Agreements For Hotel Leases
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LA 703 Ground Lease For Hotel To Be Built By Tenant
This ground lease allows the tenant to construct a hotel on a parcel owned by the lessor. The tenant is responsible for all taxes, utilities and construction costs. The rent is specified for the first five years of the term and is adjusted by the CPI thereafter.
The tenant has unlimited rights to sublease portions of the premises, and broad assignment rights.
Number of Single Spaced Pages: 22
LA 1601 Percentage Rent Lease Of Hotel Previously Operated By Landlord To New Operator Tenant
This form is for the lease of a hotel formerly run by the landlord to a new operator tenant. The lease is a percentage rental lease, and all sales from the hotel operation, including room receipts and food and beverage receipts, among others, are included in the definition of gross sales.
The lease also contains a variety of operating covenants for the tenant.
Number of Single Spaced Pages: 20
LA 317 Hotel Management Agreement For Flagged Hotel With Incentive Compensation Provisions
This form is a long term management agreement for a large hotel with a major hospitality flag. The agreement appoints the manager and details its management responsibilities for the property. The agreement contains carefully drafted definitions for base management fee, incentive management fee, gross revenues, available cash flow and the like.
The agreement contains specific requirements for the manager concerning accounting, bookkeeping, working capital and bank accounts. The agreement also imposes duties upon the manager with respect to Sarbanes Oxley certifications.
Number of Single Spaced Pages: 50