Non-Managed Hotel definition

Non-Managed Hotel means any hotel or motel property leased by Lessee from an Affiliate of the Partnership for which a Project Management Addendum has been executed and delivered by the parties thereto, and that is not a Hotel managed by Manager pursuant to an Addendum.

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Non-Managed Hotel shall have the meaning given such term in the Master Management Agreement.

Non-Managed Hotel shall have the meaning given such term in the Master Management Agreement. “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity. “Project Management Fee” shall have the meaning given such term in the Master Management Agreement. “Project Related Services” shall have the meaning given such term in the Master Management Agreement. “Property” means any real property or any interest therein. “Reimbursement Amount” shall mean the total of all actual out of pocket and third party costs and expenses paid by and to be reimbursed to the Remington Affiliates that were necessary and/or appropriate in connection with the Remington Transaction, including all ▇▇▇▇▇▇▇ money deposits. The Reimbursement Amount shall be calculated by the Remington Parties and set forth in a certificate delivered to the Ashford Inc. Parties and certified as true and correct by the Remington Parties. The Reimbursement Amount shall not include any finder’s fee, brokerage fee, development fee, or other compensation paid to the Remington Affiliates. “Remington Affiliate” shall mean the Remington Parties and their Affiliates. “Remington Exclusivity Rights” shall have the meaning as set forth in Section 5(a). “Remington Notice” shall have the meaning as set forth in Section 4(b). “Remington Parties” shall mean Remington Holdings, LP and Manager. “Remington Termination Event” shall mean the events described in Section 3(a). “Remington Transaction” shall have the meaning as set forth in Section 4(a) “RevPAR” shall mean revenue per available room and is calculated by multiplying ADR by the average daily occupancy. “Term” shall have the meaning as set forth in Section 2. “Termination Event” shall have the meaning as set forth in Section 2. EXHIBIT B DEVELOPMENT AGREEMENT EXHIBIT C EXISTING INVESTORS None EXHIBIT D MASTER MANAGEMENT AGREEMENT

Examples of Non-Managed Hotel in a sentence

Notwithstanding the execution and delivery of a Project Management Addendum, the provisions of this Paragraph 4 shall apply only to the extent Lessee or a Lessee Designee, as applicable, has the right to direct such Project Management Work and Projected Related Services for a Non-Managed Hotel (e.g., the manager for the Non-Managed Hotel does not have the right under its management agreement to direct Project Management Work or Project Related Services or such manager elects not to exercise such right).
No termination fee shall be payable by Lessee pursuant to this Section 5 if (a) Manager elects not to provide Project Related Services for a Non-Managed Hotel due to the Independent Directors of AHT voting that such Market Service Fees are not market pursuant to Section 8.02(I) of the Management Agreement, or (b) the manager for the Non-Managed Hotel has the right under its management agreement to direct Project Management Work or Project Related Services and subsequently elects to exercise such right.
The provisions pertaining to the Expiration Date, renewal options and the Termination Dates described in clauses (i) and (ii) of Section 2.01 of the Management Agreement for a Hotel shall apply in equal manner to each Non-Managed Hotel, provided the termination fee described in Section 2.03(a)(i) of the Management Agreement (Sale of a Future Hotel) shall not apply to a sale of a Non-Managed Hotel.
The Term of the Management Agreement for a Non-Managed Hotel shall commence on the Commencement Date noted in the Project Management Addendum for such Non-Managed Hotel.

More Definitions of Non-Managed Hotel

Non-Managed Hotel means the Marriott property located at Tysons Corner, Virginia and one other hotel property acquired by the Borrower or a Subsidiary Guarantor after the Initial Borrowing Date and identified at the time of acquisition as a Non-Managed Hotel by the Borrower to the Administrative Agent, PROVIDED that such identified Non-Managed Hotel shall be managed by the Borrower or any of its Subsidiaries from and after the first anniversary of the consummation of the acquisition of such hotel property.