When did the Surestay Hotel By Best Western Vīb location in Tempe, Arizona open?
Surestay_Hotel_By_Best_Western Franchise · 2025 FDDAnswer from 2025 FDD Document
In December 2019 and March 2020, the Company acquired land to develop two hotels, located in Tempe, Arizona, and Denver, Colorado, respectively. Property development costs, including property construction costs, interest and other financing fees, property taxes, architectural and engineering fees, and other direct and indirect development costs, are capitalized beginning when the development activity commences and ending when all infrastructure is substantially complete and the property is available for occupancy.
The Vīb in Tempe, Arizona opened in March 2022 and the Vīb in Denver, Colorado opened in June 2022. During the month the respective hotel opened, the development in process assets were placed into service and depreciation of these assets commenced.
Source: Item 23 — Receipts (FDD pages 88–286)
What This Means (2025 FDD)
According to Surestay Hotel By Best Western's 2025 Franchise Disclosure Document, the Vīb location in Tempe, Arizona opened in March 2022. The document also mentions that the company acquired land in December 2019 to develop the hotel. Property development costs, including construction, financing fees, taxes, and architectural fees, were capitalized from the start of development until the property was ready for occupancy.
This indicates that Surestay Hotel By Best Western invested in the development of the hotel property, managing the costs associated with construction and preparation for opening. The capitalization of these costs suggests a strategic approach to managing the financial aspects of the hotel's development phase.
For a prospective franchisee, this information provides insight into the timeline and investment involved in establishing a new Surestay Hotel By Best Western location. It also highlights the company's involvement in property development and financial management related to hotel openings.