13.11 “Managed Hotel” means a hotel in the United States that is operated by HWI (or one of its subsidiaries) pursuant to a management agreement with the third party owner of the real estate and improvements (including joint ventures in which HWI or an affiliate may hold a 50% or less ownership interest together with third parties), even if the third party owner also has a franchise agreement with HWI (or one of its subsidiaries).
User Comments/Questions
Add Comment/Question