Competitive Set definition

Competitive Set. As defined in the STR Reports. Lessor and Lessee shall work in good faith to determine any additions and deletions to the Hotel’s Competitive Set, on or before November 15th of each year, with such changes to be applicable for the following Fiscal Year. In the event Lessor and Lessee cannot agree to the Hotel’s Competitive Set by November 15th of any year, such unagreed items shall be determined by Xxxxx Travel Research (or, if it refuses or is unable to do so, by arbitration pursuant to Section 25.2). The costs of resetting the Hotel’s Competitive Set shall be borne equally by the parties.

Competitive Set means the group of hotels which are closest in geographical distance from the Hotel and which are generally within the same hotel market segment as the Hotel, as described in Schedule 1. If any such hotels, subsequent to the Effective Date, either changes its chain affiliation or ceases to operate or otherwise ceases to reflect the general criteria set forth in the first sentence of this definition, Owner and Manager agree to mutually, reasonably and in good faith, discuss appropriate changes to the foregoing list of the hotels that shall comprise the Competitive Set.

Competitive Set for each Hotel means the hotels listed on Exhibit_A-1 attached hereto, or such other hotels as may be reasonably agreed upon by Lessee and Operator from time to time during the Term. The Lessee and Operator shall discuss at least once a year, and upon any major change to an existing hotel in the Competitive Set, the composition of the Competitive Set. Any changes to a Hotel’s Competitive Set must be approved by by Lessee.

Examples of Competitive Set in a sentence

• The allowable annual escalation of such rates will be the lesser of (i) eight percent (8%) or (ii) the annual rate of growth in the average daily room rate of the Competitive Set.

• Notwithstanding anything herein to the contrary, if a dispute arises regarding the negotiation of the Competitive Set or Permitted Rates pursuant to Section 4.01, and such dispute is not resolved by mediation pursuant to Section 6.02, such dispute shall be settled by expedited arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

• The RevPAR for the Competitive Set will be determined by referring to the STR Report published by Xxxxx Travel Research, or, if Xxxxx Travel Research ceases publishing such data, then another source, reasonably selected by Operator and Owner on the basis of its acceptance for similar purposes within the hospitality industry, that provides comparable data.

• In order for Owner to terminate pursuant to this section, Owner must provide an irrevocable notice of termination ("Performance Termination Notice") within ( ) days after receipt by Owner of certified financial statements for a Fiscal Year showing the actual GOP and the reasonable availability to Owner of reports showing the annualized RevPAR for the Competitive Set.

• Owner will not disapprove of a proposed rate schedule presented by Manager so long as (1) such rate schedule does not vary from the average comparable rates of hotels in the Competitive Set by more than 75%, (2) the budget prepared assuming such rate schedule does not result in Debt Service Coverage Ratios less than the Debt Service Coverage Requirement.

More Definitions of Competitive Set

Competitive Set means, for each Hotel, the hotels situated in the same market segment as such Hotel as noted on Schedule 1 to the applicable Addendum for such Hotel, which competitive set shall include such Hotel. The Competitive Set may be changed from time to time by mutual agreement of Lessee and Manager to reasonably and accurately reflect a set within the market of such Hotel that is comparable in rate quality and in operation to such Hotel and directly competitive with such Hotel.

Competitive Set for each Hotel means the hotels listed on Exhibit_A-1 attached hereto, or such other hotels as may be reasonably agreed upon by Lessee and Operator from time to time during the Term. The Lessee and Operator shall discuss at least once a year, and upon any major change to the Hotel or an existing hotel in the Competitive Set, the composition of the Competitive Set. Notwithstanding the foregoing to the contrary, the Competitive Set shall at all times consist of hotels in the market areas that are most comparable to the Hotel in quality, price, location and market (with due consideration given to age, quality, size, amenities, amount of meeting space and business mix). Any changes to a Hotel’s Competitive Set must be approved by Lessee.

Competitive Set means the properties listed on Exhibit C attached hereto and any revisions to such list agreed upon by Owner and Manager from time to time.

Competitive Set shall have the meaning set forth in Section 6.03 D.

Competitive Set means the hotels within the Hotel’s market area that are most closely comparable to the Hotel in quality, price and market (with due consideration given to age, quality, size, location, amenities, amount of meeting space and business mix). The initial Competitive Set shall be determined by the parties within thirty (30) days after the Commencement Date, provided that if the parties disagree as to whether any hotel should be included and/or excluded from the Competitive Set and the parties cannot reach a resolution within such thirty (30) day period, then such dispute shall be resolved by the Industry Expert.

Competitive Set means the group of hotels which are closest in geographical distance from the Hotel and which are generally within the same hotel market segment as the Hotel. The initial Competitive Set is identified on Schedule 1 attached hereto and made a part hereof. If any such hotels, subsequent to the Effective Date, either changes its chain affiliation or ceases to operate or otherwise ceases to reflect the general criteria set forth in the first sentence of this definition, the Competitive set shall be changed at the request of either Owner or Manager and approval of both parties, such approval not to be unreasonably withheld, conditioned or delayed so that it continues to satisfy the criteria set forth in the first sentence of this definition. Any disagreements shall be resolved by the Expert in accordance with Section 10.24.

Competitive Set means the set of other hotels in the Leased Property's market area deemed to be competitive with the Leased Property, as determined by Xxxxx Travel Research ("STR"), subject to adjustment as provided below. Prior to the commencement of each Lease Year, Lessor and Lessee shall work in good faith to determine any additions and deletions, if any, to the Competitive Set for the Leased Property. Any adjustments made to the Competitive Set shall be finalized on or before December 15th of each Lease Year, with such adjusted Competitive Set for the Leased Property to be applicable to the following Lease Year. In the event Lessor and Lessee are unable to agree on the Leased Property's Competitive Set, such matter shall be determined by a nationally recognized accounting firm with a hospitality division chosen by Lessor and Lessee.