Exhibit 10.45



 Exhibit 10.45 
 PURCHASE CONTRACT 
 between 
 BLUE VALLEY LODGING PARTNERS, L.L.C. (“SELLER”) 
 AND

 APPLE EIGHT HOSPITALITY OWNERSHIP, INC. (“BUYER”) 
 Dated: December 27, 2007 







 TABLE OF CONTENTS 
  


					
	 	  	 	  	Page
	ARTICLE I DEFINED TERMS	  	1
			
	 1.1
	  	Definitions	  	1
		
	ARTICLE II PURCHASE AND SALE; PURCHASE PRICE; PAYMENT; EARNEST MONEY DEPOSIT	  	7
			
	 2.1
	  	Purchase and Sale	  	7
			
	 2.2
	  	Certain Information	  	7
			
	 2.3
	  	Purchase Price	  	7
			
	 2.4
	  	Allocation	  	8
			
	 2.5
	  	Payment	  	8
			
	 2.6
	  	Earnest Money Deposit	  	8
		
	ARTICLE III REVIEW PERIOD	  	8
			
	 3.1
	  	Review Period	  	8
			
	 3.2
	  	Due Diligence Examination	  	10
			
	 3.3
	  	Restoration	  	10
			
	 3.4
	  	Seller Exhibits	  	10
		
	ARTICLE IV SURVEY AND TITLE APPROVAL	  	11
			
	 4.1
	  	Survey	  	11
			
	 4.2
	  	Title	  	11
			
	 4.3
	  	Survey or Title Objections	  	11
		
	ARTICLE V MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT	  	12
		
	ARTICLE VI BROKERS	  	12
		
	ARTICLE VII REPRESENTATIONS, WARRANTIES AND COVENANTS	  	13
			
	 7.1
	  	Seller’s Representations, Warranties and Covenants	  	13

  

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	 7.2
	  	Buyer’s Representations, Warranties and Covenants	  	16
			
	 7.3
	  	Survival	  	16
		
	ARTICLE VIII ADDITIONAL COVENANTS	  	17
			
	 8.1
	  	Subsequent Developments	  	17
			
	 8.2
	  	Operations	  	17
			
	 8.3
	  	Third Party Consents	  	18
			
	 8.4
	  	Employees	  	18
			
	 8.5
	  	Estoppel Certificates	  	19
			
	 8.6
	  	Access to Financial Information	  	19
			
	 8.7
	  	Bulk Sales	  	19
			
	 8.8
	  	Utility Reservations	  	19
			
	 8.9
	  	Indemnification	  	19
			
	 8.10
	  	Escrow Funds of Seller	  	22
			
	 8.11
	  	Escrow Funds of Buyer	  	22
			
	 8.12
	  	Liquor Licenses	  	23
			
	 8.13
	  	Construction of Hotel	  	23
			
	 8.14
	  	Plans and Specifications	  	23
			
	 8.15
	  	Commencement of Construction; Substantial Completion	  	24
			
	 8.16
	  	Inspections	  	24
			
	 8.17
	  	Punch List	  	24
			
	 8.18
	  	Pre-Opening Program	  	24
			
	 8.19
	  	Construction Warranty	  	25
		
	ARTICLE IX CONDITIONS FOR CLOSING	  	25
			
	 9.1
	  	Buyer’s Conditions for Closing	  	25
			
	 9.2
	  	Seller’s Conditions for Closing	  	26

  

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	ARTICLE X CLOSING AND CONVEYANCE	  	26
			
	 10.1
	  	Closing	  	26
			
	 10.2
	  	Deliveries of Seller	  	27
			
	 10.3
	  	Buyer’s Deliveries	  	28
		
	ARTICLE XI COSTS	  	29
			
	 11.1
	  	Seller’s Costs	  	29
			
	 11.2
	  	Buyer’s Costs	  	29
		
	ARTICLE XII ADJUSTMENTS	  	29
			
	 12.1
	  	Adjustments	  	29
			
	 12.2
	  	Reconciliation and Final Payment	  	31
			
	 12.3
	  	Employees	  	31
		
	ARTICLE XIII CASUALTY AND CONDEMNATION	  	31
			
	 13.1
	  	Risk of Loss; Notice	  	31
			
	 13.2
	  	Buyer’s Termination Right	  	32
			
	 13.3
	  	Procedure for Closing	  	32
		
	ARTICLE XIV DEFAULT REMEDIES	  	32
			
	 14.1
	  	Buyer Default	  	32
			
	 14.2
	  	Seller Default	  	32
			
	 14.3
	  	Attorney’s Fees	  	33
		
	ARTICLE XV NOTICES	  	33
		
	ARTICLE XVI MISCELLANEOUS	  	34
			
	 16.1
	  	Performance	  	34
			
	 16.2
	  	Binding Effect; Assignment	  	34
			
	 16.3
	  	Entire Agreement	  	34
			
	 16.4
	  	Governing Law	  	34

  

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	 16.5
	  	Captions	  	34
			
	 16.6
	  	Confidentiality	  	34
			
	 16.7
	  	Closing Documents	  	34
			
	 16.8
	  	Counterparts	  	35
			
	 16.9
	  	Severability	  	35
			
	 16.10
	  	Interpretation	  	35
			
	 16.11
	  	(Intentionally Omitted)	  	35
			
	 16.12
	  	Further Acts	  	35
			
	 16.13
	  	Joint and Several Obligations	  	35

 SCHEDULES: 
 EXHIBITS: 
  

			
	Exhibit A	  	Information re Hotel
	Exhibits A-1	  	Legal Description
	Exhibit B	  	List of FF&E
	Exhibit C1-C2	  	List of Hotel Contracts
	Exhibit D	  	Consents and Approvals
	Exhibit E	  	Environmental Reports and Disclosures
	Exhibit F	  	Claims or Litigation Pending
	Exhibit G	  	Escrow Agreement
	Exhibit H	  	New Management Agreement
	Exhibit I	  	Construction Warranty

  

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 PURCHASE CONTRACT 
 This PURCHASE CONTRACT (this “Contract”) is made and entered into as of December 27,
2007, by and between BLUE VALLEY LODGING PARTNERS, L.L.C., a Kansas limited liability company, ( “Seller”) with a principal office at c/o True North Hotel Group, Inc. (“TNHG”), Commerce Plaza I, 7300 West
110th Street, Suite 990, Overland Park, Kansas 66210, and APPLE EIGHT HOSPITALITY OWNERSHIP, INC., a Virginia corporation, with its principal office at 814
East Main Street, Richmond, Virginia 23219, or its affiliates or assigns (“Buyer”). 
 RECITALS

 A. Seller is the fee simple owner of the Land (as defined below) upon which Seller is currently constructing a 110-room Fairfield
Inn & Suites hotel (the “Hotel”) identified on Exhibit A attached hereto and incorporated herein by reference. 
 B. Buyer is desirous of purchasing the Hotel from Seller, and Seller is desirous of selling the Hotel to Buyer upon completion, for the purchase price and upon terms and conditions hereinafter set forth. 

AGREEMENT: 
 NOW, THEREFORE, in
consideration of the foregoing Recitals, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINED TERMS

 1.1 Definitions. The following capitalized terms when used in this Contract shall have the meanings set forth below unless the
context otherwise requires: 
 “Additional Deposit” shall mean $200,000. 
 “Affiliate” shall mean, with respect to Seller or Buyer, any other person or entity directly or indirectly controlling (including but
not limited to all directors and officers), controlled by or under direct or indirect common control with Seller or Buyer, as applicable. For purposes of the foregoing, a person or entity shall be deemed to control another person or entity if it
possesses, directly or indirectly, the power to direct or cause direction of the management and policies of such other person or entity, whether through the ownership of voting securities, by contract or otherwise. 
 “Appurtenances” shall mean all rights, titles, and interests of Seller appurtenant to the Land and Improvements, including, but not
limited to, (i) all easements, rights of way, rights of ingress and egress, tenements, hereditaments, privileges, and appurtenances in any way belonging to the Land or Improvements, (ii) any land lying in the bed of any alley, highway,
street, road or avenue, open or proposed, in front of or abutting or adjoining the Land, (iii) any strips or gores of real estate adjacent to the Land, and (iv) the use of all alleys, easements and rights-of-way, if any, abutting,
adjacent, contiguous to or adjoining the Land. 







 “Architect” shall mean the architect for the Hotel, Law Kingdon. 
 “Brand” shall mean the hotel brand or franchise identified on Exhibit A and under which the Hotel will operate. 
 “Business Day” shall mean any day other than a Saturday, Sunday or legal holiday in the Commonwealth of Virginia. 
 “Buyer’s Post-Closing Agreement” shall have the meaning set forth in Section 8.11. 
 “Closing” shall mean the closing of the purchase and sale of the Property pursuant to this Contract. 
 “Closing Date” shall have the meaning set forth in Section 10.1. 
 “Contracts, Plans and Specs” shall mean all construction and other contracts, plans, drawings, specifications, surveys, soil reports,
engineering reports, inspection reports, and other technical descriptions and reports in the possession or control of Seller at the time of mutual acceptance of this Contract. 
 “Contractor” shall mean the contractor for the Hotel, Barsto Construction, Inc. 
 “Deed” shall have the meaning set forth in Section 10.2(a). 
 “Deposits” shall mean, to the extent assignable, all prepaid rents and deposits, refundable security deposits and rental deposits, and
all other deposits for advance reservations, banquets or future services, made in connection with the use or occupancy of the Improvements; provided, that “Deposits” shall exclude (i) reserves for real property taxes and insurance, in
each case, to the extent pro rated on the settlement statement such that Buyer receives a credit for (a) taxes and premiums in respect of any period prior to Closing and (b) the amount of deductibles and other self-insurance and all other
accrued liabilities and claims in respect of any period prior to Closing, (ii) utility deposits, and (iii) all reserves for replacement of FF&E and for capital repairs or improvements. 
 “Due Diligence Examination” shall have the meaning set forth in Section 3.2. 
 “Earnest Money Deposit” shall have the meaning set forth in Section 2.6(a). 
 “Environmental Requirements” shall have the meaning set forth in Section 7.1(f) 
 “Escrow Agent” shall have the meaning set forth in Section 2.6(a). 
 “Escrow Agreement” shall have the meaning set forth in Section 2.6(b). 
 “Exception Documents” shall have the meaning set forth in Section 4.2. 
  

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 “Existing Franchise Agreement” shall mean that certain franchise license agreement
between Seller and the Franchisor, granting Seller a franchise to operate its Hotel under the Brand. 
 “Existing Management
Agreement” shall mean that certain management agreement between Seller and the Manager for the operation and management of its Hotel. 
 “FF&E” shall mean all tangible personal property and fixtures of any kind (other than personal property (i) owned by guests of the Hotel or (ii) leased by Seller pursuant to an FF&E Lease) attached to, or
located upon and used in connection with the ownership, maintenance, use or operation of the Land or Improvements as of the date hereof (or acquired by Seller and so employed prior to Closing), including, but not limited to, all furniture, fixtures,
equipment, signs and related personal property; all heating, lighting, plumbing, drainage, electrical, air conditioning, and other mechanical fixtures and equipment and systems; all elevators, and related motors and electrical equipment and systems;
all hot water heaters, furnaces, heating controls, motors and equipment; all shelving and partitions; all ventilating equipment, and all disposal equipment; all spa, health club and fitness equipment; all equipment used in connection with the use
and/or maintenance of the guestrooms, restaurants, lounges, business centers, meeting rooms, swimming pools, indoor and/or outdoor sports facilities and other common areas and recreational areas; all carpet, drapes, beds, furniture, televisions and
other furnishings; all stoves, ovens, freezers, refrigerators, dishwashers, disposals, kitchen equipment and utensils, tables, chairs, plates and other dishes, glasses, silverware, serving pieces and other restaurant and bar equipment, apparatus and
utensils. A current list of FF&E shall be attached hereto as Exhibit B on or before the Closing. 
 “FF&E
Leases” shall mean all leases of any FF&E and other contracts permitting the use of any FF&E at the Improvements that are assumed by Buyer. 
 “Financial Statements” shall have the meaning set forth in Section 3.1(b). 
 “Franchisor” shall mean the franchisor of the Hotel as indicated on Exhibit A. 
 “Force
Majeure” shall mean strikes, lockouts or labor disputes, (ii) the inability through no fault of Seller to obtain labor or materials or reasonable substitutes therefor, (iii) acts of God and adverse weather conditions,
(iv) enemy or hostile governmental action or acts of terrorism, (v) governmental restrictions such as embargoes, (vi) civil commotion, (vii) fire or other casualty or (viii) other conditions similar to those enumerated above
that are beyond the reasonable control of Seller, but in each case excluding any such events or conditions that merely result in increased costs to Seller. 
 “Hotel Contracts” shall have the meaning set forth in Section 10.2(d). 
 “Improvements” shall mean all buildings, structures, fixtures, parking areas and other improvements to the Land, and all related facilities. 
 “Indemnified Party” shall have the meaning set forth in Section 8.9(c)(i). 
 “Indemnifying Party” shall have the meaning set forth in Section 8.9(c)(i). 
  

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 “Initial Deposit” shall have the meaning set forth in Section 2.6(a). 

“Land” shall mean a fee simple interest in the real property more fully described in Exhibit A, which is attached hereto and
incorporated herein by reference, together with all rights (including without limitation all air rights and development rights) and Appurtenances belonging thereto or in any way appertaining thereto. 
 “Leases” shall mean all leases, franchises, licenses, occupancy agreements, “trade-out” agreements, advance bookings,
convention reservations, or other agreements demising space in, providing for the use or occupancy of, or otherwise similarly affecting or relating to the use or occupancy of, the Improvements or Land, together with all amendments, modifications,
renewals and extensions thereof, and all guaranties by third parties of the obligations of the tenants, licensees, franchisees, concessionaires or other entities thereunder. 
 “Legal Action” shall have the meaning set forth in Section 8.9(c)(ii). 
 “Legal Requirements” shall mean any and all statutes, laws, ordinances, zoning and other codes, rules, regulations and requirements of
any governmental authority (including ADA rules and regulations) applicable to the Property or any of the parties to this Contract. 
 “Licenses” shall mean all permits, licenses, franchises, utility reservations, certificates of occupancy, and other documents issued by any federal, state, or municipal authority or by any private party related to the
development, construction, use, occupancy, operation or maintenance of the Hotel, including, without limitation, all licenses, approvals and rights (including any and all existing waivers of any brand standard) necessary or appropriate for the
operation of the Hotel under the Brand. 
 “Liquor Licenses” shall have the meaning set forth in Section 8.12.

 “Manager” shall mean True North Hotel Group, Inc. or its Affiliate. 
 “New Franchise Agreement” shall mean the franchise license agreement to be entered into between Buyer and the Franchisor, granting to
Buyer a franchise to operate the Hotel under the applicable Brand on and after the Closing Date. 
 “New Management
Agreement” means the management agreement to be entered into between Buyer and Manager for the operation and management of the Hotel on and after the Closing Date. 
 “Pending Claims” shall have the meaning set forth in Section 7.1(e). 
 “Permitted Exceptions” shall have the meaning set forth in Section 4.3. 
 “Personal Property” shall mean, collectively, all of the Property other than the Real Property. 
 “PIP” shall mean a product improvement plan for the Hotel, as required by the Franchisor, if any. 
  

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 “Seller’s Post-Closing Agreement” shall have the meaning set forth in
Section 8.10. 
 “Property” shall mean, collectively (i) all of the following with respect to the Hotel: the Land,
Improvements, Appurtenances, FF&E, Supplies, Leases, Deposits, Records, Service Contracts, Warranties, Licenses, FF&E Leases, Contracts, Plans and Specs, Tradenames, Utility Reservations, as well as all other real, personal or intangible
property of Seller related to any of the foregoing and (ii) any and all of the following that relate to or affect in any way the design, construction, ownership, use, occupancy, leasing, maintenance, service or operation of the Real Property,
FF&E, Supplies, Leases, Deposits or Records: Service Contracts, Warranties, Licenses, Tradenames, Contracts, Plans and Specs and FF&E Lease, but excluding any items specifically excluded in this Contract. 
 “Punch List Items” shall mean such items (i) as are necessary or appropriate to fully complete the construction, equipping and
furnishing of the Hotel in accordance with this Contract; (ii) that are necessary to conform to acceptable construction standards and to conform to the Plans and Specifications; and (iii) that, unless otherwise agreed by Buyer in its sole
discretion, (a) individually and in the aggregate do not and will not prohibit, cause a delay in or otherwise adversely affect, under applicable Legal Requirements, the Franchise Agreement or otherwise, the opening of the Hotel for business to
the public or the continued occupancy and operation of the Hotel as contemplated under the Brand and (b) may be corrected or completed, subject to delays caused by Force Majeure, within not more than sixty (60) days. 
 “Purchase Price” shall have the meaning set forth in Section 2.3. 
 “Real Property” shall mean, collectively, all Land, Improvements and Appurtenances with respect to the Hotel. 
 “Records” shall mean all books, records, promotional material, tenant data, guest history information (other than any such information
owned exclusively by the Manager), marketing and leasing material and forms (including but not limited to any such records, data, information, material and forms in the form of computerized files located at the Hotel), market studies prepared in
connection with each Seller’s current annual plan and other materials, information, data, legal or other documents or records (including, without limitation, all documentation relating to any litigation or other proceedings, all zoning and/or
land use notices, relating to or affecting the Property, all business plans and projections and all studies, plans, budgets and contracts related to the development, construction and/or operation of the Hotel) owned by each Seller and/or in a
Seller’s possession or control, or to which a Seller has access or may obtain from the Manager, that are used in or relating to the Property and/or the operation of the Hotel, including the Land, the Improvements or the FF&E, and proforma
budgets and projections and construction budgets and contracts related to the development and construction of the Hotel and a list of the general contractors, architects and engineers providing goods and/or services in connection with the
construction of the Hotel, all construction warranties and guaranties in effect at Closing and copies of the final plans and specifications for the Hotel. 
 “Release” shall have the meaning set forth in Section 7.1(f). 
 “Review
Period” shall have the meaning set forth in Section 3.1. 
  

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 “SEC” shall have the meaning set forth in Section 8.6. 
 “Seller Liens” shall have the meaning set forth in Section 4.3. 
 “Seller Parties” shall have the meaning set forth in Section 7.1(e). 
 “Service Contracts” shall mean contracts or agreements, such as maintenance, supply, service or utility contracts. 
 “Substantial Completion,” including variations thereof such as “Substantially Complete” and “Substantially
Completed” shall mean : (i) the Architect and the Contractor have issued a certificate of substantial completion in form and substance satisfactory to Buyer certifying that the Hotel has been constructed substantially in accordance with
the Plans and Specifications and the Legal Requirements, (ii) at least a temporary certificate of occupancy authorizing the opening of the Hotel for business to the public and for operation under the Brand has been issued by the local governing
authority and is in full force and effect, (iii) all other final and unconditional consents, approvals, licenses and operating permits necessary or appropriate for the Hotel to open for business to the public and to operate under the Brand have
been issued by and obtained from all applicable governmental and regulatory authorities, subject to Punch List Items; (iv) the Hotel is fully furnished, fitted and equipped and ready to open for business to the public and operate under the
Brand, subject to Punch List Items; (iii) all contractors, subcontractors, suppliers, mechanics, materialmen and other persons or entities providing labor or materials for the construction and development of the Hotel shall have been paid in
full (or adequate provision for payment of such persons or entities has been made to Buyer’s satisfaction), subject to Punch List Items and (iv) the Franchisor has approved the completion, furnishing and equipping of the Hotel and is
prepared to commence (or authorize the commencement of) operation of the Hotel, and all of the other conditions set forth in the Franchise Agreement have been satisfied, subject to Punch List Items. 
 “Supplies” shall mean all merchandise, supplies, inventory and other items used for the operation and maintenance of guest rooms,
restaurants, lounges, swimming pools, health clubs, spas, business centers, meeting rooms and other common areas and recreational areas located within or relating to the Improvements, including, without limitation, all food and beverage (alcoholic
and non-alcoholic) inventory, office supplies and stationery, advertising and promotional materials, china, glasses, silver/flatware, towels, linen and bedding (all of which shall be 2-par level for all suites or rooms in the Hotel), guest cleaning,
paper and other supplies, upholstery material, carpets, rugs, furniture, engineers’ supplies, paint and painters’ supplies, employee uniforms, and all cleaning and maintenance supplies, including those used in connection with the swimming
pools, indoor and/or outdoor sports facilities, health clubs, spas, fitness centers, restaurants, business centers, meeting rooms and other common areas and recreational areas. 
 “Surveys” shall have the meaning set forth in Section 4.1. 
 “Third Party Consents” shall have the meaning set forth in Section 8.3. 
 “Title Commitment” shall have the meaning set forth in Section 4.2. 
  

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 “Title Company” shall have the meaning set forth in Section 4.2. 
 “Title Policy” shall have the meaning set forth in Section 4.2. 
 “Tradenames” shall mean all telephone exchanges and numbers, trade names, trade styles, trade marks, and other identifying material, and
all variations thereof, together with all related goodwill (it being understood and agreed that the name of the hotel chain to which the Hotel is affiliated by franchise, license or management agreement is a protected name or registered service mark
of such hotel chain and cannot be transferred to Buyer by this Contract). 
 “Utility Reservations” shall mean Seller’s
interest in the right of Seller to receive immediately on and after Closing and continuously consume thereafter water service, sanitary and storm sewer service, electrical service, gas service and telephone service on and for Seller’s Land and
Improvements in capacities that are adequate continuously to use and operate the Improvements for the purposes for which they were intended, including, but not limited to (i) any right to the present and future use of wastewater, drainage,
water and other utility facilities to the extent such use benefits the Real Property, (ii) any reservations of or commitments covering any such use in the future, and (iii) any wastewater capacity reservations relating to the Real
Property. 
 “Warranties” shall mean all warranties, guaranties, indemnities and claims for the benefit of Seller with
respect to the Hotel, the Property or any portion thereof, including, without limitation, all warranties and guaranties of the development, construction, completion, installation, equipping and furnishing of the Hotel, and all indemnities, bonds and
claims of Seller related thereto. 
 ARTICLE II 
 PURCHASE AND SALE; PURCHASE PRICE; PAYMENT; 
 EARNEST MONEY DEPOSIT 
 2.1 Purchase and Sale. Seller agrees to sell and convey to Buyer or its Affiliates and/or assigns, and Buyer or its assigns agrees to purchase
from Seller, the Property, in consideration of the Purchase Price and upon the terms and conditions hereof. All of the Property shall be conveyed, assigned, and transferred to Buyer at Closing, free and clear of all mortgages, liens, encumbrances,
licenses, franchises (other than any hotel franchises assumed by Buyer), concession agreements, security interests, prior assignments or conveyances, conditions, restrictions, rights-of-way, easements, encroachments, claims and other matters
affecting title or possession, except for the Permitted Exceptions and those FF&E Leases which Buyer elects in its sole discretion to assume. 
 2.2 Certain Information. Exhibit “A” sets forth, for the Hotel being transferred hereunder: (i) the name and location of the Hotel, (ii) the name and state of organization of the Seller and
(iii) the Brand and Franchisor for the Hotel. 
 2.3 Purchase Price. Buyer agrees to pay, and Seller agrees to accept, as
consideration for the conveyance of the Property, subject to the adjustments provided for in this Contract, the amount of Twelve Million Fifty Thousand and No/100 Dollars ($12,050,000.00) (the “Purchase Price”). 

 

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 2.4 Allocation. Buyer and Seller shall use good faith efforts to agree, prior to the expiration of
the Review Period, on an allocation of the Purchase Price among Real Property, tangible Personal Property and intangible property related to the Property. In the event Buyer and Seller do not agree, each party shall be free to allocate the Purchase
Price to such items as they deem appropriate, subject to and in accordance with applicable laws. 
 2.5 Payment. The Purchase Price,
less: (a) the Earnest Money Deposit and interest earned thereon, if any, which Buyer elects to have applied against the Purchase Price (as provided below), and (b) Seller’s Escrow Funds applicable to the Hotel, shall be paid to Seller
in cash, certified funds or wire transfer (as directed by Seller), at the Closing of the Property. At the Closing, the Earnest Money Deposit, together with interest earned thereon, if any, shall, at Buyer’s election, be returned to Buyer or
shall be paid over to Seller by Escrow Agent to be applied to the Purchase Price on behalf of Buyer, and Seller’s Escrow Funds shall be deposited into an escrow account pursuant to the Seller’s Post-Closing Agreement as contemplated by
Section 8.10. 
 2.6 Earnest Money Deposit. 
 (a) Within three (3) Business Days after the full execution and delivery of this Contract, Buyer shall deposit the sum of Two Hundred
Thousand and No/100 Dollars ($200,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Initial Deposit”) with the Title Company, as escrow agent (“Escrow
Agent”), which sum shall be held by Escrow Agent as earnest money. If, pursuant to the provisions of Section 3.1 of this Contract, Buyer elects to terminate this Contract at any time prior to the expiration of the Review Period,
then the Escrow Agent shall return the Earnest Money Deposit to Buyer promptly upon written notice to that effect from Buyer. If Buyer does not elect to terminate this Contract on or before the expiration of the Review Period, Buyer shall, within
three (3) Business Days after the expiration of the Review Period deposit the Additional Deposit with the Escrow Agent. The Initial Deposit and the Additional Deposit, and all interest accrued thereon, shall hereinafter be referred to as the
“Earnest Money Deposit”. 
 (b) The Earnest Money Deposit shall be held by Escrow Agent subject to the
terms and conditions of an Escrow Agreement dated as of the date of this Contract entered into with respect to each Hotel by the appropriate Seller, Buyer and Escrow Agent (the “Escrow Agreement”) substantially in the Form
attached hereto as Exhibit G. The Earnest Money Deposit shall be held in an interest-bearing account in a federally insured bank or savings institution reasonably acceptable to Seller and Buyer, with all interest to accrue to the benefit of
the party entitled to receive it and to be reportable by such party for income tax purposes. 
 ARTICLE III 
 REVIEW PERIOD 
 3.1 Review
Period. Buyer shall have a period through 6:00 p.m. Eastern Time on the date that is forty-five (45) days after the date of this Contract, unless a longer period of time is otherwise provided for in this Contract and except as otherwise
agreed to by Buyer and 

  

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Seller (the “Review Period”), to evaluate the legal, title, survey, construction, physical condition, structural, mechanical,
environmental, economic, permit status, franchise status, financial and other documents and information related to the Property. If the Review Period is not scheduled to expire on a Business Day, it will be extended until the next succeeding
Business Day following such scheduled expiration. Within five (5) Business Days following the date of this Contract, Seller, at its sole cost and expense, will deliver to Buyer (or make available at the offices of Manager) for Buyer’s
review, to the extent not previously delivered to Buyer and to the extent the same are in Seller’s possession or control, true, correct and complete copies of the following, together with all amendments, modifications, renewals or extensions
thereof: 
 (a) All Warranties currently in effect and Licenses relating to the Hotel or any part thereof; 
 (b) Income and expense statements and budgets (if any) for the Hotel for the current year to date and each of the three (3) prior
fiscal years (the “Financial Statements”), and Seller shall provide to Buyer copies of all income and expense statements (if any) generated by Seller or any third party that relate to the operations of the Hotel and that
contain information not included in the financial statements, if any, provided to Buyer by the Manager, provided that Seller also agrees to provide to Buyer’s auditors and representatives all financial and other information necessary or
appropriate for preparation of audited financial statements for Buyer and/or its Affiliates as provided in Section 8.6, below; 
 (c) All real estate and personal property tax statements with respect to the Hotel and notices of appraised value for the Real Property for the current year and each of the three (3) calendar years prior to the current year (to the
extent available); 
 (d) Engineering, mechanical, architectural and construction plans, drawings, specifications and
contracts, payment and performance bonds, title policies, reports and commitments, zoning information and marketing and economic data relating to the Hotel and the construction, development, installation and equipping thereof, as well as copies of
all environmental reports and information, topographical, boundary or other surveys, engineering reports, subsurface studies and other Contracts, Plans and Specs relating to or affecting the Hotel in the possession or control of Seller. If the Hotel
is purchased by Buyer, all such documents and information relating to the Hotel shall thereupon be and become the property of Buyer without payment of any additional consideration therefor to the extent that same are transferable without the consent
of a third party; 
 (e) All FF&E Leases, Services Contracts, Leases and, if applicable, a schedule of such Leases of
space in the Hotel, and all agreements, if any, for real estate commissions, brokerage fees, finder’s fees or other compensation payable by Seller in connection therewith; and 
 (f) All notices received from governmental authorities in connection with the Hotel and all other notices received from governmental
authorities received at any time that relate to any noncompliance or violation of law that has not been corrected. 
  

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 Seller shall, upon request of Buyer, make available to Buyer and Buyer’s representatives and agents,
for inspection and copying during normal business hours, Records located at Seller’s or Manager’s corporate offices, and Seller agrees to provide Buyer copies of all other reasonably requested information that is relevant to the
management, operation, use, occupancy or leasing of or title to the Hotel and the plans and specifications for development of the Hotel. At any time during the Review Period, Buyer may, in its sole and absolute discretion, elect not to proceed with
the purchase of the Property for any reason whatsoever by giving written notice thereof to Seller, in which event: (i) the Earnest Money Deposit shall be promptly returned by Escrow Agent to Buyer together with all accrued interest, if any,
(ii) this Contract shall be terminated automatically, (iii) all materials supplied by Seller to Buyer shall be returned promptly to Seller, and (iv) both parties will be relieved of all other rights, obligations and liabilities
hereunder, except for the parties’ obligations pursuant to Sections 3.3 and 16.6 below. 
 3.2 Due Diligence Examination. At any
time during the Review Period, and thereafter through Closing of the Property, Buyer and/or its representatives and agents shall have the right to enter upon the Property at all reasonable times for the purposes of reviewing all Records and other
data, documents and/or information relating to the Property and conducting, at Buyer’s expense, such surveys, appraisals, engineering tests, soil tests (including, without limitation, Phase I and Phase II environmental site assessments),
inspections of construction and other inspections and other studies as Buyer deems reasonable and necessary or appropriate to evaluate the Property, subject to providing reasonable advance notice to Seller unless otherwise agreed to by Buyer and
Seller (the “Due Diligence Examination”). Seller shall have the right to have its representative present during Buyer’s physical inspections of the Property, provided that failure of Seller to do so shall not prevent
Buyer from exercising its due diligence, review and inspection rights hereunder. Buyer agrees to exercise reasonable care when visiting the Property, in a manner which shall not materially adversely affect the operation of the Property. 

3.3 Restoration. Buyer covenants and agrees not to damage or destroy any portion of the Property in conducting its examinations and studies of
the Property during the Due Diligence Examination and, if Closing does not occur, shall repair any portion of the Property damaged by the conduct of Buyer, its agents, contractors or employees, to substantially the condition such portion(s) of the
Property was in immediately prior to such examinations or studies. 
 3.4 Seller Exhibits. Buyer shall have until the end of the
Review Period to review and approve in writing the information on Exhibits B, C, D, E and F. In the event Buyer does not approve any such Exhibit or the information contained therein in writing prior to the end of the Review Period, Buyer shall be
entitled to terminate this Contract by notice to Seller given within three (3) Business Days after the expiration of the Review Period and, if such termination notice is given as aforesaid, the Earnest Money Deposit shall be returned to Buyer
with all interest thereon and both parties shall be relieved of all rights, obligations and liabilities hereunder except for the parties’ obligations pursuant to Sections 3.3 and 16.6. 
  

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 ARTICLE IV 
 SURVEY AND TITLE APPROVAL 
 4.1 Survey. Seller has delivered to Buyer true, correct and
complete copies of the most recent surveys (if any) of the Real Property. In the event that an update of a survey or a new survey (such updated or new surveys being referred to as the “Surveys”) are desired by Buyer, then
Buyer shall be responsible for all costs related thereto, and any such updated Surveys will be obtained by Buyer prior to the expiration of the Review Period. Seller is not required to provide Buyer with any surveys of the Property that are not in
Seller’s possession or control as of the date of this Contract. 
 4.2 Title. Seller has delivered to Buyer Seller’s
existing title insurance policy for its Real Property, including copies of all documents referred to therein to the extent the same are in Seller’s possession or control. Buyer’s obligations under this Contract are conditioned upon Buyer
being able to obtain (at Buyer’s expense and during the Review Period) for the Property (i) a Commitment for Title Insurance (each, a “Title Commitment”) issued by LandAmerica American Title Company, 7505 N. Plano
Road, Suite 3100, Richardson, Texas, 75082 (the “Title Company”), for the most recent standard form of owner’s policy of title insurance in the state in which the Real Property is located, covering the Real Property,
setting forth the current status of the title to the Real Property, showing all liens, claims, encumbrances, easements, rights of way, encroachments, reservations, restrictions and any other matters affecting the Real Property and pursuant to which
the Title Company agrees to issue (at Buyer’s expense) to Buyer at Closing an Owner’s Policy of Title Insurance on the most recent form of ALTA (where available) owner’s policy available in the state in which the Land is located, with
extended coverage and, to the extent applicable and available in such state, comprehensive, access, single tax parcel, contiguity, Fairway and such other endorsements as may be required by Buyer (collectively, the “Title
Policy”); and (ii) true, complete, legible and, where applicable, recorded copies of all documents and instruments (the “Exception Documents”) referred to or identified in the Title Commitment, including,
but not limited to, all deeds, lien instruments, leases, plats, surveys, reservations, restrictions, and easements affecting the Real Property. If requested by Seller, Buyer shall promptly provide Seller with a copy of the Title Commitment issued by
the Title Company. 
 4.3 Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer,
Buyer may provide Seller with written notice of its objection to same prior to the expiration of the Review Period. If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively
assumed that Buyer has approved same. If Buyer disapproves any condition of title or survey by written objection to Seller on or before the expiration of the Review Period, Seller shall elect either to attempt to cure or not cure any such item by
written notice sent to Buyer within five (5) days after its receipt of notice from Buyer, and if Seller commits in writing to attempt to cure any such item, then Seller shall be given until the Closing Date to cure any such defect. In the event
Seller shall fail to cure a defect which Seller has committed in writing to cure prior to Closing, or if a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer may elect,
in Buyer’s sole and absolute discretion: (i) to waive such objection and proceed to Closing, or (ii) to terminate this Contract and receive a return of the Earnest Money Deposit, and any interest thereon. The items shown on the Title
Commitment 

  

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which are not objected to by Buyer as set forth above (other than exceptions and title defects arising after the expiration of the Review Period and other
than those standard exceptions which are ordinarily and customarily omitted in the state in which the applicable Hotel is located, so long as Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably
required by the Title Company for such omission) and all Leases showing on the Title Commitment are hereinafter referred to as the “Permitted Exceptions.” In no event shall Permitted Exceptions include liens, or documents
evidencing liens, securing any indebtedness or any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall
either be paid in full by Seller and released at Closing or bonded against by appropriate statutory bond acceptable to Buyer, to the extent permitted by applicable law. 
 ARTICLE V 
 MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT 
 At or prior to the Closing, Seller shall terminate the Existing Management Agreement and the Existing Franchise Agreement, if any, and Seller shall be
solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date. As a condition to Closing, Buyer shall enter into the New Management Agreement and the New Franchise Agreement, effective as of the
Closing Date, containing terms and conditions acceptable to Buyer (including, without limitation, such terms and conditions as may be required to accommodate Buyer’s and/or Buyer’s Affiliates’ REIT structure). Seller shall be
responsible for paying all costs related to the termination of the Existing Management Agreement. Buyer shall be responsible for paying all of Franchisor’s costs related to the termination of the Existing Franchise Agreement. Seller shall use
best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement, and Seller and Buyer shall diligently pursue obtaining each of the same. As a condition to Buyer’s and Seller’s
obligation to close under this Contract, Buyer and Manager shall agree, on or before the expiration of the Review Period, on the form and substance of the New Management Agreements. The New Management Agreement will be substantially in Buyer’s
standard form, a copy of which is attached hereto as Exhibit “H”. 
 ARTICLE VI 
 BROKERS 
 Seller and Buyer each
represents and warrants to the other that it has not engaged any broker, finder or other party in connection with the transaction contemplated by this Contract. However, Seller hereby acknowledges and discloses to Buyer that TNHG may be entitled to
a brokerage fee from Seller upon the completion of the Closing pursuant to a separate agreement between Seller and TNHG. Buyer and Seller each agree to save and hold the other harmless from any and all losses, damages, liabilities, costs and
expenses (including, without limitation, attorneys’ fees) involving claims made by any other agent, broker, or other person by or through the acts of Buyer or Seller, respectively, in connection with this transaction. 
  

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 ARTICLE VII 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 7.1 Seller’s Representations, Warranties and
Covenants. Seller hereby represents, warrants and covenants to Buyer as follows: 
 (a) Authority; No Conflicts.
Seller is a limited liability company duly formed, validly existing and in good standing in the State of Kansas. Seller and has obtained all necessary consents to enter into and perform this Contract and is fully authorized to enter into and perform
this Contract and to complete the transactions contemplated by this Contract. No consent or approval of any person, entity or governmental authority is required for the execution, delivery or performance by Seller of this Contract, except as set
forth in Exhibit D, and this Contract is hereby binding and enforceable against Seller. Neither the execution nor the performance of, or compliance with, this Contract by Seller has resulted, or will result, in any violation of, or default
under, or acceleration of, any obligation under any existing corporate charter, certificate of incorporation, bylaw, articles of organization, limited liability company agreement or regulations, partnership agreement or other organizational
documents and under any, mortgage indenture, lien agreement, promissory note, contract, or permit, or any judgment, decree, order, restrictive covenant, statute, rule or regulation, applicable to Seller or to the Hotel owned by Seller. 

(b) FIRPTA. Seller is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those items are
defined in the Internal Revenue Code and Income Tax Regulations). 
 (c) Bankruptcy. Neither Seller nor, to
Seller’s knowledge, any of its partners or members, is insolvent or the subject of any bankruptcy proceeding, receivership proceeding or other insolvency, dissolution, reorganization or similar proceeding. 
 (d) Property Agreements. A complete list of all FF&E Leases, Service Contracts and Leases (other than those entered into by the
Manager on its own behalf) used in or otherwise relating to the operation and business of the Hotel will be attached hereto as Exhibit C-1 during the Review Period (and will be updated prior to the Closing as provided in Section 8.2),
and a complete list of all other FF&E Leases, Service Contracts and Leases used in or otherwise relating to the operation and business of the Hotel will also be attached hereto as Exhibit C-2 during the Review Period (and will be updated
prior to the Closing as provided in Section 8.2). The assets constituting the Property to be conveyed to Buyer hereunder will constitute all of the property and assets of Seller used in connection with the operation and business of the Hotel,
except those specifically excluded in this Contract. There will be no leases, license agreements, leasing agent’s agreements, equipment leases, building service agreements, maintenance contracts, suppliers contracts, warranty contracts,
operating agreements, or other agreements (i) to which Seller is a party or an assignee, or (ii) to Seller’s knowledge, binding upon the Hotel, relating to the ownership, occupancy, operation, management or maintenance of the Real
Property, FF&E, Supplies or Tradenames, except for those 

  

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Service Contracts, Leases, Warranties and FF&E Leases (if any) disclosed on Exhibit C or to be delivered to Buyer pursuant to Section 3.1.
The Service Contracts, Leases, Warranties and FF&E Leases(if any) disclosed on Exhibit C or to be delivered to Buyer pursuant to Section 3.1 are or will be in full force and effect, and, to Seller’s knowledge, no default has
occurred and is continuing thereunder and no circumstances exist which, with the giving of notice, the lapse of time or both, would constitute such a default. No party has any right or option to acquire the Hotel or any portion thereof, other than
Buyer. 
 (e) Pending Claims. There are no: (i) claims, demands, litigation, proceedings or governmental
investigations pending or, to Seller’s knowledge, threatened against Seller, the Manager or any Affiliate of Seller (collectively, “Seller Parties”) or related to the business or assets of the Hotel, except as set forth
on Exhibit F attached hereto and incorporated herein by reference, (ii) special assessments or extraordinary taxes except as set forth in the Title Commitment or (iii) pending or, to Seller’s knowledge, threatened condemnation
or eminent domain proceedings which would affect the Property or any part thereof. There are no: pending arbitration proceedings or unsatisfied arbitration awards, or judicial proceedings or orders respecting awards, which might become a lien on the
Property or any portion thereof, pending unfair labor practice charges or complaints, unsatisfied unfair labor practice orders or judicial proceedings or orders with respect thereto, pending charges or complaints with or by city, state or federal
civil or human rights agencies, unremedied orders by such agencies or judicial proceedings or orders with respect to obligations under city, state or federal civil or human rights or antidiscrimination laws or executive orders affecting the Hotel,
or other pending, actual or, to Seller’s knowledge, threatened litigation claims, charges, complaints, petitions or unsatisfied orders by or before any administrative agency or court which affect the Hotel or might become a lien on the Hotel
(collectively, the “Pending Claims”). 
 (f) Environmental. To the actual knowledge of Manager,
with respect to environmental matters, (i) there has been no Release or threat of Release of Hazardous Materials in, on, under, to or from the Real Property, except as disclosed in the reports, documents and disclosures set forth on Exhibit
E attached hereto and incorporated herein by reference, (ii) no portion of the Property is being used for the treatment, storage, disposal or other handling of Hazardous Materials or machinery containing Hazardous Materials other than
standard amounts of cleaning supplies and chlorine for the swimming pool, all of which are stored on the Property in strict accordance with applicable Environmental Requirements and do not exceed limits permitted under applicable laws, including
without limitation Environmental Requirements, (iii) no underground storage tanks are currently located on or in the Real Property or any portion thereof, (iv) no environmental investigation, administrative order, notification, consent
order, litigation, claim, judgment or settlement with respect to the Property or any portion thereof is pending (v) except as disclosed on Exhibit E, there are no reports or other documentation regarding the environmental condition of
the Real Property in the possession of Seller or Manager or their respective Affiliates, consultants, contractors or agents. In addition, Manager has no actual knowledge (no independent testing or investigation having been performed by or at the
request of Manager or Seller) of any mold, fungal or other microbial growth in or on the Real Property, except as may be 

  

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disclosed on Exhibit E. As used in this Contract: “Hazardous Materials” means (1) “hazardous wastes” as
defined by the Resource Conservation and Recovery Act of 1976, as amended from time to time (“RCRA”), (2) “hazardous substances” as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(42 U.S.C. 9601 et seq.), as amended by the Superfund Amendment and Reauthorization Act of 1986 and as otherwise amended from time to time (“CERCLA”); (3) “toxic substances” as defined by the Toxic
Substances Control Act, as amended from time to time (“TSCA”), (4) “hazardous materials” as defined by the Hazardous Materials Transportation Act, as amended from time to time (“HMTA”),
(5) asbestos, oil or other petroleum products, radioactive materials, urea formaldehyde foam insulation, radon gas and transformers or other equipment that contains dielectric fluid containing polychlorinated biphenyls and (6) any
substance whose presence is detrimental or hazardous to health or the environment, including, without limitation, microbial or fungal matter or mold, or is otherwise regulated by federal, state and local environmental laws (including, without
limitation, RCRA, CERCLA, TSCA, HMTA), rules, regulations and orders, regulating, relating to or imposing liability or standards of conduct concerning any Hazardous Materials or environmental, health or safety compliance (collectively,
“Environmental Requirements”). As used in this Contract: “Release” means spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing.
Manager is signing this Contract for the purpose of being bound by the representations and warranties in this Subparagraph (f) and in Subparagraph (l), below. 
 (g) Title. Seller has fee simple title to the Real Property and Seller is the owner of the Personal Property. 
 (h) Utilities. At Closing, all appropriate utilities, including sanitary and storm sewers, water, gas, telephone, cable and
electricity, will be sufficient and available to service the Hotel and all installation, connection or “tap-on”, usage and similar fees shall have been paid. 
 (i) Licenses, Permits and Approvals. Seller has not received any written notice, and Seller has no knowledge that the Property
fails to comply with all applicable licenses, permits and approvals and federal, state or local statutes, laws, ordinances, rules, regulations, requirements and codes including, without limitation, those regarding zoning, land use, building, fire,
health, safety, environmental, subdivision, water quality, sanitation controls and the Americans with Disabilities Act, and similar rules and regulations relating and/or applicable to the ownership, use and operation of the Property as it is now
operated. Seller (or Manager on Seller’s behalf) shall have received all licenses, permits and approvals required or needed for the lawful conduct, occupancy and operation of the business of the Hotel prior to the Closing, and each such license
and permit will be in full force and effect as of the Closing. 
 (j) Financial Statements. N/A 
 (k) Employees. All employees employed at the Hotel are the employees of the Manager. There are, to Seller’s knowledge, no
(i) unions organized at 

  

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the Hotel, (ii) union organizing attempts, strikes, organized work stoppages or slow downs, or any other labor disputes pending or threatened with
respect to any of the employees at the Hotel, or (iii) collective bargaining or other labor agreements to which Seller or the Hotel is bound with respect to any employees employed at the Hotel. 
 (l) Operations. N/A 
 (m) Existing Management and Franchise Agreements. Seller has furnished to Buyer true and complete copies of the Existing Management Agreement and the Existing Franchise Agreement (if any), which constitutes the
entire agreement of the parties with respect to the subject matter thereof and which have not been amended or supplemented in any respect. There are no other management agreements, franchise agreements, license agreements or similar agreements for
the operation or management of the Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, except for the Existing Management Agreement and the Existing Franchise Agreement. The Improvements will comply in
all material respects with, and the Hotel will be operated in accordance with, all requirements of the Existing Franchise Agreement and all other requirements of the Franchisor, including all “brand standard” requirements of the
Franchisor. The Existing Management Agreement and the Existing Franchise Agreement are in full force and effect, and shall remain in full force and effect until the termination of the Existing Management Agreement and the Existing Franchise
Agreement at Closing, as provided in Article V hereof. No default has occurred and is continuing under the Existing Management Agreement or the Existing Franchise Agreement, and, to Seller’s knowledge, no circumstances exist which, with the
giving of notice, the lapse of time or both, would constitute such a default. 
 7.2 Buyer’s Representations, Warranties and
Covenants. Buyer represents, warrants and covenants: 
 (a) Authority. Buyer is a corporation duly formed, validly
existing and in good standing in the Commonwealth of Virginia. Buyer has received or will have received by the applicable Closing Date all necessary authorization of the Board of Directors of Buyer to complete the transactions contemplated by this
Contract. No other consent or approval of any person, entity or governmental authority is required for the execution, delivery or performance by Buyer of this Contract, and this Contract is hereby binding and enforceable against Buyer. 

(b) Bankruptcy. Buyer is not insolvent nor the subject of any bankruptcy proceeding, receivership proceeding or other
insolvency, dissolution, reorganization or similar proceeding. 
 7.3 Survival. All of the representations and warranties are true,
correct and complete in all material respects as of the date hereof and the statements set forth therein (without qualification or limitation as to a party’s knowledge thereof except as expressly provided for in this Article VII) shall be true,
correct and complete in all material respects as of the Closing Date. All of the representations and warranties made herein shall survive Closing for a period of one (1) year and shall not be deemed to merge into or be waived by Seller’s
Deed or any other closing documents. 
  

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 ARTICLE VIII 
 ADDITIONAL COVENANTS 
 8.1 Subsequent Developments. After the date of this Contract and until
the Closing Date, Seller and Buyer shall each use best efforts to keep the other fully informed of all subsequent developments of which Seller or Buyer, as applicable, have knowledge (“Subsequent Developments”) which would
cause any of the representations or warranties contained in this Contract to be no longer accurate in any material respect. 
 8.2
Operations. To the extent applicable, from and after the date hereof through the Closing, Seller shall comply with the Existing Management Agreement and the Existing Franchise Agreement and keep the same in full force and effect and shall (to
the extent applicable) perform and comply with all of the following subject to and in accordance with the terms of such agreements: 
 (a) Continue to maintain the Property generally in accordance with past practices of Seller and pursuant to and in compliance with the Existing Management Agreement (if any) and the Existing Franchise Agreement, including, without
limitation, (i) using reasonable efforts to keep available the services of all present employees at the Hotel and to preserve its relations with guests, suppliers and other parties doing business with Seller with respect to the Hotel,
(ii) accepting booking contracts for the use of the Hotel’s facilities retaining such bookings in accordance with the terms of the Existing Management Agreement and the Existing Franchise Agreement, (iii) maintaining the current level
of advertising and other promotional activities for the Hotel’s facilities, (iv) maintaining the present level of insurance with respect to the Hotel in full force and effect until the Closing Date for the Hotel and (v) remaining in
compliance in all material respects with all current Licenses; 
 (b) Keep, observe, and perform in all material respects all
its obligations under and pursuant to the Leases, the Service Contracts, the FF&E Leases, the Existing Management Agreement, the Existing Franchise Agreement, the Contracts, Plans and Specs, the Warranties and all other applicable contractual
arrangements relating to the Hotel; 
 (c) Not cause or permit the removal of FF&E from the Hotel except for the purpose
of discarding worn and valueless items that have been replaced with FF&E of equal or better quality; timely make all repairs, maintenance, and replacements to keep all FF&E and all other Personal Property and all Real Property in good
operating condition; keep and maintain the Hotel in a good state of repair and condition, reasonable and ordinary wear and tear and damage by casualty excepted; and not commit waste of any portion of the Hotel; 
 (d) Maintain the levels and quality of the Personal Property generally at the levels and quality existing on the date hereof and keep
merchandise, supplies and 

  

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inventory adequately stocked, consistent with good business practice, as if the sale of the Hotel hereunder were not to occur, including, without limitation,
maintaining linens and bath towels at least at a 2-par level for all suites or rooms of the Hotel; 
 (e) Advise Buyer
promptly of any litigation, arbitration, or administrative hearing before any court or governmental agency concerning or affecting the Hotel which is instituted or threatened after the date of this Contract or if any representation or warranty
contained in this Contract shall become false; 
 (f) Not take, or purposefully omit to take, any action that would have the
effect of violating any of the representations, warranties, covenants or agreements of Seller contained in this Contract; 
 (g) Pay or cause to be paid all taxes, assessments and other impositions levied or assessed on the Hotel or any part thereof prior to the delinquency date, and comply in all material respects with all federal, state, and municipal laws,
ordinances, regulations and orders relating to the Hotel; 
 (h) Not sell or assign, or enter into any agreement to sell or
assign, or create or permit to exist any lien or encumbrance (other than a Permitted Exception) on, the Property or any portion thereof; and 
 (i) Not allow any permit, receipt, license, franchise or right currently in existence with respect to the operation, use, occupancy or maintenance of the Hotel to expire, be canceled or otherwise terminated, except in
the ordinary course of business. 
 Neither Seller nor Manager will enter into any new, amended or extended FF&E Leases, Service
Contracts, Leases or other contracts or agreements (other than routine hotel room bookings entered into in the ordinary course of business) relating to the Hotel without first submitting true copies of the same to Buyer and obtaining the written
approval thereof from Buyer, such approval not to be unreasonably withheld, conditioned or delayed. Any such new, amended or extended FF&E Leases, Service Contracts, Leases or other contracts or agreements so approved by Buyer will be added to
Exhibit C-1 or Exhibit C-2, as appropriate, prior to the Closing. 
 8.3 Third Party Consents. Prior to the Closing
Date, Seller shall, at its expense, (i) obtain any and all third party consents and approvals (x) required in order to transfer the Hotel to Buyer, or (y) which, if not obtained, would materially adversely affect the operation of the
Hotel, including, without limitation, all consents and approvals referred to on Exhibit D and (ii) use best efforts to obtain all other third party consents and approvals (all of such consents and approvals in (i) and
(ii) above being referred to collectively as, the “Third Party Consents”). 
 8.4 Employees. Upon
reasonable prior notice to Seller by Buyer, Buyer and its employees, representatives and agents shall have the right to communicate with Seller’s staff, and, subject to the approval of the Manager, the Hotel staff and the Manager’s staff,
including without limitation the general manager, the director of sales, the engineering staff and other key management employees of the Hotel, at any time before Closing. Seller shall have the right to 

  

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attend any meetings and be copied on or privy to any such communications with Seller’s staff, the Hotel staff and the Manager’s staff. Buyer shall
not interfere with the operations of the Hotels while engaging in such communication and will not engage in communications in a manner that materially adversely affects the operation of any Property or the Existing Management Agreements. 

8.5 Estoppel Certificates. Seller shall use reasonable efforts to obtain from (i) each tenant under any Lease affecting the Hotel (but not
from current or prospective occupants of hotel rooms and suites within the Hotel) and (ii) each lessor under any FF&E Lease for the Hotel identified by Buyer as a material FF&E Lease, the estoppel certificates (as to factual matters
only) substantially in the forms provided by Buyer to Seller during the Review Period, and deliver to Buyer not less than five (5) days before the Closing. 
 8.6 Access to Financial Information. Buyer’s representatives shall have access to, and Seller and its Affiliates shall cooperate with Buyer and furnish upon request, all financial and other information
relating to the Hotel’s operations to the extent necessary to enable Buyer’s representatives to prepare audited financial statements in conformity with Regulation S-X of the Securities and Exchange Commission (the
“SEC”) and other applicable rules and regulations of the SEC and to enable them to prepare a registration statement, report or disclosure statement for filing with the SEC on behalf of Buyer or its Affiliates, whether before
or after Closing and regardless of whether such information is included in the Records to be transferred to Buyer hereunder. Seller shall also provide to Buyer’s representative a signed representation letter in form reasonably acceptable to
Seller and sufficient to enable an independent public accountant to render an opinion on the financial statements related to the Hotel. Buyer will reimburse Seller for costs reasonably incurred by Seller to comply with the requirements of this
Section. The provisions of this Section shall survive Closing or termination of this Contract. 
 8.7 Bulk Sales. At Seller’s
risk and expense, Seller shall take all steps necessary to comply with the requirements of a transferor under all bulk transfer laws, if any, that are applicable to the transactions contemplated by this Contract, including, without limitation, the
payment of any and all bulk sales taxes to the taxing authority entitled thereto. 
 8.8 Utility Reservations. Seller will cause
Manager to assist Buyer in connection with the preparation of any requests or documentation necessary to transfer the Utility Reservations to Buyer, at Buyer’s sole cost and expense, in connection with the Closing for the Hotel. 
 8.9 Indemnification. If the transactions contemplated by this Contract are consummated as provided herein: 
 (a) Indemnification of Buyer. Without in any way limiting or diminishing the warranties, representations or agreements herein
contained or the rights or remedies available to Buyer for a breach hereof, Seller hereby agrees to indemnify, defend and hold harmless Buyer and its respective successors and assigns from and against all losses, judgments, liabilities, claims,
damages or expenses (including reasonable attorneys’ fees) of every kind, nature and description in existence before, on or after Closing, whether known or unknown, absolute or contingent, joint or several, arising out of or relating to:

 (i) any claim made or asserted against Buyer or any of the Property by a creditor of Seller, including any claims based on
or alleging a violation of any bulk sales act or other similar laws; 
  

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 (ii) the material breach of any representation, warranty, covenant or agreement of Seller
contained in this Contract; 
 (iii) any liability or obligation of Seller not expressly assumed by Buyer pursuant to this
Contract; 
 (iv) any claim made or asserted by an employee of Seller arising out of Seller’s decision to sell the
Property; and 
 (v) the conduct and operation by or on behalf of Seller of the Hotel or the ownership, use or operation of
the Property prior to Closing. 
 (b) Indemnification of Seller. Without in any way limiting or diminishing the
warranties, representations or agreements herein contained or the rights or remedies available to Seller for a breach hereof, Buyer hereby agrees, with respect to this Contract, to indemnify, defend and hold harmless Seller (and its respective
members) from and against all losses, judgments, liabilities, claims, damages or expenses (including reasonable attorneys’ fees) of every kind, nature and description in existence before, on or after Closing, whether known or unknown, absolute
or contingent, joint or several, arising out of or relating to: 
 (i) the material breach of any representation, warranty,
covenant or agreement of Buyer contained in this Contract; 
 (ii) the conduct by Buyer, its employees, agents or contractors
of any inspection or other activities at the Hotel prior to the Closing; 
 (iii) the conduct and operation by Buyer of its
business at the Hotel after the Closing; and 
 (iv) any liability or obligation of Buyer expressly assumed by Buyer at
Closing. 
 (c) Indemnification Procedure for Claims of Third Parties. Indemnification, with respect to claims
resulting from the assertion of liability by those not parties to this Contract (including governmental claims for penalties, fines and assessments), shall be subject to the following terms and conditions: 
 (i) The party seeking indemnification (the “Indemnified Party”) shall give prompt written notice to the party or
parties from which it is seeking indemnification (the “Indemnifying Party”) of any assertion of liability 

  

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by a third party which might give rise to a claim for indemnification based on the foregoing provisions of this Section 8.9, which notice shall state
the nature and basis of the assertion and the amount thereof, to the extent known; provided, however, that no delay on the part of the Indemnified Party in giving notice shall relieve the Indemnifying Party of any obligation to indemnify unless (and
then solely to the extent that) the Indemnifying Party is prejudiced by such delay. 
 (ii) If in any action, suit or
proceeding (a “Legal Action”) the relief sought is solely the payment of money damages, and if the Indemnifying Party specifically agrees in writing to indemnify such Indemnified Party with respect thereto and demonstrates to
the reasonable satisfaction of such Indemnified Party its financial ability to do so, the Indemnifying Party shall have the right, commencing thirty (30) days after such notice, at its option, to elect to settle, compromise or defend, pursuant
to this paragraph, by its own counsel and at its own expense, any such Legal Action involving such Indemnified Party’s asserted liability. If the Indemnifying Party does not undertake to settle, compromise or defend any such Legal Action, such
settlement, compromise or defense shall be conducted in the sole discretion of such Indemnified Party, but such Indemnified Party shall provide the Indemnifying Party with such information concerning such settlement, compromise or defense as the
Indemnifying Party may reasonably request from time to time. If the Indemnifying Party undertakes to settle, compromise or defend any such asserted liability, it shall notify such Indemnified Party in writing of its intention to do so within thirty
(30) days of notice from such Indemnified Party provided above. 
 (iii) Notwithstanding the provisions of the previous
subsection of this Contract, until the Indemnifying Party shall have assumed the defense of the Legal Action, the defense shall be handled by the Indemnified Party. Furthermore, (x) if the Indemnified Party shall have reasonably concluded that
there are likely to be defenses available to it that are different from or in addition to those available to the Indemnifying Party; (y) if the Legal Action involves other than money damages and seeks injunctive or other equitable relief; or
(z) if a judgment against Buyer, as the Indemnified Party, in the Legal Action will, in the good faith opinion of Buyer, establish a custom or precedent which will be adverse to the best interest of the continuing business of the Hotel, the
Indemnifying Party shall not be entitled to assume the defense of the Legal Action and the defense shall be handled by the Indemnified Party, provided that the Indemnifying Party shall have the right to approve legal counsel selected by the
Indemnified Party, such approval not to be unreasonably withheld, delayed or conditioned. If the defense of the Legal Action is handled by the Indemnified Party under the provisions of this subsection, the Indemnifying Party shall pay all legal and
other expenses reasonably incurred by the Indemnified Party in conducting such defense only if the final, non-appealable decision rendered in any such Legal Action is in favor of the Indemnified Party and not the third party who commences the Legal
Action. 
  

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 (iv) In any Legal Action initiated by a third party and defended by the Indemnified Party
(w) the Indemnified Party shall have the right to be represented by advisory counsel and accountants, at its own expense, (x) the Indemnifying Party shall keep the Indemnified Party fully informed as to the status of such Legal Action at
all stages thereof, whether or not the Indemnified Party is represented by its own counsel, (y) the Indemnifying Party shall make available to the Indemnified Party and its attorneys, accountants and other representatives, all books and records
of the Indemnifying Party relating to such Legal Action and (z) the parties shall render to each other such assistance as may be reasonably required in order to ensure the proper and adequate defense of such Legal Action. 
 (v) In any Legal Action initiated by a third party and defended by the Indemnifying Party, the Indemnifying Party shall not make
settlement of any claim without the written consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed. Without limiting the generality of the foregoing, it shall not be deemed unreasonable to withhold
consent to a settlement involving injunctive or other equitable relief against Seller or Buyer or its respective assets, employees, Affiliates or business, or relief which Seller or Buyer reasonably believes could establish a custom or precedent
which will be adverse to the best interests of its continuing business. 
 8.10 Escrow Funds of Seller. To provide for the timely
payment of any post-closing claims by Buyer against the Seller hereunder, at Closing, Seller shall deposit an amount equal to Two Hundred Thousand and No/100 Dollars ($200,000.00) (“Seller’s Escrow Funds”) which funds
shall be withheld from the Purchase Price payable to Seller and shall be deposited for a period of one (1) year in an escrow account with the Title Company pursuant to an escrow agreement reasonably satisfactory in form and substance to Buyer
and Seller (“Seller’s Post-Closing Agreement”), which escrow and Seller’s Post-Closing Agreement shall be established and entered into at Closing and shall be a condition to Buyer’s obligations under this
Contract. If no claims have been asserted by Buyer against the Seller, or all such claims have been satisfied, within such one-year period, Seller’s Escrow Funds shall be released to Seller. In the event that Buyer makes a claim subsequent to
the Closing against Seller as a result of any breach by Seller in connection with this Contract, any recovery in connection with the Buyer’s claims against Seller, including legal fees and expenses, shall be limited to Two Million and No/100
Dollars ($2,000,000.00). Buyer shall have no further recourse against Seller in connection with any breach under this Contract. In addition, there shall be no recourse against Seller under this Contract unless Seller is notified of the matter
claimed by the Buyer to have been breached by Seller within one (1) year from the date of the Closing under this Contract. 
 8.11
Escrow Funds of Buyer. To provide for the timely payment of any post-closing claims by Seller against Buyer at Closing, Buyer shall deposit an amount equal to Twenty Thousand and No/100 Dollars ($20,000.00) with respect to the Hotel (the
“Buyer’s Escrow Funds”) which amount shall be deposited for a period of one (1) year in an escrow account with the Title Company pursuant to an escrow agreement reasonably satisfactory in form and substance to Buyer
and Seller (the “Buyer’s Post-Closing Agreement”), which escrow and Buyer’s Post-Closing Agreement shall be established and entered into at Closing and shall be a 

  

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condition to Seller’s obligations under this Contract. If no claims have been asserted by Seller against Buyer, or all such claims have been satisfied,
within such one-year period, Buyer’s Escrow Funds deposited by Buyer shall be released to Buyer. 
 In the event that Seller makes a
claim subsequent to the Closing against the Buyer as a result of any breach by the Buyer in connection with this Contract, any aggregate recovery in connection with Seller’s claims against the Buyer, including legal fees and expenses, shall be
limited to the sum of Forty Thousand Dollars ($40,000.00) which shall include Buyer’s Escrow Funds. Seller shall have no further recourse against the Buyer in connection with any breach under this Contract. There shall be no recourse against
the Buyer under this Contract unless the Buyer is notified of the matter claimed by Seller to have been breached by the Buyer within one (1) year from the date of the Closing under this Contract. 
 8.12 Liquor Licenses. If alcohol will be served at the Hotel, the Manager or an Affiliate thereof approved by Buyer shall have or shall have
obtained, on or prior to the Closing Date, all liquor licenses and alcoholic beverage licenses or banquet licenses, as appropriate and necessary or desirable to operate any restaurants, bars and lounges located within the Hotel (collectively, the
“Liquor Licenses”) and, in the case of an Affiliate of the Manager, the Hotel has the right to use such Liquor License. If permitted under the laws of the jurisdiction in which the Hotel is located, to the extent practicable,
Seller shall cause Manager to, at Buyer’s expense, execute and file any and all necessary forms, applications and other documents (and Seller and Buyer shall cooperate with the Manager in filing such forms, applications and other documents)
with the appropriate liquor and alcoholic beverage authorities prior to Closing so that the Liquor Licenses remain in full force and effect upon completion of Closing. 
 8.13 Construction of Hotel. Subject to the terms and conditions of this Contract, Seller shall (i) construct the Hotel on the Land (a) in a good, workmanlike and diligent manner, (b) in
accordance with development standards for comparable projects, (c) in compliance in all material respects with the Plans and Specifications approved by Franchisor and with all Legal Requirements including, without limitation, federal ADA
requirements, and (d) in accordance with all requirements of the existing Franchise Agreement and (ii) cause the Hotel to be fully equipped with the FF&E and otherwise fully furnished and stocked with merchandise, supplies, inventory
and other Personal Property as required by the existing Franchise Agreement, including, without limitation, linens, bath towels and other supplies at least at a 2-par level for all suites or rooms of the Hotel, in each case such that the Hotel can
be opened for business to the public and operated to full capacity under the Brand. All expenses of constructing, equipping and furnishing the Hotel in accordance with this Contract shall be the sole responsibility of Seller, and Buyer shall have no
obligation whatsoever to adjust the Purchase Price or pay any additional costs as a result of unforeseen events or circumstances affecting the cost of constructing, equipping or furnishing the Hotel. 
 8.14 Plans and Specifications. Seller represents and warrants to Buyer that (i) the plans and specifications that Seller has delivered to
Buyer for its review before the date of this Contract and/or during the Review Period are and shall be a true and complete copy of the plans and specifications for the construction of the Hotel, (ii) such plans and specifications have not been
amended or supplemented in any material respect and (iii) such plans and specifications have been prepared by or otherwise approved by the Franchisor. Seller shall obtain the approval 

  

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of the Franchisor and Buyer with respect to all material changes to such plans and specifications after the date hereof. Such plans and specifications and
all revisions thereto, as approved by the Franchisor and Buyer, shall constitute the “Plans and Specifications” for purposes of this Contract. 
 8.15 Commencement of Construction; Substantial Completion. Seller has obtained or shall use commercially reasonable efforts to obtain, or cause the Contractor to obtain, a building permit and all other permits,
licenses and approvals of governmental authorities required for the construction, equipping and furnishing of the Hotel in accordance with the Plans and Specifications and this Contract. Seller shall diligently pursue construction of the Hotel in
accordance with this Contract and shall cause the Contractor to Substantially Complete the Hotel by September 1, 2008, subject only to delays caused by Force Majeure. Seller shall promptly notify Buyer of each event or condition of Force
Majeure and the anticipated delay caused thereby. 
 8.16 Inspections. Buyer shall have the right to inspect the Property to monitor
and observe the development and construction of the Hotel. All such inspections shall require reasonable prior notice to Seller and shall be conducted in a manner that will minimize any interference with the development and construction of the
Hotel. Buyer shall indemnify, defend and hold Seller harmless from and against any and all expenses, costs and liabilities (including but not limited to reasonable attorneys’ fees) for damage or injury to persons or property arising out of or
relating to its entry onto the Land for any such inspections. 
 8.17 Punch. ListUpon notification from the Contractor that the Hotel
is Substantially Completed and ready for inspection, Seller shall prepare a “punch list” with the assistance of the Architect, Buyer (or its representative) and the Franchisor. Seller acknowledges that final acceptance of the work on the
Hotel shall be made only with the approval of Buyer and the Franchisor. The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Seller with the approval of Buyer, such approval
not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be retained by the Title Company from the Purchase Price and shall be disbursed to Seller only upon Buyer’s reasonable determination that all of the Punch List
Items have been satisfactorily completed. Seller shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at Seller’s expense, with all diligence and in any event within sixty (60) days after
Substantial Completion of the Hotel. 
 8.18 Pre-Opening Program. It is contemplated that certain activities must be undertaken prior
to the Closing Date so that the Hotel can function in an orderly and businesslike manner at the Effective Time (“Pre-Opening Program”), which Pre-Opening Program shall be developed by Buyer and Buyer’s proposed manager.
Seller shall cooperate in good faith with and be responsible for the costs of the Pre-Opening Program and shall provide the Franchisor and Buyer reasonable access to the Property at least six (6) months in advance of the Closing in order to
conduct their activities related to the Pre-Opening Program; provided that the Pre-Opening Program shall not be permitted to interfere with or delay the activities of Seller in completing the Hotel. Seller shall pay in a timely manner all costs
associated with the Pre-Opening Program or otherwise related to the pre-opening operations of the Property up to but not including the Effective Time, regardless of when such costs are payable (the “Pre-Opening Costs”).

  

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 8.19 Construction Warranty. At the Closing, Seller shall assign to Buyer all construction
warranties with respect to the Hotel, which assignment shall be in form and substance reasonably satisfactory to Buyer, including a warranty by the Contractor, for the period ending not sooner than one (1) year after the date the Hotel is
Substantially Completed, in the form of the warranty attached hereto as Exhibit I (the “Construction Warranty”). 
 ARTICLE IX 
 CONDITIONS FOR CLOSING 
 9.1 Buyer’s Conditions for Closing. Unless otherwise waived in writing, and without prejudice to Buyer’s right to cancel this Contract during the Review Period, the duties and obligations of Buyer to
proceed to Closing under the terms and provisions of this Contract, are and shall be expressly subject to strict compliance with, and satisfaction or waiver of, each of the conditions and contingencies set forth in this Section 9.1, each of
which shall be deemed material to this Contract. In the event of the failure of any of the conditions set forth in this Section 9.1 or of any other condition to Buyer’s obligations provided for in this Contract, which condition is not
waived in writing by Buyer, Buyer shall have the right at its option to declare this Contract terminated, in which case the Earnest Money Deposit and any interest thereon, shall be immediately returned to Buyer and each of the parties shall be
relieved from further liability to the other, except as otherwise expressly provided herein, with respect to this Contract. 
 (a) All of the representations and warranties of the Seller contained in or made pursuant to this Contract shall be true and correct in all material respects as if made again on the Closing Date. 
 (b) Buyer shall have received all of the instruments and conveyances listed in Section 10.2. 
 (c) Seller shall have performed, observed and complied in all material respects with all of the covenants, agreements, closing
requirements and conditions required by this Contract to be performed, observed and complied with by Seller, as and when required hereunder. 
 (d) Intentionally Omitted. 
 (e) Third Party Consents in form and substance satisfactory to
Buyer shall have been obtained and furnished to Buyer. 
 (f) Buyer’s Escrow Funds shall have been deposited in the
escrow account pursuant to the Buyer’s Post-Closing Agreement and the parties thereto shall have entered into the Buyer’s Post-Closing Agreement. 
 (g) The Existing Management Agreement and the Existing Franchise Agreement, if any, shall have been terminated. 
 (h) Buyer and the Manager shall have executed and delivered the New Management Agreement and Buyer and the Franchisor shall have executed and delivered the New Franchise Agreement, in each case upon terms and
conditions acceptable to Buyer in its sole and absolute discretion. 
  

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 9.2 Seller’s Conditions for Closing. Unless otherwise waived in writing, and without
prejudice to Seller’s right to cancel this Contract during the Review Period, the duties and obligations of Seller to proceed to Closing under the terms and provisions of this Contract are and shall be expressly subject to strict compliance
with, and satisfaction or waiver of, each of the conditions and contingencies set forth in this Section 9.2, each of which shall be deemed material to this Contract. In the event of the failure of any of the conditions set forth in this
Section 9.2, which condition is not waived in writing by Seller, Seller shall have the right at its option to declare this Contract terminated and null and void, in which case the remaining Earnest Money Deposit and any interest thereon shall
be immediately returned to Buyer and each of the parties shall be relieved from further liability to the other, except as otherwise expressly provided herein. 
 (a) All of Buyer’s representations and warranties contained in or made pursuant to this Contract shall be true and correct in all
material respects as if made again on the Closing Date. 
 (b) Seller shall have received all of the money, instruments and
conveyances listed in Section 10.3. 
 (c) Buyer shall have performed, observed and complied in all material respects
with all of the covenants, agreements, closing requirements and conditions required by this Contract to be performed, observed and complied with by Buyer, as and when required hereunder; and 
 (d) Buyer shall have deposited all of Buyer’s Escrow Funds in the escrow accounts pursuant to the Buyer’s Post-Closing Agreement
and the parties shall have entered into the Buyer’s Post-Closing Agreement. 
 ARTICLE X 
 CLOSING AND CONVEYANCE 
 10.1
Closing. Unless otherwise agreed by Buyer and Seller, the Closing on the Property shall occur on the date on which the Hotel opens for business to the public in accordance with the Franchise Agreement, or as soon as practical thereafter, but
in no event later than fifteen (15) business days after Substantial Completion of the Hotel, provided that all conditions to Closing by Buyer as set forth in Section 9.1 hereof have been satisfied. Buyer will provide Seller at least five
(5) days prior written notice of the Closing Date selected by Buyer. The date on which the Closing is to occur as provided in this Section 10.1, or such other date as may be agreed upon by Buyer and Seller, is referred to in this Contract
as the “Closing Date” for the Property. The Closing shall be held at 10:00 a.m. at the offices of the Title Company, or as otherwise determined by Buyer and Seller. Regardless of the Closing Date, the Closing shall be
effective as of 12:01 a.m. on the date which is the later of (i) the Substantial Completion Date or (ii) the date on which the Hotel opens for business to the public in accordance with the Franchise Agreement (the “Effective
Time”). 
  

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 10.2 Deliveries of Seller. At Closing, Seller shall deliver to Buyer the following, and, as
appropriate, all instruments shall be properly executed and conveyance instruments to be acknowledged in recordable form (the terms, provisions and conditions of all instruments not attached hereto as Exhibits shall be mutually agreed upon by Buyer
and Seller prior to such Closing): 
 (a) Deed. A limited or special warranty deed conveying to Buyer fee simple title
to the Real Property, subject only to the Permitted Exceptions (the “Deed”). 
 (b) Bills of
Sale. A Limited Warranty Bill of Sale to Buyer and/or its designated Lessee, conveying title to the tangible Personal Property (other than the alcoholic beverage inventories, which, at Buyer’s election, shall be transferred by Seller to the
Manager as holder of the Liquor Licenses required for operation of the Hotel). 
 (c) Existing Management and Franchise
Agreements. The termination of the Existing Management Agreement and the Existing Franchise Agreement, if any. 
 (d)
General Assignments. Assignments of all of Seller’s right, title and interest in and to all FF&E Leases, Service Contracts and Leases identified on Exhibit C hereto (the “Hotel Contracts”). The
assignment shall also be a general assignment and shall provide for the assignment of all of Seller’s right, title and interest in all Records, Warranties, Licenses, Tradenames, Contracts, Plans and Specs and all other intangible Personal
Property applicable to the Hotel. 
 (e) FIRPTA; 1099. A FIRPTA Affidavit or Transferor’s Certificate of
Non-Foreign Status as required by Section 1445 of the Internal Revenue Code and an IRS Form 1099. 
 (f) Title Company
Documents. All affidavits, gap indemnity agreements and other documents reasonably required by the Title Company. At Buyer’s sole expense, Buyer shall have obtained an irrevocable commitment directly from the Title Company (or in the event
the Title Company is not willing to issue said irrevocable commitment, then from such other national title company as may be selected by either Buyer or Seller) for issuance of an Owner’s Policy of Title Insurance to Buyer insuring good and
marketable fee simple absolute title to the Real Property constituting part of the Property, subject only to the Permitted Exceptions in the amount of the Purchase Price. 
 (g) Possession; Estoppel Certificates. Possession of the Property, subject only to rights of guests in possession and tenants
pursuant to written leases included in the Leases, and estoppel certificates from tenants under Leases and the lessors under FF&E Leases in form and substance acceptable to Buyer. 
 (h) Vehicle Titles. The necessary certificates of titles duly endorsed for transfer together with any required affidavits and other
documentation necessary for the transfer of title or assignment of leases from the appropriate Seller to Buyer of any motor vehicles used in connection with the Hotel’s operations. 
  

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 (i) Authority Documents. Certified copy of resolutions of the Board of Directors
or other managing body of Seller authorizing the sale of the Property contemplated by this Contract, and/or other evidence reasonably satisfactory to Buyer and the Title Company that the person or persons executing the closing documents on behalf of
Seller have full right, power and authority to do so, along with a certificate of good standing of Seller from the State in which the Property is located. 
 (j) Miscellaneous. Such other instruments as are contemplated by this Contract to be executed or delivered by Seller, reasonably required by Buyer or the Title Company, or customarily executed in the
jurisdiction in which the Hotel is located, to effectuate the conveyance of property similar to the Hotel, with the effect that, after the Closing, Buyer will have succeeded to all of the rights, titles, and interests of Seller related to the Hotel
and Seller will no longer have any rights, titles, or interests in and to the Hotel. 
 (k) Plans, Keys, Records, Etc.
To the extent not previously delivered to and in the possession of Buyer, all Contracts, Plans and Specs, all keys for the Hotel (which keys shall be properly tagged for identification), all Records, including, without limitation, all Warranties,
Licenses, Leases, FF&E Leases and Service Contracts for the Hotel. 
 (l) Closing Statements. Seller’s Closing
Statement, and a certificate confirming the truth of Seller’s representations and warranties hereunder as of the Closing Date. 
 (m) Seller’s Post-Closing Agreements. The Seller’s Post-Closing Agreements and all Seller’s Escrow Funds deposited by Seller pursuant to the terms thereof. 
 10.3 Buyer’s Deliveries. At Closing, Buyer shall deliver the following: 
 (a) Purchase Price. The balance of the Purchase Price, adjusted for the adjustments provided for in Section 12.1, below, and
less any sums to be deducted therefrom as provided in Section 2.4. 
 (b) Authority Documents. Certified copy of
resolutions of the Board of Directors of Buyer authorizing the purchase of the Hotel contemplated by this Contract, and/or other evidence satisfactory to Seller and the Title Company that the person or persons executing the closing documents on
behalf of Buyer have full right, power and authority to do so. 
 (c) Miscellaneous. Such other instruments as are
contemplated by this Contract to be executed or delivered by Buyer, reasonably required by Seller or the Title Company, or customarily executed in the jurisdiction in which the Hotel is located, to effectuate the conveyance of property similar to
the Hotel, with the effect that, after the Closing, Buyer will have succeeded to all of the rights, titles, and interests of Seller related to the Hotel and Seller will no longer have any rights, titles, or interests in and to the Hotel. 

 

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 (d) Closing Statements. Buyer’s Closing Statement, and a certificate
confirming the truth of Buyer’s representations and warranties hereunder as of the Closing Date. 
 (e) Buyer’s
Post-Closing Agreement. The Buyer’s Post-Closing Agreement and all Buyer’s Escrow Funds deposited by Buyer pursuant to the terms thereof. 
 ARTICLE XI 
 COSTS 
 All Closing costs shall be paid as set forth below: 
 11.1 Seller’s Costs. In connection with the sale of the Property contemplated under this Contract, Seller shall be responsible for all transfer and recordation taxes, including, without limitation, all transfer taxes, mansion or
like taxes on or in connection with the transfer of the Real Property and all sales and/or use taxes on the personal property constituting part of the Property pursuant to the Bill of Sale, in each case except as otherwise provided in
Section 12, and all accrued taxes of Seller prior to Closing and other such taxes of Seller attributable to the sale of the Property to Buyer. Seller shall be responsible for all costs related to the termination of the Existing Management
Agreement as provided in Article V. Seller shall also be responsible for all costs and expenses of Seller’s attorneys, accountants and other consultants and professionals utilized by such Seller in connection with the consummation of the sale
of the Property pursuant to this Contract. Seller shall also be responsible for payment of all prepayment penalties and other amounts payable in connection with the pay-off or defeasance of any of loans encumbering the Property. Seller shall also be
responsible for PIP-related fees and costs, if any, to the extent that the Franchisor imposes PIP requirements for the newly constructed Hotel. 
 11.2 Buyer’s Costs. In connection with the purchase of the Property contemplated under this Contract, Buyer shall be responsible for the costs and expenses of its attorneys, accountants and other professionals, consultants and
representatives. Buyer shall also be responsible for the costs and expenses in connection with the preparation of any environmental report, the costs for updating existing surveys (if any) as well as the costs of preparing any new survey of the
Property desired by Buyer, and the costs and expenses of preparation of the title insurance commitment and the issuance of the title insurance policy contemplated by Article IV and the per page recording charges for the Deed (if applicable).

 ARTICLE XII 
 ADJUSTMENTS 
 12.1 Adjustments. Unless otherwise provided herein, at Closing, adjustments between the parties shall
be made as of 11:59 p.m. on the day prior to the Closing Date (the “Cutoff Time”), with the income and expenses accrued prior to the Closing Date being allocated to Seller and the income and expenses accruing on and after the
Closing Date being allocated to Buyer, all as set forth below. All of such adjustments and allocations shall be made in cash at Closing and shall be collected through and/or adjusted in accordance with the terms of the Existing Management
Agreement. Except as otherwise expressly provided herein, all 

  

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apportionments and adjustments shall be made on an accrual basis in accordance with generally accepted accounting principles. Buyer and Seller shall request
that the Manager determine the apportionments, allocations, prorations and adjustments as of the Cutoff Time. 
 (a)
Taxes. All real estate taxes, personal property taxes, or any other taxes and installments of special assessments (special or otherwise) of any nature upon the Property levied, assessed or pending for the calendar year in which the Closing
occurs (including the period prior to Closing, regardless of when due and payable) shall be prorated as of the Cutoff Time and, if no tax bills or assessment statements for such calendar year are available, such amounts shall be estimated on the
basis of the best available information for such taxes and assessments that will be due and payable on the Hotel for the calendar year in which Closing occurs. 
 (b) Utilities. All suppliers of utilities shall be instructed to read meters or otherwise determine the charges owing as of the
Closing Date for services prior thereto, which charges shall be allocated to Seller. Charges accruing after Closing shall be allocated to Buyer. If elected by Seller, Seller shall be given credit, and Buyer shall be charged, for any utility deposits
transferred to and received by Buyer at Closing. 
 (c) Income/Charges. All rents, income and charges receivable or
payable under any Leases and Hotel Contracts applicable to the Property, and any deposits, prepayments and receipts thereunder, shall be prorated between Buyer and Seller as of the Cutoff Time. 
 (d) Accounts. All working capital accounts, reserve accounts and escrow accounts shall remain the property of Seller, and are
excluded from the sale. 
 (e) Guest Ledger. Subject to (f) below, all accounts receivable of registered guests at
the Hotel who have not checked out and were occupying rooms as of the Cutoff Time, shall be prorated as provided herein. 
 (f) Room Rentals. All receipts from guest room rentals and other suite revenues for the night in which the Cutoff Time occurs shall belong to Seller, but Seller shall provide Buyer credit at Closing equal to the reasonable expenses
to be incurred by Buyer to clean such guests’ rooms. 
 (g) Advance Deposits. All prepaid rentals, room rental
deposits, and all other deposits for advance registration, banquets or future services to be provided on and after the Closing Date shall be credited to Buyer. 
 (h) Accounts Receivable. To the extent not apportioned at Closing and subject to (e) and (f) above, all accounts
receivable and credit card claims as of the Cutoff Time shall remain the property of Seller, and Seller and Buyer agree that the monies received from debtors owing such accounts receivable balances after Closing, unless otherwise provided in the New
Management Agreement, shall be applied as expressly provided in such remittance, or if not specified then to the Seller’s outstanding invoices to such account debtors in chronological order beginning with the oldest invoices, and thereafter, to
Buyer’s account. 
  

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 (i) Accounts Payable. To the extent not apportioned at Closing, any indebtedness,
accounts payable, liabilities or obligations of any kind or nature related to Seller or the Property for the periods prior to and including the Closing Date shall be retained by Seller and promptly allocated to Seller and evidence thereof shall be
provided to Buyer, and Buyer shall not be or become liable therefor, except as expressly assumed by Buyer pursuant to this Contract, and invoices received in the ordinary course of business prior to Closing shall be allocated to Seller at Closing.

 (j) Restaurants, Bars, Machines, Other Income. All monies received in connection with bar, restaurant, banquet and
similar and other services at the Hotel (other than amounts due from any guest and included in room rentals) prior to the close of business for each such operation for the night in which the Cutoff Time occurs shall belong to Seller, and all other
receipts and revenues (not previously described in this Section 12.1) from the operation of any department of the Hotel shall be prorated between Seller and Buyer at Closing. 
 12.2 Reconciliation and Final Payment. Seller and Buyer shall reasonably cooperate after Closing to make a final determination of the allocations
and prorations required under this Contract within one hundred eighty (180) days after the Closing Date. Upon the final reconciliation of the allocations and prorations under this Section, the party which owes the other party any sums hereunder
shall pay such party such sums within ten (10) days after the reconciliation of such sums. The obligations to calculate such prorations, make such reconciliations and pay any such sums shall survive the Closing. 
 12.3 Employees. Unless Buyer or the Manager expressly agrees otherwise, none of the employees of the Hotel shall become employees of Buyer, as of
the Closing Date; instead, such employees shall continue as employees of the Manager or an affiliate of Manager. Seller shall not give notice under any applicable federal or state plant closing or similar act, including, if applicable, the Worker
Adjustment and Retraining Notification Provisions of 29 U.S.C., Section 2102, the parties having agreed that a mass layoff, as that term is defined in 29 U.S.C., 2101(a)(3), will not have occurred. Any liability for payment of all wages,
salaries and benefits, including, without limitation, accrued vacation pay, sick leave, bonuses, pension benefits, COBRA rights, and other benefits accrued or earned by and due to employees at the Hotel through the Cutoff Time, together with
F.I.C.A., unemployment and other taxes and benefits due with respect to such employees for such period, shall be charged to Seller, in accordance with the Existing Management Agreement, for the purposes of the adjustments to be made as of the Cutoff
Time. All liability for wages, salaries and benefits of the employees accruing in respect of and attributable to the period from and after Closing shall be charged to Buyer, in accordance with the New Management Agreement. To the extent applicable,
all such allocations and charges shall be adjusted in accordance with the provisions of the Existing Management Agreement. 
 ARTICLE XIII

 CASUALTY AND CONDEMNATION 
 13.1 Risk of Loss; Notice. Prior to Closing and the delivery of possession of the Property to Buyer in accordance with this Contract, all risk of loss to the Property (whether 

  

 31 








 
by casualty, condemnation or otherwise) shall be borne by Seller. In the event that (a) any loss or damage to the Hotel shall occur prior to the Closing
Date as a result of fire or other casualty, or (b) Seller receives notice that a governmental authority has initiated or threatened to initiate a condemnation proceeding affecting the Hotel, Seller shall give Buyer immediate written notice of
such loss, damage or condemnation proceeding (which notice shall include a certification of (i) the amounts of insurance coverages in effect with respect to the loss or damage and (ii) if known, the amount of the award to be received in
such condemnation). 
 13.2 Buyer’s Termination Right. If, prior to Closing and the delivery of possession of the Property to
Buyer in accordance with this Contract, (a) any condemnation proceeding shall be pending against a substantial portion of the Hotel or (b) there is any substantial casualty loss or damage to the Hotel, Buyer shall have the option to
terminate this Contract, provided Buyer delivers written notice to Seller of its election within twenty (20) days after the date Seller has delivered Buyer written notice of any such loss, damage or condemnation as provided above, and in such
event, the Earnest Money Deposit, and any interest thereon, shall be delivered to Buyer and thereafter, except as expressly set forth herein, neither party shall have any further obligation or liability to the other under this Contract. In the
context of condemnation, “substantial” shall mean condemnation of such portion of the Hotel (or access thereto) as could, in Buyer’s reasonable judgment, render use of the remainder impractical or unfeasible for the uses herein
contemplated, and, in the context of casualty loss or damage, “substantial” shall mean a loss or damage in excess of Two Hundred Thousand and No/100 Dollars ($200,000.00) in value. 
 13.3 Procedure for Closing. If Buyer shall not timely elect to terminate this Contract under Section 13.2 above, or if the loss, damage or
condemnation is not substantial, Seller agrees to pay to Buyer at the Closing all insurance proceeds or condemnation awards which Seller has received as a result of the same, plus an amount equal to the insurance deductible, and assign to Buyer all
insurance proceeds and condemnation awards payable as a result of the same, in which event the Closing shall occur without Seller replacing or repairing such damage and without any reduction in the Purchase Price. 
 ARTICLE XIV 
 DEFAULT REMEDIES 

 14.1 Buyer Default. If Buyer defaults under this Contract after the Review Period, and such default continues for thirty
(30) days following written notice from Seller (provided no notice shall extend the time for Closing), then at Seller’ election by written notice to Buyer, this Contract shall be terminated and of no effect, in which event the Earnest
Money Deposit, including any interest thereon, shall be paid to and retained by Seller as Seller’s sole and exclusive remedy hereunder, and as liquidated damages for Buyer’s default or failure to close, and both Buyer and Seller shall
thereupon be released from all obligations hereunder. 
 14.2 Seller Default. If Seller defaults under this Contract, and such default
continues for thirty (30) days following written notice from Buyer, Buyer may elect, as Buyer’s sole and exclusive remedy, either (i) to terminate this Contract by written notice to Seller delivered to Seller at any time prior to the
completion of such cure, in which event the Earnest Money Deposit, including any interest thereon, shall be returned to the Buyer, and thereafter 

  

 32 








 
both the Buyer and Seller shall thereupon be released from all obligations with respect to this Contract, except as otherwise expressly provided herein; or
(ii) to treat this Contract as being in full force and effect by written notice to Seller delivered to Seller at any time prior to the completion of such cure, in which event the Buyer shall have the right to an action against Seller for
specific performance. 
 14.3 Attorney’s Fees. Anything to the contrary herein notwithstanding, if it shall be necessary for
either the Buyer or Seller to employ an attorney to enforce its rights pursuant to this Contract because of the default of the other party, and the non-defaulting party is successful in enforcing such rights, then the defaulting party shall
reimburse the non-defaulting party for the non-defaulting party’s reasonable attorneys’ fees, costs and expenses. 
 ARTICLE XV

 NOTICES 
 All
notices required herein shall be deemed to have been validly given, as applicable: (i) if given by telecopy, when the telecopy is transmitted to the party’s telecopy number specified below and confirmation of complete receipt is received
by the transmitting party during normal business hours or on the next Business Day if not confirmed during normal business hours, (ii) if hand delivered to a party against receipted copy, when the copy of the notice is receipted or rejected,
(iii) if given by certified mail, return receipt requested, postage prepaid, two (2) Business Days after it is posted with the U.S. Postal Service at the address of the party specified below or (iv) on the next delivery day after such
notices are sent by recognized and reputable commercial overnight delivery service marked for next day delivery, return receipt requested or similarly acknowledged: 
  

			
	If to Buyer:	  	 Apple Eight Hospitality Ownership, Inc.
 814 E. Main
Street
 Richmond, Virginia 23219
 Attention: Justin
Knight
 Fax No.: (804) 344-8129

		
	with a copy to:	  	 Apple Eight Hospitality Ownership, Inc.
 814 E. Main
Street
 Richmond, Virginia 23219
 Attention: Legal
Dept.
 Fax No.: (804) 727-6349

		
	If to Seller:	  	 Blue Valley Lodging Partners, L.L.C.
 c/o True North
Hotel Group, Inc.
 Commerce Plaza I
 7300 West 110th Street, Suite 990
 Overland Park, Kansas
66210

		
	With a Copy to:	  	 Bryan Cave LLP
 Attention: Tom Kreamer
 One Kansas City Place
 1200 Main Street, Suite 3500
 Kansas City, Missouri 64105


  

 33 








 Addresses may be changed by the parties hereto by written notice in accordance with this Section.

 ARTICLE XVI 
 MISCELLANEOUS 
 16.1 Performance. Time is of the essence in the performance and satisfaction of each and every
obligation and condition of this Contract. 
 16.2 Binding Effect; Assignment. This Contract shall be binding upon and shall inure to
the benefit of each of the parties hereto, their respective successors and assigns. 
 16.3 Entire Agreement. This Contract and the
Exhibits constitute the sole and entire agreement between Buyer and Seller with respect to the subject matter hereof. No modification of this Contract shall be binding unless signed by both Buyer and Seller. 
 16.4 Governing Law. The validity, construction, interpretation and performance of this Contract shall in all ways be governed and determined in
accordance with the laws of the state in which the Property is located (without regard to conflicts of law principles). 
 16.5
Captions. The captions used in this Contract have been inserted only for purposes of convenience and the same shall not be construed or interpreted so as to limit or define the intent or the scope of any part of this Contract. 
 16.6 Confidentiality. Except as either party may reasonably determine is required by law (including without limitation laws and regulations
applicable to Buyer or its Affiliates who may be public companies): (i) prior to Closing, Buyer and Seller shall not disclose the existence of this Contract or their respective intentions to purchase and sell the Property or generate or
participate in any publicity or press release regarding this transaction, except to Buyer’s and Seller’s legal counsel and lender, Buyer’s consultants and agents, the Manager, the Franchisor and the Title Company and except as
necessitated by Buyer’s Due Diligence Examination and/or shadow management, unless both Buyer and Seller agree in writing and as necessary to effectuate the transactions contemplated hereby and (ii) following Closing, the parties shall
coordinate any public disclosure or release of information related to the transaction contemplated by this Contract, and no such disclosure or release shall be made without the prior written consent of Buyer, and no press release shall be made
without the prior written approval of Buyer and Seller. Notwithstanding the foregoing, Seller may disclose the general nature of the purchase and sale transaction to its Hotel employees without divulging the identity of Buyer or its Affiliates or
any of the economic or other specific terms of this Contract. 
 16.7 Closing Documents. To the extent any Closing documents are not
attached hereto at the time of execution of this Contract, Buyer and Seller shall negotiate in good faith with respect to the form and content of such Closing documents prior to Closing. 
  

 34 








 16.8 Counterparts. This Contract may be executed in counterparts by the parties hereto, and by
facsimile signature, and each shall be considered an original and all of which shall constitute one and the same agreement. 
 16.9
Severability. If any provision of this Contract shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair or invalidate the remainder of this Contract but
shall be confined in its operation to the provision or provisions hereof directly involved in the controversy in which such judgment shall have been rendered, and this Contract shall be construed as if such provision had never existed, unless such
construction would operate as an undue hardship on Seller or Buyer or would constitute a substantial deviation from the general intent of the parties as reflected in this Contract. 
 16.10 Interpretation. For purposes of construing the provisions of this Contract, the singular shall be deemed to include the plural and
vice versa and the use of any gender shall include the use of any other gender, as the context may require. 
 16.11
(Intentionally Omitted) 
 16.12 Further Acts. In addition to the acts, deeds, instruments and agreements recited herein and
contemplated to be performed, executed and delivered by Buyer and Seller, Buyer and Seller shall perform, execute and deliver or cause to be performed, executed and delivered at the Closing or after the Closing, any and all further acts, deeds,
instruments and agreements and provide such further assurances as the other party or the Title Company may reasonably require to consummate the transaction contemplated hereunder. 
 16.13 Joint and Several Obligations. If Seller consists of more than one person or entity, each such person or entity shall be jointly and
severally liable with respect to the obligations of Seller under this Contract. 
 [Signatures Begin on Following Page] 
  

 35 








 IN WITNESS WHEREOF, this Contract has been executed, to be effective as of the date first above written,
by the Buyer and Seller. 
  

			
	SELLER:
	
	BLUE VALLEY LODGING PARTNERS, L.L.C.
A Kansas limited liability company
		
	By:	 	/s/ Lewis Wiens
	Name:	 	Lewis Wiens
	Title:	 	 


  

 36 









			
	MANAGER:
	
	TRUE NORTH HOTEL GROUP, INC.,
a Kansas corporation
		
	By:	 	/s/ Lewis H. Wiens
	Name:	 	Lewis H. Wiens
	Title:	 	President


  

 37 









			
	BUYER:
	
	APPLE EIGHT HOSPITALITY OWNERSHIP, INC., a Virginia corporation
		
	By:	 	/s/ David Buckley
	Name:	 	David Buckley
	Title:	 	 


  

 38 








 EXHIBIT “A” 
 Information Re: Hotel 
  

												
	 Hotel and Brand
	  	 Selling
 Entity
	  	State of
Organization	  	Rooms	  	Purchase
Price	  	Franchisor
	 Fairfield Inn and Suites – Overland Park

 12440
Blue Valley Pkwy.

 Overland, KS 66213 (currently under construction)
	  	Blue Valley Lodging
Partners, L.L.C.	  	Kansas	  	110	  	$	12,050,000	  	Marriott
International,
Inc.








 EXHIBIT “A-1” 
 LEGAL DESCRIPTION OF LAND 
 A TRACT OF LAND LOCATED IN THE SOUTHEAST QUARTER OF SECTION 19,
TOWNSHIP 13 SOUTH, RANGE 25 EAST OF THE 6TH PRINCIPAL MERIDIAN, IN THE CITY OF OVERLAND PARK, JOHNSON COUNTY, KANSAS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 BEGINNING AT THE SOUTHEAST CORNER OF TRACT “A”, TRAVEL CLEAN DEVELOPMENT, SOUTHEAST QUARTER, SECTION 19-13-25, OVERLAND PARK, JOHNSON COUNTY, KANSAS, RECORDED IN THE OFFICE OF THE JOHNSON COUNTY REGISTER OF DEEDS OFFICE, SAID
POINT ALSO BEING A POINT ON THE WESTERLY RIGHT-OF-WAY LINE OF BLUE VALLEY PARKWAY; THENCE S 23°10’09” W ALONG SAID WESTERLY RIGHT-OF-WAY LINE A DISTANCE OF 223.97 FEET; 
 THENCE S 88°09’51” W A DISTANCE OF 236.71 FEET TO A POINT ON THE WEST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 19; 
 THENCE N 01°50’09” W ALONG SAID WEST LINE A DISTANCE OF 348.04 FEET; THENCE N 88°09’50” E A DISTANCE OF 160.39 FEET TO A POINT ON THE SOUTHERLY LINE OF TRACT “A”; 
 THENCE ALONG SAID SOUTHERLY LINE ON A CURVE TO THE LEFT HAVING A RADIUS OF 630.00 FEET, A CHORD BEARING OF S 43°02’37” E AND A CHORD DISTANCE OF 19.36
FEET, AN ARC DISTANCE OF 19.36 FEET; 
 THENCE S 43°55’26” E CONTINUING ALONG SAID SOUTHERLY LINE A DISTANCE OF 55.00 FEET; 
 THENCE CONTINUING ALONG SAID SOUTHERLY LINE ON A CURVE TO THE LEFT HAVING A RADIUS OF 380.00 FEET, A CHORD BEARING OF S 55°22’38” E AND A CHORD DISTANCE OF
150.92 FEET, AN ARC DISTANCE OF 151.91 FEET TO THE POINT OF BEGINNING. 







 EXHIBIT B 
 LIST OF FF&E 
 (To be attached on or before the Closing) 







 EXHIBIT C 
 LIST OF HOTEL CONTRACTS 
 EXHIBIT C-1 - Seller’s Hotel Contracts 
 To be provided by Seller and approved by Buyer during the Review Period and updated prior to the Closing 
 EXHIBIT C-2 - Other Hotel Contracts 
 To be provided by Seller and approved by Buyer during the Review Period and updated
prior to the Closing 







 EXHIBIT D 
 CONSENTS AND APPROVALS 
 The only consents and approvals that are required in connection with
the sale of the Hotel by Seller are from the individual members of Seller, as required by Seller’s operating agreement, and the Franchisor. 







 EXHIBIT E 
 ENVIRONMENTAL REPORTS AND DISCLOSURES 







 EXHIBIT F 
 CLAIMS OR LITIGATION PENDING 
 There is no claim or litigation currently pending against the
Hotel. 







 EXHIBIT G 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Agreement”) made the
___ day of _______, 2007 by and among _________________________, a ___________ limited liability company (“Seller”), APPLE EIGHT HOSPITALITY OWNERSHIP, INC. a Virginia corporation, or its assigns
(“Buyer”) and LANDAMERICA AMERICAN TITLE COMPANY (“Escrow Agent”). 
 R E C I T A L S 
 WHEREAS, pursuant to the provisions of Section 2.6 of that certain Purchase Contract dated _______ ___, 2007 (the “Contract”) between
Seller and Buyer (the “Parties”), the Parties have requested Escrow Agent to hold in escrow in accordance with the provisions, upon the terms, and subject to the conditions, of this Agreement, the Earnest Money Deposit as
defined in the Contract (the “Deposit”); and 
 WHEREAS, the Deposit shall be delivered to Escrow Agent in accordance
with the terms of the Contract and this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the Parties hereto agree as follows: 
 1. Seller and Buyer hereby appoint Escrow Agent to serve as escrow agent
hereunder, and the Escrow Agent agrees to act as escrow agent hereunder in accordance with the provisions, upon the terms and subject to the conditions of this Agreement. The Escrow Agent hereby acknowledges receipt of the Deposit. Escrow Agent
shall invest the Deposit as directed by Buyer. 
 2. Subject to the rights and obligations to transfer, deliver or otherwise
dispose of the Deposit, Escrow Agent shall keep the Deposit in Escrow Agent’s possession pursuant to this Agreement. 
 3. A. Buyer shall be entitled to an immediate return of the Deposit at any time prior to the expiration of the Review Period (as defined in Section 3.1 of the Contract) by providing written notice to Escrow Agent stating that Buyer has
elected to terminate the Contract pursuant to Section 3.1. 
 B. If at any time after the expiration of the Review
Period, Buyer claims entitlement to all or any portion of the Deposit, Buyer shall give written notice to Escrow Agent stating that Seller has defaulted in the performance of its obligations under the Contract beyond the applicable grace period, if
any, or that Buyer is otherwise entitled to the return of the Deposit or applicable portion thereof and shall direct Escrow Agent to return the Deposit or applicable portion thereof to Buyer (the “Buyer’s Notice”).
Escrow Agent shall promptly deliver a copy of Buyer’s Notice to Seller. Seller shall have three (3) business days after receipt of the copy of Buyer’s Notice to deliver written notice to Escrow Agent and Buyer objecting to 








 
the release of the Deposit or applicable portion thereof to Buyer (“Seller’s Objection Notice”). If Escrow Agent does not
receive a timely Seller’s Objection Notice, Escrow Agent shall release the Deposit or applicable portion thereof to Buyer. If Escrow Agent does receive a timely Seller’s Objection Notice, Escrow Agent shall release the Deposit or
applicable portion thereof only upon receipt of, and in accordance with, written instructions signed by Seller and Buyer, or the final order of a court of competent jurisdiction. 
 C. If, at any time after the expiration of the Review Period, Seller claims entitlement to the Deposit or applicable portion thereof,
Seller shall give written notice to Escrow Agent stating that Buyer has defaulted in the performance of its obligations under the Contract, and shall direct Escrow Agent to release the Deposit or applicable portion thereof to Seller (the
“Seller’s Notice”). Escrow Agent shall promptly deliver a copy of Seller’s Notice to Buyer. Buyer shall have three (3) business days after receipt of the copy of Seller’s Notice to deliver written notice
to Escrow Agent and Seller objecting to the release of the Deposit or applicable portion thereof to Seller (“Buyer’s Objection Notice”). If Escrow Agent does not receive a timely Buyer’s Objection Notice, Escrow
Agent shall release the Deposit or applicable portion thereof to Seller. If Escrow Agent does receive a timely Seller’s Objection Notice, Escrow Agent shall release the Deposit or applicable portion thereof only upon receipt of, and in
accordance with, written instructions signed by Buyer and Seller, or the final order of a court of competent jurisdiction. 
 4. In the performance of its duties hereunder, Escrow Agent shall be entitled to rely upon any document, instrument or signature purporting to be genuine and purporting to be signed by and of the Parties or their successors unless Escrow
Agent has actual knowledge to the contrary. Escrow Agent may assume that any person purporting to give any notice or instructions in accordance with the provisions hereof has been duly authorized to do so. 
 5. A. Escrow Agent shall not be liable for any error of judgment, or any action taken or omitted to be taken hereunder, except in the case
of Escrow Agent’s willful, bad faith misconduct or negligence, nor shall Escrow Agent be liable for the conduct or misconduct of any employee, agent or attorney thereof. Escrow Agent shall be entitled to consult with counsel of its choosing and
shall not be liable for any action suffered or omitted in accordance with the advice of such counsel. 
 B. In addition to the
indemnities provided below, Escrow Agent shall not be liable for, and each of the Parties jointly and severally hereby indemnify and agree to save harmless and reimburse Escrow Agent from and against all loss, cost, liability, damage and expense,
including outside counsel fees in connection with its acceptance of, or the performance of its duties and obligations under, this Agreement, including the costs and expenses of defending against any claim arising hereunder unless the same are caused
by the willful, bad faith misconduct or negligence of Escrow Agent. 
 C. Escrow Agent shall not be bound or in any way
affected by any notice of any modification or cancellation of this Agreement, or of any fact or circumstance affecting or alleged to affect rights or liabilities hereunder other than as is herein set forth, or affecting or alleged to affect the
rights and liabilities of any other person, unless notice of the same is delivered to Escrow Agent in writing, signed by the proper parties to Escrow Agent’s satisfaction and, in the case of modification, unless such modification shall be
approved by Escrow Agent in writing. 
  

 2 








 6. A. Escrow Agent and any successor escrow agent, as the case may be, may resign his or
its duties and be discharged from all obligations hereunder at any time upon giving five (5) days’ prior written notice to each of the Parties hereto. The Parties hereto will thereupon jointly designate a successor escrow agent hereunder
within said five (5) day period to whom the Deposit shall be delivered. In default of such a joint designation of a successor escrow agent, Escrow Agent shall retain the Deposit as custodian thereof until otherwise directed by the Parties
hereto, jointly, or until the Deposit is released in accordance with clause (B) below, in each case, without liability or responsibility. 
 B. Anything in this Agreement to the contrary notwithstanding, (i) Escrow Agent, on notice to the Parties hereto, may take such other steps as the Escrow Agent may elect in order to terminate its duties as Escrow
Agent hereunder, including, but not limited to, the deposit of the Deposit with a court of competent jurisdiction in the Commonwealth of Virginia and the commencement of an action of interpleaders, and (ii) in the event of litigation between
any of the Parties with respect to the Deposit, Escrow Agent may deposit the Deposit with the court in which said litigation is pending and, in any such event, Escrow Agent shall be relieved and discharged from any liability or responsibility to the
Parties hereto. Escrow Agent shall not be under any obligation to take any legal action in connection with this Agreement or its enforcement or to appear in, prosecute or defend any action or legal proceeding which, in the opinion of Escrow Agent,
would or might involve Escrow Agent in any cost, expense, loss, damage or liability, unless and as often as requested, Escrow Agent shall be furnished with security and indemnity satisfactory to Escrow Agent against all such costs, expenses
(including attorney’s fees), losses, damages and liabilities. 
 7. All notices required herein shall be deemed to have
been validly given, as applicable: (i) if given by telecopy, when the telecopy is transmitted to the party’s telecopy number specified below and confirmation of complete receipt is received by the transmitting party during normal business
hours or on the next business day if not confirmed during normal business hours, (ii) if hand delivered to a party against receipted copy, when the copy of the notice is receipted or rejected, (iii) if given by certified mail, return
receipt requested, postage prepaid, two (2) business days after it is posted with the U.S. Postal Service at the address of the party specified below or (iv) on the next delivery day after such notices are sent by recognized and reputable
commercial overnight delivery service marked for next day delivery, return receipt requested or similarly acknowledged: 
  

	 	(i)	If addressed to Seller, to: 

   _________________________ 
   c/o 
   Attention: 
   Fax No.: (        ) ___-____ 
  

 3 








   With a copy to: 
   Bryan Cave LLP 
   Attention: Tom Kreamer 
   One Kansas City Place 
   1200 Main Street, Suite 3500 
   Kansas City, Missouri 64105 
  

	 	(ii)	If addressed to Buyer, to: 

   Apple Eight Hospitality Ownership, Inc. 
   814 E. Main Street 
   Richmond, Virginia 23219 
   Attn: Justin Knight 
   Fax No.: (804) 344-8129 
   with a copy to: 
   Apple Eight Hospitality Ownership, Inc. 
   814 E. Main Street

   Richmond, Virginia 23219 
   Attn: Legal Dept. 
   Fax No.: (804) 727-6349 
  

	 	(iii)	If addressed to Escrow Agent, to: 

   LandAmerica American Title Company - 1951 
   2505 N. Plano Road, Ste. 3100 
   Richardson, Texas 75082 
   Attn: Debby S. Moore 
   Fax No.: (214) 570-0210 
 or such other address or addresses as may be expressly designated by any party by notice given in accordance with the foregoing provisions and actually received by the
party to whom addressed. 
 8. This Agreement may be executed in any number of counterparts each of which shall be deemed an
original and all of which, together, shall constitute one and the same Agreement. 
 9. The covenants, conditions and
agreements contained in this Agreement shall bind and inure to the benefit of each of the Parties hereto and their respective successors and assigns. 
  

 4 








 IN WITNESS WHEREOF the Parties have executed this Agreement as of the day and year first above written.

  

			
	SELLER:
	
	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	BUYER:
	
	APPLE EIGHT HOSPITALITY OWNERSHIP, INC.
	
	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	ESCROW AGENT:
	
	LANDAMERICA AMERICAN TITLE COMPANY
	
	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 


  

 5 








 EXHIBIT H 
 New Management Agreement Form 







 EXHIBIT I 
 CONSTRUCTION WARRANTY 
 The Contractor hereby warrants to Seller and Buyer that all materials
and equipment furnished with respect to the Property are new and the work performed by the Contractor with respect to the Property is of good and workmanlike quality, free from faults and defects, and in conformance with all contract documents. Work
not conforming to these requirements, including substitutions not properly approved and authorized, may be considered defective. The foregoing warranty excludes remedy for damage or defect caused by abuse, modifications not executed by the
Contractor, improper or insufficient maintenance, improper operation, or normal wear and tear and normal usage. If required by Seller or Buyer, the Contractor shall furnish satisfactory evidence as to the kind and quality of materials and equipment.

 The Contractor hereby guarantees to Seller and Buyer all work performed and materials and equipment furnished with respect to the Property
against defects in materials and workmanship for a period of one year from the date of substantial completion of the entire Property, or for a longer period if so specified in the contract documents. 
 The Contractor shall, within a reasonable time after receipt of written notice thereof, and without reimbursement under the construction contract, make
good any defects in materials, equipment and workmanship which may develop within periods for which said material, equipment and workmanship are guaranteed and make good any damage to other work caused by the repairing of such defects