<PAGE>

                                                                   Exhibit 10.31

                                    Schedule
                    Setting Forth Information on Four Hotels
                                   Subject to

                          Master Hotel Lease Agreement
                          Dated as of February 26, 2003
                                     Between
                  Apple Hospitality Five, Inc., as Lessor, and
               Apple Hospitality Five Management, Inc., as Lessee

  (The Master Hotel Lease Agreement permits the addition of hotels over time by
    the inclusion of new exhibits, the substance of which is set forth below)

A.  BASE RENTS and COMMENCEMENT DATES

Hotel                                           Base Rent      Commencement Date
-----                                          ----------     ------------------

Lebanon Courtyard by Marriott - New Jersey     $1,310,537      September 1, 2003

Danbury Springhill Suites - Connecticut        $1,319,609      September 1, 2003

Tampa Ybor Hilton Garden Inn - Florida         $1,177,426      September 3, 2003

Cleveland Homewood Suites - Ohio                 $905,920     September 10, 2003



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B.  SUITE REVENUE BREAKPOINTS

Lebanon Courtyard by Marriott - New Jersey

<TABLE>
<CAPTION>
 Quarters       2003       2004       2005       2006       2007       2008       2009       2010       2011       2012       2013
 --------       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----
<S>                       <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
1st Quarter               $38,435    $39,204    $39,988    $40,787    $41,603    $42,435    $43,284    $44,150    $45,033    $45,933

2nd Quarter               $76,870    $78,407    $79,975    $81,575    $83,206    $84,870    $86,568    $88,299    $90,065    $91,866

3rd Quarter    $13,513   $115,305   $117,611   $119,963   $122,362   $124,809   $127,306   $129,852   $132,449   $135,098   $137,800

4th Quarter    $47,304   $153,739   $156,814   $159,951   $163,150   $166,413   $169,741   $173,136   $176,598   $180,130   $183,733
</TABLE>


Danbury Springhill Suites - Connecticut

<TABLE>
<CAPTION>
 Quarters       2003       2004       2005       2006       2007       2008       2009       2010       2011       2012       2013
 --------       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----
<S>                       <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
1st Quarter               $83,205    $84,869    $86,567    $88,298    $90,064    $91,865    $98,703    $95,577    $97,488    $99,438

2nd Quarter              $166,411   $169,739   $173,134   $176,596   $180,128   $183,731   $187,405   $191,153   $194,976   $198,876

3rd Quarter   $29,259    $249,616   $254,608   $259,700   $264,894   $270,192   $275,596   $281,108   $286,730   $292,465   $298,314

4th Quarter   $102,406   $332,821   $339,477   $346,267   $353,192   $360,256   $367,461   $374,811   $382,307   $389,953   $397,752
</TABLE>

<PAGE>

Tampa Ybor Hilton Garden Inn - Florida

<TABLE>
<CAPTION>
 Quarters       2003       2004       2005       2006       2007       2008       2009       2010       2011       2012       2013
 --------       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----
<S>                      <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
1st Quarter              $242,269   $247,114   $252,056   $257,097   $262,239   $267,484   $272,834   $278,291   $283,856   $289,534

2nd Quarter              $484,537   $494,228   $504,113   $514,195   $524,479   $534,968   $545,668   $556,581   $567,713   $579,067

3rd Quarter    $92,293   $726,806   $741,342   $756,169   $771,292   $786,718   $802,453   $818,502   $834,872   $851,569   $868,601

4th Quarter   $323,026   $969,075   $988,456 $1,008,225 $1,028,390 $1,048,958 $1,069,937 $1,091,336 $1,113,162 $1,135,426 $1,158,134
</TABLE>


Cleveland Homewood Suites - Ohio

<TABLE>
<CAPTION>
 Quarters       2003       2004       2005       2006       2007       2008       2009       2010       2011       2012       2013
 --------       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----       ----
<S>                      <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
1st Quarter              $179,476   $182,168   $184,900   $187,674   $190,489   $193,346   $196,247   $199,190   $202,178   $205,211

2nd Quarter              $358,952   $364,336   $369,801   $375,348   $380,978   $386,693   $392,493   $398,381   $404,356   $410,422

3rd Quarter    $68,372   $538,427   $546,504   $554,701   $563,022   $571,467   $580,039   $588,740   $597,571   $606,535   $615,633

4th Quarter   $239,301   $717,903   $728,672   $739,602   $750,696   $761,956   $773,386   $784,987   $796,761   $808,713   $820,843
</TABLE>