Boarders Hotel & Suites, Boarders Inn & Suites

Boarders Inn & Suites operates under Cobblestone Hotels, LLC, founded in 2008 by Brian Wogernese and headquartered in Neenah, Wisconsin. Wogernese is President and CEO. Cobblestone’s portfolio includes Cobblestone Hotel & Suites, Cobblestone Inn & Suites, Centerstone Hotels, KeyWest Hotels, and Boarders Inn & Suites. Boarders began offering accommodations in 2012 and launched franchising in 2013. The brand currently has 16 active hotel properties. Its 2016 Franchise Disclosure Document reported 18 franchised locations across 9 states: Colorado, Iowa, Kansas, Michigan, Minnesota, Nebraska, Oklahoma, Tennessee, and Wisconsin, with 15 in the Midwest. Cobblestone Hotels has more than 165 hotels open, under construction, or in development across 27 states. This overview is independent analysis for investors evaluating the Boarders Hotel & Suites, Boarders Inn & Suites franchise opportunity.

The global hotel franchise market was valued at approximately USD 36.7 billion in 2023. Analysts project compound annual growth exceeding 7.5% through 2032, reaching approximately USD 71.9 billion. The midscale segment generated roughly USD 10 billion in revenue in 2023 and serves budget conscious travelers, families, and regional business travelers seeking reliable amenities without luxury pricing. Boarders targets secondary and tertiary markets that major national brands often serve less directly. Extended stay formats represented approximately 45% of hotel franchise market share in 2023 and are projected to grow through 2032. Demand is supported by professionals needing longer accommodations and by limited hotel supply in some markets. Travelers are also showing greater interest in localized lodging experiences, while domestic tourism, corporate travel recovery, and technology enabled check in are affecting hotel operations. Franchising combines the systems and recognition of a multi unit platform with the local control of independent ownership.

Boarders is a capital intensive franchise opportunity. Reported franchise fees include $30,000, $45,000, and up to $20,000 based on 2016 FDD data, so buyers should confirm the operative figure in the current FDD. Reported total investment ranges include $5,359,999 to $23,981,999, $6,504,624 to $16,902,199, and $2,470,899 to $7,348,000 in 2016 FDD data. Costs vary with geography, land acquisition or ground lease arrangements, new construction or conversion, and local labor and materials. In 2017, converting the Badger Hotel in Merrill, Wisconsin into a Boarders Inn & Suites by Cobblestone Hotels required a $1.5 million renovation investment. Reported minimum liquid capital is $1,820,000. Working capital in 2016 FDD data ranged from $75,000 to $150,000 in addition to development costs. The ongoing royalty is 5% of gross revenue. Cobblestone also provides access to a centralized reservation network. Investors often examine hotel projects of this size for SBA and conventional commercial financing options, which may affect the required equity contribution for qualified buyers.

A Boarders franchisee operates a full service midscale hotel with several revenue sources, guest service responsibilities, and a front desk staffed around the clock. Depending on the property, system amenities may include complimentary hot breakfast, high speed internet, onsite convenience stores, fitness centers, business centers, indoor pools, hot tubs, 24 hour front desks, self serve laundry, meeting rooms, and lobby fireplaces. Rooms typically offer luxury linens, flat panel televisions, microwaves, refrigerators, in room coffee brewers with Seattle’s Best Coffee service, hairdryers, and ironing facilities. Franchisees receive property management systems, technology support, operational guidance, marketing assistance, ongoing training, and established vendor relationships. Initial training programs are detailed in Item 11 of the franchise disclosure document. The reservation network supports direct bookings, OTA partnerships, corporate travel programs, and loyalty systems. The franchise agreement lasts 10 years, compared with the 15 to 30 year terms generally used by larger hotel brands. Multi unit development may suit operators seeking regional portfolios in underserved secondary and tertiary markets.

Buyers should independently verify projections through franchisee interviews, third party hospitality data, and market demand analysis. The roughly $1.1 million difference suggests wide performance variation, with some higher volume properties raising the average above the median. Local demand can vary with industrial employers, healthcare facilities, regional tourism assets, and agricultural activity. Investors should test that figure against development costs and local revenue projections.

Since its 2013 franchise launch, Boarders has operated within a Cobblestone system exceeding 165 locations across 27 states. In August 2018, Cobblestone Hotels purchased Key West Inns and Centerstone Hotels. In October 2018, it acquired Boulders Inn & Suites. In December 2019, a second Boarders Inn & Suites location opened in Fairfield, Iowa, becoming the 25th Cobblestone Hotels property in Iowa. The brand focuses on secondary and tertiary markets, uses the broader Cobblestone operating system, and can support conversions of existing hotels instead of requiring ground up construction in every case. Its reservation network, property management system, and vendor relationships can reduce the systems and procurement burden faced by an independent operator. Amenities such as complimentary hot breakfast, high speed internet, fitness centers, and business centers fit the needs of regional corporate travelers and government contractors. Wogernese has remained President and CEO since the company’s 2008 founding.

The likely candidate has experience in real estate development, property management, or hospitality operations and understands the demands of a staffed hotel with multiple amenities. The $1,820,000 minimum liquid capital requirement sets a significant financial threshold. The reported investment ranges also favor buyers with development experience and access to construction financing, SBA lending, or conventional commercial real estate debt. Investors with local knowledge of underserved Midwestern and nearby markets may be well suited to the concept, particularly where industrial, agricultural, healthcare, or regional tourism demand supports hotel occupancy. Territories include Iowa, Wisconsin, Nebraska, Minnesota, and other areas where Cobblestone Hotels has an established presence. The 10 year agreement provides a defined operating period, while the Merrill, Wisconsin conversion illustrates an alternative to ground up development. Operators who perform well in one property may consider multi unit growth, particularly in markets such as Iowa where Cobblestone has built regional density.

Boarders merits detailed review within a hotel franchise market projected to grow from USD 36.7 billion in 2023 to USD 71.9 billion by 2032. Relevant factors include Cobblestone Hotels’ multi brand infrastructure, its focus on secondary and tertiary markets, the 5% royalty rate, and a development model that can accommodate conversions. PeerSense provides due diligence information that includes SBA lending history, Loan Activity Score, location maps with Google ratings, FDD financial data, and comparison tools for evaluating Boarders against other midscale hotel concepts. The 2008 founding of the parent company, the 2013 franchise launch, and more than 165 Cobblestone Hotels system locations provide background for that review.