11 unchanged sentences
Mondrian Los Angeles May 3, 2011 West Hollywood, CA 236
−Removed: Montrose at Beverly Hills November 30, 2018 West Hollywood, CA 133
Hyatt Centric Delfina Santa Monica November 19, 2010 Santa Monica, CA 315
40 unchanged sentences
Hotel Chicago Downtown, Autograph Collection November 30, 2018 Chicago, IL 354
−Removed: The Westin Michigan Avenue Chicago November 30, 2018 Chicago, IL 752
Hyatt Regency Boston Harbor (1)
13 unchanged sentences
(1) This property is subject to a long-term ground, air rights or hotel lease.
−Removed: (2) The restaurant facility at this property is subject to a ground lease .
+Added: (2) One of the restaurant facilities at this property is subject to a ground lease .
(3) We own a 99.99% controlling interest in this property.
(4) This property is subject to mortgage debt.
+Added: The Margaritaville Hollywood Beach Resort mortgage was paid off in February 2026.
+Added: (5) This property consists of a 116-guest room building which is owned fee simple and an adjoining building with 80 guest-rooms which is subject to a lease agreement.
Hotel Managers and Hotel Management Agreements
6 unchanged sentences
Generally, incentive management fees are 10% to 20% of net operating income above a specified return on project costs or as a percentage of net operating income above various net operating income thresholds.
−Removed: Some of our management agreements have a maximum incentive fee of 2% of revenue.
−Removed: The remaining terms of our management agreements are up to 9 years, not including renewals, and up to 28 years, including renewals.
+Added: Some of our incentive fees are subject to a limit.
+Added: The remaining terms of our management agreements are up to eight years, not including renewals, and up to 27 years, including renewals.
• Ability to Terminate.
−Removed: The majority of our management agreements are terminable at will by us upon payment of a termination fee and some are terminable upon sale of the property.
+Added: The majority of our management agreements are terminable at will by us.
+Added: Some of our management agreements require the payment of a termination fee and some are terminable upon sale of the property.
Most of the agreements also provide us the ability to terminate based on failure to achieve defined operating performance thresholds.
2 unchanged sentences
Property Expiration Date
−Removed: The Westin Michigan Avenue Chicago December 2026
The Westin Copley Place, Boston December 2028
6 unchanged sentences
Each manager supervises all managerial and other hotel employees, reviews hotel operation and maintenance, prepares reports, budgets and projections, and provides other administrative and accounting support services for the hotel.
−Removed: Under certain management agreements, we have approval rights over the hiring of certain key management personnel at the hotel.
+Added: Under certain management agreements, we have approval rights over the hiring of certain key executive management personnel at the hotel.
• Chain Services.
14 unchanged sentences
• Building Alterations, Improvements and Renewals.
−Removed: Our management agreements generally require the managers to prepare an annual estimate of the expenditures necessary for major capital repairs, alterations, improvements, renewals and replacements to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the hotels.
+Added: Our management agreements generally require the managers to prepare an annual estimate of the expenditures necessary for major capital repairs, alterations, improvements, renewals and replacements to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the hotels for our review and approval.
In addition to the foregoing, the management agreements generally provide that the managers may propose such changes, alterations and improvements to the hotels as are required by reason of laws or regulations or, in the manager's reasonable judgment, to keep the hotels in a safe, competitive and efficient operating condition.
19 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.