What was the total revenue (net) for Crowne Plaza in 2023?
Crowne_Plaza Franchise · 2025 FDDAnswer from 2025 FDD Document
. Accordingly, no such opinion is expressed.
- x Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
- x Conclude whether, in our judgment, 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 a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Atlanta, Georgia April 15, 2025
Consolidated Balance Sheets
(In Thousands)
| 2024 | 2023 | 2022 |
|---|
Consolidated Statements of Net Income (In Thousands)
| Year Ended December 31 | |||||
|---|---|---|---|---|---|
| 2024 | 2023 Revised ¹ | 2022 Revised ¹ | |||
| Revenues | |||||
| Fee business | $ | 896,837 | $ 869,949 | $ | 808,297 |
| Hotel operations | 92,579 | 88,417 | 78,787 | ||
| Other | 339,236 | 304,264 | 264,377 | ||
| System Fund and reimbursable revenues | 2,425,248 | 2,280,490 | 1,880,587 | ||
| Total revenues | 3,753,900 | 3,543,120 | 3,032,048 | ||
| Operating expenses | |||||
| Bad debt expense (release) (Note 2) | 9,170 | (1,988) | (3,495) | ||
| Property and other taxes, insurance and leases | 25,576 | 46,084 | 49,435 | ||
| Maintenance and repairs | 51,344 | 59,588 | 48,991 | ||
| General and administrative expenses | 574,738 | 563,909 | 414,334 | ||
| Other hotel operations | 9,038 | 7,798 | 7,397 | ||
| Mark-up cost charged by affiliated companies | 12,904 | 16,240 | 12,684 | ||
| Allocation of expenses to affiliated companies | (155,437) | (168,690) | (134,560) | ||
| Depreciation and amortization of software | 32,766 | 33,911 | 36,042 | ||
| Amortization of finite-lived intangible assets | 4,636 | 5,734 | 5,088 | ||
| Impa |
Source: Item 23 — Receipts (FDD pages 100–424)
What This Means (2025 FDD)
According to Crowne Plaza's 2025 Franchise Disclosure Document, the total revenues for the year ended December 31, 2023, were $3,543,120. This figure represents the sum of various revenue streams, including fee business, hotel operations, other sources, and System Fund and reimbursable revenues. It's important to note that this is a revised figure. Franchisees should understand how these different revenue streams contribute to the overall financial health of Crowne Plaza. Understanding the components of this revenue can help a prospective franchisee evaluate the brand's financial performance and stability.
Breaking down the revenue sources, fee business contributed $869,949, hotel operations accounted for $88,417, other revenue sources added $304,264, and the System Fund and reimbursable revenues totaled $2,280,490. These figures provide a comprehensive view of how Crowne Plaza generates income. A franchisee should consider how these revenue streams might fluctuate based on market conditions and operational strategies.
Operating expenses for the same period totaled $2,829,654, resulting in an operating income of $713,466. After accounting for interest, investment income/loss, and other income/loss, the income before income taxes was $996,236. Provision for income taxes was $235,566, resulting in a net income of $760,670. These figures are essential for understanding the profitability of Crowne Plaza's operations. A prospective franchisee should analyze these figures to assess the potential return on investment and the overall financial viability of the franchise.