Hotel. The DEVELOPER shall create a single purpose entity to own the HOTEL (“HOTEL OWNER”). The HOTEL OWNER shall own the HOTEL through a condominium or similar ownership arrangement. The HOTEL OWNER shall lease a portion of the land from the CITY in accordance with the MOU dated December 23, 2015 between the CITY and DEVELOPER.
Appears in 3 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding