Hotel Operating Expenses definition
Hotel Operating Expenses means all of those ordinary and necessary expenses of the Hotel, including, without limitation, certain reimbursable expenses and the base hotel management fee incurred in the operation of the Hotel, all as set forth in the New Hotel Management Agreement or the New Cash Management Agreement and as determined in accordance with Generally Accepted Accounting Principles and the Uniform System of Accounts.
Hotel Operating Expenses means the total of all expenditures of whatever kind relating to the operation, maintenance and management of the Mortgaged Property that are incurred on a regular monthly or other periodic basis, including without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, taxes and assessments, advertising expenses, management fees, franchise and/or license fees, contributions to the Replacement Escrow Fund, payroll and related taxes, computer processing charges, operational equipment or other lease payments as approved by Mortgagee, and other similar costs, but excluding depreciation, debt service, and capital expenditures, all calculated on a monthly basis in accordance with generally accepted accounting practices and principles consistently applied.
Hotel Operating Expenses means all expenses of Borrower (or of Manager for the account of Borrower) in connection with the ownership or operation of the Property, including costs (including labor) of providing services including rooms, food and beverage, telecommunications, garage and parking and other operating departments, as well as Impositions and Other Charges, Ground Rent, rental expenses, insurance premiums, utilities costs, administrative and general costs (other than Management Fees and Allocable Chain Expenses under the Management Agreement), repair and maintenance costs (excluding for purposes of this clause any amounts payable out of the FF&E Reserve Account and any amounts that are treated as capital expenditures under GAAP) and marketing and legal expenses incurred in connection with the operation of the Property.
Examples of Hotel Operating Expenses in a sentence
The Borrower shall directly manage or ensure the Management Service Company manages the Hotel Revenue Collection Account and Hotel Operating Expenses Execution Account from the Completion of Construction Date.
Best efforts shall not include funding of any attorneys' fees, litigation or any portion of the Hotel Operating Expenses by Manager.
The Borrower shall directly manage and settle or ensure the Management Service Company manages and settle necessary expenses relating to the Hotel Facilities and transfer the amount outstanding in the Hotel Operating Expenses Execution Account to the Revenue Management Account on every Business Day.
The Borrower shall ensure that all revenues arising from the Hotel Facilities are deposited with the Hotel Revenue Collection Account, and such revenues shall be immediately transferred to the Hotel Operating Expenses Execution Account.
So long as no Cash Sweep Period or Event of Default has occurred and is continuing, all amounts in the Collection Account shall be transferred to the Hotel Operating Account on a daily basis and Borrower shall, and shall cause Manager to, pay Hotel Operating Expenses, Management Fees and Allocable Chain Expenses from funds on deposit in the Hotel Operating Account.
More Definitions of Hotel Operating Expenses
Hotel Operating Expenses means the expenses which constitute an operating expense in nature in accordance with the Uniform System, including but not limited to:-
Hotel Operating Expenses means, with respect to any period, all ordinary and necessary expenses incurred in the Operation of the Hotel in accordance with this Agreement, and as determined in accordance with the Uniform System, including all (a) Hotel Personnel Costs; (b) expenses for Maintenance and Repair for the Hotel; (c) expenses for Hotel utilities; (d) costs of all goods, merchandise or services sold at or from the Hotel; (e) costs and expenses incurred in the hiring of performers, entertainers, musicians, speakers, and in the rental of music program services and loudspeaker systems for the Hotel; (f) any expenditures intended to increase the security of the Hotel and its guests, occupants and invitees; (g) administrative expenses, including all costs and expenses relating to the Bank Accounts, Operating Statements and the Annual Operating Statement; (h) costs and expenses for marketing, advertising and promotion of the Hotel; (i) all Hotel Unallocated Expenses, and Reimbursable Expenses or Centralized Service Charges with respect to the Operation of the Casino to the extent approved in the Business Plan; (j) cost of Supplies; (k) insurance premiums paid for any insurance policies maintained with respect to the Hotel (other than property insurance premiums); (l) costs and expenses relating to any service, maintenance, management or other contracts for the Hotel; (m) fees and costs for professional services, including the fees and expenses of attorneys and accountants to the extent relating to operational issues (rather than the business of Owner); (n) all license and permit fees for the Hotel; (o) insurance premiums paid for any property insurance policies maintained with respect to the Hotel; (p) Hotel Base Fee; provided, however, that Hotel Base Fee shall be paid in the order of priority set forth in Section 6.4.4; and, (q) Owner’s general overhead costs to the extent that they relate to expenses incurred in the Operation of the Hotel and are provided for in the Business Plan. The following are expressly excluded from the Hotel Operating Expenses: (A) Taxes (other than employment taxes included in Hotel Personnel Costs); (B) any Reserve Fund Contributions and any expenditures for Routine Capital Improvements or Major Capital Improvements; (C) costs for the rental of real or personal property (except, with respect to personal property, rentals incurred directly in connection with revenue generating activities); (D) any depreciation and amortization of capital assets; (E) Ow...
Hotel Operating Expenses means the expenses which constitute an operating expense in nature in accordance with the Uniform System, including but not limited to:
Hotel Operating Expenses means, without duplication for any Property Operating Expenses, the total of all expenditures paid or payable of whatever kind relating to the operation, maintenance and management of the Hotel that are incurred on a regular monthly or other periodic basis (both department expenses and undistributed operating expenses), including without limitation, rent, utilities, ordinary repairs and maintenance, insurance, license fees, taxes and assessments, advertising expenses, management fees in an amount equal to the greater of the actual fees or three percent (3%) of Gross Income from Operations, all franchise fees and other fees and contributions payable pursuant to the Franchise Agreement, all required contributions to reserves and/or escrows under the Franchise Agreement and/or the Loan Documents, if any, net of the distributions from such reserves and/or escrows allocable to the same reporting period, payroll and related taxes, computer processing charges, operational equipment and/or other lease payments as approved by Bank, and other similar costs, but excluding depreciation, rents paid under the OpCo Lease, non-cash charges, debt service on the Loan, and capital expenditures, all calculated on a monthly basis in accordance with generally accepted accounting practices and principles consistently applied, all without duplication for such charges as are included within, and paid via payment of, any other expense.