What is the estimated range for contingency costs for a converted Sonesta Select Sonesta Essential hotel?

I am unable to provide a specific dollar amount range for contingency costs for a converted Sonesta Select Sonesta Essential hotel, according to the 2025 Franchise Disclosure Document. While 'Note 19' defines 'Contingencies' as 'unanticipated construction cost overruns and other unanticipated expenses,' the document does not provide a specific estimated range for these costs in Item 7.

Item 7 of the FDD outlines the estimated initial investment for opening a Sonesta Select Sonesta Essential hotel, and it includes various expenses such as the initial fee, revenue management system installation, IT implementation services, property management system installation fee, and others. However, a specific line item or range for 'Contingencies' is not listed in the table of estimated costs.

A prospective franchisee should inquire with Sonesta Select Sonesta Essential about the typical range of contingency costs encountered by franchisees during conversions. This information is crucial for accurate financial planning and to prepare for potential unexpected expenses during the conversion process. Understanding the factors that can influence these costs, such as the age and condition of the existing building, is also essential.