Exhibit 10.3

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RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:

Alan J. Robin, Esq.
Shartsis Friese LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111

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FIRST MODIFICATION OF SUBORDINATE DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE
FILING
THIS FIRST MODIFICATION OF SUBORDINATE DEED OF TRUST, SECURITY AGREEMENT AND
FIXTURE FILING (this “Amendment”) is dated as of September 9, 2013, and
effective as of September 1, 2013 (the “Effective Date”), by SHR St. Francis,
L.L.C., a Delaware limited liability company (“Affiliated Guarantor”), DTRS St.
Francis, L.L.C., a Delaware limited liability company (“Operating Lessee”) and
Metropolitan Life Insurance Company, a New York corporation (“Lender”), with
reference to the following facts and circumstances:
A.    Affiliated Guarantor has entered into an Affiliated Guaranty dated as of
May 5, 2010 for the benefit of Lender.
B.    The Affiliated Guaranty was entered into in connection with that certain
first mortgage loan (“Fairmont Loan”) made by Lender to SHC Columbus Drive, LLC,
a Delaware limited liability company (“Fairmont Borrower”), in the amount of
Ninety-Seven Million Seven Hundred Fifty Thousand and no/100 Dollars
($97,750,000.00), which loan was evidenced by a Promissory Note dated as of May
5, 2010 (“Fairmont Note”), made by Fairmont Borrower in favor of Lender.
C.    Repayment of the Fairmont Note was secured by, among other documents, a
Mortgage, Security Agreement and Fixture Filing dated as of May 5, 2010 (the
“Fairmont Mortgage”), executed by Fairmont Borrower for the benefit of Lender,
recorded May 6, 2010 as Document No. Document No. 1012622016 in the Official
Records of Cook County, Illinois.
D.     The obligations under the Affiliated Guaranty are secured by a
Subordinate Deed of Trust, Security Agreement and Fixture Filing dated as of May
5, 2010 (the “Deed of Trust”), executed by Affiliated Guarantor and Operating
Lessee to Lender, recorded May 11, 2010, in the Official Records of the City and
County of San Francisco, California, as Instrument No. 2010-I964982-00 and
rerecorded June 28, 2010 as 2010-I989221 in the Official Records of the City and
County of San Francisco, California.

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E.    The Deed of Trust encumbers a fee estate in certain real property known as
the Westin St. Francis Hotel, located in San Francisco, California, as more
particularly described on Exhibit A attached hereto, together with certain other
personal property and other property as set forth therein, which is more
particularly described in Exhibit A (collectively, the “Property”).
F.    On May 5, 2010 Affiliated Guarantor and Lender also entered into the St.
Francis Loan (as defined in the Deed of Trust) which loan is evidenced by the
St. Francis Note (as defined in the Deed of Trust) and secured by the Senior
Deed of Trust (as defined in the Deed of Trust).
G. Concurrently with the execution of this Amendment, Lender and Fairmont
Borrower have entered into that certain First Modification of Note, Mortgage,
Security Agreement and Fixture Filing and Other Loan Documents (the “First
Modification of Fairmont Loan”).
H.     Concurrently with the execution of this Amendment, Affiliated Guarantor
and Lender have entered into, among other documents, (i) that certain First
Modification of Note, Deed of Trust, Security Agreement and Fixture Filing and
Other Loan Documents (the “First Modification of St. Francis Loan”) and (ii)
that certain First Modification of Affiliated Guaranty.
I.    In connection with entering into the First Modification of Affiliated
Guaranty, Affiliated Guarantor and Lender desire to amend the Deed of Trust.
NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
1.Defined Terms. Capitalized terms used herein and not otherwise defined shall
have the meaning given in the Deed of Trust.
2.    Modification of Deed of Trust.
(a)    The term “Affiliated Guaranty” as used in the Deed of Trust is hereby
amended to refer to the Affiliated Guaranty as modified by the First
Modification of Affiliated Guaranty.
(b)    The term “Deed of Trust” is hereby amended to refer to the Deed of Trust
as modified by this Amendment.
(c)    The term “Security Documents” is hereby amended to refer to the Security
Documents as amended by the First Modification of Affiliated Guaranty and this
Amendment.
(d)    The term “St. Francis Loan” is hereby amended to refer to the St. Francis
Loan as modified by First Modification of St. Francis Loan.
(e)    The term “St. Francis Note” is hereby amended to refer to the St. Francis
Note as modified by First Modification of St. Francis Loan.

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(f)    The term “Senior Deed of Trust” is hereby amended to refer to the Senior
Deed of Trust as modified by First Modification of St. Francis Loan.
(g)    The term “Fairmont Loan” is hereby amended to refer to the Fairmont Loan
as amended by the First Modification of Fairmont Loan.
(h)    The term “Fairmont Note” is hereby amended to refer to the Fairmont Note
as amended by the First Modification of Fairmont Loan.
(i)    The term “Fairmont Mortgage” is hereby amended to refer to the Fairmont
Mortgage as amended by the First Modification of Fairmont Loan.
(j)    Section 10.9 (iv) of the Deed of Trust is hereby deleted in its entirety
and the following section substituted in its place:
“(iv) The full payment and satisfaction of all obligations of Affiliate
Guarantor under the St. Francis Loan Documents in connection with a sale of the
Property and the prepayment of the St. Francis Note; provided, however, that in
the event of such full payment and satisfaction, all of the following conditions
precedent to the Affiliated Guaranty Termination shall have occurred and be true
at the time of the Affiliated Guaranty Termination:
(1)    There shall be no pending Event of Default under the Fairmont Loan
Documents or the St. Francis Loan Documents;
(2)    The loan-to-value ratio (“Loan to Value Ratio”) for the Fairmont Property
encumbered by the Fairmont Mortgage shall not be greater than 50% as determined
by Beneficiary in its sole and absolute discretion; provided however, that a
principal reduction payment may be made under the Fairmont Note in accordance
with the terms of the Fairmont Note, including the payment of any applicable
prepayment fee, in order to meet the Loan to Value Ratio;
(3)    The debt service coverage ratio for the Fairmont Property encumbered by
the Fairmont Mortgage (the “DSC”) shall not be less than 1.50x as determined by
Beneficiary in its sole and absolute discretion; provided, however that (i) such
determination by Beneficiary shall be based upon the amortization schedule of
the Fairmont Note without giving effect to the cessation of principal payments
under the Fairmont Note effected by the First Modification of Fairmont Loan and
(ii) that a principal reduction payment may be made under the Fairmont Note in
accordance with the terms of Fairmont Note, including the payment of any
applicable prepayment fee, in order to meet the DSC; and,”
3.    Representations and Warranties.
(a)    Affiliated Guarantor represents and warrants that as of the Effective
Date, it has no existing and asserted (and, to its knowledge, no basis for any
unasserted) claims,

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counterclaims, defenses or rights of setoff whatsoever with respect to any
payment obligations under the Affiliated Guaranty or the Deed of Trust, and any
such claims, counterclaims, defenses and rights of setoff are hereby waived and
relinquished.
(b)    Affiliated Guarantor represents and warrants that as of the Effective
Date, there are no defaults, and to its knowledge no events which with notice or
the lapse of time, or both, would constitute a default, under the Affiliated
Guaranty or the Deed of Trust.
4.    No Rights Conferred on Others. Nothing contained herein shall be construed
as giving any person, other than the parties hereto, any right, remedy or claim
under or in respect of the Affiliated Guaranty or the Deed of Trust.
5.    Non‑Impairment. Affiliated Guarantor hereby confirms each of the
covenants, agreements and obligations of Affiliated Guarantor set forth in the
Affiliated Guaranty and the Deed of Trust, as modified and amended hereby.
Except as expressly provided herein, nothing contained in this Amendment shall
(i) alter or affect any provision, condition or covenant contained in the
Affiliated Guaranty or the Deed of Trust or affect or impair any rights, powers
or remedies thereunder, it being the intent hereof that the provisions of the
Affiliated Guaranty and the Deed of Trust shall each continue in full force and
effect, except as expressly modified hereby, or (ii) be deemed or construed to
be an impairment of the lien of the Deed of Trust which shall be and remain a
lien encumbering the property covered by the Deed of Trust.
6.    Counterparts. This Amendment may be executed in any number of
counterparts, each of which when executed and delivered to Lender will be deemed
to be an original, and all of which, taken together, will be deemed to be one
and the same instrument.
7.    Prior Agreements; Amendment.
(a)    The Affiliated Guaranty and the Deed of Trust, including this Amendment
are intended by the parties as the final expression of the agreement with
respect to the terms and conditions set forth in therein and as the complete and
exclusive statement of the terms agreed to by the parties. If there is any
conflict between the terms, conditions and provisions of this Amendment and
those of any of the original Mortgage, the terms, conditions and provisions of
this Amendment shall prevail.
(b)    No change or modification of this Amendment shall be valid unless the
same is in writing signed by Affiliated Guarantor, Operating Lessee and Lender.
8.    Governing Law; Jurisdiction. This Amendment shall be governed by and
construed in accordance with the laws of the State of Illinois in accordance
with Section 14.5 of the Deed of Trust.
9.    Severability. If any court of competent jurisdiction determines any
provision of this Amendment to be invalid, illegal or unenforceable, that
portion shall be deemed severed from the rest, which shall remain in full force
and effect as though the invalid, illegal or unenforceable portion had never
been a part hereof or of the Affiliated Guaranty or the Deed of Trust.

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10.    Notices. All notices pursuant to this Amendment shall be given in
accordance with the Notice provision of the Deed of Trust.
[SIGNATURES ON FOLLOWING PAGE]

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first set forth above.
AFFILIATED GUARANTOR:
    
SHR St. Francis, L.L.C.,
a Delaware limited liability company
By: /s/ Jonathan P. Stanner
Name: Jonathan P. Stanner
Its: Vice President, Capital Markets & Treasurer
OPERATING LESSEE:        

DTRS St. Francis, L.L.C.,
a Delaware limited liability company
By: /s/ Jonathan P. Stanner
Name: Jonathan P. Stanner
Its: Vice President, Capital Markets & Treasurer

LENDER:

METROPOLITAN LIFE INSURANCE COMPANY,
a New York corporation

By: /s/ Eric McCoskey

Name: Eric McCoskey

Its:     Director

S-1    

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EXHIBIT “A”
PROPERTY DESCRIPTION
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN FRANCISCO,
COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS:
PARCEL A:

BEGINNING at a point formed by the intersection of the Northerly line of Geary
Street with the Westerly line of Powell Street; running thence Northerly, along
the Westerly line of Powell Street, 275 feet to the corner formed by the
intersection of the Westerly line of Powell Street with the Southerly line of
Post Street; running thence Westerly, along the Southerly line of Post Street,
192 feet and 6 inches; thence at a right angle Southerly 137 feet and 6 inches;
thence at a right angle Westerly 22 feet and 8-1/4 inches; thence at a right
angle Southerly 137 feet and 6 inches to the Northerly line of Geary Street;
thence Easterly, along the Northerly line of Geary Street, 215 feet and 2-1/4
inches to the point of beginning.

BEING a portion of 50 Vara Block No. 168
Assessor's Parcel No: Lot 1, Block 307

PARCEL B:
BEGINNING at a point on the Northerly line of Geary Street, distant thereon 215
feet and 2-1/4 inches Westerly from the Westerly line of Powell Street, as said
lines and all other street lines hereinafter mentioned are positions according
to the "Monument Map of Fifty Vara District of the City and County of San
Francisco" filed January 7, 1910, in Map book "G" at Page 151, in the Office of
the Recorder in the City and County of San Francisco, State of California:

Running thence Westerly, along said line of Geary Street, 60 feet and 2-1/4
inches to a point thereon, said point being 137 feet 10 1/2 inches easterly from
the easterly line of Mason Street; thence at a right angle Northerly 137 feet
and 6 inches; thence at a right angle Westerly 27 feet and 10 1/2 inches; thence
at a right angle Northerly 137 feet and 6 inches to the Southerly line of Post
Street; thence at a right angle Easterly, along said line of Post Street, 110
feet 9 inches to a point thereon 192 feet and 6 inches Westerly from the
Westerly line of Powell Street; thence at a right angle Southerly 137 feet and 6
inches; thence at a right angle Westerly 22 feet and 8-1/4 inches; thence at a
right angle Southerly 137 feet and 6 inches to the point of beginning.

BEING a portion of 50 Vara Block No. 168
Assessor's Parcel No. Lot 13, Block 307

Exhibit A-1    

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STATE OF __________________________    )
) ss.
COUNTY OF ________________________    )
On _____________ ____, 2013, before me, __________________________________, a
Notary Public, personally appeared ________________________________________, who
proved to me on the basis of satisfactory evidence to be the person whose name
is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her authorized capacity, and that by his/her signature
on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument. I certify under PENALTY OF PERJURY under the
laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
                            
Signature
(Seal)

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STATE OF __________________________    )
) ss.
COUNTY OF ________________________    )
On _____________ ____, 2013, before me, __________________________________, a
Notary Public, personally appeared ________________________________________, who
proved to me on the basis of satisfactory evidence to be the person whose name
is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her authorized capacity, and that by his/her signature
on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument. I certify under PENALTY OF PERJURY under the
laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
                            
Signature
(Seal)

STATE OF __________________________    )
) ss.
COUNTY OF ________________________    )
On _____________ ____, 2013, before me, __________________________________, a
Notary Public, personally appeared ________________________________________, who
proved to me on the basis of satisfactory evidence to be the person whose name
is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her authorized capacity, and that by his/her signature
on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument. I certify under PENALTY OF PERJURY under the
laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
                            
Signature
(Seal)