Exhibit 10.3



 Exhibit 10.3 

February 24, 2015 
 Via
E-mail 
 American Realty Capital Hospitality Portfolio Member, LLC 

405 Park Avenue, 15th Floor 
 New York, NY 10022 

 

	 	Re:	Letter Agreement Amendment to Amended & Restated Real Estate Sale Agreement 

 Ladies and
Gentlemen: 
 Reference is made to that certain Amended & Restated Real Estate Sale Agreement, dated as of the 11th day of November, 2014, by and between the sellers listed on Schedule 1A attached hereto (each, a “Seller” and collectively, “Sellers”), American Realty
Capital Hospitality Portfolio Member LP, a Delaware limited partnership (successor by conversion to American Realty Capital Hospitality Portfolio Member, LLC, “Original Purchaser”), and each of the purchasers listed on Schedule
1B attached hereto (together with Original Purchaser, individually or collectively as the context may require, “Purchaser”), as amended by that certain First Amendment to Amended & Restated Real Estate Sale Agreement,
dated the 13th day of February, 2015, by and between Sellers and Purchaser (the “Agreement”), relating to the purchase and sale of, among other things, a portfolio of hotels as
specified in the Agreement. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Agreement. 

Seller and Purchaser hereby agree to amend Schedule 2 of the Agreement by deleting such schedule in its entirety and replacing it with
the revised Schedule 2 attached hereto as Exhibit A. The revised Schedule 2 corrects certain scrivener’s errors in the original Schedule 2. 

Seller and Purchaser hereby agree that the Agreement, as amended hereby, remains in full force and effect. Seller and Purchaser acknowledge
that (a) this letter agreement may be executed in one or more counterparts, with the understanding that all counterparts shall constitute one and the same agreement, and (b) a party’s transmission of an executed counterpart of this
letter agreement in PDF format by electronic mail shall constitute effective delivery of this letter agreement. 
 Please execute this
letter agreement below to confirm your agreement herewith. 

  
 Letter Agreement re A&R Real Estate
Sale Agreement 








  

			
	Sincerely,
	
	 W2007 EQUITY INNS REALTY, LLC, a

Delaware limited liability company

		
	By:		WNT Mezz I, LLC, a Delaware limited liability company, its Managing Member
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Manager
	
	 W2007 EQUITY INNS REALTY, L.P.,

a Delaware limited partnership

		
	By:		W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Manager
	
	W2007 EQI DALTON PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	 W2007 EQI HOUSTON PARTNERSHIP, L.P., a

Tennessee limited partnership

		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	 W2007 EQI CARLSBAD PARTNERSHIP, L.P., a

Tennessee limited partnership

		
	By:		W2007 EQI Carlsbad Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI HI AUSTIN PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI NAPERVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Naperville Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI COLLEGE STATION PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI College Station Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI EAST LANSING PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI INDIANAPOLIS PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Indianapolis Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI KNOXVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Knoxville Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI MILFORD Partnership, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Milford Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI ORLANDO 2 PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI URBANA PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI RIO RANCHO PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI LOUISVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI AUGUSTA PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI ORLANDO PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Orlando Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI SEATTLE PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI JACKSONVILLE PARTNERSHIP I, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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	W2007 EQI ASHEVILLE PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President
	
	W2007 EQI SAVANNAH 2 PARTNERSHIP, L.P., a Tennessee limited partnership
		
	By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner
		
	By:		 /s/ Greg Fay

			Name: Greg Fay
			Title: Vice President



  
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					 AGREED TO AND ACCEPTED ON THIS ___ DAY OF FEBRUARY 2015 BY:

			
					American Realty Capital Hospitality Portfolio Member, LP, a Delaware partnership
				
					By:		American Realty Capital Hospitality Portfolio Member GP LLC, its general partner
				
					By:		 American Realty Capital Hospitality

Operating Partnership, L.P., its sole member

					
							 By:
		American Realty Capital Hospitality Trust, Inc., its general partner
						
									By:		 /s/ Jonathan P. Mehlman

									Name:		Jonathan P. Mehlman
									Title:		CEO and President
			
					ARC Hospitality Portfolio I Owner, LLC, a
					Delaware limited liability company
				
					By:		 /s/ Jonathan P. Mehlman

							Name:		Jonathan P. Mehlman
							Title:		CEO and President
			
					ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company
				
					By:		 /s/ Jonathan P. Mehlman

							Name:		Jonathan P. Mehlman
							Title:		CEO and President
			
					 ARC Hospitality Portfolio I PXGL Owner, LLC,

a Delaware limited liability company

				
					By:		 /s/ Jonathan P. Mehlman

							Name:		Jonathan P. Mehlman
							Title:		CEO and President


  
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	ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company
		
	By:		 /s/ Jonathan P. Mehlman

	Name: Jonathan P. Mehlman
	Title: CEO and President
	
	ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company
		
	By:		 /s/ Jonathan P. Mehlman

	Name: Jonathan P. Mehlman
	Title: CEO and President
	
	ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President
	
	ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President
	
	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership
	
	By: ARC Hospitality Portfolio I NTC Owner GP,
	LLC, its general partner
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President



  
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	ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership
	
	By: ARC Hospitality Portfolio I NTC Owner GP,
	LLC, its general partner
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President
	
	ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership
	
	By: ARC Hospitality Portfolio I NTC Owner GP,
	LLC, its general partner
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President
	
	ARC Hospitality Portfolio II Owner, LLC, a Delaware limited liability company
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President
	
	ARC Hospitality Portfolio II NTC Owner, LP, a Delaware limited partnership
	
	By: ARC Hospitality Portfolio II NTC Owner GP,
	LLC, its general partner
		
	By:		 /s/ Jonathan P. Mehlman

			Name: Jonathan P. Mehlman
			Title: CEO and President


  

	cc:	Samuel Richardson 


  
 Letter Agreement re A&R Real Estate
Sale Agreement 








 SCHEDULE 1A 

SELLERS 
 W2007 Equity Inns Realty,
L.L.C. 
 W2007 Equity Inns Realty, L.P. 
 W2007 EQI Dalton
Partnership, L.P. 
 W2007 EQI Houston Partnership, L.P. 
 W2007
EQI Carlsbad Partnership, L.P. 
 W2007 EQI HI Austin Partnership, L.P. 

W2007 EQI Naperville Partnership, L.P. 
 W2007 EQI College Station
Partnership, L.P. 
 W2007 EQI East Lansing Partnership, L.P. 

W2007 EQI Indianapolis Partnership, L.P. 
 W2007 EQI Knoxville
Partnership, L.P. 
 W2007 EQI Savannah 2 Partnership, L.P. 

W2007 EQI Asheville Partnership, L.P. 
 W2007 EQI Seattle
Partnership, L.P. 
 W2007 EQI Orlando Partnership, L.P. 
 W2007
EQI Orlando 2 Partnership, L.P. 
 W2007 EQI Urbana Partnership, L.P. 

W2007 EQI Rio Rancho Partnership, L.P. 
 W2007 EQI Louisville
Partnership, L.P. 
 W2007 EQI Augusta Partnership, L.P. 
 W2007
EQI Milford Partnership, L.P. 
 W2007 EQI Jacksonville Partnership I, L.P. 

  
 Letter Agreement re A&R Real Estate
Sale Agreement 








 SCHEDULE 1B 

PURCHASERS 
 ARC Hospitality
Portfolio I Owner, LLC 
 ARC Hospitality Portfolio I BHGL Owner, LLC 

ARC Hospitality Portfolio I PXGL Owner, LLC 
 ARC Hospitality
Portfolio I GBGL Owner, LLC 
 ARC Hospitality Portfolio I NFGL Owner, LLC 

ARC Hospitality Portfolio I MBGL 1000 Owner, LLC 
 ARC Hospitality
Portfolio I MBGL 950 Owner, LLC 
 ARC Hospitality Portfolio I NTC Owner, LP 

ARC Hospitality Portfolio I DLGL Owner, LP 
 ARC Hospitality
Portfolio I SAGL Owner, LP 
 ARC Hospitality Portfolio II Owner, LLC 

ARC Hospitality Portfolio II NTC Owner, LP 

  
 Letter Agreement re A&R Real Estate
Sale Agreement 








 EXHIBIT A 

PURCHASE PRICE ALLOCATION 

(see attached) 

  
 Letter Agreement re A&R Real Estate
Sale Agreement 









																																													
	 Project Grace

Asset List
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Number
of Rooms	 	 	Year
Opened	 	 	PPA
Value	 	 	Allocation for GS	 
	 City
	 	 State
	 	 Fee/Lease
	 	 Franchise
	 	 Brand/Flag
	 	 	 	 	Land	 	 	Building(s)	 	 	Site
Improvements	 	 	FF&E	 	 	Ground
Lease A/B	 	 	Goodwill	 
	 Birmingham
	 	AL	 	Lease	 	Hilton	 	Hampton Inn	 	 	129	  	 	 	1987	  	 	$	9,284,784	  	 	$	0	  	 	$	8,150,248	  	 	$	393,249	  	 	$	1,092,358	  	 	-$	351,071	  	 	$	0	  
	 Mobile
	 	AL	 	Lease	 	Marriott	 	Residence Inn	 	 	66	  	 	 	1996	  	 	$	9,523,623	  	 	$	0	  	 	$	7,693,136	  	 	$	360,398	  	 	$	803,172	  	 	$	666,918	  	 			
	 Mobile
	 	AL	 	Lease	 	Marriott	 	Courtyard	 	 	78	  	 	 	1995	  	 	$	5,698,889	  	 	$	0	  	 	$	4,197,040	  	 	$	294,492	  	 	$	588,983	  	 	$	618,374	  	 			
	 Birmingham
	 	AL	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1997	  	 	$	10,225,494	  	 	$	911,878	  	 	$	8,345,908	  	 	$	483,854	  	 	$	483,854	  	 	$	0	  	 			
	 Phoenix
	 	AZ	 	Lease	 	Hilton	 	Homewood Suites	 	 	124	  	 	 	1996	  	 	$	24,809,678	  	 	$	0	  	 	$	20,287,240	  	 	$	483,584	  	 	$	797,018	  	 	$	3,241,837	  	 			
	 El Segundo
	 	CA	 	Fee	 	Marriott	 	Residence Inn	 	 	150	  	 	 	2001	  	 	$	40,111,403	  	 	$	16,128,377	  	 	$	20,088,589	  	 	$	870,992	  	 	$	3,023,445	  	 	$	0	  	 			
	 San Diego
	 	CA	 	Fee	 	Marriott	 	Residence Inn	 	 	95	  	 	 	2003	  	 	$	28,120,735	  	 	$	5,684,504	  	 	$	19,027,707	  	 	$	1,034,536	  	 	$	2,373,988	  	 	$	0	  	 			
	 Carlsbad
	 	CA	 	Fee	 	Marriott	 	Courtyard	 	 	145	  	 	 	1999	  	 	$	22,686,825	  	 	$	4,987,670	  	 	$	13,856,514	  	 	$	1,038,289	  	 	$	2,804,352	  	 	$	0	  	 			
	 San Diego
	 	CA	 	Fee	 	Marriott	 	SpringHill Suites	 	 	137	  	 	 	2003	  	 	$	21,190,695	  	 	$	3,946,107	  	 	$	14,596,812	  	 	$	817,846	  	 	$	1,829,930	  	 	$	0	  	 			
	 Colorado Springs
	 	CO	 	Fee	 	Hilton	 	Hampton Inn	 	 	125	  	 	 	1985	  	 	$	7,308,506	  	 	$	429,890	  	 	$	5,921,133	  	 	$	205,175	  	 	$	752,308	  	 	$	0	  	 			
	 Milford
	 	CT	 	Fee	 	Hilton	 	Hampton Inn	 	 	148	  	 	 	1986	  	 	$	7,400,000	  	 	$	1,516,916	  	 	$	5,069,798	  	 	$	347,246	  	 	$	466,040	  	 	$	0	  	 			
	 Windsor Locks
	 	CT	 	Fee	 	Hilton	 	Homewood Suites	 	 	132	  	 	 	1990	  	 	$	12,325,687	  	 	$	2,936,577	  	 	$	7,634,792	  	 	$	438,580	  	 	$	1,315,739	  	 	$	0	  	 			
	 Boynton Beach
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	164	  	 	 	1997	  	 	$	32,415,587	  	 	$	1,590,035	  	 	$	27,578,296	  	 	$	716,636	  	 	$	2,530,620	  	 	$	0	  	 			
	 Boca Raton
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	94	  	 	 	1996	  	 	$	13,994,573	  	 	$	2,116,072	  	 	$	10,386,006	  	 	$	388,458	  	 	$	1,104,037	  	 	$	0	  	 			
	 Deerfield Beach
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	106	  	 	 	2002	  	 	$	12,809,617	  	 	$	2,793,861	  	 	$	8,245,980	  	 	$	417,588	  	 	$	1,352,189	  	 	$	0	  	 			
	 Orlando
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	170	  	 	 	2000	  	 	$	13,886,925	  	 	$	896,711	  	 	$	10,995,031	  	 	$	306,376	  	 	$	1,688,806	  	 	$	0	  	 			
	 Palm Beach Gardens
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	116	  	 	 	1999	  	 	$	20,956,063	  	 	$	3,233,819	  	 	$	16,969,024	  	 	$	482,060	  	 	$	271,159	  	 	$	0	  	 			
	 West Palm Beach
	 	FL	 	Fee	 	Hilton	 	Hampton Inn	 	 	110	  	 	 	2001	  	 	$	18,594,664	  	 	$	2,219,662	  	 	$	14,500,141	  	 	$	431,002	  	 	$	1,443,858	  	 	$	0	  	 			
	 Orlando
	 	FL	 	Fee	 	Hilton	 	Homewood Suites	 	 	252	  	 	 	1999	  	 	$	31,582,545	  	 	$	2,305,396	  	 	$	27,810,078	  	 	$	377,247	  	 	$	1,089,824	  	 	$	0	  	 			
	 Orlando
	 	FL	 	Fee	 	Hilton	 	Embassy Suites	 	 	246	  	 	 	1987	  	 	$	23,802,848	  	 	$	2,155,106	  	 	$	19,630,785	  	 	$	423,653	  	 	$	1,593,304	  	 	$	0	  	 			
	 Tampa
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1997	  	 	$	10,709,571	  	 	$	1,291,551	  	 	$	7,609,848	  	 	$	547,618	  	 	$	1,260,554	  	 	$	0	  	 			
	 Fortt Myers
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1997	  	 	$	11,932,019	  	 	$	1,486,776	  	 	$	8,517,941	  	 	$	440,526	  	 	$	1,486,776	  	 	$	0	  	 			
	 Jacksonville
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	2000	  	 	$	6,365,091	  	 	$	1,135,748	  	 	$	4,669,248	  	 	$	241,152	  	 	$	318,943	  	 	$	0	  	 			
	 Sarasota
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1998	  	 	$	13,964,493	  	 	$	2,714,471	  	 	$	8,859,295	  	 	$	772,006	  	 	$	1,618,721	  	 	$	0	  	 			
	 Tallahassee
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1996	  	 	$	12,114,907	  	 	$	1,516,834	  	 	$	9,213,137	  	 	$	516,603	  	 	$	868,333	  	 	$	0	  	 			
	 Tampa
	 	FL	 	Fee	 	Marriott	 	Residence Inn	 	 	102	  	 	 	1998	  	 	$	17,062,551	  	 	$	2,131,154	  	 	$	12,437,244	  	 	$	456,676	  	 	$	2,037,477	  	 	$	0	  	 			
	 Gainesville
	 	FL	 	Fee	 	Marriott	 	Courtyard	 	 	81	  	 	 	1996	  	 	$	17,007,759	  	 	$	4,343,080	  	 	$	10,327,207	  	 	$	793,586	  	 	$	1,543,886	  	 	$	0	  	 			
	 Jacksonville
	 	FL	 	Fee	 	Marriott	 	Courtyard	 	 	81	  	 	 	1996	  	 	$	6,606,165	  	 	$	1,562,664	  	 	$	3,860,711	  	 	$	820,183	  	 	$	362,607	  	 	$	0	  	 			
	 Orlando
	 	FL	 	Fee	 	Marriott	 	Courtyard	 	 	112	  	 	 	1998	  	 	$	16,204,908	  	 	$	1,866,915	  	 	$	11,741,478	  	 	$	504,282	  	 	$	2,092,233	  	 	$	0	  	 			
	 Sarasota
	 	FL	 	Fee	 	Marriott	 	Courtyard	 	 	81	  	 	 	1997	  	 	$	11,537,396	  	 	$	2,041,437	  	 	$	8,142,053	  	 	$	380,786	  	 	$	973,120	  	 	$	0	  	 			
	 Tallahassee
	 	FL	 	Fee	 	Marriott	 	Courtyard	 	 	93	  	 	 	2000	  	 	$	13,209,349	  	 	$	2,817,248	  	 	$	7,740,574	  	 	$	1,191,116	  	 	$	1,460,412	  	 	$	0	  	 			
	 Miami
	 	FL	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1996	  	 	$	19,884,261	  	 	$	2,600,017	  	 	$	15,964,976	  	 	$	442,966	  	 	$	876,302	  	 	$	0	  	 			
	 Tampa
	 	FL	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1994	  	 	$	20,915,567	  	 	$	3,485,708	  	 	$	15,597,492	  	 	$	537,073	  	 	$	1,295,293	  	 	$	0	  	 			
	 Miami
	 	FL	 	Fee	 	InterContinental Hotels Group	 	Holiday Inn	 	 	66	  	 	 	1996	  	 	$	8,511,530	  	 	$	1,178,145	  	 	$	6,246,569	  	 	$	182,658	  	 	$	904,158	  	 	$	0	  	 			
	 Columbus
	 	GA	 	Fee	 	Hilton	 	Hampton Inn	 	 	118	  	 	 	1986	  	 	$	5,900,000	  	 	$	1,661,903	  	 	$	3,064,990	  	 	$	537,674	  	 	$	635,433	  	 	$	0	  	 			
	 Augusta
	 	GA	 	Fee	 	Hilton	 	Homewood Suites	 	 	65	  	 	 	1997	  	 	$	10,563,510	  	 	$	1,006,127	  	 	$	8,607,780	  	 	$	599,154	  	 	$	350,449	  	 	$	0	  	 			
	 Macon
	 	GA	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1996	  	 	$	4,907,309	  	 	$	733,865	  	 	$	3,571,121	  	 	$	297,700	  	 	$	304,623	  	 	$	0	  	 			
	 Savannah
	 	GA	 	Fee	 	Marriott	 	Residence Inn	 	 	66	  	 	 	1996	  	 	$	11,231,254	  	 	$	1,219,849	  	 	$	9,363,017	  	 	$	362,658	  	 	$	285,730	  	 	$	0	  	 			
	 Athens
	 	GA	 	Fee	 	Marriott	 	Courtyard	 	 	105	  	 	 	1998	  	 	$	12,520,081	  	 	$	3,419,372	  	 	$	6,958,190	  	 	$	519,398	  	 	$	1,623,120	  	 	$	0	  	 			
	 Dalton
	 	GA	 	Fee	 	Marriott	 	Courtyard	 	 	93	  	 	 	1999	  	 	$	10,241,716	  	 	$	722,781	  	 	$	8,083,847	  	 	$	576,130	  	 	$	858,957	  	 	$	0	  	 			
	 Atlanta
	 	GA	 	Fee	 	Marriott	 	Fairfield Inn & Suites	 	 	143	  	 	 	1996	  	 	$	8,604,369	  	 	$	1,051,581	  	 	$	6,211,640	  	 	$	266,705	  	 	$	1,074,442	  	 	$	0	  	 			
	 Savannah
	 	GA	 	Fee1	 	Marriott	 	TownePlace Suites	 	 	95	  	 	 	2000	  	 	$	9,777,538	  	 	$	1,546,888	  	 	$	6,836,416	  	 	$	396,899	  	 	$	997,336	  	 	$	0	  	 			
	 Boise
	 	ID	 	Fee	 	Marriott	 	Residence Inn	 	 	104	  	 	 	1986	  	 	$	12,668,682	  	 	$	1,790,959	  	 	$	9,405,842	  	 	$	854,308	  	 	$	617,572	  	 	$	0	  	 			
	 Gurnee
	 	IL	 	Fee	 	Hilton	 	Hampton Inn	 	 	134	  	 	 	1988	  	 	$	12,929,426	  	 	$	767,861	  	 	$	11,141,118	  	 	$	414,241	  	 	$	606,206	  	 	$	0	  	 			
	 Naperville
	 	IL	 	Fee	 	Hilton	 	Hampton Inn	 	 	129	  	 	 	1987	  	 	$	10,587,539	  	 	$	1,304,017	  	 	$	8,693,383	  	 	$	333,143	  	 	$	256,996	  	 	$	0	  	 			
	 Urbana
	 	IL	 	Fee	 	Hilton	 	Hampton Inn	 	 	130	  	 	 	1995	  	 	$	24,279,177	  	 	$	2,634,127	  	 	$	20,340,070	  	 	$	398,744	  	 	$	906,236	  	 	$	0	  	 			
	 Chicago
	 	IL	 	Fee	 	Hilton	 	Homewood Suites	 	 	233	  	 	 	1999	  	 	$	73,288,289	  	 	$	12,434,318	  	 	$	59,611,330	  	 	$	7,915	  	 	$	1,234,725	  	 	$	0	  	 			
	 Elmhurst
	 	IL	 	Fee	 	Marriott	 	Courtyard	 	 	140	  	 	 	2003	  	 	$	10,890,288	  	 	$	1,006,906	  	 	$	8,595,135	  	 	$	414,608	  	 	$	873,639	  	 	$	0	  	 			
	 Indianapolis
	 	IN	 	Fee	 	Hilton	 	Hampton Inn	 	 	128	  	 	 	1987	  	 	$	10,499,736	  	 	$	1,593,974	  	 	$	7,222,683	  	 	$	336,616	  	 	$	1,346,463	  	 	$	0	  	 			
	 Indianapolis
	 	IN	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1992	  	 	$	16,261,993	  	 	$	1,929,673	  	 	$	13,243,786	  	 	$	653,120	  	 	$	435,413	  	 	$	0	  	 			
	 Overland Park
	 	KS	 	Fee	 	Hilton	 	Hampton Inn	 	 	133	  	 	 	1991	  	 	$	10,842,223	  	 	$	1,046,336	  	 	$	8,022,097	  	 	$	558,046	  	 	$	1,215,743	  	 	$	0	  	 			
	 Overland Park
	 	KS	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1994	  	 	$	9,949,330	  	 	$	1,009,355	  	 	$	7,882,556	  	 	$	509,484	  	 	$	547,935	  	 	$	0	  	 			
	 Louisville
	 	KY	 	Fee	 	Hilton	 	Hilton Garden Inn	 	 	112	  	 	 	1999	  	 	$	19,185,347	  	 	$	1,026,124	  	 	$	16,363,506	  	 	$	543,846	  	 	$	1,251,871	  	 	$	0	  	 			
	 Lexington
	 	KY	 	Fee	 	Marriott	 	Residence Inn	 	 	91	  	 	 	1993	  	 	$	17,595,014	  	 	$	2,108,203	  	 	$	13,582,300	  	 	$	835,134	  	 	$	1,069,378	  	 	$	0	  	 			
	 Bowling Green
	 	KY	 	Fee	 	Marriott	 	Courtyard	 	 	93	  	 	 	1997	  	 	$	13,903,166	  	 	$	484,175	  	 	$	11,162,735	  	 	$	455,125	  	 	$	1,801,131	  	 	$	0	  	 			
	 Lexington
	 	KY	 	Fee	 	Marriott	 	Courtyard	 	 	90	  	 	 	1999	  	 	$	18,494,208	  	 	$	3,451,882	  	 	$	12,437,837	  	 	$	498,467	  	 	$	2,106,022	  	 	$	0	  	 			
	 Louisville
	 	KY	 	Fee	 	Marriott	 	Courtyard	 	 	140	  	 	 	1999	  	 	$	39,005,197	  	 	$	3,371,714	  	 	$	33,191,544	  	 	$	81,739	  	 	$	2,360,200	  	 	$	0	  	 			
	 Lexington
	 	KY	 	Fee	 	Marriott	 	SpringHill Suites	 	 	108	  	 	 	2003	  	 	$	18,243,803	  	 	$	3,310,563	  	 	$	12,614,834	  	 	$	556,822	  	 	$	1,761,584	  	 	$	0	  	 			
	 Baton Rouge
	 	LA	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1997	  	 	$	13,075,389	  	 	$	1,853,844	  	 	$	10,203,372	  	 	$	326,584	  	 	$	691,589	  	 	$	0	  	 			
	 Peabody
	 	MA	 	Fee	 	Hilton	 	Hampton Inn	 	 	120	  	 	 	1999	  	 	$	13,059,655	  	 	$	2,802,013	  	 	$	8,769,360	  	 	$	275,608	  	 	$	1,212,675	  	 	$	0	  	 			
	 Peabody
	 	MA	 	Fee	 	Hilton	 	Homewood Suites	 	 	85	  	 	 	1999	  	 	$	10,714,650	  	 	$	2,427,908	  	 	$	7,379,933	  	 	$	282,768	  	 	$	624,041	  	 	$	0	  	 			
	 Glen Burnie
	 	MD	 	Lease	 	Hilton	 	Hampton Inn	 	 	116	  	 	 	1989	  	 	$	8,592,309	  	 	$	0	  	 	$	10,568,361	  	 	$	147,418	  	 	$	386,973	  	 	-$	2,510,444	  	 			
	 Linthicum Heights
	 	MD	 	Fee	 	Hyatt	 	Hyatt Place	 	 	127	  	 	 	1996	  	 	$	12,476,068	  	 	$	2,914,018	  	 	$	8,679,571	  	 	$	432,047	  	 	$	450,432	  	 	$	0	  	 			
	 Madison Heights
	 	MI	 	Fee	 	Hilton	 	Hampton Inn	 	 	123	  	 	 	1987	  	 	$	15,711,626	  	 	$	1,996,568	  	 	$	11,004,691	  	 	$	972,422	  	 	$	1,737,945	  	 	$	0	  	 			
	 Northville
	 	MI	 	Fee	 	Hilton	 	Hampton Inn	 	 	124	  	 	 	1989	  	 	$	9,776,761	  	 	$	1,205,390	  	 	$	7,810,592	  	 	$	414,970	  	 	$	345,809	  	 	$	0	  	 			
	 East Lansing
	 	MI	 	Fee	 	Hilton	 	Hampton Inn	 	 	86	  	 	 	2000	  	 	$	14,252,046	  	 	$	3,186,485	  	 	$	9,342,054	  	 	$	450,918	  	 	$	1,272,590	  	 	$	0	  	 			
	 Grand Rapids
	 	MI	 	Fee	 	Hilton	 	Hampton Inn	 	 	84	  	 	 	1998	  	 	$	14,884,362	  	 	$	2,208,072	  	 	$	10,010,323	  	 	$	752,983	  	 	$	1,912,984	  	 	$	0	  	 			
	 Grand Rapids
	 	MI	 	Fee	 	Marriott	 	SpringHill Suites	 	 	76	  	 	 	2002	  	 	$	11,413,845	  	 	$	1,062,382	  	 	$	8,686,382	  	 	$	224,735	  	 	$	1,440,345	  	 	$	0	  	 			
	 Bloomington
	 	MN	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1997	  	 	$	14,667,789	  	 	$	2,507,533	  	 	$	11,026,851	  	 	$	441,326	  	 	$	692,079	  	 	$	0	  	 			
	 Kansas City
	 	MO	 	Fee	 	Hilton	 	Hampton Inn	 	 	120	  	 	 	1987	  	 	$	9,271,676	  	 	$	1,267,076	  	 	$	6,778,070	  	 	$	689,289	  	 	$	537,240	  	 	$	0	  	 			
	 Maryland Heights
	 	MO	 	Fee	 	Hilton	 	Hampton Inn	 	 	122	  	 	 	1987	  	 	$	9,904,041	  	 	$	1,359,999	  	 	$	7,597,955	  	 	$	473,043	  	 	$	473,043	  	 	$	0	  	 			
	 Fayetteville
	 	NC	 	Fee	 	Hilton	 	Hampton Inn	 	 	121	  	 	 	1986	  	 	$	8,679,438	  	 	$	892,016	  	 	$	6,111,217	  	 	$	548,933	  	 	$	1,127,272	  	 	$	0	  	 			
	 Gastonia
	 	NC	 	Fee	 	Hilton	 	Hampton Inn	 	 	107	  	 	 	1989	  	 	$	11,841,758	  	 	$	1,515,286	  	 	$	9,320,050	  	 	$	520,173	  	 	$	486,249	  	 	$	0	  	 			
	 Asheville
	 	NC	 	Fee	 	Marriott	 	Courtyard	 	 	78	  	 	 	1996	  	 	$	17,374,707	  	 	$	2,920,297	  	 	$	12,840,913	  	 	$	480,049	  	 	$	1,133,448	  	 	$	0	  	 			
	 Asheville
	 	NC	 	Fee	 	Marriott	 	SpringHill Suites	 	 	88	  	 	 	2002	  	 	$	14,796,371	  	 	$	2,375,585	  	 	$	10,489,235	  	 	$	399,631	  	 	$	1,531,919	  	 	$	0	  	 			
	 Rio Rancho
	 	NM	 	Fee	 	Hilton	 	Hilton Garden Inn	 	 	129	  	 	 	1999	  	 	$	11,983,810	  	 	$	1,137,469	  	 	$	9,788,694	  	 	$	518,846	  	 	$	538,801	  	 	$	0	  	 			
	 Albuquerque
	 	NM	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1997	  	 	$	21,994,086	  	 	$	1,169,344	  	 	$	19,149,085	  	 	$	506,314	  	 	$	1,169,344	  	 	$	0	  	 			
	 Las Vegas
	 	NV	 	Fee	 	Hyatt	 	Hyatt Place	 	 	202	  	 	 	1998	  	 	$	19,906,596	  	 	$	2,631,230	  	 	$	15,864,810	  	 	$	524,438	  	 	$	886,119	  	 	$	0	  	 			
	 Albany
	 	NY	 	Fee	 	Hilton	 	Hampton Inn	 	 	153	  	 	 	1986	  	 	$	22,881,688	  	 	$	1,923,749	  	 	$	17,234,919	  	 	$	973,191	  	 	$	2,749,829	  	 	$	0	  	 			
	 Westlake
	 	OH	 	Fee	 	Hilton	 	Hampton Inn	 	 	122	  	 	 	1987	  	 	$	15,115,059	  	 	$	4,198,257	  	 	$	8,817,673	  	 	$	949,606	  	 	$	1,149,523	  	 	$	0	  	 			
	 Dublin
	 	OH	 	Fee	 	Hilton	 	Hampton Inn	 	 	123	  	 	 	1988	  	 	$	12,621,596	  	 	$	1,115,167	  	 	$	9,589,124	  	 	$	616,277	  	 	$	1,301,028	  	 	$	0	  	 			
	 Blue Ash
	 	OH	 	Fee	 	Hyatt	 	Hyatt Place	 	 	125	  	 	 	1990	  	 	$	10,337,545	  	 	$	635,054	  	 	$	8,725,486	  	 	$	468,963	  	 	$	508,043	  	 	$	0	  	 			
	 Columbus
	 	OH	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1994	  	 	$	13,352,636	  	 	$	1,062,163	  	 	$	11,198,531	  	 	$	595,605	  	 	$	496,338	  	 	$	0	  	 			
	 Portland
	 	OR	 	Fee	 	Marriott	 	Residence Inn	 	 	168	  	 	 	1990	  	 	$	50,878,043	  	 	$	25,467,888	  	 	$	21,603,676	  	 	$	1,786,508	  	 	$	2,019,972	  	 	$	0	  	 			
	 Scranton
	 	PA	 	Fee	 	Hilton	 	Hampton Inn	 	 	129	  	 	 	1994	  	 	$	13,865,600	  	 	$	795,568	  	 	$	11,510,299	  	 	$	554,804	  	 	$	1,004,928	  	 	$	0	  	 			
	 State College
	 	PA	 	Fee	 	Hilton	 	Hampton Inn	 	 	119	  	 	 	1987	  	 	$	13,850,032	  	 	$	2,703,190	  	 	$	9,037,293	  	 	$	731,451	  	 	$	1,378,097	  	 	$	0	  	 			
	 Charleston
	 	SC	 	Fee	 	Hilton	 	Hampton Inn	 	 	124	  	 	 	1985	  	 	$	8,205,785	  	 	$	1,529,796	  	 	$	5,408,444	  	 	$	393,376	  	 	$	874,169	  	 	$	0	  	 			
	 West Columbia
	 	SC	 	Fee	 	Hilton	 	Hampton Inn	 	 	120	  	 	 	1985	  	 	$	6,000,000	  	 	$	1,146,076	  	 	$	3,783,622	  	 	$	407,283	  	 	$	663,019	  	 	$	0	  	 			
	 Mt. Pleasant
	 	SC	 	Fee	 	InterContinental Hotels Group	 	Holiday Inn	 	 	158	  	 	 	1988	  	 	$	7,900,000	  	 	$	1,779,249	  	 	$	4,899,178	  	 	$	331,949	  	 	$	889,624	  	 	$	0	  	 			
	 Franklin
	 	TN	 	Fee	 	Hilton	 	Hampton Inn	 	 	127	  	 	 	1996	  	 	$	21,016,491	  	 	$	2,547,282	  	 	$	16,561,206	  	 	$	324,557	  	 	$	1,583,446	  	 	$	0	  	 			
	 Chattanooga
	 	TN	 	Fee	 	Hilton	 	Hampton Inn	 	 	167	  	 	 	1988	  	 	$	8,350,000	  	 	$	1,863,016	  	 	$	5,006,642	  	 	$	412,885	  	 	$	1,067,458	  	 	$	0	  	 			
	 Alcoa
	 	TN	 	Fee	 	Hilton	 	Hampton Inn	 	 	118	  	 	 	1991	  	 	$	7,960,928	  	 	$	1,032,150	  	 	$	5,658,439	  	 	$	367,207	  	 	$	903,131	  	 	$	0	  	 			
	 Memphis
	 	TN	 	Fee	 	Hilton	 	Hampton Inn	 	 	124	  	 	 	1985	  	 	$	15,347,648	  	 	$	2,331,182	  	 	$	10,774,515	  	 	$	791,933	  	 	$	1,450,018	  	 	$	0	  	 			
	 Pickwick Dam
	 	TN	 	Fee	 	Hilton	 	Hampton Inn	 	 	50	  	 	 	1994	  	 	$	2,500,000	  	 	$	154,071	  	 	$	1,791,273	  	 	$	215,699	  	 	$	338,956	  	 	$	0	  	 			
	 Germantown
	 	TN	 	Fee	 	Hilton	 	Homewood Suites	 	 	92	  	 	 	1996	  	 	$	10,745,199	  	 	$	1,075,415	  	 	$	8,829,935	  	 	$	573,555	  	 	$	266,293	  	 	$	0	  	 			
	 Chattanooga
	 	TN	 	Fee	 	Marriott	 	Residence Inn	 	 	76	  	 	 	1996	  	 	$	13,499,683	  	 	$	1,246,250	  	 	$	10,941,010	  	 	$	209,547	  	 	$	1,102,876	  	 	$	0	  	 			
	 Knoxville
	 	TN	 	Fee	 	Marriott	 	Residence Inn	 	 	78	  	 	 	1997	  	 	$	14,263,366	  	 	$	1,654,723	  	 	$	11,269,106	  	 	$	337,699	  	 	$	1,001,839	  	 	$	0	  	 			
	 Knoxville
	 	TN	 	Fee	 	Marriott	 	Courtyard	 	 	78	  	 	 	1996	  	 	$	12,580,307	  	 	$	1,370,960	  	 	$	10,040,312	  	 	$	371,966	  	 	$	797,070	  	 	$	0	  	 			
	 Memphis
	 	TN	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1996	  	 	$	15,767,331	  	 	$	960,654	  	 	$	13,885,637	  	 	$	475,375	  	 	$	445,664	  	 	$	0	  	 			
	 Franklin
	 	TN	 	Fee	 	Hyatt	 	Hyatt Place	 	 	126	  	 	 	1997	  	 	$	19,879,751	  	 	$	2,357,397	  	 	$	15,382,230	  	 	$	879,950	  	 	$	1,260,175	  	 	$	0	  	 			
	 Austin
	 	TX	 	Fee	 	Hilton	 	Hampton Inn	 	 	121	  	 	 	1987	  	 	$	14,790,545	  	 	$	2,024,905	  	 	$	10,554,537	  	 	$	570,232	  	 	$	1,640,871	  	 	$	0	  	 			
	 College Station
	 	TX	 	Fee	 	Hilton	 	Hampton Inn	 	 	133	  	 	 	1986	  	 	$	17,930,338	  	 	$	3,915,356	  	 	$	12,504,428	  	 	$	459,208	  	 	$	1,051,346	  	 	$	0	  	 			
	 Addison
	 	TX	 	Fee	 	Hilton	 	Hampton Inn	 	 	158	  	 	 	1985	  	 	$	10,753,205	  	 	$	1,593,047	  	 	$	7,385,625	  	 	$	433,551	  	 	$	1,340,982	  	 	$	0	  	 			
	 San Antonio
	 	TX	 	Fee	 	Hilton	 	Homewood Suites	 	 	123	  	 	 	1996	  	 	$	17,635,891	  	 	$	2,122,788	  	 	$	14,108,633	  	 	$	439,567	  	 	$	964,904	  	 	$	0	  	 			
	 Round Rock
	 	TX	 	Fee	 	Hilton	 	Hilton Garden Inn	 	 	122	  	 	 	1999	  	 	$	16,424,572	  	 	$	3,131,083	  	 	$	11,236,573	  	 	$	834,194	  	 	$	1,222,722	  	 	$	0	  	 			
	 Dallas
	 	TX	 	Lease	 	Marriott	 	Courtyard	 	 	184	  	 	 	1991	  	 	$	26,447,729	  	 	$	0	  	 	$	22,938,766	  	 	$	1,006,244	  	 	$	2,157,968	  	 	$	344,751	  	 			
	 Houston
	 	TX	 	Fee	 	Marriott	 	Courtyard	 	 	176	  	 	 	2002	  	 	$	32,083,929	  	 	$	10,708,549	  	 	$	18,822,760	  	 	$	591,461	  	 	$	1,961,159	  	 	$	0	  	 			
	 Round Rock
	 	TX	 	Fee	 	Marriott	 	SpringHill Suites	 	 	104	  	 	 	2000	  	 	$	10,133,394	  	 	$	1,977,462	  	 	$	6,746,074	  	 	$	466,901	  	 	$	942,957	  	 	$	0	  	 			
	 Houston
	 	TX	 	Fee	 	Marriott	 	SpringHill Suites	 	 	122	  	 	 	1996	  	 	$	13,200,866	  	 	$	774,575	  	 	$	10,384,230	  	 	$	533,149	  	 	$	1,508,912	  	 	$	0	  	 			
	 San Antonio
	 	TX	 	Lease	 	Marriott	 	SpringHill Suites	 	 	112	  	 	 	1995	  	 	$	5,661,802	  	 	$	0	  	 	$	4,854,221	  	 	$	169,660	  	 	$	637,921	  	 	$	0	  	 			
	 Dallas
	 	TX	 	Fee	 	Marriott	 	Fairfield Inn & Suites	 	 	116	  	 	 	1998	  	 	$	8,539,822	  	 	$	1,444,841	  	 	$	5,770,543	  	 	$	351,948	  	 	$	972,489	  	 	$	0	  	 			
	 Norfolk
	 	VA	 	Lease	 	Hilton	 	Hampton Inn	 	 	117	  	 	 	1990	  	 	$	5,850,000	  	 	$	0	  	 	$	6,636,297	  	 	$	389,006	  	 	$	184,266	  	 	-$	1,359,569	  	 			
	 Glen Allen
	 	VA	 	Fee	 	Hyatt	 	Hyatt Place	 	 	124	  	 	 	1992	  	 	$	9,128,843	  	 	$	1,442,262	  	 	$	6,656,394	  	 	$	582,280	  	 	$	447,908	  	 	$	0	  	 			
	 Seattle
	 	WA	 	Fee	 	Hilton	 	Homewood Suites	 	 	161	  	 	 	1998	  	 	$	55,983,779	  	 	$	11,980,497	  	 	$	39,657,320	  	 	$	145,512	  	 	$	4,200,450	  	 	$	0	  	 			
	 Beckley
	 	WV	 	Fee	 	Hilton	 	Hampton Inn	 	 	108	  	 	 	1992	  	 	$	19,447,700	  	 	$	1,089,866	  	 	$	16,333,796	  	 	$	1,037,968	  	 	$	986,069	  	 	$	0	  	 			
	 Morgantown
	 	WV	 	Fee	 	Hilton	 	Hampton Inn	 	 	107	  	 	 	1991	  	 	$	17,681,700	  	 	$	3,415,845	  	 	$	12,965,120	  	 	$	463,741	  	 	$	836,995	  	 	$	0	  	 			
	 1 Affiliated ground lease to be terminated at closing
	   
	 				 	$	1,808,113,684