When is the PIP preparation fee due for a Caption By Hyatt franchise?
Caption_By_Hyatt Franchise · 2025 FDDAnswer from 2025 FDD Document
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PIP Preparation Fee
If you are converting an existing structure to a Brand Hotel, you will pay us a nonrefundable fee of $10,000 for our preparation of the Property Improvement Plan (the "PIP"), which
will detail the improvements necessary to renovate the structure to a Brand Hotel, at the time you submit your franch
Source: Item 5 — Initial Fees (FDD pages 16–20)
What This Means (2025 FDD)
According to Caption By Hyatt's 2025 Franchise Disclosure Document, if you are converting an existing structure to a Brand Hotel, you must pay a $10,000 nonrefundable fee for the preparation of the Property Improvement Plan (PIP). This PIP details the improvements necessary to renovate the existing structure to meet Caption By Hyatt's brand standards.
The fee is due at the time you submit your franchise application and the application fee. This means that the $10,000 PIP preparation fee is required upfront as part of the initial application process for conversions.
Since the fee is non-refundable, it's crucial for prospective Caption By Hyatt franchisees to carefully evaluate the property and understand the scope of renovations required before submitting the application. This up-front payment contrasts with some franchise models where such assessments are conducted after initial approval, potentially allowing for a more informed decision before incurring the expense.