Development Hotel definition
Examples of Development Hotel in a sentence
New Lessee shall have the right to lease any IHC Development Hotel sold to EIP pursuant to the exercise of the Development Option and EIP shall deliver to New Lessee prior to or with such written notice the Proposed Rent Terms for such IHC Development Hotel.
Residential and Commercial Development, Hotel, Third Railroad Crossing and Open Space.
IHC and New Lessee agree to advise EIP and ENNS ▇▇▇ediately upon receipt of any Notice, if IHC, New Lessee or any Affiliate thereof, is reviewing or pursuing the acquisition of the Acquisition Hotel or Development Hotel which is the subject of the Notice on behalf of themselves or any Affiliate.
Nothing contained herein shall preclude IHC or New Lessee or any of their Affiliates from acquiring any Acquisition Hotel or Development Hotel for which EIP has notified New Lessee in writing that EIP is no longer interested in acquiring.
If EIP does not provide such notice of exercise within the Development Option Period or if EIP and New Lessee are unable to agree, after negotiating in good faith, to rent terms and execute a lease incorporating such rent terms within the Development Option Period, EIP shall have waived any and all rights with respect to such IHC Development Hotel under this Section 1.6(c) and IHC may retain or sell such hotel as it determines in its sole discretion.
As notification of IHC's intention to sell an IHC Development Hotel, IHC shall deliver to EIP as soon as available (i) the proposed Development Cost budget, (ii) any market study information related to such IHC Development Hotel obtained or developed by IHC, and (iii) copies of any Studies related to an IHC Development Hotel obtained or developed by IHC.
Subject to the provisions of Section 1(a)(ii), each closing of a purchase and sale of Common Stock hereunder shall occur on the respective closing dates of the Partnership's purchase of the Acquisition Hotels, a PHI Development Hotel or any Additional Hotel and the opening date of the ▇▇▇▇▇▇▇▇ Hotel.
Notwithstanding the foregoing, neither EIP nor ENNS ▇▇▇ll be required to provide IHC or New Lessee any lease sensitivity analyses or similar analytical information prepared by EIP or ENNS ▇▇▇h respect to an Acquisition Hotel or Development Hotel.
The "Closed Hotel Amount" shall equal the product of (A) Twelve Thousand Five Hundred Dollars ($12,500) and (B) the number of guest rooms in each Development Hotel or Additional Hotel purchased by the Partnership pursuant to the Acquisition Documents or any documents executed subsequently by the parties pursuant to the Acquisition Documents regarding the Partnership's acquisition of Additional Hotels.
The Company owns hotels (individually, a "Hotel" and collectively, the "Hotels") and developing hotels (individually, a "Development Hotel" and, collectively, the "Development Hotels").