Boarder's Inn & Suites

Deciding whether to invest several million dollars in a hotel franchise is one of the most consequential financial decisions an entrepreneur can make, and the midscale hospitality segment in particular demands rigorous, independent analysis before a single dollar changes hands. Boarder's Inn & Suites franchise occupies a specific and deliberate niche within that segment, operating as a conversion-focused, upper-midscale hotel brand that targets secondary and tertiary markets across the American Midwest and beyond. The brand was established in 2012 under the umbrella of Cobblestone Hotels, LLC, a company founded in 2008 by Brian Wogernese and headquartered in Neenah, Wisconsin. Cobblestone Hotels acquired Boulders Inn and Suites in October 2018, consolidating its multi-brand portfolio under Wogernese's leadership as President and CEO. Today, Boarder's Inn & Suites operates 3 franchised units, all franchisee-owned with zero company-owned properties, reflecting a pure franchise growth model. The parent organization, Cobblestone Hotels, has expanded to over 165 locations open or under construction across 27 states, with an additional 50 properties in active development, providing the kind of corporate infrastructure that supports individual brand growth. The brand's strategic thesis centers on an underserved market segment: travelers in smaller American cities who need reliable, quality accommodations but are currently served only by aging independent properties or no branded product at all. That thesis is grounded in real demand data, not marketing language, which is precisely what independent franchise analysis requires. This profile is prepared by PeerSense as an objective research resource for prospective investors conducting serious due diligence, not as a promotional document.

The hospitality industry backdrop against which Boarder's Inn & Suites franchise competes is one of the most compelling in the entire franchise investment universe right now. The global hotels market was valued at USD 2,080.57 billion in 2025 and is projected to reach USD 3,931.42 billion by 2034, representing a compound annual growth rate of 7.54% over that forecast period. The U.S. hotels market alone was estimated at USD 263.21 billion in 2024, with projected growth at a CAGR of 7.1% from 2025 through 2030. Most critically for Boarder's Inn & Suites investors, the midscale hotel segment specifically is projected to grow at a CAGR of 7.6% from 2025 to 2030, outpacing the broader U.S. hotel market average. This outperformance reflects a durable consumer preference shift: 78% of millennials now report prioritizing experiences over possessions, driving sustained demand for travel accommodations even in smaller and secondary markets. Online booking has become the dominant channel, with 60% of all hotel reservations now made through digital platforms, a shift that rewards brands with strong reservation network infrastructure. Demand for room nights globally is already surging past 4.8 billion annually, and the global travel accommodation market is projected to expand from $879.02 billion in 2024 to $1.93 trillion by 2032, representing a CAGR of 10.4%. For franchise investors, the midscale segment is particularly attractive because it balances affordability with quality, appealing simultaneously to value-conscious leisure travelers and cost-managed business travelers, creating a diversified demand base that outperforms luxury segments during economic contractions. The overall global hotel industry employs over 173 million people worldwide and offers more than 4 million rooms globally, signaling the depth of the labor market and vendor ecosystem that supports franchise operations at scale.

The Boarder's Inn & Suites franchise cost structure reflects the realities of hotel real estate development, which is categorically different from retail or food service franchise investment. According to the most current analysis available, the franchise fee is $30,000, though the 2016 Franchise Disclosure Document cited an initial franchise fee of up to $20,000 and a separate source reports a fee of $45,000, suggesting the fee structure has evolved as the brand has matured. For context, initial franchise fees across the broader hospitality category typically span $10,000 to $150,500, placing Boarder's Inn & Suites in the accessible-to-mid-tier range for hotel concepts. The total investment range is substantially more significant: one recent analysis places it between $5,359,999 and $23,981,999, with an investment midpoint of approximately $14,670,999, while the 2016 FDD reported a range of $2,470,899 to $7,348,000 with working capital requirements between $75,000 and $150,000. A third source reports an investment range of $6,504,624 to $16,902,199. The wide variance across sources reflects both the passage of time and the fundamental driver of hotel investment spreads: construction costs, land values, existing building condition for conversions, and local market labor costs all create significant variability. The minimum cash required has been cited at $5,359,999, establishing a clear wealth threshold for prospective franchisees. Ongoing fees include a royalty of 5% of gross room revenue, which sits in the middle of the hospitality industry's typical 2% to 6% royalty range, and a brand fund contribution of $0.75 per occupied room per day. The initial franchise agreement term is 10 years. Investors should note that in the broader hotel industry, total investments for new construction properties routinely start at $4 million and scale dramatically based on room count, with each Boarder's Inn & Suites property required to maintain a minimum of 29 guest rooms, setting a baseline for asset scale and corresponding capital requirements.

The Boarder's Inn & Suites franchise operating model is built on a conversion strategy, meaning franchisees are typically acquiring existing hotel properties and repositioning them under the brand rather than constructing from the ground up, though new construction is also part of the development picture. This approach targets the upper-midscale real estate development segment, and the brand's minimum property specification of 29 guest rooms establishes the floor for viable conversion opportunities. Daily operations involve managing front desk staffing, housekeeping teams, breakfast service, and property maintenance, all supported by Cobblestone Hotels' established vendor relationships, advanced property management systems, and a centralized reservation network designed to drive occupancy. Franchisees receive comprehensive operational guidance, marketing assistance, and ongoing training as part of the system, along with dedicated computer and technology support, reflecting the growing importance of property management software and online distribution channel management in hotel operations. The AI in hospitality and tourism market is expanding from $16.33 billion in 2023 to a projected $70.32 billion by 2031 at a CAGR of 20.36%, and Cobblestone's technology infrastructure positions franchisees to benefit from contactless check-in, personalized guest interaction tools, and dynamic pricing capabilities. The brand employs a selective growth strategy, carefully vetting both locations and franchisees to ensure sustainable performance rather than aggressive unit count expansion that could dilute brand quality. Territory strategy focuses on secondary and tertiary markets, which are deliberately underserved by major branded hotel chains and therefore present lower competitive intensity and stronger pricing power for well-operated independent-to-brand conversions. Franchisee profiles at this investment level typically include experienced real estate developers or existing hospitality operators who understand both the capital intensity and the operational complexity of managing a lodging property.

Item 19 financial performance data is not disclosed in the current Franchise Disclosure Document for Boarder's Inn & Suites, which means prospective investors cannot rely on franchisor-provided unit-level revenue or profit data in their underwriting analysis. This is a common disclosure posture among smaller hotel franchise systems, and it places greater responsibility on investors to conduct independent financial due diligence. However, public data provides some useful reference points. One source referencing Boarders Lodging, likely referencing a Boarder's Inn & Suites property operated by Cobblestone, reports yearly gross sales of approximately $1,007,341 at the unit level, with estimated owner-operator earnings between $151,102 and $201,469, implying an operating margin range of roughly 15% to 20%. The estimated franchise payback period from this data is cited at 67.9 to 69.9 years, a figure that warrants careful scrutiny and likely reflects a high-end construction investment scenario rather than a conversion scenario, since payback periods on conversions benefit from substantially lower initial capital outlays than ground-up builds. For industry context, the midscale hotel segment's CAGR of 7.6% projected through 2030 suggests compounding asset appreciation alongside operating income, and customer loyalty programs in the hotel sector have been documented to increase revenue by 22.4%, a metric that rewards brands with strong reservation and loyalty infrastructure. The parent company Cobblestone Hotels' growth from 13 franchisee outlets in 2015 to 18 in 2019 for the Boarder's brand specifically, combined with the broader Cobblestone portfolio reaching over 160 properties by December 2019 and over 165 under construction or open more recently, provides a network effect signal that individual unit performance benefits from system-wide marketing and reservation support. Prospective investors should request unit-level pro formas from franchisors and independently verify local market occupancy rates, average daily rates, and revenue per available room through STR Global or similar hospitality benchmarking services.

Boarder's Inn & Suites franchise has demonstrated measured but consistent growth since its 2012 founding, expanding from 13 franchisee outlets in 2015 to 18 in 2019 according to FDD data, before the current reported count of 16 active hotel properties across multiple markets. The brand's geographic concentration has historically been in the Midwest, which accounted for 15 of 18 locations in the 2016 FDD data spanning 9 states, a strategic pattern that leverages Cobblestone Hotels' deep regional market knowledge and vendor networks. Corporate development milestones have accelerated the broader Cobblestone infrastructure that supports Boarder's properties: in August 2018, Cobblestone Hotels acquired Key West Inns and Centerstone Hotels from Vimana Franchise Systems, expanding its portfolio to five brands and over 120 properties across 25 states in a single transaction. Patrick Mullinix was named president of franchise development at Cobblestone Hotels in August 2018, signaling institutional focus on accelerating franchise growth across all brands including Boarder's Inn & Suites. Individual brand milestones include the April 2017 opening of the first Boarder's Inn & Suites in Kansas, located in Syracuse, following an extensive renovation, and a December 2019 opening in Fairfield, Iowa, featuring 52 guestrooms, a pool, business center, free Wi-Fi, and complimentary hot breakfast. The broader Cobblestone parent organization has continued opening properties into 2025, with Cobblestone Hotel and Suites locations debuting in Mosinee, Wisconsin in June 2023, Cullman, Alabama in December 2023, Lamar, Colorado in March 2023, and Eaton, Ohio in December 2025, demonstrating that the system's development pipeline remains active. The competitive moat for Boarder's Inn & Suites is built on three structural advantages: first-mover brand presence in secondary and tertiary markets with limited branded competition, the reservation and technology infrastructure of a 165-plus property parent system, and a conversion model that allows faster market entry at potentially lower capital cost compared to new construction competitors.

The ideal Boarder's Inn & Suites franchise candidate is a high-net-worth investor with a specific combination of capital capacity, real estate experience, and hospitality sector understanding that sets this opportunity apart from most franchise categories. The minimum cash required threshold has been cited at $5,359,999, establishing a clear filter: this is not an entry-level franchise investment, and prospective franchisees need substantial liquid capital alongside real estate development experience and comfort with the operational complexities of managing a lodging property with a minimum of 29 guest rooms. The brand's focus on secondary and tertiary markets means the best-performing territories are likely smaller American cities in the Midwest and adjacent regions where branded hotel supply is thin relative to traveler demand, particularly from commercial, agricultural, industrial, and regional tourism traffic. Development in these markets typically involves identifying underperforming independent properties ripe for conversion, which requires local market knowledge and real estate relationships that experienced regional developers already possess. The franchise agreement term is 10 years, which aligns with typical hotel investment horizons and the depreciation schedules on major capital improvements, though investors should engage legal counsel to review renewal, transfer, and exit provisions thoroughly. Multi-unit development is a natural trajectory for operators who succeed in their initial market, given the Midwest's density of small cities that fit the brand's target profile. The timeline from franchise signing to property opening varies significantly based on whether the investment involves a conversion or new construction, with conversions potentially opening in months and ground-up builds spanning 18 to 36 months depending on permitting, financing, and construction conditions.

The Boarder's Inn & Suites franchise opportunity represents a data-supported investment thesis within one of the world's largest and most consistently growing industries. The U.S. hotels market growing at a 7.1% CAGR through 2030, the midscale segment specifically outpacing the broader market at 7.6%, and Cobblestone Hotels' demonstrated ability to build a 165-plus property system from a 2008 founding all point toward a structural tailwind that well-positioned franchisees can capitalize on. The brand's FPI Score of 54, classified as Moderate by independent analysis, reflects both the real opportunities and the real complexity inherent in a capital-intensive hospitality franchise that requires sophisticated operators. For any investor evaluating this opportunity at the scale of capital required, the absence of Item 19 financial disclosure in the current FDD makes independent due diligence not just advisable but essential. PeerSense provides exclusive due diligence data including SBA lending history, FPI score analysis, location maps with Google ratings, FDD financial data, and side-by-side comparison tools that allow investors to benchmark Boarder's Inn & Suites against comparable hospitality franchise systems with rigor and precision. The combination of a $263.21 billion domestic hotel market, a parent company with active development in 27 states, and a brand strategy explicitly targeting underserved secondary markets creates an investment case that deserves thorough, independent evaluation rather than surface-level screening. Explore the complete Boarder's Inn & Suites franchise profile on PeerSense to access the full suite of independent franchise intelligence data.