The Unbound Collection by Hyatt
Franchise research report · reviewed 2026 disclosure data
Researching The Unbound Collection by Hyatt franchise opportunities? Every figure below is cited to the FDD.
The StandardX franchise represents Hyatt's contemporary hotel brand focused on delivering modern accommodations and streamlined hospitality experiences.
Headline figures
Quick facts
- How much does it cost to open a The Unbound Collection by Hyatt franchise?
- The The Unbound Collection by Hyatt Franchise Disclosure Document reports an estimated initial investment of $70,395,993–$125,169,001 (2026 FDD, Item 7, PDF p. 37). This is the franchisor's disclosed estimate, not a quote. Details
- What ongoing fees does The Unbound Collection by Hyatt charge?
- The disclosed ongoing royalty is $7 (2026 FDD, Item 6, PDF p. 21). The brand or advertising fund contribution is $1,027 (2026 FDD, Item 6, PDF p. 27). Other recurring fees are listed in Item 6. Details
- Does The Unbound Collection by Hyatt disclose financial performance (Item 19)?
- Yes. The The Unbound Collection by Hyatt FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 81). Figures apply only to the locations and period each one covers. Details
- How many The Unbound Collection by Hyatt locations are there?
- The FDD reports 18 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 86). 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 $70,395,993 – $125,169,001 in the 2026 FDD (Item 7); several initial fee options apply.
- 2Item 19 covers 4 separate groups: other measures for 11 Franchisee owned/operated, possible affiliate joint ventures below 50% locations; other measures for 7 Affiliate at least 50% owned or manages third party locations; other measures for 18 Combined franchised and owned/managed locations; other measures for 18 locations. They are not combined.
- 3Outlets held steady in 2025, to 18 (United States, 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. 37
Ongoing Fees — Item 6
Selected recurring charges; payment bases and conditions remain attached to each fee.
- Royalty of gross rooms revenue from Channel BookingsMain ongoing fee
85 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 · 11 locations
- Who is counted
- Franchised Covered Hotels
- Period
- Sample size
- Excluded
- 18 full-year hotels of 19; one opened/affiliated in 2025 excluded; none excluded for temporary closures. Revenue excludes expenses, not profit.
- Method
- Occupancy=sold/available nights; ADR=gross rooms revenue/sold nights; RevPAR=gross rooms revenue/available nights; aggregates used for group averages. Unaudited internal information except independently compiled Smith Travel indices; no independent investigation.
Locations counted: not stated in the reviewed record
Other measures · 7 locations
- Who is counted
- Owned/Managed Covered Hotels
- Period
- Sample size
- Excluded
- 18 full-year hotels of 19; one opened/affiliated in 2025 excluded; none excluded for temporary closures. Revenue excludes expenses, not profit.
- Method
- Occupancy=sold/available nights; ADR=gross rooms revenue/sold nights; RevPAR=gross rooms revenue/available nights; aggregates used for group averages. Unaudited internal information except independently compiled Smith Travel indices; no independent investigation.
Locations counted: not stated in the reviewed record
Other measures · 18 locations
- Who is counted
- All Covered Hotels
- Period
- Mean occupancy
- Excluded
- 18 full-year hotels of 19; one opened/affiliated in 2025 excluded; none excluded for temporary closures. Revenue excludes expenses, not profit.
- Method
- Occupancy=sold/available nights; ADR=gross rooms revenue/sold nights; RevPAR=gross rooms revenue/available nights; aggregates used for group averages. Unaudited internal information except independently compiled Smith Travel indices; no independent investigation.
Locations counted: not stated in the reviewed record
Other measures · 18 locations
- Who is counted
- Covered Hotels
- Method
- As stated; no temporary closures excluded; unaudited.
These groups are never combined.
Outlet Changes — Item 20
How has the outlet count changed?
United States, as labeled in the FDD · counts as of December 31, 2025 of each year.
2026 FDD · Item 20 · PDF p. 86
Net +2 outlets, 2023–2025
Year-end counts reported in Item 20. The scale starts at zero; 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 ($70,395,993 – $125,169,001) 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 went from 18 to 18 in 2025. How many new units opened, closed or changed hands?
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. 37
- [2]Item 19 — Locations counted not stated in the reviewed record — Franchised Covered Hotels · PDF p. 81; PDF p. 82; PDF p. 83; PDF p. 84
- [3]Item 19 — Locations counted not stated in the reviewed record — Owned/Managed Covered Hotels · PDF p. 81; PDF p. 82; PDF p. 83; PDF p. 84
- [4]Item 19 — Locations counted not stated in the reviewed record — All Covered Hotels · PDF p. 81; PDF p. 82; PDF p. 83; PDF p. 84
- [5]Item 19 — Locations counted not stated in the reviewed record — Covered Hotels · PDF p. 80
- [6]Outlet counts — Item 20, Table 1 · PDF p. 86
"PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD
Territory & operations
1 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 | total equity | $3,659 |
| 2025 | base management fees | $446 |
| 2025 | incentive management fees | $272 |
| 2025 | franchise and other fees | $480 |
| 2025 | gross fees | $1,198 |
| 2025 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | -$86 |
| 2025 | net fees | $1,112 |
| 2025 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $1,375 |
| 2025 | distributionMore than one value recorded for this year — open the FDD source before comparing | $946 |
| 2025 | other revenues | $39 |
| 2025 | for reimbursed costs | $3,629 |
| 2025 | total revenues | $7,101 |
| 2025 | general and administrative | $555 |
| 2025 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $1,122 |
| 2025 | distributionMore than one value recorded for this year — open the FDD source before comparing | $823 |
| 2025 | other direct costs | $73 |
| 2025 | transaction and integration costs | $173 |
| 2025 | depreciation and amortization | $325 |
| 2025 | reimbursed costs | $3,682 |
| 2025 | total direct and general and administrative expenses | $6,753 |
| 2025 | net gains | $50 |
| 2025 | interest expense | -$317 |
| 2025 | gains | -$15 |
| 2025 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | -$40 |
| 2025 | other income | $101 |
| 2025 | provision for income taxes | -$130 |
| 2025 | net incomeMore than one value recorded for this year — open the FDD source before comparing | -$52 |
| 2025 | basic | -$1 |
| 2025 | diluted | -$1 |
| 2025 | cash and cash equivalents | $787 |
| 2025 | restricted cash | $1 |
| 2025 | short-term investments | $26 |
| 2025 | inventories | $8 |
| 2025 | prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing | $169 |
| 2025 | equity method investments | $186 |
| 2025 | property and equipment, net | $1,577 |
| 2025 | goodwill | $3,454 |
| 2025 | intangibles, net | $2,229 |
| 2025 | deferred tax assets | $518 |
| 2025 | total assets | $14,036 |
| 2025 | current maturities of long-term debt | $6 |
| 2025 | accrued expenses and other current liabilities | $592 |
| 2025 | current contract liabilities | $1,584 |
| 2025 | total current liabilities | $2,894 |
| 2025 | long-term debt | $4,272 |
| 2025 | long-term contract liabilities | $1,012 |
| 2025 | other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing | $1,956 |
| 2025 | total liabilities | $10,377 |
| 2025 | amortization of share awards | $74 |
| 2025 | amortization of operating lease right-of-use assets | $34 |
| 2025 | deferred income taxes | -$60 |
| 2025 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | $40 |
| 2025 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | $86 |
| 2025 | gains) losses, net on marketable securities | -$19 |
| 2025 | payments for key money assets | -$134 |
| 2025 | prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing | -$82 |
| 2025 | prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing | -$26 |
| 2025 | other long-term assets | -$11 |
| 2025 | contract liabilities | -$108 |
| 2025 | operating lease liabilities | -$35 |
| 2025 | accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing | $22 |
| 2025 | other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing | -$28 |
| 2025 | net cash provided by operating activities | $379 |
| 2025 | purchases of marketable securities and short-term investments | -$714 |
| 2025 | proceeds from marketable securities and short-term investments | $958 |
| 2025 | contributions to equity method and other investments | -$82 |
| 2025 | return of equity method and other investments | $20 |
| 2025 | acquisitions, net of cash acquired | -$1,274 |
| 2025 | capital expenditures | -$220 |
| 2025 | proceeds from financing receivables | $14 |
| 2025 | other investing activities | $5 |
| 2025 | net cash provided by | $357 |
| 2025 | repayments and repurchases of debt | -$3,629 |
| 2025 | repurchases of common stock | -$293 |
| 2025 | other financing activities | -$28 |
| 2025 | net increaseMore than one value recorded for this year — open the FDD source before comparing | -$227 |
| 2025 | beginning of year | $1,015 |
| 2025 | end of year | $788 |
| 2025 | noncontrolling interests | $325 |
| 2025 | receivables net | $1,123 |
| 2025 | financing receivables net | $442 |
| 2025 | total stockholders' equity | $3,334 |
| 2025 | income before income taxes | $81 |
| 2025 | prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing | $63 |
| 2025 | accounts payable | $451 |
| 2025 | accounts payable, accrued expenses, and other current liabilities | -$176 |
| 2025 | payment of withholding taxes for stock-based compensation | -$27 |
| 2025 | retained earnings | $3,482 |
| 2025 | current operating lease liabilities | $35 |
| 2025 | long-term operating lease liabilities | $243 |
| 2025 | gains) losses on sales of real estate and other | $15 |
| 2025 | equity | $46 |
| 2025 | operating lease right-of-use assets | $328 |
| 2025 | other | $173 |
| 2025 | issuance of financing receivables | -$16 |
| 2025 | dividends paid | -$57 |
| 2025 | accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing | $226 |
| 2025 | contingent consideration liabilities fair value adjustments | -$37 |
| 2025 | effect of exchange rate changes on cash | -$9 |
| 2025 | accumulated other comprehensive loss | -$149 |
| 2025 | proceeds from real estate sales and other net | $1,666 |
| 2025 | equity earnings | -$46 |
| 2025 | net cash used in financing activities | -$954 |
| 2025 | total current assets | $2,177 |
| 2025 | other assets | $3,125 |
| 2025 | deferred revenue related to the loyalty program | $271 |
| 2025 | net increaseMore than one value recorded for this year — open the FDD source before comparing | -$227 |
| 2025 | proceeds from debt net issuance costs | $3,080 |
| 2025 | change in receivables net | $58 |
| 2025 | net incomeMore than one value recorded for this year — open the FDD source before comparing | -$49 |
| 2024 | total stockholders' equity | $3,547 |
| 2024 | total equity | $3,826 |
| 2024 | franchise and other fees | $458 |
| 2024 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | -$69 |
| 2024 | distributionMore than one value recorded for this year — open the FDD source before comparing | $1,023 |
| 2024 | other revenues | $69 |
| 2024 | for reimbursed costs | $3,352 |
| 2024 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $925 |
| 2024 | other direct costs | $94 |
| 2024 | depreciation and amortization | $333 |
| 2024 | reimbursed costs | $3,457 |
| 2024 | total direct and general and administrative expenses | $6,274 |
| 2024 | equity earnings | $31 |
| 2024 | gains | $1,245 |
| 2024 | other income | $257 |
| 2024 | income before income taxes | $1,563 |
| 2024 | provision for income taxes | -$267 |
| 2024 | net incomeMore than one value recorded for this year — open the FDD source before comparing | $1,296 |
| 2024 | net incomeMore than one value recorded for this year — open the FDD source before comparing | $1,296 |
| 2024 | cash and cash equivalents | $1,011 |
| 2024 | restricted cash | $1 |
| 2024 | inventories | $8 |
| 2024 | prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing | $174 |
| 2024 | prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing | $46 |
| 2024 | total current assets | $2,733 |
| 2024 | equity method investments | $189 |
| 2024 | property and equipment, net | $1,689 |
| 2024 | operating lease right-of-use assets | $328 |
| 2024 | goodwill | $2,541 |
| 2024 | intangibles, net | $2,167 |
| 2024 | other assets | $2,843 |
| 2024 | total assets | $13,324 |
| 2024 | current maturities of long-term debt | $456 |
| 2024 | accounts payable | $475 |
| 2024 | accrued expenses and other current liabilities | $565 |
| 2024 | current contract liabilities | $1,553 |
| 2024 | total current liabilities | $3,274 |
| 2024 | long-term debt | $3,326 |
| 2024 | long-term contract liabilities | $843 |
| 2024 | long-term operating lease liabilities | $245 |
| 2024 | other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing | $1,810 |
| 2024 | total liabilities | $9,498 |
| 2024 | gains) losses on sales of real estate and other | -$1,245 |
| 2024 | amortization of operating lease right-of-use assets | $36 |
| 2024 | deferred income taxes | -$123 |
| 2024 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | $213 |
| 2024 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | $69 |
| 2024 | gains) losses, net on marketable securities | -$54 |
| 2024 | contingent consideration liabilities fair value adjustments | -$39 |
| 2024 | payments for key money assets | -$153 |
| 2024 | other | $79 |
| 2024 | prepaid income taxesMore than one value recorded for this year — open the FDD source before comparing | $65 |
| 2024 | prepaids and other assetsMore than one value recorded for this year — open the FDD source before comparing | -$116 |
| 2024 | other long-term assets | -$6 |
| 2024 | accounts payable, accrued expenses, and other current liabilities | $56 |
| 2024 | contract liabilities | $48 |
| 2024 | deferred revenue related to the loyalty program | $203 |
| 2024 | operating lease liabilities | -$35 |
| 2024 | net cash provided by operating activities | $633 |
| 2024 | proceeds from marketable securities and short-term investments | $1,338 |
| 2024 | contributions to equity method and other investments | -$88 |
| 2024 | return of equity method and other investments | $62 |
| 2024 | acquisitions, net of cash acquired | -$609 |
| 2024 | capital expenditures | -$170 |
| 2024 | issuance of financing receivables | -$136 |
| 2024 | other investing activities | -$13 |
| 2024 | net cash provided by | $81 |
| 2024 | repayments and repurchases of debt | -$750 |
| 2024 | repurchases of common stock | -$1,190 |
| 2024 | dividends paid | -$60 |
| 2024 | payment of withholding taxes for stock-based compensation | -$43 |
| 2024 | net increaseMore than one value recorded for this year — open the FDD source before comparing | $93 |
| 2024 | net increaseMore than one value recorded for this year — open the FDD source before comparing | $96 |
| 2024 | beginning of year | $919 |
| 2024 | retained earnings | $3,815 |
| 2024 | accumulated other comprehensive loss | -$269 |
| 2024 | noncontrolling interests | $279 |
| 2024 | financing receivables net | $368 |
| 2024 | current operating lease liabilities | $33 |
| 2024 | diluted | $13 |
| 2024 | short-term investments | $372 |
| 2024 | deferred tax assets | $466 |
| 2024 | accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing | $192 |
| 2024 | proceeds from financing receivables | $51 |
| 2024 | interest expense | -$180 |
| 2024 | net fees | $1,030 |
| 2024 | general and administrative | $548 |
| 2024 | net cash used in financing activities | -$618 |
| 2024 | receivables net | $1,121 |
| 2024 | base management fees | $399 |
| 2024 | distributionMore than one value recorded for this year — open the FDD source before comparing | $875 |
| 2024 | transaction and integration costs | $42 |
| 2024 | net gains | $49 |
| 2024 | effect of exchange rate changes on cash | -$3 |
| 2024 | proceeds from real estate sales and other net | $1,421 |
| 2024 | gross fees | $1,099 |
| 2024 | basic | $13 |
| 2024 | incentive management fees | $242 |
| 2024 | purchases of marketable securities and short-term investments | -$1,775 |
| 2024 | other financing activities | $1 |
| 2024 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $1,174 |
| 2024 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | -$213 |
| 2024 | amortization of share awards | $64 |
| 2024 | equity | -$31 |
| 2024 | total revenues | $6,648 |
| 2024 | proceeds from debt net issuance costs | $1,424 |
| 2024 | other long-term liabilitiesMore than one value recorded for this year — open the FDD source before comparing | -$6 |
| 2024 | accrued compensation and benefitsMore than one value recorded for this year — open the FDD source before comparing | -$6 |
| 2024 | end of year | $1,015 |
| 2024 | change in receivables net | -$15 |
| 2023 | base management fees | $374 |
| 2023 | incentive management fees | $232 |
| 2023 | franchise and other fees | $364 |
| 2023 | gross fees | $970 |
| 2023 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | -$47 |
| 2023 | net fees | $923 |
| 2023 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $1,339 |
| 2023 | distributionMore than one value recorded for this year — open the FDD source before comparing | $1,047 |
| 2023 | for reimbursed costs | $3,058 |
| 2023 | total revenues | $6,667 |
| 2023 | general and administrative | $578 |
| 2023 | owned and leasedMore than one value recorded for this year — open the FDD source before comparing | $1,022 |
| 2023 | distributionMore than one value recorded for this year — open the FDD source before comparing | $859 |
| 2023 | other direct costs | $336 |
| 2023 | depreciation and amortization | $397 |
| 2023 | total direct and general and administrative expenses | $6,378 |
| 2023 | net gains | $55 |
| 2023 | equity earnings | -$1 |
| 2023 | interest expense | -$145 |
| 2023 | gains | $18 |
| 2023 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | -$30 |
| 2023 | income before income taxes | $310 |
| 2023 | provision for income taxes | -$90 |
| 2023 | net incomeMore than one value recorded for this year — open the FDD source before comparing | $220 |
| 2023 | basic | $2 |
| 2023 | diluted | $2 |
| 2023 | gains) losses on sales of real estate and other | -$18 |
| 2023 | amortization of share awards | $75 |
| 2023 | amortization of operating lease right-of-use assets | $42 |
| 2023 | equity | $1 |
| 2023 | contra revenueMore than one value recorded for this year — open the FDD source before comparing | $47 |
| 2023 | gains) losses, net on marketable securities | -$34 |
| 2023 | contingent consideration liabilities fair value adjustments | $9 |
| 2023 | prepaid income taxes | -$24 |
| 2023 | prepaids and other assets | -$66 |
| 2023 | other long-term assets | -$92 |
| 2023 | contract liabilities | $290 |
| 2023 | deferred revenue related to the loyalty program | $202 |
| 2023 | operating lease liabilities | -$43 |
| 2023 | accrued compensation and benefits | -$22 |
| 2023 | net cash provided by operating activities | $800 |
| 2023 | purchases of marketable securities and short-term investments | -$483 |
| 2023 | proceeds from marketable securities and short-term investments | $576 |
| 2023 | acquisitions, net of cash acquired | -$175 |
| 2023 | capital expenditures | -$198 |
| 2023 | issuance of financing receivables | -$43 |
| 2023 | proceeds from financing receivables | $1 |
| 2023 | net cash provided by | -$365 |
| 2023 | repurchases of common stock | -$453 |
| 2023 | dividends paid | -$47 |
| 2023 | payment of withholding taxes for stock-based compensation | -$16 |
| 2023 | net increaseMore than one value recorded for this year — open the FDD source before comparing | -$145 |
| 2023 | net increaseMore than one value recorded for this year — open the FDD source before comparing | -$148 |
| 2023 | beginning of year | $1,067 |
| 2023 | end of year | $919 |
| 2023 | other | $85 |
| 2023 | return of equity method and other investments | $7 |
| 2023 | other income | $124 |
| 2023 | asset impairmentsMore than one value recorded for this year — open the FDD source before comparing | $30 |
| 2023 | other long-term liabilities | -$13 |
| 2023 | proceeds from debt net issuance costs | $596 |
| 2023 | repayments and repurchases of debt | -$660 |
| 2023 | other revenues | $300 |
| 2023 | deferred income taxes | -$125 |
| 2023 | contributions to equity method and other investments | -$43 |
| 2023 | other investing activities | $3 |
| 2023 | transaction and integration costs | $42 |
| 2023 | reimbursed costs | $3,144 |
| 2023 | accounts payable, accrued expenses, and other current liabilities | -$29 |
| 2023 | payments for key money assets | -$132 |
| 2023 | other financing activities | $2 |
| 2023 | net cash used in financing activities | -$578 |
| 2023 | effect of exchange rate changes on cash | -$2 |
| 2023 | proceeds from real estate sales and other net | -$10 |
| 2023 | net incomeMore than one value recorded for this year — open the FDD source before comparing | $220 |
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.
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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. 87 · 2026 FDD
Our summary: Table 3 California 2024 — Start
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2024 — Opened
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2024 — Terminations
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2024 — Nonrenewals
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Company-owned/managed 2025 — Start
“2025 8 8 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Reacquired
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Ceased other
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — End
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Company-owned/managed 2024 — End
“2024 8 8 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2025 — End
“2025 10 10 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2024 — Net change
“2024 8 10 +2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2023 — Net change
“2023 6 8 +2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2025 — Start
“2025 10 10 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2023 — End
“2023 6 8 +2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Company-owned/managed 2023 — Start
“2023 7 8 +1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2024 — Start
“2024 8 10 +2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Franchised 2025 — Net change
“2025 10 10 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 2 Total 2023 — Transfers
“2023 1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Systemwide 2024 — Start
“2024 16 18 +2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Start
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 2 Tennessee 2023 — Transfers
“2023 1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Opened
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Systemwide 2023 — Start
“2023 13 16 +3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Terminations
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Systemwide 2025 — End
“2025 18 18 0”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2023 — Nonrenewals
“2023 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 86 · 2026 FDD
Our summary: Table 1 Systemwide 2023 — End
“2023 13 16 +3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2023 — Opened
“2023 1 0 0 0 0 0 1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2024 — Opened
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2024 — End
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2023 — Start
“2023 1 0 0 0 0 0 1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2024 — Ceased other
“2024 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2025 — Ceased other
“2025 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2025 — Terminations
“2025 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 California 2025 — Reacquired
“2025 3 0 0 0 0 0 3”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2024 — Start
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2023 — Nonrenewals
“2023 1 0 0 0 0 0 1”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2025 — Terminations
“2025 2 0 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2025 — Ceased other
“2025 2 0 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2025 — Opened
“2025 2 0 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2024 — Nonrenewals
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2024 — Ceased other
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 87 · 2026 FDD
Our summary: Table 3 Louisiana 2025 — End
“2025 2 0 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 88 · 2026 FDD
Our summary: Table 3 New York 2023 — Terminations
“2023 1 0 0 0 0 0 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. 88 · 2026 FDD
Our summary: Table 3 New York 2023 — Opened
“2023 1 0 0 0 0 0 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. 88 · 2026 FDD
Our summary: Table 3 New York 2023 — End
“2023 1 0 0 0 0 0 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. 88 · 2026 FDD
Our summary: Table 3 New York 2023 — Nonrenewals
“2023 1 0 0 0 0 0 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. 88 · 2026 FDD
Our summary: Table 3 New York 2025 — Opened
“2025 2 0 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 88 · 2026 FDD
Our summary: Table 3 New York 2024 — Nonrenewals
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Item 20 · PDF p. 88 · 2026 FDD
Our summary: Table 3 New York 2024 — Terminations
“2024 1 1 0 0 0 0 2”
Note: This is not a verifiable national/systemwide Total row for Item 20.
Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.