Future hotels are all hotel or motel property leased by the tenant of related companies of the partnership after the date of this agreement, as more specifically described in Article XXVI of this agreement. 12.1 Insurance. Nevertheless, challenges remain. For example, brands that are immediately recognizable and successful in one European country may find it more difficult to be recognized in other European markets. This is one of the reasons for many of the mergers and acquisitions in recent years; If a large international chain is able to acquire a local brand, it immediately gains significant coverage in that country and, now that it is placed under the roof of a larger chain with greater brand awareness, it can introduce it more easily in other markets. IHG did this for example with Kimpton, from the United States, and Marriott recently launched the first European hotel Delta, the Canadian chain that acquired it in 2015. Recently and more broadly, the acquisition of NH Hotels by minor international from Thailand is a great example of how two chains with excellent regional coverage can virtually unite overnight in different parts of the world to form a truly global hotel company. With the growing presence of branded hotels around the world and many large chains focused on franchising as the method of expansion of choice, branded owners and businesses face the challenge of ensuring that their common interests are in their hands. While many franchisees are owner-operators and have the management expertise to succeed, there remains a gap between owners who are unable or unwilling to control the day-to-day operation of the hotel and the franchisors who offer the brand. Here, Third Party Operators (TPOs) have come to the fore….