FDD source before comparing$397
    2023gains) losses on sales of real estate and other-$18
    2023amortization of operating lease right-of-use assets$42
    2023deferred income taxes-$125
    2023contra revenueMore than one value recorded for this year — open the FDD source before comparing$47
    2023gains) losses, net on marketable securities-$34
    2023contingent consideration liabilities fair value adjustments$9
    2023payments for key money assets-$132
    2023other long-term assets-$92
    2023accounts payable, accrued expenses, and other current liabilities-$29
    2023deferred revenue related to the loyalty program$202
    2023operating lease liabilities-$43
    2023other long-term liabilities-$13
    2023net cash provided by operating activities$800
    2023purchases of marketable securities and short-term investments-$483
    2023proceeds from marketable securities and short-term investments$576
    2023contributions to equity method and other investments-$43
    2023acquisitions, net of cash acquired-$175
    2023proceeds from financing receivables$1
    2023other investing activities$3
    2023net cash provided by-$365
    2023proceeds from debt, net$596
    2023repayments and repurchases of debt-$660
    2023dividends paid-$47
    2023payment of withholding taxes for stock-based compensation-$16
    2023net increaseMore than one value recorded for this year — open the FDD source before comparing-$145
    2023net increaseMore than one value recorded for this year — open the FDD source before comparing-$148
    2023cash and cash equivalents$881
    2023restricted cash$34
    2023total cash, cash equivalents, and restricted cash$919
    2023foreign currency translation adjustments$46
    2023base management fees$374
    2023incentive management fees$232
    2023franchise and other fees$364
    2023other direct costs$336
    2023total direct and general and administrative expenses$6,378
    2023for reimbursed costs$3,058
    2023distributionMore than one value recorded for this year — open the FDD source before comparing$1,047
    2023other revenues$300
    2023distributionMore than one value recorded for this year — open the FDD source before comparing$859
    2023gains$18
    2023net gains$55
    2023comprehensive income$287
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$220
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$220
    2023equity$1
    2023net incomeMore than one value recorded for this year — open the FDD source before comparing$220
    2023asset impairmentsMore than one value recorded for this year — open the FDD source before comparing$30
    2023contract liabilities$290
    2023accrued compensation and benefits-$22
    2023return of equity method and other investments$7
    2023other financing activities$2
    2023amortization of share awards$75
    2023prepaids and other assets-$66
    2023effect of exchange rate changes on cash-$2
    2023end of year$919
    2023other$85
    2023prepaid income taxes-$24
    2023issuance of financing receivables-$43
    2023net cash used in financing activities-$578
    2023capital expenditures-$198
    2023proceeds from sales of real estate and other, net-$10
    2023repurchases of common stock-$453
    2023derivative instrument adjustments$6
    2023beginning of year$1,067

    These figures describe the franchisor company, not individual franchise locations.

    SBA-backed loans to franchisees

    Loading…

    Source: U.S. Small Business Administration 7(a) & 504 FOIA data. Loan volume is not a measure of franchisee success.

    Related research

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    At a glance

    Business history

    Not reviewed

    Owner participation

    Not reviewed

    Territory language

    Litigation disclosure

    Not reviewed

    Bankruptcy disclosure

    Not reviewed

    Agreement term

    Not reviewed

    Reader notes on wording

    Our automated check found that these summaries may not match the FDD's exact wording. Read the FDD excerpt itself; it is the authoritative text. Core cost, fee, Item 19 and outlet figures are not affected.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Other ceased

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Reacquired

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Opened

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Start

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Not renewed

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Terminated

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Reacquired

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — Other ceased

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Virginia 2025 — End

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Terminated

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Start

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Not renewed

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 81 · 2026 FDD

      Our summary: Table 1 Franchised 2025 — End

      “2025 0 2 +2”

      Note: Item 20 state row or Franchised ownership-basis row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 81 · 2026 FDD

      Our summary: Table 1 Franchised 2025 — Start

      “2025 0 2 +2”

      Note: Item 20 state row or Franchised ownership-basis row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 81 · 2026 FDD

      Our summary: Table 1 Franchised 2025 — Net change

      “2025 0 2 +2”

      Note: Item 20 state row or Franchised ownership-basis row; this review verifies national/systemwide Total rows only.

    • Item 20 · PDF p. 82 · 2026 FDD

      Our summary: Table 3 Missouri 2025 — Opened

      “2025 0 1 0 0 0 0 1”

      Note: State-specific Item 20 row; this review verifies national/systemwide Total rows only.

    Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.