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.