An 82% share of that revenue comes from franchise fees--hotel owners pay 5% of their revenues.

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There are still enough untapped markets clamouring for new, or existing, franchises and willing to pay outrageous franchise fees to get them.

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The hotel operators collect management fees, typically 3% to 5% of the revenue, plus franchise fees, which can run another 5% to 11%.

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Thus, Reed, in addition to the money he was making on franchise fees and inflated prices for Nevada entities, gained a wholly-undeserved reputation as the go-to guy for asset protection.

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Lately, a lot of franchise chains have been cutting franchise fees and offering discounts to veterans and other groups to try to get new owners in the door.

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Our revenue stream doesn't depend on franchise fees.

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Before franchise fees and royalties.

FORBES: What Does It Take To Start A Hotel?

The sale figure is a total valuation of the franchise, which includes relocation fees.

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Having a franchise that charges 8% of your revenue in royalties and fees, whose reservation system refers to your hotel no more than 8% of your total rooms rented, is like having 14.7 pounds of air pressure in your tire.

FORBES: What Does It Take To Start A Hotel?