Initial RevPAR Index definition
Initial RevPAR Index means the RevPAR Index for each Eligible Hotel as of January 1, 2024, including any period during which any Company Hotel was not owned by the Company; provided, however, if an Eligible hotel that is purchased by the Company after the HMS Commencement Date, then the Initial RevPAR Index for such hotel shall be the RevPAR Index for the twelve (12) month period ended on the last day of the month immediately prior to the date that the Company purchased such hotel.