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Smoothing the Legal Path to Development

Published Sunday, April 01, 2007

Successful development of a pure hotel or the currently favored mixed-use project is a delicate blend of business, finance, marketing and law. The challenging legal issues fall into three main categories: issues between the developer and management company; loan issues among the developer, the lenders and the hotel management company; and local legal and political issues. Negotiating the management agreement starts with a letter of intent, followed by the hotel management company's drafts based on their forms. Although these agreements have become more balanced in recent years, they still require substantial negotiation. Negotiating the management company's incentive fee ...

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