Hotel Market Decline. A period of six (6) consecutive calendar months during which there is (i) a twenty percent (20%) decline in average hotel occupancy for the Hotel from the average hotel occupancy levels for same period during the prior calendar year and (ii) a twenty percent (20%) decline in average hotel occupancy for the Hotel’s Competitive Set from the average hotel occupancy levels for the same period during the prior calendar year, as published in the applicable STR Reports.
Appears in 4 contracts
Samples: Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)
