Exhibit 10.20.7

SEVENTH AMENDMENT TO LEASE AGREEMENT

DATED AS OF DECEMBER 8, 2015

BY AND BETWEEN

ESA P PORTFOLIO L.L.C.,

ESA P PORTFOLIO MD TRUST, AND

ESH/TN PROPERTIES L.L.C.

INDIVIDUALLY AND COLLECTIVELY

AS LANDLORD

AND

ESA P PORTFOLIO OPERATING LESSEE LLC

AS TENANT

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SEVENTH AMENDMENT TO LEASE AGREEMENT

THIS SEVENTH AMENDMENT TO LEASE AGREEMENT (this “Agreement”) is entered into as
of December 8, 2015, by and between ESA P PORTFOLIO L.L.C., a Delaware limited
liability company, ESA P PORTFOLIO MD TRUST, a Delaware statutory trust, and
ESH/TN PROPERTIES L.L.C., a Delaware limited liability company (individually and
collectively, “Landlord”), and ESA P PORTFOLIO OPERATING LESSEE LLC (f/k/a ESA P
Portfolio Operating Lessee Inc.), a Delaware limited liability company
(“Tenant”).

WITNESSETH

WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated as
of October 8, 2010 as amended by (a) that certain First Amendment to Lease
Agreement dated as of April 9, 2012, (b) that certain Second Amendment to Lease
Agreement dated as of November 30, 2012, (c) that certain Third Amendment to
Lease Agreement dated as of December 13, 2012, (d) that certain Fourth Amendment
to Lease Agreement dated as of April 15, 2013, (e) that certain Fifth Amendment
to Lease Agreement (the “Fifth Amendment”) dated as of November 11, 2013 and
(f) that certain Sixth Amendment to Lease Agreement (“Sixth Amendment”) dated as
of July 28, 2014 (collectively, as so amended, the “Original Lease Agreement”)
pursuant to which Landlord has agreed to lease the Leased Property (as defined
in the Original Lease Agreement) to Tenant and Tenant has agreed to lease the
Leased Property from Landlord, all subject to and upon the terms and conditions
set forth in the Original Lease Agreement;

WHEREAS, in connection with the sale of the properties listed on Schedule I
attached hereto (collectively, the “Hotels”), Landlord and Tenant wish to remove
the Hotels from the definitions of Land and Leased Property and to appropriately
adjust the Rent to reflect such sale; and

WHEREAS, Landlord and Tenant wish to amend and modify the Original Lease
Agreement as hereinafter set forth.

NOW THEREFORE, in consideration of the mutual covenants herein contained and
other good and valuable consideration, the mutual receipt and legal sufficiency
of which are hereby acknowledged, Landlord and Tenant hereby agree as follows.

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1. Amendment. In connection with the sale of the Hotels,

(a) Article 2 of the Original Lease Agreement is hereby amended by adding
Section 2.5, which shall provide as follows:

“This Agreement shall automatically terminate with respect to any of the Hotels
upon the date that such Hotel(s) are sold, conveyed or otherwise transferred to
another party, such that such Hotel(s) are no longer owned or leased, as
applicable, by Tenant.”

(b) Pursuant to Section 1(a) above, it is hereby acknowledged and agreed that
the Original Lease Agreement is automatically terminated with respect to the
Hotels listed on Schedule I attached hereteo and such Hotels are automatically
released and therefore deleted from Exhibit A of the Original Lease Agreement
(as replaced in its entirety by Annex A to the Fifth Amendment, as amended by
Section 1(a) of the Sixth Amendment).

(c) Exhibit A of the Original Lease Agreement (as replaced in its entirety by
Annex A to the Fifth Amendment, as amended by Section 1(b) to the Sixth
Amendment) is hereby amended by deleting the “Aggregate” row thereof and
replacing the same with the following:

 

Address

  Minimum Rent
– Through
12/31/2015     Minimum Rent –
2016     Minimum Rent –
2017     Minimum Rent –
2018   Aggregate   $ 446,452,000.00      $ 459,848,000.00      $ 473,640,000.00
     $ 487,851,000.00   

 

Address

  Minimum Rent –
2019     Minimum Rent
– 2020     Minimum Rent –
2021     Minimum Rent
– 2022     Minimum Rent –
2023   Aggregate   $ 502,487,000.00      $ 517,560,000.00      $ 533,089,000.00
     $ 549,078,000.00      $ 565,552,000.00   

 

Address

  Minimum Rent
– 2024     Minimum Rent
– 2025     Minimum Rent –
2026     Minimum Rent –
2027     Minimum Rent –
2028   Aggregate   $ 582,519,000.00      $ 599,996,000.00      $ 617,993,000.00
     $ 636,532,000.00      $ 655,632,000.00   

(d) Exhibit C of the Original Lease Agreement (as replaced in its entirety by
Annex B to the Fifth Amendment, as amended by Section 1(c) to the Sixth
Amendment) is hereby amended by deleting the definitions of “Tier 1 Threshold”,
“Tier 2 Threshold” and “Tier 3 Threshold” therefrom and replacing them with the
following:

(i) “‘Tier 1 Threshold’ means $869,000,000, increasing at a rate of three
percent (3%) per annum compounded annually for each Fiscal Year.”

 

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(ii) “‘Tier 2 Threshold’ means $996,000,000, increasing at a rate of three
percent (3%) per annum compounded annually for each Fiscal Year.”

(iii) “‘Tier 3 Threshold’ means $1,152,000,000, increasing at a rate of three
percent (3%) per annum compounded annually for each Fiscal Year.”

2. Fiscal Year 2015 Percentage Rent. In calculating Percentage Rent for Fiscal
Year 2015, the Thresholds shall be calculated using the weighted average of the
Thresholds set forth in the Original Lease Agreement (weighted by the number of
days elapsed in Fiscal Year 2015 prior to the date of this Amendment) and the
Thresholds set forth on Exhibit C of the Original Lease Agreement (as replaced
in its entirety by Annex B to the Fifth Amendment, as amended by Section 1(c) to
the Sixth Amendment, as amended by Section 1(d) of this Seventh Amendment above)
(weighted by the number of days in Fiscal Year 2015 from and after the date of
this Amendment). From and after the date of this Amendment, each Progress
Installment in Fiscal Year 2015 shall be calculated (utilizing the weighted
average of the Thresholds described above) to reflect the number of months or
partial months remaining in such Fiscal Year.

3. Ratification. All provisions of the Original Lease Agreement, as hereby
amended, are hereby ratified and declared to be in full force and effect. All
references in the Original Lease Agreement to the “Agreement”, “herein”,
“hereunder” or terms of similar import shall be deemed to refer to the Original
Lease Agreement, as amended by this Agreement.

4. Applicable Law. This Agreement shall be construed under, and governed in
accordance with, the laws of the State of New York; provided, that the
provisions for the enforcement of Landlord’s rights and remedies under the
Original Lease Agreement, as modified by this Agreement, shall be governed by
the laws of each of the respective states where the Leased Property is located
to the extent necessary for the validity and enforcement thereof.

5. Successors Bound. This Agreement shall be binding upon and inure to the
benefit of Lessee, its successors and assigns, and shall be binding and inure to
the benefit of Manager and its permitted assigns.

6. Headings. Headings of sections are inserted only for convenience and are in
no way to be construed as a limitation on the scope of the particular sections
to which they refer.

7. Incorporation of Recitals. The recitals set forth in the preamble of this
Agreement are hereby incorporated into this Agreement as if fully set forth
herein.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
above first written.

 

LANDLORD ESA P PORTFOLIO L.L.C. By:  

/s/ John R. Dent

Name:   John R. Dent Title:   Vice President and Secretary ESA P PORTFOLIO MD
TRUST By:  

/s/ John R. Dent

Name:   John R. Dent Title:   Vice President and Secretary ESH/TN PROPERTIES
L.L.C. By:  

/s/ John R. Dent

Name:   John R. Dent Title:   Vice President and Secretary TENANT ESA P
PORTFOLIO OPERATING LESSEE LLC By:  

/s/ John R. Dent

Name:   John R. Dent Title:   Vice President and Secretary

 

SEVENTH AMENDMENT TO OPERATING LEASE (P PORTFOLIO)

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SCHEDULE I

Hotels

 

    

Address

  

Owner

18

   4861 W. McDowell Rd., Phoenix, AZ    ESA P Portfolio L.L.C.

22

   4800 S. Butterfield Dr., Tucson, AZ    ESA P Portfolio L.L.C.

25

   2102 West Dunlap Ave, Phoenix, AZ    ESA P Portfolio L.L.C.

30

   11211 N. Black Canyon Hwy, Phoenix, AZ    ESA P Portfolio L.L.C.

40

   11299 Point East Dr., Rancho Cordova, CA    ESA P Portfolio L.L.C.

58

   3460 W. Shaw Ave., Fresno, CA    ESA P Portfolio L.L.C.

120

   4850 Leetsdale Dr., Glendale, CO    ESA P Portfolio L.L.C.

122

   715 Kipling St., Lakewood, CO    ESA P Portfolio L.L.C.

123

   3490 Afternoon Cr, Colorado Springs, CO    ESA P Portfolio L.L.C.

124

   8750 Grant St, Thornton, CO    ESA P Portfolio L.L.C.

125

   3705 N Chambers Rd., Aurora, CO    ESA P Portfolio L.L.C.

150

   3031 West Commercial Blvd., Fort Lauderdale, FL    ESA P Portfolio L.L.C.

151

   12358 E. Colonial Dr., Orlando, FL    ESA P Portfolio L.L.C.

199

   6295 Jimmy Carter Blvd., Norcross, GA    ESA P Portfolio L.L.C.

200

   200 Lawrenceville St., Norcross, GA    ESA P Portfolio L.L.C.

202

   474 W. Pike St., Lawrenceville, GA    ESA P Portfolio L.L.C.

667

   7049 Jimmy Carter Blvd., Norcross, GA    ESA P Portfolio L.L.C.

232

   1177 S Northpoint Blvd., Waukegan, IL    ESA P Portfolio L.L.C.

 

SCH: I-1

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269

   9775 Lenexa Dr, Lenexa, KS    ESA P Portfolio L.L.C.

275

   2750 Gribbin Dr., Lexington, KY    ESA P Portfolio L.L.C.

278

   1401 Browns Lane, Louisville, KY    ESA P Portfolio L.L.C.

285

   3070 E. Texas St., Bossier City, LA    ESA P Portfolio L.L.C.

286

   104 Mallard Rd., Sulphur, LA    ESA P Portfolio L.L.C.

288

   11140 Boardwalk Dr., Baton Rouge, LA    ESA P Portfolio L.L.C.

324

   11808 Middlebelt Rd., Livonia, MI    ESA P Portfolio L.L.C.

352

   155 Chapel Ridge Rd, Hazelwood, MO    ESA P Portfolio L.L.C.

358

   14800 East 42nd St., Independence, MO    ESA P Portfolio L.L.C.

359

   6065 N. Lindbergh Blvd., Hazelwood, MO    ESA P Portfolio L.L.C.

362

   4301 N. Corrington Ave, Kansas City, MO    ESA P Portfolio L.L.C.

392

   5008 NC 55, Durham, NC    ESA P Portfolio L.L.C.

391

   7910 N. Point Blvd., Winston-Salem, NC    ESA P Portfolio L.L.C.

406

   2868 Route 73 North, Maple Shade, NJ    ESA P Portfolio L.L.C.

425

   5020 Ellison NE, Albuquerque, NM    ESA P Portfolio L.L.C.

430

   4240 Boulder Highway, Las Vegas, NV    ESA P Portfolio L.L.C.

445

   11645 Chesterdale Rd., Springdale, OH    ESA P Portfolio L.L.C.

458

   11457 Chester Rd., Sharonville, OH    ESA P Portfolio L.L.C.

481

   520 Harlow Rd., Springfield, OR    ESA P Portfolio L.L.C.

482

   3535 Fisher Rd NE, Salem, OR    ESA P Portfolio L.L.C.

508

   130 Mobile Dr., Spartanburg, SC    ESA P Portfolio L.L.C.

 

SCH: I-2

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523

   1210 Murfreesboro Rd., Nashville, TN    ESH/TN Properties L.L.C.

526

   5885 Shelby Oaks Dr., Memphis, TN    ESH/TN Properties L.L.C.

542

   5959 Guhn Rd, Houston, TX    ESA P Portfolio L.L.C.

544

   2130 Hwy 6 South, Houston, TX    ESA P Portfolio L.L.C.

546

   2544 US Hwy 67, Mesquite, TX    ESA P Portfolio L.L.C.

549

   12621 Hymeadow Rd., Austin, TX    ESA P Portfolio L.L.C.

552

   3440 W. Walnut Hill Dr, Irving, TX    ESA P Portfolio L.L.C.

569

   3804 Tanacross Dr., Fort Worth, TX    ESA P Portfolio L.L.C.

583

   17425 Dallas Pkwy, Dallas, TX    ESA P Portfolio L.L.C.

605

   5683 South Redwood Rd., Salt Lake City, UT    ESA P Portfolio L.L.C.

639

   12803 E. Sprague Ave., Spokane, WA    ESA P Portfolio L.L.C.

643

   25104 Pacific Hwy South, Kent, WA    ESA P Portfolio L.L.C.

644

   2101 N. Meridian, Puyallup, WA    ESA P Portfolio L.L.C.

645

   8801 South Hosmer St., Tacoma, WA    ESA P Portfolio L.L.C.

 

SCH: I-3