What were the maintenance and repairs expenses for Even Hotels in 2024 (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 2024 were $51,344 (in thousands). This figure represents the total expenses 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 maintaining the physical condition of Even Hotels locations. These expenses can include repairs to building structures, fixtures, and equipment necessary to keep the hotel in operational condition and up to brand standards. It is important to note that these expenses reflect the costs incurred by the franchisor and may not directly translate to the costs a franchisee might experience, as maintenance and repair needs can vary based on location, age of the property, and other factors.
Franchisees should consider this information in conjunction with other financial data provided in the FDD, such as revenue figures and other operating expenses, to develop a comprehensive understanding of the potential profitability and financial obligations of operating an Even Hotels franchise. Further due diligence, including discussions with existing franchisees, can provide additional context and insights into the typical maintenance and repair costs associated with the brand.