Hotel Leasing Business definition

Hotel Leasing Business means the business of leasing, as the tenant or ---------------------- subtenant, limited-service or full-service hotel properties and operating or franchising, as the operator or franchisee, such properties, either directly or through a contractual arrangement with a third party, provided, however, that -------- ------- a lease (or sublease) of a full-service hotel by CCC shall not be considered a permitted part of the Hotel Leasing Business unless the following conditions shall apply:
Sample 1
Hotel Leasing Business means the business of any Person of leasing, as ---------------------- the tenant or subtenant, limited-service or full-service hotel properties from a REIT pursuant to a lease under which the rental payments made by such Person to the lessor qualify as "rents from real property" within the meaning of Section 856(d) of the Code where such Person will not be the operator or manager of such hotel (other than through a contractual arrangement with a third-party manager that is not an Affiliate of such Person). Without otherwise expanding the foregoing, the term "Hotel Leasing Business" shall not include any lease of a limited-service or full-service hotel property (i) from a lessor that is not a REIT, (ii) from a lessor that is a REIT but pursuant to a lease under which the rental payments made to the lessor do not qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or (iii) where the lessee (or any Affiliate of the lessee) will be the operator or manager of such hotel (other than through a contractual arrangement with a third-party manager that is not an Affiliate of the lessee).
Sample 1Sample 2
Hotel Leasing Business means the business of leasing, as the tenant or ---------------------- subtenant, limited-service or full-service hotel properties and operating or franchising, as the operator or franchisee, such properties, either directly or through a contractual arrangement with a third party, provided, however, that -------- ------- with respect to leases of full-service hotels, it is understood that the estimated economic benefit to be derived by the tenant or subtenant, as applicable, from the lease during the period commencing on the lease commencement date and ending on the initial lease termination date, or, in the case of any extension or renewal of any lease which may be exercised solely at the lessee's option (other than renewals or extensions which provide for rent at then prevailing fair market rental rates), the termination of the extension or renewal period (the "Lease Term") shall not exceed twenty-five percent (25%) of the estimated total economic benefit to be generated by the leased property during the Lease Term. For purposes of the foregoing proviso, (i) the estimated economic benefit to be derived by the tenant or subtenant during the Lease Term shall equal the present value of the tenant's or subtenant's reasonably projected net cash flows after deduction for rental payments (excluding for this purpose debt service but including any residual payments owed to the tenant or subtenant at any time during the Lease Term (including on the last day thereof)) to be received by the tenant or subtenant, respectively, from the leased property for the Lease Term, calculated by applying a discount factor which is appropriate in light of the leased property's condition and overall market conditions at the time of determination of such economic value and the risk to the tenant or subtenant associated with the proposed lease structure (the "Applicable Discount Factor") and (ii) the estimated total economic benefit to be derived from the leased property during the Lease Term shall equal the present value of the tenant's or subtenant's reasonably projected total net operating income before any deductions for rental payments to be made under the lease (excluding for this purpose debt service) from the leased property for the Lease Term, calculated by applying the Applicable Discount Factor and assuming a sale of the leased property at the end of the Lease Term for a price equal to the capitalized projected net operating income (excluding for this purpose debt service...
Sample 1

Related to Hotel Leasing Business

  • Real Estate Business means homebuilding, housing construction, real estate development or construction and the sale of homes and related real estate activities, including the provision of mortgage financing or title insurance.

  • Hotel means any establishment used for the purpose of temporary, overnight lodging for which a fee is paid and reservations are required.

  • Doing business means engaging in any activity, whether legal or illegal, that is conducted

  • Hotels means the hotel properties described in Exhibit A hereto, as it may be amended from time to time by mutual agreement of Lessee and Operator to add hotel properties or to delete hotel properties as a result of termination of this Agreement with respect to one or more hotel properties pursuant to the termination provisions set forth in this Agreement. “Hotel” shall mean any hotel set forth on Exhibit A as it may be amended from time to time.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • banking business means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;

  • Remaining Business means all IAC Businesses other than the Spun Businesses.

  • Residential real estate means any real property located in this state, upon which is constructed or intended to be constructed a dwelling;

  • Residential real property means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed or (b) condominium units or cooperative apartments or (c) property on a homeowners’ association that is not owned in fee simple by the seller.

  • Leased Real Estate means all leasehold or subleasehold estates and other rights to use or occupy any land, buildings, structures, improvements, fixtures, or other interest in real property held by the Company or any of its Subsidiaries.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Company Leased Real Property has the meaning set forth in Section 3.14(b).

  • Leased Personal Property shall have the meaning given such term in Section 2.1(e).

  • Ohio Business Gateway means the online computer network system, created under section 125.30 of the Ohio Revised Code, that allows persons to electronically file business reply forms with state agencies and includes any successor electronic filing and payment system.

  • Owned Real Estate means all land, together with all buildings, structures, fixtures, and improvements located thereon and all easements, rights of way, and appurtenances relating thereto, owned by the Company or any of its Subsidiaries.

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Shopping Center means the Shopping Center identified on the initial page hereof.

  • Active business operations means all business operations that are not inactive business operations.

  • Owned Real Properties has the meaning set forth in Section 3.16(b).

  • Historic property means any prehistoric or historic site, district, building, object, or other real or personal property of historical, architectural, or archaeological value, and folklife resources. These properties or resources may include, but are not limited to, monuments, memorials, Indian habitations, ceremonial sites, abandoned settlements, sunken or abandoned ships, engineering works, treasure trove, artifacts, or other objects with intrinsic historical or archaeological value, or any part thereof, relating to the history, government, and culture of Florida.

  • Residential property means improved property that:-

  • Historic building means a building, including its structural components, that is located in this state and that is either individually listed on the national register of historic places under 16 U.S.C. 470a, located in a registered historic district, and certified by the state historic preservation officer as being of historic significance to the district, or is individually listed as an historic landmark designated by a local government certified under 16 U.S.C. 470a(c).

  • Leased Real Property has the meaning set forth in Section 3.18(b).

  • Business location means a location where the firm carries out an activity that requires registration, and includes a residence if regular and ongoing activity that requires registration is carried out from the residence or if records relating to an activity that requires registration are kept at the residence;

  • Residential building means a building containing one or more residential dwellings.

  • Alarm business means the business by any individual, partnership, corporation, or other entity of selling, leasing, maintaining, servicing, repairing, altering, replacing, moving or installing any alarm system or causing to be sold, leased, maintained, serviced, repaired, altered, replaced, moved or installed any alarm system in or on any building, structure or facility.