Major Renovation Property definition
Major Renovation Property means a Hotel Property undergoing renovations (including all renovations that are part of an overall plan in respect of such Hotel Property or that are similar or related to other renovations, even though not performed at the same time) that:
Major Renovation Property means a Hotel Property undergoing renovations (including all renovations that are part of an overall plan in respect of such Hotel Property or that are similar or related to other renovations, even though not performed at the same time) that: (a) have resulted in, or are reasonably expected to result in, more than twenty-five percent (25%) of the rooms in such Hotel Property not being available for occupancy for a period of more than sixty (60) days, or (b) have a projected cost involving expenditures during any 18-month period that exceeds twenty- five percent (25%) of the book value of such Hotel Property (as determined prior to the commencement of such renovations) or (c) have resulted in, or are reasonably expected to result in, a reduction of Net Operating Income of such Hotel Property of twenty-five percent (25%) or more during any period of twelve (12) consecutive months (as compared to the period of twelve (12) consecutive months immediately prior to the commencement of such renovations). A Hotel Property that entirely ceases operations during renovation shall constitute a Development/Redevelopment Property and shall not constitute a Major Renovation Property.
Major Renovation Property means a Real Property in respect of which the existing buildings or improvements are undergoing substantial renovation and redevelopment, and as a result of such renovation and redevelopment either (a) at least thirty percent (30%) of the square footage of such Real Property previously available for occupancy is unavailable or (b) the Adjusted NOI attributable to such Real Property has declined by more than thirty percent (30%) as compared to the fiscal quarter most recently ended prior to the commencement of such renovation and redevelopment. A Real Property that is a Major Renovation Property shall be deemed to remain a Major Renovation Property until such Real Property is a Completed and Stabilized Property.
More Definitions of Major Renovation Property
Major Renovation Property means a Hotel Property undergoing renovations (including all renovations that are part of an overall plan in respect of such Hotel Property or that are similar or related to other renovations, even though not performed at the same time) that: (a) have resulted in, or are reasonably expected to result in, more than twenty-five percent (25%) of the rooms in such Hotel Property not being available for occupancy for a period of more than sixty (60) days, or (b) have a projected cost involving expenditures during any 18-month period that exceeds twenty- five percent (25%) of the book value of such Hotel Property (as determined prior to the commencement of such renovations) or (c) have resulted in, or are reasonably expected to result in, a reduction of Net Operating Income of such Hotel Property of twenty-five percent (25%) or more during any period of twelve (12) consecutive months (as compared to the period of twelve (12) consecutive months immediately prior to the commencement of such renovations). A Hotel Property that entirely ceases operations during renovation shall constitute a Development/Redevelopment Property and shall not constitute a Major Renovation Property. “Management Agreement” means any agreement entered into by the Parent, a Subsidiary or an Unconsolidated Affiliate under which it engages a Person to advise it with respect to the management of a given Property and/or to manage a given Property (including any associated owner’s agreement). “Manager” means the Person engaged as a manager pursuant to a Management Agreement. “Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures