Sheraton Hotels & Resorts
Franchise research report · reviewed 2026 disclosure data
Researching Sheraton Hotels & Resorts franchise opportunities? Every figure below is cited to the FDD.
Outdoor Collection by Marriott Bonvoy franchise brings unique outdoor hospitality experiences through glamping sites, treehouses, and cabin retreats under the t
Headline figures
Quick facts
- How much does it cost to open a Sheraton Hotels & Resorts franchise?
- The Sheraton Hotels & Resorts Franchise Disclosure Document reports an estimated initial investment of $83,776,490–$136,115,890 (2026 FDD, Item 7, PDF p. 64). This is the franchisor's disclosed estimate, not a quote. Details
- Does Sheraton Hotels & Resorts disclose financial performance (Item 19)?
- Yes. The Sheraton Hotels & Resorts FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 117). Figures apply only to the locations and period each one covers. Details
- How many Sheraton Hotels & Resorts locations are there?
- The FDD reports 165 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 123). Existing locations do not indicate territory availability. Details
From reviewed FDD figures only. Not a recommendation or projection.
What the disclosures show
- 1Opening costs are estimated at $83,776,490 – $136,115,890 in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 4 separate groups: other measures for 128 Franchised locations; other measures for 129 Franchised locations; revenue and other measures for 130 Franchised locations; memberships and other measures and revenue for 130 Franchised locations. They are not combined.
- 3Outlets declined by 1 in 2025, to 165 (United States and Canada, as labeled in the FDD, Item 20).
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
Total estimated initial investment
2026 FDD · Item 7 · PDF p. 64
Ongoing Fees — Item 6
Selected recurring charges; payment bases and conditions remain attached to each fee.
183 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?
4 separate populations, shown apart. Revenue is not owner income.
Locations counted: not stated in the reviewed record
Other measures · 128 locations
- Who is counted
- STR Included franchised Sheraton hotels
- Excluded
- Open at least two years; excluded qualifying rooms/public-space renovations and expansions under Conditions.
- Method
- STR unaudited data; hotel-day reporting omissions excluded; CAD converted monthly to USD at Treasury second-to-last-day rate; formulas in source.
Locations counted: not stated in the reviewed record
Other measures · 129 locations
- Who is counted
- 1-Year Comp franchised Sheraton hotels
- Period
- 45%
- Excluded
- Open 12 months and met Conditions.
- Method
- STR unaudited data; hotel-day reporting omissions excluded; CAD converted monthly to USD at Treasury second-to-last-day rate; formulas in source.
Locations counted: not stated in the reviewed record
Revenue and other measures · 130 locations
- Who is counted
- Included franchised Sheraton hotels; reservations
- Period
- 70.1%
- Excluded
- At least two years and met Conditions; channels exclude group/direct-property and area/regional/national sales office bookings.
- Method
- Marriott internal databases; room night revenue includes mandatory invoiced fees regardless of subsequent cancellation, excludes taxes. Gross bookings include cancellations. Source formula inconsistently states 88 Included Hotels rather than 130.
Locations counted: not stated in the reviewed record
Memberships, revenue and other measures · 130 locations
- Who is counted
- Included franchised Sheraton hotels; Marriott Bonvoy
- Period
- 169
- Excluded
- At least two years and Conditions; taxes/tips excluded from spend.
- Method
- Internal databases; paid nights award points and exclude redeemed stays, non-point group nights, OTA, wholesale and crew. Occupancy paragraph says includes redeemed nights but following page says excludes them; source inconsistency retained.
These groups are never combined.
Outlet Changes — Item 20
How has the outlet count changed?
United States and Canada, as labeled in the FDD · counts as of 2025 of each year.
2026 FDD · Item 20 · PDF p. 123
Net −3 outlets, 2023–2025
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 ($83,776,490 – $136,115,890) vary most by market, and why?
Which initial fee option would apply to my situation, and what conditions or discounts affect it?
Which locations are included in the Item 19 figures, and which were excluded?
Reported units decreased from 166 to 165 in 2025. What drove the change?
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?
How do your results compare with the Item 19 figures, and what explains the difference?
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]Estimated initial investment — Item 7 · PDF p. 64
- [2]Item 19 — Locations counted not stated in the reviewed record — STR Included franchised Sheraton hotels · PDF p. 117; PDF p. 118
- [3]Item 19 — Locations counted not stated in the reviewed record — 1-Year Comp franchised Sheraton hotels · PDF p. 118
- [4]Item 19 — Locations counted not stated in the reviewed record — Included franchised Sheraton hotels; reservations · PDF p. 119
- [5]Item 19 — Locations counted not stated in the reviewed record — Included franchised Sheraton hotels; Marriott Bonvoy · PDF p. 120
- [6]Outlet counts — Item 20, Table 1 · PDF p. 123
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
190 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 year | Measure | Reported value |
|---|---|---|
| 2025 | deferred income - current portion | $2,603 |
| 2025 | deferred income - non current portion | $32,360 |
| 2025 | note receivable and accrued interest from member | -$7,153 |
| 2025 | retained earnings | $453,064 |
| 2025 | current year earnings | $79,457 |
| 2025 | accounts receivable | -$10,279 |
| 2025 | contract investment amortization | -$1,417 |
| 2025 | amortization and depreciation expense | $70 |
| 2025 | total member's equity | $545,368 |
| 2025 | assets current assets accounts receivable, net | $22,151 |
| 2025 | total assets | $582,261 |
| 2025 | total current liabilities | $4,533 |
| 2025 | revenues franchise fees | $95,027 |
| 2025 | intangible assets, net | $42,106 |
| 2025 | total liabilities and member's equity | $582,261 |
| 2025 | net fee revenues | $96,599 |
| 2025 | gross fee revenue | $98,016 |
| 2025 | due from related parties, net | $518,004 |
| 2025 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | $963 |
| 2025 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$21,956 |
| 2025 | total liabilities | $36,893 |
| 2025 | operating cost and expenses related party royalty expense | $40,213 |
| 2025 | cost reimbursement revenue | $50,883 |
| 2025 | member's equity membership interest | $20,000 |
| 2025 | operating income | $55,622 |
| 2025 | total current assets | $22,151 |
| 2025 | liabilities and member's equity current liabilities accounts payable | $1,930 |
| 2025 | licensing fees and other revenue | $2,989 |
| 2025 | general, administrative, and other | $633 |
| 2025 | net income | $79,457 |
| 2025 | operating activities net income | $79,457 |
| 2025 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$413 |
| 2025 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | $25,174 |
| 2025 | interest income | $23,835 |
| 2025 | reimbursed expenses | $50,944 |
| 2025 | due from related parties | -$74,433 |
| 2025 | amortization, depreciation and other | $1,487 |
| 2024 | due from related parties | -$66,581 |
| 2024 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$45 |
| 2024 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | $4,010 |
| 2024 | contract investment amortization | -$1,203 |
| 2024 | operating cost and expenses related party royalty expense | $26,728 |
| 2024 | net income | $63,830 |
| 2024 | deferred income - current portion | $1,741 |
| 2024 | note receivable and accrued interest from member | -$6,740 |
| 2024 | deferred income - non current portion | $8,048 |
| 2024 | licensing fees and other revenue | $2,026 |
| 2024 | assets current assets accounts receivable, net | $11,872 |
| 2024 | total assets | $477,080 |
| 2024 | member's equity membership interest | $20,000 |
| 2024 | total liabilities and member's equity | $477,080 |
| 2024 | gross fee revenue | $71,980 |
| 2024 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$67 |
| 2024 | current year earnings | $63,830 |
| 2024 | total current assets | $11,872 |
| 2024 | total current liabilities | $2,708 |
| 2024 | net fee revenues | $70,777 |
| 2024 | retained earnings | $389,234 |
| 2024 | liabilities and member's equity current liabilities accounts payable | $967 |
| 2024 | revenues franchise fees | $69,954 |
| 2024 | total member's equity | $466,324 |
| 2024 | total liabilities | $10,756 |
| 2024 | intangible assets, net | $21,637 |
| 2024 | operating income | $41,474 |
| 2024 | due from related parties, net | $443,571 |
| 2024 | general, administrative, and other | $2,417 |
| 2024 | cost reimbursement revenue | $32,491 |
| 2024 | amortization and depreciation expense | $67 |
| 2024 | interest income | $22,356 |
| 2024 | amortization, depreciation and other | $1,270 |
| 2024 | operating activities net income | $63,830 |
| 2024 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$427 |
| 2024 | reimbursed expenses | $32,582 |
| 2024 | accounts receivable | -$1,990 |
| 2023 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$1,221 |
| 2023 | operating cost and expenses related party royalty expense | $26,748 |
| 2023 | net income | $64,157 |
| 2023 | licensing fees and other revenue | $2,124 |
| 2023 | contract investment amortization | -$1,225 |
| 2023 | revenues franchise fees | $71,032 |
| 2023 | general, administrative, and other | $1,470 |
| 2023 | net fee revenues | $71,931 |
| 2023 | cost reimbursement revenue | $22,486 |
| 2023 | operating income | $43,646 |
| 2023 | amortization and depreciation expense | $67 |
| 2023 | interest income | $20,511 |
| 2023 | operating activities net income | $64,157 |
| 2023 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$61,623 |
| 2023 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$1,506 |
| 2023 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | $511 |
| 2023 | operating cash-flow adjustmentMore than one value recorded for this year — open the FDD source before comparing | -$414 |
| 2023 | accounts receivable | -$1,196 |
| 2023 | gross fee revenue | $73,156 |
| 2023 | reimbursed expenses | $22,486 |
| 2023 | amortization, depreciation and other | $1,292 |
These figures describe the franchisor company, not individual franchise locations.
SBA-backed loans to franchisees
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Source: U.S. Small Business Administration 7(a) & 504 FOIA data. Loan volume is not a measure of franchisee success.
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. 123 · 2026 FDD
Our summary: Table 1 Franchised 2024 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2025 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2024 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2023 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2023 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Franchised 2023 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2024 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Franchised 2023 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Franchised 2025 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Franchised 2024 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Franchised 2025 end
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Item 20 · PDF p. 123 · 2026 FDD
Our summary: Table 1 Company-owned, managed and leased 2025 start
“2026 Sheraton Domestic FDD Items 1-23 - #3925191v2 (03/31/2026) 115 ITEM 20 OUTLETS AND FRANCHISEE INFORMATION Table No. 1 SYSTEM-WIDE OUTLET SUMMARY FOR YEARS 2023 TO 2025 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Franchised 2023 2024 2025 147 142 140 142 140 141 (5) (2) 1 Company-Owned, Managed and Leased 2023 2024 2025 25 26 26 26 26 24 1 0 (2) Total Outlets 2023 2024 2025 172 168 166 168 166 165 (4) (2) (1)”
Note: Item 20 claim is state/geography-specific or not a national/systemwide Total row; it cannot be verified under the required scope.
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.