Hotel Operating Standard Sample Clauses

Hotel Operating Standard. 19.1 The City Agreements shall provide that the operator of the Hotel must operate and maintain the Hotel as a Four Star Lodging Establishment (“Four Star Standard”) (as rated by the Forbes Travel Guide or by an alternative nationally recognized hotel rating service, collectively “Rating System”). The initial Four Star Standard rating, as published by the Rating System, must be achieved within twenty-four (24) months after the Grand Opening of the Hotel (i.e., when the Hotel is open for business to the general public). The parties acknowledge that if the Hotel has not achieved the Four Star Standard rating from the Rating System by the expiration of twenty-four (24) months after the Hotel Opening, or thereafter fails to maintain its Four Star Standard rating by the Rating System (each, a “Rating Failure”), default provisions and remedies as specified in the City Agreements shall apply (collectively, the “City Remedies”). Authority hereby confirms its approval of EQX Hotel Management LLC (operator of Equinox Hotels) as the Hotel Operator and its approval of the Hotel Management Agreement between Phase I Developer and EQX Hotel Management LLC presented to Authority for its approval and being executed and delivered by the parties thereto concurrent with the Amendment Effective Date. If Phase I Developer replaces EQX Hotel Management LLC with another hotel operator, Authority will not have a separate right to approve such replacement hotel operator if it is approved by the City under the Implementation Agreement; provided that if such replacement of the hotel operator occurs after the expiration or termination of the City Agreements, then Authority will have the right to approve such hotel operator using the same standards as were set forth in the Implementation Agreement for approval of a change in the identity of the hotel operator by the City during the term thereof.

Hotel Operating Standard. 32.1 The City Agreements provide that the operator of the Hotel must operate and maintain the Hotel as a Four Star Lodging Establishment (“Four Star Standard”) (as rated by the Forbes Travel Guide or by an alternative nationally recognized hotel rating service, collectively “Rating System”). The initial Four Star Standard rating, as published by the Rating System, must be achieved within twenty-four (24) months after the Hotel Opening Date (i.e., when the Hotel is officially open for business to the general public). The parties acknowledge that if the Hotel has not achieved the Four Star Standard rating from the Rating System by the expiration of twenty-four (24) months after the Hotel Opening Date, or thereafter fails to maintain its Four Star Standard rating by the Rating System (each, “Rating Failure”), default provisions and remedies as specified in the City Agreements shall apply (collectively, the “City Remedies”).