Total Hotel Costs definition
Total Hotel Costs means all fees, expenses, and costs for any materials, labor and services required to design, construct, furnish and fund the Hotel and Restaurant.
Total Hotel Costs means, without duplication, the total costs incurred by Owner in connection with (i) the acquisition of the portion of the Land allocated to the Hotel in a manner to be agreed upon by Owner and Operator, (ii) the development and construction of (A) the Hotel, and (B) the portion of the Project Equipment and Systems allocated to the Hotel in a manner to be agreed upon by Owner and Operator, (iii) the payment of the pre-opening costs and expenses relating to the Hotel, and (iv) the interest charges relating to the construction financing for the Hotel. Total Hotel Costs shall exclude, however, the principal, interest, financing charges, fees, costs and expenses relating to the permanent financing for the Hotel. Total Hotel Costs shall be calculated as at the Opening Date in a manner to be agreed upon by Owner and Operator.