The Hotel Purchase Agreement is a specialized commercial contract used when transferring ownership of hotel properties in England and Wales. It combines elements of both real estate and business purchase agreements, addressing the unique aspects of hotel operations. This document is essential when acquiring or disposing of hotel properties, as it covers not only the physical assets but also the operational aspects, including employee transfers, guest bookings, licenses, and permits. The agreement must comply with English and Welsh property law, employment regulations, and hospitality industry requirements.
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1. Parties: Identification and details of buyer and seller
2. Background: Context and purpose of the transaction
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms and purchase price
5. Completion: Timing and mechanics of completion
6. Title and Property Matters: Title warranties and property-specific provisions
7. Employee Matters: TUPE provisions and employee transfer terms
1. Environmental Matters: Environmental warranties and indemnities - include when environmental risks are identified
2. Tax Covenant: Specific tax arrangements and responsibilities - include for complex tax structures or specific tax risks
3. Post-Completion Obligations: Ongoing obligations after completion - include when parties have continuing obligations
1. Property Schedule: Detailed description of the property and land
2. Inventory Schedule: List of furniture, fixtures, and equipment included
3. Employee Schedule: List of transferring employees and their terms
4. Licenses Schedule: Details of operational licenses and permits
5. Title Documents: Copies of relevant title documents and plans
6. Completion Requirements: Detailed completion checklist and requirements
Relevant legal definitions
Clauses
Relevant Industries
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