New Hotel definition

New Hotel means a hotel which was not open for business immediately before the commencement of this Act;
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New Hotel means any Hotel owned by the Borrower, its --------- Subsidiaries or Joint Ventures which is being or has been newly constructed, or substantially refurbished or rebuilt (so long as any such Hotel is or was substantially closed while being refurbished or rebuilt); provided that any New Hotel shall cease to be treated as a New Hotel from and after the earlier of (x) the first day of the Fiscal Quarter occurring after 18 months from the date such New Hotel opened or re-opened for business and (y) the Fiscal Quarter in which the ratio of Total Adjusted EBITDA to Total Cash Interest Expense attributable to such New Hotel equals or exceeds the Interest Coverage Ratio required to be exceeded by the Borrower under Section 6.01(c) for the most recent Fiscal Quarter.
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Examples of New Hotel in a sentence

  • The Hotel Manager will be engaged to act as the exclusive operator and manager of the relevant New Hotel to supervise, direct and control the management, operation and promotion of the business of the relevant New Hotel during the operating term of the relevant New Hotel Management Agreement.

  • For further details, please refer to the sections headed “Key Documentation — New Lease Agreements and New Lease Guarantees” and “Key Documentation — New Hotel Management Agreements” respectively.

  • If the Company decides to further proceed on development of the New Hotel project, the Company will calculate the size of New Hotel project by combining the size of this Transaction with the total development costs of the New Hotel.

  • Details of the New Hotel Lease Agreement and the Car Park Lease Agreement are set out in the Acquisition Circular and a separate waiver for the New Hotel Lease Agreement and the Car Park Lease Agreement will be sought from the Independent Unitholders.

  • However, please note that the aforementioned development program is not final and is subject to adjustment to reflect the final plan of the Company, the final design of the New Hotel, and Relevant Regulatory Approval.


More Definitions of New Hotel

New Hotel means a Select Service Hotel that is or was fully entitled as a hotel after September 1, 2015, but beforeDecember 31, 2025 and which is under construction prior to December 31, 2026. The term “new hotel” does not include all, or any portion of, or addition to, an existing hotel.
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New Hotel. New Hotel Indebtedness," "Reinvestment Deferred Amount," "Reinvestment Notice," Reinvestment Prepayment Amount," "Reinvestment Prepayment Date," "Responsible Officer," "Subsidiary," "Total Adjusted EBITDA" and "Total Cash Interest Expense" contained in Section 1 of the Increasing Rate Note Purchase and Loan Agreement are hereby amended to read in their entirety as follows:
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New Hotel means any Hotel owned by the Borrower, its Subsidiaries or --------- Joint Ventures which (i) is being or has been newly constructed, or substantially refurbished or rebuilt (so long as any such Hotel is or was substantially closed while being refurbished or rebuilt) or (ii) has been acquired by the Borrower or any of its Subsidiaries and will be converted to a Core Asset; provided that any New Hotel shall cease to be treated as a New Hotel from and after the earlier of (x) the first day of the Fiscal Quarter occurring after 18 months from the date (a) such New Hotel opened or re- opened for business (in the case of clause (i) above) or (b) the conversion process begins (in the case of clause (ii) above) and (y) the Fiscal Quarter in which the ratio of Total Adjusted EBITDA to Total Cash Interest Expense attributable to such New Hotel equals or exceeds the Interest Coverage Ratio required to be exceeded by the Borrower under Section 6.01(c) for the most recent Fiscal Quarter.
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New Hotel means a hotel which is licensed under the Hotels and guest Houses act (cap. 195) and is operational on or after 1 January 2017.
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New Hotel means a Quality Service or an Enhanced Quality Service that will meet the minimum quality standard of facilities and service equal to the general requirements of an American Automobile Association of three diamond rating or higher that is or was fully entitled as a hotel after May 1, 2017 but before December 31, 2022.
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New Hotel has the meaning set forth in Recital C of this Agreement; provided, however, that in the event the narrative description of the New Hotel in Recital C differs from what is approved and authorized in accordance with the Entitlements (and subject to Buyer’s reasonable right to approve or disapprove the form and content of the Entitlements), the Entitlements shall govern and control.
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New Hotel means any one of them.
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