Does the Atwell Suites FDD include a report of independent auditors?
Atwell_Suites Franchise · 2025 FDDAnswer from 2025 FDD Document
Report of Independent Auditors
To the Management of Six Continents Hotels, Inc.
Opinion
We have audited the accompanying consolidated financial statements of Six Continents Hotels, Inc. and its subsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of net income, of comprehensive income, of changes in parent's investment and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.
Source: Item 23 — Receipts (FDD pages 99–486)
What This Means (2025 FDD)
According to the 2025 Atwell Suites FDD, the document includes reports of independent auditors for both Six Continents Hotels, Inc. and Holiday Hospitality Franchising, LLC. These reports include opinions on the consolidated financial statements of Six Continents Hotels, Inc. for the years 2024 and 2023, and the related statements of net income, comprehensive income, changes in parent's investment, and cash flows for the three-year period ending December 31, 2024.
Similarly, the report for Holiday Hospitality Franchising, LLC covers the company's financial statements, including balance sheets as of December 31, 2024 and 2023, and statements of operations, member's equity, and cash flows for the three years ending December 31, 2024. Both reports state that the financial statements are presented fairly in accordance with accounting principles generally accepted in the United States of America.
These independent audits provide prospective Atwell Suites franchisees with an additional level of assurance regarding the financial health and reporting practices of both Six Continents Hotels, Inc., the parent company, and Holiday Hospitality Franchising, LLC, the specific franchising entity. The reports detail the responsibilities of both the management and the auditors in ensuring the accuracy and integrity of the financial statements.