When did Bw Premier Collection open the Vīb hotel in Tempe, Arizona?
Bw_Premier_Collection Franchise · 2025 FDDAnswer from 2025 FDD Document
3,353 | $ 250,515 |
(7) Hotel Investments, net
In December 2019 and March 2020, the Company acquired land to develop two hotels, located in Tempe, Arizona, and Denver, Colorado, respectively. Property development costs, including property construction costs, interest and other financing fees, property taxes, architectural and engineering fees, and other direct and indirect development costs, are capitalized beginning when the development activity commences and ending when all infrastructure is substantially complete and the property is available for occupancy.
The Vīb in Tempe, Arizona opened in March 2022 and the Vīb in Denver, Colorado opened in June 2022. During the month the respective hotel opened, the development in process assets were placed into service and depreciation of these assets commenced.
November 30, 2024
The results of operations for the hotels are reported in other revenues and general and administrative expenses in the Consolidated Statements of Revenues and Expenses. Hotel operations revenues were $9.7 million and $9.5 million for the years ended November 30, 2024 and 2023, respectively. Hotel operations expenses were $8.4 million and $8.0 million for the years ended November 30, 2024 and 2023, respectively.
Source: Item 23 — Receipts (FDD pages 54–203)
What This Means (2025 FDD)
According to Bw Premier Collection's 2025 Franchise Disclosure Document, the Vīb hotel in Tempe, Arizona, opened in March 2022. This indicates the date when the property was considered available for occupancy and when depreciation of the assets commenced. The document also mentions that Bw Premier Collection acquired land in December 2019 to develop the hotel.
For a prospective franchisee, this information provides insight into the timeline and investment involved in developing a Bw Premier Collection hotel. It highlights the period between land acquisition and the actual opening of the hotel, which includes property development, construction, and other related costs. These costs are capitalized until the hotel is ready for occupancy.
Furthermore, the FDD mentions that the results of operations for the hotels are reported in other revenues and general and administrative expenses in the Consolidated Statements of Revenues and Expenses. For example, hotel operations revenues were $9.7 million and $9.5 million for the years ended November 30, 2024 and 2023, respectively. Hotel operations expenses were $8.4 million and $8.0 million for the years ended November 30, 2024 and 2023, respectively. This gives potential franchisees an idea of the kind of revenue and expenses associated with the hotel.