What publication should Hawthorn Suites By Wyndham franchisees consult for accounting standards?
Hawthorn_Suites_By_Wyndham Franchise · 2025 FDDAnswer from 2025 FDD Document
You will obtain and maintain during the Term of this Agreement the insurance coverage required under the System Standards Manual from insurers meeting the standards established in the System Standards Manual. Unless we instruct you otherwise, your liability insurance policies will name as additional insureds Hawthorn Suites Franchising, Inc.; U.S. Franchise Systems, Inc.; Wyndham Hotels & Resorts, Inc.; Wyndham Hotel Group, LLC; and their current and former subsidiaries, affiliates, successors, and assigns as their respective interests may appear. All policies must be primary and non-contributory with or excess of any insurance coverage that may be available to an additional insured. You must submit to us, annually, a copy of the certificate of or other evidence of renewal or extension of each such insurance policy as required by the System Standards. If you fail to procure or maintain the required insurance, then we will have the right (without any obligation) to procure such insurance at your cost plus a reasonable fee.
Source: Item 17 — RENEWAL, TERMINATION, TRANSFER, AND DISPUTE RESOLUTION (FDD pages 78–83)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, it is not specified which exact publication Hawthorn Suites By Wyndham franchisees should consult for accounting standards. However, the FDD does mention the 'System Standards Manual' in the context of insurance requirements.
Specifically, franchisees must obtain and maintain insurance coverage as required under the System Standards Manual. This manual also dictates the standards insurers must meet. Franchisees are obligated to submit proof of insurance policy renewals or extensions annually, as required by the System Standards.
While the System Standards Manual is referenced, its contents regarding accounting standards are not detailed in the provided excerpts. A prospective franchisee should directly inquire with Hawthorn Suites By Wyndham about the specific accounting standards and resources, including which publications or guidelines they are expected to follow.