What were the maintenance and repairs expenses for Even Hotels in 2023 (in thousands)?
Even_Hotels Franchise · 2025 FDDAnswer from 2025 FDD Document
y, 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 | ||
| Impairment loss |
Source: Item 23 — RECEIPTS (FDD pages 99–438)
What This Means (2025 FDD)
According to Even Hotels' 2025 Franchise Disclosure Document, the maintenance and repairs expenses for the year 2023 were $59,588 (in thousands). This figure represents the total expenditure Even Hotels incurred for maintaining and repairing its properties during that year.
For a prospective franchisee, understanding this figure is crucial as it provides insight into the ongoing costs associated with operating an Even Hotels franchise. Maintenance and repair expenses can significantly impact profitability, and knowing the historical costs can help in forecasting future expenses. Franchisees should consider factors that could influence these costs, such as the age and condition of the property, local labor rates, and the frequency of required maintenance.
It's important to note that this figure reflects the expenses for Even Hotels as a whole and may not directly translate to the expenses a franchisee might incur. Individual franchise locations can vary in size, condition, and operational intensity, all of which can affect maintenance and repair costs. Therefore, prospective franchisees should conduct thorough due diligence, including reviewing the expenses of similar franchise locations and consulting with existing franchisees, to gain a more accurate understanding of potential maintenance and repair costs for their specific location.