Are Franchisees Guaranteed the Right to Renew their Franchise Agreement?

No, there is no such guarantee.

Most Franchise Agreements do, however, provide for at least one renewal option, subject to laundry list of conditions (payment of a renewal fee, execution of the then-current form of Franchise Agreement, execution of a general release in favor of the franchisor, among others).

This represents yet another reason why it makes sense to have a franchise attorney review your Franchise Agreement and explain to you your rights and obligations before you sign.