AmeriSuites Hotels Clause Samples
The 'AmeriSuites Hotels' clause identifies and defines the specific hotel brand or property involved in the agreement. This clause typically clarifies which locations, services, or standards are associated with AmeriSuites Hotels, ensuring that all parties understand the scope of the agreement as it pertains to this particular hotel chain. For example, it may specify that certain rates, amenities, or obligations apply only to AmeriSuites Hotels properties. Its core function is to eliminate ambiguity by clearly designating the relevant hotel brand, thereby preventing misunderstandings about which properties or services are covered under the contract.
AmeriSuites Hotels. (a) In the event that Seller or any Seller Subsidiary shall seek to acquire and/or construct a new "AmeriSuites" brand hotel within a radius of three (3) miles of the Property (each a "Proposed AmeriSuites Hotel") at any -------------------------- time during the Restricted Period, Purchaser or any of its Affiliates shall have the right and option to purchase said Proposed AmeriSuites Hotel (or Seller's interest therein) pursuant to the terms and conditions set forth below.
(b) With respect to each Proposed AmeriSuites Hotel, to the extent in Seller's possession and control and (to the extent applicable to the Proposed AmeriSuites Hotel) Seller shall submit in writing to Purchaser (or shall provide Purchaser with notice of and reasonable access to) the items set forth in clauses (i) through (ix) below (collectively, a "Project Plan") as soon ------------ as such information is readily available and, with respect to any Proposed AmeriSuites Hotel which Seller seeks to construct, no later than 210 days prior to the anticipated completion date for construction set forth in the Project Plan. The Project Plan shall be comprised of the following:
(i) to the extent then available or completed, detailed plans and specifications for the construction of the Proposed AmeriSuites Hotel;
(ii) a schedule for the estimated costs of construction prepared jointly by the contractor engaged to perform the work and Seller; a construction schedule setting forth the target commencement date, substantial completion date and final completion date for the construction of the Projected AmeriSuites Hotel and the dates for completion of the various phases of construction, if applicable;
(iii) estimated operating expenses and cash flow, occupancy projections and Rev PAR information for the first twelve months after opening and for periods thereafter, to the extent then developed;
(iv) historical occupancy and Rev Par information for the preceding three years;
(v) estimated costs for reflagging the Proposed AmeriSuites Hotel;
(vi) a title insurance commitment issued in Seller's name relating to the site of the Proposed AmeriSuites Hotel, together with copies of all documents referenced therein;
(vii) a survey of the site for the Proposed AmeriSuites Hotel;
(viii) any environmental or engineering reports prepared in connection with the Proposed AmeriSuites Hotel; and
(ix) such other information (including without limitation market information) with respect to a Proposed AmeriSuites Hote...