This chapter explains Hotel Management Agreement of real estate investor ins and outs of purchasing office buildings, retail venues, residential complexes, and mixed-use properties. There are many very familiar 'Brand' names of Hotels and national and international Hotel operating companies. Their names and familiar logos and signs are meaningful to potential Hotel guests and carry value that Hotel industry investors and loan underwriters recognize in Hotel valuations. The Hotel purchase and sale transaction requires a significant amount of study and planning. One of the most significant issues for Hotel purchasers is to determine the identity of the employer. Food and beverage operations are an important component of a Hotel, whether the Hotel simply has a minibar in each room, a full service catering and banquet operation or in-room dining. Because the sale and purchase of a Hotel involves an operating entity, the purchase and sale agreement will address the allocation and apportionment of certain operational income and expense items.