My Place (My Place Hotels)
Lodging & Leisure LodgingCompany Information
Address
1910 8th Avenue NortheastAberdeen, South Dakota 57401
Website
Tel
Email
Franchimp Summary Rating
Higher than 62% of peers
Franchise Summary
Description
My Place franchisees provide extended stay transient lodging (hotel) services to the public. Franchisees conduct business using the name My Place.
Company Background
My Place Hotels is a franchise-based hotel company that offers guests extended stay accommodations in the form of suites. The company strives to provide quality services and comfort for all their guests, with an emphasis on hospitality and accessibility.
Franchise Opportunity
People need a place to stay while they're in town for a short period of time, but don't want to spend a lot of money. Extended stay hotels are often expensive and not always in the best part of town. My Place is different. We offer clean, comfortable rooms at an affordable price. Our locations are convenient and our staff is friendly and helpful. Plus, we offer weekly rates that make it easy to budget for your stay.
Corporate Structure
My Place Hotels of America, LLC is a South Dakota limited liability company that was organized on July 22, 2011. They do business as My Place® and My Place Economy Extended Stay®. Their principal business address is 1910 8th Avenue Northeast, Aberdeen, South Dakota 57401. They have offered franchises since May 30, 2012.
Investment and Franchisee Fees
The total investment necessary to begin the operation of a 64 unit My Place hotel franchise is approximately $3,827,727 – $4,769,827 not including the cost to buy or lease land. This includes the $52,427 – $59,427 that must be paid to the franchisor or its affiliate(s).
Employee Contact Database
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Distribution of My Place (My Place Hotels) Franchisees
My Place (My Place Hotels) Franchise System Development in 2018
FAQ
How much investment do I need to start my own My Place (My Place Hotels) business?
Franchisees typically require at least $4 to $5 investment to get their My Place (My Place Hotels) business started
What are the initial franchise fees for My Place (My Place Hotels)?
Franchisees typically need to pay at least $59 in fees directly to My Place (My Place Hotels) in order to earn the right to launch their business
How much money can I make with a My Place (My Place Hotels) franchise? What are
the average revenues for a typical My Place (My Place Hotels) business?
We haven’t done the math on how much revenue a typical
My Place (My Place Hotels) brings in each year. We estimate that other
franchisees in the Lodging & Leisure industry generate
$882,894 revenue, so we would expect
My Place (My Place Hotels) to generate a similar amount
How long do I need to commit to running a My Place (My Place Hotels) unit? What
is my contractual commitment?
The standard length for an initial franchise contract is 10 years. Renewals are
also generally 10 years
Accessibility
The Franchisor's investment costs ranges from
$10,151,300 to $37,430,300
which is
Much Higher
than the $0 to $0 average in the Lodging industry
What determines the investment cost?
Item 7 of the Franchise Disclosure Document lays out the full list of initial investment costs, including the fee payable to the franchisor, security deposits, equipment, professional fees etc
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