Ramada Worldwide Inc.

Of the 7 cases where the franchisor initiated litigation, what were the primary reasons (e.g., non-payment, quality standards violations, breach of contract)? Can you provide case summaries or settlement outcomes?

With 5 pending litigation cases currently open, what is the nature of these disputes and what is the expected timeline for resolution?

The system has lost 53 units (16.7%) over the past 3 years. Can you break down the 79 total unit closures by primary cause (e.g., economic conditions, operational challenges, brand repositioning, franchisor-initiated terminations)?

Why does the franchise agreement provide no renewal rights or options after the 15-year initial term? What happens to franchisees at the end of their term?

The 11.4% annual turnover rate is notably high for hospitality franchises. Are there specific market segments, regions, or property types experiencing higher closure rates than others?

Given the low 1.1% termination rate, what percentage of the 30 unit closures in 2024 were franchisor-initiated versus voluntary franchisee exits?

The franchise fee and transfer fee are both $35,000. Are there circumstances under which transfer fees might be waived or reduced, particularly given the high turnover rate?

With no renewal options provided in the franchise agreement, how are franchise relationships typically extended beyond the initial 15-year term, if at all?

Can you explain the disparity between your low System Health score (32) and high Investment Costs score (86)? What specific operational or support challenges are contributing to the lower system health rating?

The franchise agreement requires personal guarantees from owners and spouses. How often has the franchisor enforced personal guarantee claims against departing franchisees?

With no post-termination non-compete clause (0 years / 0 miles), what protections exist against franchisees operating competing properties immediately after exit?

Of the 29 cases filed against the franchisor (3 years total and historical), what were the most common allegations? Have any resulted in significant settlements or judgments?

Item 19 financial performance data is provided. What percentage of franchisees are included in the Item 19 calculations, and does this data exclude recently closed units?

How does Ramada support franchisees in the final years of their 15-year term to encourage renewal or extension negotiations, given that no renewal rights currently exist?

The technology fee of $734 annually is a flat rate. Does this cover all mandatory digital services, marketing platforms, and booking systems, or are additional technology costs typically required?

Can you provide details on the 27 units that ceased operations for reasons other than closures or terminations in both 2023 and 2024? What does 'ceased other' mean?

The franchise offers encroachment protection but non-exclusive territory. How does non-exclusivity impact franchise viability given the high turnover rate, and are there specific minimum distance requirements between franchisees?

What is the primary driver of the -5.4% net unit decline in the past year—the COVID-19 recovery period, market contraction, strategic repositioning, or increased competitive pressure?