hotel development definition
hotel development means the Nautilus Hotel development described in the hotel developer’s application submitted under section 3 of the Tourism Investment Act 2017;
hotel development means the construction, alteration, refurbishment, reconstruction, extension, conversion or upgrading of a hotel, on a hotel development area;
hotel development means the Cambridge Beaches Resort and Spa redevelopment described in the hotel developer’s application submitted under section 3 of the Tourism Investment Act 2017 on 21 December 2021;
More Definitions of hotel development
hotel development means a building or group of buildings containing not less than 50 sleeping units which are available to the general public for short term daily occupancy for not less than 182 days each year. An Eligible Hotel Development may include attached or ancillary conference and recreation
hotel development means (i) the acquisition of the Hotel Site and
hotel development means a building or group of buildings containing not less than 50 sleeping units which are available to the general public for short term daily occupancy for not less than 182 days each year, which Hotel Development may include attached or ancillary conference and recreation facilities, restaurants, service businesses and retail outlets, and, if sleeping units in the Hotel Development are stratified, the strata lots must be subject to a Land Title Act, Section 219 covenant in favour of the District requiring them to be used for tourist occupancy not less than 182 days each calendar year;
hotel development means active, continuous and diligent undertaking of the construction of a hotel on such site. Any amount allocated towards such calculation of the maximum limitation hereof shall be deducted therefrom once and so long as the Borrower actively undertakes Hotel Development for such site. Amounts borrowed for expenditures relating to a Construction Hotel or a Development Hotel shall continue to be allocated under the Development Sub-Line until all amounts for such hotel have been deducted from the Development Sub-Line as set out below. The computation of the amount to be deducted from the Development Sub-Line for a hotel for which the Development Sub-Line is still being allocated shall be calculated as follows: During any period that Loan proceeds remain allocated for a Construction Hotel or a Development Hotel, the Borrower shall supply the Administrative Agent with a "Development/Construction Sub-Line Sheet" at the same time the Borrowing Base Certificate is provided. Such Development/Construction Sub-Line Sheet shall provide information concerning the Net Operating Income [as defined in Section 2.01(b)(1)] derived during the preceding Fiscal Quarter from each Construction Hotel and Development Hotel on a hotel-by-hotel basis. Such Net Operating Income for each of such hotels shall be divided by the capitalization rate of 13%, rounded to the nearest one thousand dollar. For each such hotel, the resulting amount (but never a negative number) shall be deducted from the Development Sub-Line allocated to such hotel as of the beginning of the next Fiscal Quarter and shall again be available for draws under the Development Sub-Line, subject to the requirements of this Agreement generally and such Development Sub-Line in particular.