13.9 “Franchised Hotel” means a hotel in the United States that (1) operates under one of the Brands pursuant to a franchise license agreement with HWI (or a subsidiary of HWI); (2) is not an Owned Hotel; and (3) is not a Managed Hotel.
13.9 “Franchised Hotel” means a hotel in the United States that (1) operates under one of the Brands pursuant to a franchise license agreement with HWI (or a subsidiary of HWI); (2) is not an Owned Hotel; and (3) is not a Managed Hotel.
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