# EDGAR Filing Document

**Accession Number:** 0001759214
**File Stem:** 0001493152-26-024576
**Filing Date:** 2026-5
**Character Count:** 92265
**Document Hash:** 0a59d21f2211a178957cd75598ee4d4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-024576.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001493152-26-024576

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260520

**ITEM INFORMATION**: Fundamental Changes

**ITEM INFORMATION**: Departure of Certain Officers

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Hospitality Properties REIT, Inc.
- **CENTRAL INDEX KEY:** 0001759214
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 832386947
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00277
- **FILM NUMBER:** 261003443

**BUSINESS ADDRESS:**
- **STREET 1:** 5950 BERKSHIRE LANE
- **STREET 2:** SUITE 850
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 214-750-2967

**MAIL ADDRESS:**
- **STREET 1:** 5950 BERKSHIRE LANE
- **STREET 2:** SUITE 850
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Hospitality Properties Fund IV, Inc.
- **DATE OF NAME CHANGE:** 20181115

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> Washington, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT PURSUANT TO REGULATION A**

Date of Report (Date of earliest event reported): **May 20, 2026**

**American Hospitality Properties REIT, Inc.**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **83-2386947** |
| (State or other jurisdiction<br> of incorporation) | (I.R.S. Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **14643 Dallas Parkway, Suite 970, Dallas, Texas** | **75254** |
| (Full mailing address of principal executive offices) | (Zip Code) |

---

**(214) 750-2967**

(Issuer's telephone number, including area code)

Title of each class of securities issued pursuant to Regulation A: **Common Stock**

**Item 1.** **Fundamental Changes**

 ****

***Offer Letter***

On May 20, 2026, American Hospitality Properties REIT, Inc. (the "Company") extended to Joseph Reardon an offer of employment (the "Offer Letter") as president of the Company, which Mr. Reardon accepted as of May 20, 2026. Mr. Reardon's employment is on an "at will" basis, and Mr. Reardon reports to the Company's board of directors (the "Board of Directors").

Mr. Reardon will be paid an annualized base salary of $120,000 and will be eligible to participate in any non-equity incentive plan approved by the Board of Directors and to receive an annual discretionary cash bonus at year-end, subject to the terms of any bonus plan approved by the Board of Directors. The payment of non-equity incentive plan compensation and discretionary cash bonus compensation is not guaranteed.

The Offer Letter is filed as Exhibit 10.1 to this Current Report on Form 1-U and incorporated into this Item 1 by reference. The description of the terms of the Offer Letter in this Item 1 is qualified in its entirety by reference to Exhibit 10.1.

 ****

***Services Agreement***

On May 20, 2026, the Company entered into a Services Agreement with American Hospitality Properties REIT II, Inc. ("AHP II"), effective as of May 20, 2026 (the "Services Agreement"), pursuant to which the Company will provide AHP II with certain general administrative, management and operations services (the "Services") relating to the affairs of AHP II and its subsidiaries, including, among other things, making available to AHP II a president, along with appropriate support personnel as necessary. Pursuant to the Services Agreement, Mr. Reardon will be made available by the Company to serve as AHP II's president. In consideration for the Services, AHP II shall pay the Company an amount equal to all direct or indirect expenses attributable to AHP II or its subsidiaries, as applicable, incurred by the Company in connection with the performance by the Company of the Services.

The Services Agreement shall continue in operation, unless terminated in accordance with the terms thereof, until May 20, 2029 and will automatically renew each year for an additional one-year period. Either the Company or AHP II may terminate the Services Agreement, without cause, by providing the other party with at least one hundred eighty (180) days' prior written notice. AHP II may terminate the Services Agreement, effective immediately upon written notice to the Company, upon the occurrence of any of the following, each a "Cause Event": (i) a final judgment by any court or governmental body of competent jurisdiction that the Company, any of its agents, or any of its assignees has committed a felony or a violation of applicable securities laws that has a material adverse effect on the business of AHP II or the ability of the Company to perform its duties under the terms of the Services Agreement, (ii) an order for relief in an involuntary bankruptcy case relating to the Company or the Company authorizing or filing a voluntary bankruptcy petition, (iii) the dissolution of the Company, or (iv) a determination that the Company has committed fraud against AHP II, misappropriated or embezzled funds of AHP II, or has acted, or failed to act, in a manner constituting bad faith, willful misconduct, gross negligence, or reckless disregard in the performance of its duties under the Services Agreement; provided, however, that if any of the actions or omissions described in clause (iv) are caused by an employee and/or officer of the Company or one of its affiliates and the Company takes all necessary action against such person and cures the damage caused by such actions or omissions within thirty (30) days of such determination, then such event shall not constitute a Cause Event. The Company may terminate the Services Agreement effective upon sixty (60) days' prior written notice of termination to AHP II in the event that AHP II defaults in the performance or observance of any material term, condition, or covenant contained in the Services Agreement and such default continues for a period of thirty (30) days after written notice thereof is provided by the Company to AHP II. The Company may also terminate the Services Agreement if AHP II becomes required to register as an investment company under the Investment Company Act of 1940, as amended, with such termination deemed to occur immediately before such event.

The Company and AHP II share ownership of certain hotels through a joint venture and have in the past and may in the future co-invest in certain assets. Both the Company and AHP II were previously managed by Phoenix American Hospitality, LLC ("Phoenix"). Mr. Reardon serves on the board of directors of both the Company and AHP II and will concurrently serve as the president of the Company and AHP II.

The Services Agreement is filed as Exhibit 10.2 to this Current Report on Form 1-U and incorporated into this Item 1 by reference. The description of the terms of the Services Agreement in this Item 1 is qualified in its entirety by reference to Exhibit 10.2.

***Consulting Agreement***

On May 20, 2026, Jay Anderson resigned from his roles as the Company's executive vice president and controller and as a director of the Company. Immediately following Mr. Anderson's resignation, Mr. Anderson entered into a Consulting Agreement, effective as of May 20, 2026 (the "Consulting Agreement"), with the Company.

Pursuant to the Consulting Agreement, Mr. Anderson will, among other things, provide the Company with accounting and financial reporting services (the "Consulting Services") for a period of one year commencing on May 20, 2026, and the Consulting Agreement shall automatically renew each year for an additional one-year period, unless terminated or not renewed in accordance with the terms thereof. Mr. Anderson will be paid a consulting fee of $10,000 per month and will report to the Company's Board of Directors. Mr. Anderson will also be eligible to participate in any non-equity incentive plan approved by the Board of Directors and to receive an annual discretionary cash bonus at year-end, subject in all respects to the sole discretion of the Board of Directors and to the terms of any bonus plan approved by the Board of Directors. The payment of non-equity incentive plan compensation and discretionary cash bonus compensation is not guaranteed.

The Company may, without prior notice, terminate the Consulting Agreement for "Cause," which is defined in the Consulting Agreement as Mr. Anderson's (i) failure to provide the Consulting Services when reasonably requested by the Company, (ii) breach of the Consulting Agreement, (iii) gross negligence, willful misconduct, or any act of theft, embezzlement or fraud with respect to the Company or any of its affiliates, (iv) violation of any law applicable to the workplace, or violation of any material policy of the Company that is applicable to Mr. Anderson, or (v) commission or conviction of, plea of no contest to, or receipt of deferred adjudication or unadjudicated probation for any felony or any crime involving moral turpitude. After the date that is one hundred eighty (180) days after the effective date of the Consulting Agreement, the Company or Mr. Anderson may terminate the Consulting Agreement at any time and for any reason or no reason at all upon thirty (30) days' prior written notice to the other party. If the Consulting Agreement is terminated for other than Cause during the period that begins one hundred eighty (180) days after the effective date of the Consulting Agreement and ends on the date that is one (1) year after the effective date of the Consulting Agreement, then the Company shall pay Mr. Anderson a fee equal to the product of six (6) and Mr. Anderson's then effective monthly consulting fee.

The Consulting Agreement is filed as Exhibit 10.3 to this Current Report on Form 1-U and incorporated into this Item 1 by reference. The description of the terms of the Consulting Agreement in this Item 1 is qualified in its entirety by reference to Exhibit 10.3.

 ****

***Termination Agreement***

On May 20, 2026, the Company entered into a termination agreement (the "Termination Agreement"), effective as of such date (the "Effective Date"), with Phoenix and AHP REIT OP, LP pursuant to which that certain amended and restated management agreement, dated as of August 1, 2020 (the "Management Agreement"), by and among the Company, Phoenix and AHP REIT OP, LP was terminated. Pursuant to the Management Agreement, Phoenix had served as the external manager of the Company.

The Company's hotels will continue to operate pursuant to their existing hotel management agreements with an affiliate of Phoenix.

No termination fee is payable to Phoenix in connection with the termination of the Management Agreement. Pursuant to the Termination Agreement, Phoenix will cooperate with the Company to provide an orderly transition of management and advisory functions.

The Termination Agreement is filed as Exhibit 10.4 to this Current Report on Form 1-U and incorporated into this Item 1 by reference. The description of the terms of the Termination Agreement in this Item 1 is qualified in its entirety by reference to Exhibit 10.4.

Additional information regarding related changes to the Company's management and Board of Directors is set forth in Items 7 and 9 of this Current Report on Form 1-U.

**Item 7.** **Departure of Certain Officers**

On May 20, 2026, W.L. "Perch" Nelson resigned, effective immediately, from his roles as chief executive officer and a director of the Company, and Mr. Reardon succeeded Mr. Nelson as president of the Company.

On May 20, 2026, Mr. Anderson resigned, effective immediately, from his roles as executive vice president and controller and a director of the Company and entered into the Consulting Agreement with the Company.

**Item 9.** **Other Events**

On May 20, 2026, the Board of Directors appointed Paul Adams and Mr. Reardon to serve as directors of the Company, effective immediately. The Board of Directors determined that Mr. Adams qualifies as an independent director and deemed Mr. Adams to be an "independent representative" to address and act upon any conflicts of interest matters, including, among other things, transactions between the Company and any related parties or affiliates.

**Exhibits**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 10.1 | [Offer Letter, dated May 20, 2026, by and between American Hospitality Properties REIT, Inc. and Joseph Reardon.](ex10-1.htm) |
| 10.2 | [Services Agreement, effective as of May 20, 2026, by and between American Hospitality Properties REIT, Inc. and American Hospitality Properties REIT II, Inc.](ex10-2.htm) |
| 10.3 | [Consulting Agreement, effective as of May 20, 2026, by and between American Hospitality Properties REIT, Inc. and Jay Anderson.](ex10-3.htm) |
| 10.4 | [Termination Agreement, effective as of May 20, 2026, by and among American Hospitality Properties REIT, Inc., Phoenix American Hospitality, LLC and AHP REIT OP, LP.](ex10-4.htm) |

---

**SIGNATURE**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**American Hospitality Properties REIT, Inc.**

---

| | |
|:---|:---|
| By: | */s/ Joseph Reardon* |
|  | Joseph Reardon |
|  | President |

---

Date: May 20, 2026

## Add

**Exhibit 10.1**

American Hospitality Properties REIT, Inc.

14643 Dallas Parkway, Suite 970

Dallas, Texas 75254

**May 20, 2026**

***<u>By E-mail</u>***

 ****

Mr. Joseph Reardon

Dear Joseph:

We are pleased to extend you an offer of employment as President of American Hospitality Properties REIT, Inc. (the "***Company***"), reporting to the Company's Board of Directors (the "***Board***"). Your employment hereunder will begin on May 20, 2026 (the "***Effective Date***") and shall continue until such time as your employment is terminated in accordance with the terms of this letter agreement and the enclosed Terms and Conditions. The period from the Effective Date through the termination of your employment pursuant to this letter agreement (together with the enclosed Terms and Conditions, this "***Agreement***") is referred to as the "***Employment Period***."

During the Employment Period, you will also serve as President of American Hospitality Properties REIT II, Inc. ("***REIT II***") pursuant to a Management Services Agreement by and between the Company and REIT II, as may be amended from time to time (the "***MSA***"), and in such other position or positions as may be assigned from time to time by the Board. During the Employment Period, you shall be permitted to work remotely from your home in South Carolina or such other location as mutually agreed upon between you and the Board; provided, however, that you may be required to travel to other locations, as requested by the Company, in the course of your duties from time to time.

During the Employment Period, you will be paid an annualized base salary of $120,000 (the "***Base Salary***"), less applicable taxes and other withholdings, payable in substantially equal installments in conformity with the Company's customary payroll practices for similarly situated employees as may exist from time to time, but no less frequently than monthly. You will also be eligible to participate in the same benefit plans and programs in which other similarly situated Company employees are eligible to participate, subject to the terms and conditions of the applicable plans and programs in effect from time to time. You will be eligible to participate in any non-equity incentive plan approved by the Board, and you will be eligible to receive an annual discretionary cash bonus at year-end, subject to the terms of any bonus plan approved by the Board. The payment of non-equity incentive plan compensation and discretionary cash bonus compensation is not guaranteed, and you must be employed on the date any such compensation is paid to be eligible to receive such compensation, unless the Board determines otherwise.

Subject to the Company's expense reimbursement policies as in effect from time to time, the Company shall reimburse you as soon as practicable for your reasonable out-of-pocket business-related expenses actually incurred during the Employment Period in the performance of your duties under this Agreement, so long as you timely submit all required documentation.

Your employment will be on an "at will" basis, meaning that either you or the Company may terminate the employment relationship at any time, for any reason whatsoever, upon written notice to the other party; provided, however, that you must give the Company sixty (60) days' advance written notice of your termination for any reason, whereupon the Company may determine, in its sole discretion, that such termination shall be effective on any date prior to the effective date of termination provided in your notice, and the Company's determination to do so shall not be construed or interpreted as a termination of employment. Upon any termination of your employment for any reason, whether by the Company or by you, you will be entitled to receive (A) all accrued but unpaid Base Salary through the date of termination, (B) any unpaid or unreimbursed expenses incurred prior to the date of termination in accordance with applicable Company policy, and (C) any vested benefits under the Company's employee benefit plans in accordance with the terms thereof (collectively, the "***Accrued Obligations***"), and the Company shall not owe you any severance pay or severance benefits or any other payment or benefits.

You will be subject to all applicable policies of the Company and REIT II and their direct and indirect subsidiaries as may exist from time to time (collectively, referred to as the "***Company Group***"), as may be in effect from time to time.

This Agreement shall be subject to, and construed according to, the laws of the State of Texas without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under this Agreement, the parties consent to the arbitration provisions set forth in the enclosed Terms and Conditions and recognize and agree that should any resort to a court be necessary and permitted under this Agreement, they consent to the exclusive jurisdiction, forum, and venue of the state and federal courts (as applicable) located in Dallas, Texas.

This Agreement, including the Terms and Conditions, constitutes the entire agreement between you and the Company with respect to the matters herein provided and supersedes all prior and contemporaneous agreements and understandings (including any offer letter or similar agreement), oral or written, between the parties concerning the subject matter hereof. No modifications or waiver of any provision hereof shall be effective unless in writing and signed by you and the Company.

Please sign below to acknowledge your agreement to the terms herein. We look forward to your contributions to the Company.

[*Signature page follows*.]

---

| | |
|:---|:---|
| On behalf of American Hospitality Properties REIT, Inc.: | On behalf of American Hospitality Properties REIT, Inc.: |
| By: | */s/ Paul Adams* |
| Name: | Paul Adams |
| Title: | Director |

---

---

| | |
|:---|:---|
| ACCEPTED AND AGREED: | ACCEPTED AND AGREED: |
| By: | */s/ Joseph Reardon* |
|  | Joseph Reardon |

---

Date: May 20, 2026

[*Signature Page – Offer Letter*]

**Terms and Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Immigration Compliance.** You (or "***Employee***" herein) will provide the proper documents and information to complete required immigration control forms (I-9) within three business days of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Prior Employer Information.** In accepting this offer and entering into this Agreement, Employee expressly represents and warrants that Employee is not the subject of, or a party to, any non-competition, non-solicitation, restrictive covenant, or non-disclosure agreement, or any other agreement, obligation, restriction, or understanding that would prohibit Employee from executing this Agreement or fully performing each of Employee's duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect any of the duties and responsibilities that may now or in the future be assigned to Employee hereunder. Employee expressly acknowledges and agrees that Employee is strictly prohibited from using or disclosing any confidential information belonging to any prior employer or other third party in the course of performing services for or on behalf of any member of the Company Group, and Employee promises that Employee shall not do so. Employee shall not introduce documents or other materials containing confidential information of any prior employer or other third party to the premises or property (including computers and computer systems) of any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Duties and Fiduciary Obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee's duties and responsibilities shall include those normally incidental to the position(s) identified in this Agreement, as well as such additional duties as may be assigned to Employee by the Board from time to time, which duties and responsibilities may include providing services for, to, and on behalf of the Company and any member of the Company Group, including services that the Company has contracted to provide under the MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employee owes each member of the Company Group fiduciary duties (including (i) duties of loyalty and disclosure and (ii) such fiduciary duties that an officer of such entity would have if such entity were a corporation organized under the laws of the State of Delaware), and the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Employee owes each member of the Company Group under statutory and common law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Confidential Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Following the Start Date, in the course of Employee's employment by the Company, Employee shall receive Confidential Information from the Company. As used herein, "***Confidential Information***" is any confidential or proprietary information of the Company or any other member of the Company Group, including but not limited to, all documents and other information (including, without limitation, information communicated orally or contained on any computer tapes, computer disks or any other form of electronic or magnetic media), whether or not marked "Confidential," concerning the Company, other members of the Company Group, their affiliates or any of the foregoing entities' respective properties, owners, employees, finances, businesses, operations, assets, prospects, potential projects and financial affairs (whether prepared by the Company, other members of the Company Group, their representatives, or otherwise and irrespective of the form of communication) that is or has been furnished or otherwise disclosed to Employee by or on behalf of a member of the Company Group or any of its representatives in connection with Employee's employment or engagement, and all notes, analyses, compilations, studies, interpretations, memoranda, reports or other documents (regardless of the form thereof) prepared by a member of the Company Group or its representatives (including Employee) to the extent containing, reflecting or based upon, in whole or in part, such documents and information. Confidential Information that is or has been provided to Employee shall at all times remain the property of the Company. Confidential Information also includes any information that gives any member of the Company Group a competitive advantage by virtue of not being known to the general public. Employee agrees that Employee will treat all Confidential Information as confidential, not disclose Confidential Information or permit it to be disclosed, in whole or part, to any third party without the prior written consent of the Board in each instance, and not use any Confidential Information for any purpose except as required in the authorized course of employment for the Company. Employee shall notify the Board immediately in the event Employee becomes aware of any loss or unauthorized disclosure of any Confidential Information.

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Employee from: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental agency (including, for the avoidance of doubt, the Department of Justice, Department of Labor, Securities and Exchange Commission, National Labor Relations Board, Occupational Safety and Health Administration, Congress, any Inspector General and any other governmental agency, commission, or regulatory authority) regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Employee from any governmental agency; (iii) testifying or otherwise assisting in any action or proceeding by any governmental agency relating to a possible violation of law; (iv) disclosing an act of sexual abuse or facts related to an act of sexual abuse to any other person; or (v) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Nothing in this Agreement requires Employee to obtain prior authorization before engaging in any conduct described in the previous sentence, or to notify the Company that Employee has engaged in any such conduct. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual's attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Return of Property.** Upon the termination of the Employment Period, and at any other time upon request of the Company, Employee shall promptly surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information and any other Company Group property (including any Company Group-issued computer, mobile device, or other equipment) in Employee's possession, custody, or control and Employee shall not retain any such documents or other materials or property of the Company Group.

ii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Ownership of Intellectual Property.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee agrees that the Company shall own, and Employee hereby assigns to the Company, all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions, discoveries, developments, improvements, innovations, works of authorship, mask works, designs, know-how, ideas, formulae, processes, techniques, data, and information authored, created, contributed to, made or conceived or reduced to practice, in whole or in part, by Employee during the period in which Employee is or has been employed by or affiliated with the Company or any other member of the Company Group, that either (a) relate, at the time of conception, reduction to practice, creation, derivation, or development, to any member of the Company Group's businesses or actual or anticipated research or development, or (b) were developed on any amount of the Company's or any other member of the Company Group's time or with the use of any member of the Company Group's equipment, supplies, facilities, or Confidential Information (all of the foregoing collectively referred to herein as "***Company Intellectual Property***"), and Employee shall promptly disclose all Company Intellectual Property to the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All of Employee's works of authorship and associated copyrights created during the period in which Employee is employed by or affiliated with any member of the Company Group and in the scope of Employee's employment or engagement shall be deemed to be "works made for hire" within the meaning of the Copyright Act. To the extent any right, title, and interest in and to Company Intellectual Property cannot be assigned by Employee to the Company, Employee shall grant, and does hereby grant, to the Company Group an exclusive, perpetual, royalty-free, transferable, irrevocable, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, use, sell, offer for sale, import, export, reproduce, modify, publicly display, distribute, perform, practice, and otherwise commercialize such rights, title, and interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employee hereby grants the Company Group a nonexclusive, perpetual, worldwide, royalty-free, irrevocable, transferable, license (with sublicensing rights) to use any intellectual property owned by Employee that Employee used to develop Company Intellectual Property, or any products or services offered by any Company Group member, for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To the extent allowed by law, this Section applies to all rights that may be known as or referred to as "moral rights," "artist's rights," "droit moral," or the like (collectively, "***Moral Rights***"). To the extent Employee retains any such Moral Rights under applicable law, Employee hereby ratifies and consents to any action that may be taken with respect to such Moral Rights by or authorized by the Company or any member of the Company Group, and Employee hereby waives and agrees not to assert any Moral Rights with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Employee shall perform, during and after the Employment Period, all acts deemed necessary or desirable by the Company to permit and assist each member of the Company Group, at the Company's expense, in obtaining and enforcing the full benefits, enjoyment, rights, and title throughout the world in the Company Intellectual Property and Confidential Information assigned, to be assigned, or licensed to the Company under this Agreement.

iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Arbitration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to Sections 7.b and 7.d, any dispute, controversy, or claim between Employee and any member of the Company Group arising out of or relating to this Agreement, including any services provided by Employee under the MSA, or Employee's employment or engagement with any member of the Company Group ("***Disputes***") will be finally settled by arbitration in Dallas, Texas in accordance with the then-existing American Arbitration Association ("***AAA***") Employment Arbitration Rules. The arbitration award shall be final and binding on both parties. Any arbitration conducted under this Section 7 shall be private, and shall be heard by a single arbitrator (the "***Arbitrator***") selected in accordance with the then-applicable rules of the AAA. This Agreement does not require arbitration of claims for workers' compensation benefits or unemployment compensation benefits, or other claims that, as a matter of applicable law, the parties cannot agree to arbitrate. All Disputes shall be arbitrated on an individual basis, and each party hereby foregoes and waives any right to arbitrate any Dispute as a class action or collective action or on a consolidated basis or in a representative capacity. The decision of the Arbitrator shall be reasoned, rendered in writing, be final and binding upon the disputing parties and the parties agree that judgment upon the award may be entered by any court of competent jurisdiction. This Section shall be governed by the Federal Arbitration Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding Section 7.a, either party may make a timely application for, and obtain, judicial emergency or temporary injunctive relief to enforce any of the provisions of Sections 4 through 6; provided, however, that the remainder of any such Dispute shall be subject to arbitration under this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. By entering into this Agreement and entering into the arbitration provisions of this Section 7, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nothing in this Section 7 shall prohibit a party to this Agreement from instituting litigation to enforce any arbitration award. Further, nothing in this Section 7 precludes Employee from filing a charge or complaint with a federal, state, or other governmental administrative agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Defense of Claims and Cooperation.** During and after the Employment Period, Employee shall, upon the Company's request, cooperate with the Company Group in the defense of any claims or actions relating to Employee's areas of responsibility and provide such information as the Company may reasonably request regarding Employee's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Deemed Resignations.** Unless otherwise determined by the Board or agreed to in writing, any termination of Employee's employment shall constitute an automatic resignation from all officer positions, Board membership, and directorships or similar roles held with any member of the Company Group or any entity in connection with the MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Assignment.** This Agreement is personal to Employee and may not be assigned by Employee. The Company may assign its rights and obligations under this Agreement without Employee's consent to any successor of the business of the Company (whether by merger, purchase or otherwise). This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors, and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Section 409A.** This Agreement is intended to be exempt from Section 409A, and shall be construed and administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the "***Code***") and the treasury regulations and other interpretive guidance issued thereunder ("***Section 409A***"). Notwithstanding the foregoing, the Company Group makes no representations that the Equity Award provided under this Agreement is exempt from Section 409A and in no event shall any member of the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

iv

## Add

**Exhibit 10.2**

**SERVICES AGREEMENT**

THIS SERVICES AGREEMENT (this "<u>Agreement</u>") is made and entered into as of May 20, 2026 (the "<u>Effective Date</u>"), by and among (a) American Hospitality Properties REIT II, Inc., a Delaware corporation (the "<u>Recipient</u>"), and (b) American Hospitality Properties REIT, Inc., a Delaware corporation ("<u>REIT I</u>").

WHEREAS, the Recipient seeks the services of REIT I in providing, and REIT I wishes to provide, certain general administrative, management and operations services relating to the affairs of the Recipient and its respective subsidiaries; and

WHEREAS, the Recipient and REIT I wish to enter into this Agreement in order to govern the terms and conditions of the provision of such general administrative, management and operations services.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Recipient and REIT I agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Retention and Duties</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient hereby retains REIT I, and REIT I hereby agrees, subject at all times to the further terms and conditions set forth in this Agreement and to the supervision of the Board of Directors of the Recipient (the "<u>Board</u>"), to provide the Recipient and its subsidiaries, to the extent requested by the Recipient and consented to by REIT I, with general administrative, management and operations services and other similar services (the "<u>Services</u>") during the Term (as defined below). REIT I agrees that it shall provide the Services as may be reasonably requested from time to time by the Recipient in its individual capacity or for and on behalf of any of its subsidiaries and shall do so in a commercially reasonable manner and in accordance with applicable law and any applicable budgets, policies or procedures of the Recipient or any of its applicable affiliates that are applicable to the Services being provided. REIT I may contract with other persons or entities to provide any such Services; *provided*, *that* contracting with other persons or entities to provide any such Services shall not relieve REIT I of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, while this Agreement is in effect, REIT I will make available to the Recipient the services of a President, along with appropriate support personnel as necessary, to provide the management services to be provided by REIT I to the Recipient hereunder, with such individual devoting such amount of his or her time to the management of the Recipient as is reasonably necessary and appropriate for the proper performance of all of REIT I's duties hereunder, commensurate with the level of activity of the Recipient from time to time. Officers, employees and agents of REIT I and its affiliates may serve as directors, officers, employees, agents, nominees or signatories for the Recipient or any of its subsidiaries, to the extent permitted by their governing documents, by any resolutions duly adopted by the Board. When executing documents or otherwise acting in such capacities for the Recipient or any of its subsidiaries, such personnel of REIT I shall indicate in what capacity they are executing on behalf of the Recipient or any of its subsidiaries. For the avoidance of doubt, any individual made available by REIT I pursuant to this Section 1(b) shall at all times remain an employee of REIT I and nothing in this Agreement shall be construed to create an employment relationship between any such individual and the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Term</u>**. This Agreement shall be effective as of the Effective Date and shall continue in operation, unless terminated in accordance with the terms hereof, until the third anniversary of the Effective Date (the "<u>Initial Term</u>"). After the Initial Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period. The period from and including the Effective Date through the termination of this Agreement shall be referred to herein as the "<u>Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. As full consideration for REIT I's agreement to provide, and its provision of, the Services, the Recipient shall, or shall cause any of its subsidiaries to, pay to REIT I, monthly in arrears, an amount equal to all direct or indirect expenses attributable to the Recipient or its subsidiaries, as applicable, incurred by REIT I in connection with the performance by it of the Services, including, without limitation, (a) the allocable portion of the compensation and benefits of employees of REIT I utilized by REIT I in providing the Services (the "<u>Management Employees</u>") (including, without limitation, (i) salary, wages, overtime pay and other cash compensation and any payroll and other taxes associated therewith, (ii) benefit plan administration costs or any employer contributions relating to the same, (iii) cash or premiums paid or expenses incurred with respect to any leave, (iv) medical, dental and prescription drug coverage or other insurance, (v) workers' compensation insurance premiums and associated costs, and (vi) employee reimbursement for out-of-pocket business expenses incurred in connection with performing the Services), (b) the cost of other individual service providers engaged by REIT I in providing the Services and (c) the allocable portion of office rent and expenses incurred in connection with providing the Services (collectively, the "<u>Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>No Joint Venture</u>**. The Recipient and REIT I are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. The Recipient and REIT I further agree that no employment relationship exists or is intended to exist between the Recipient and any Management Employee and nothing in this Agreement shall be construed to create such relationship. REIT I shall indemnify and hold harmless the Recipient and its directors, officers, employees and agents from and against any and all claims, losses, liabilities, damages, costs and expenses arising out of (i) any claim by any Management Employee or governmental authority that the Recipient is an employer, co-employer or joint employer of any Management Employee, (ii) REIT I's employment, supervision, direction or termination of any Management Employee or (iii) any violation of applicable employment laws by REIT I with respect to any Management Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>REIT I Personnel</u>**. Subject to REIT I's right to be reimbursed the Expenses related to the Management Employees in accordance with <u>Section 3</u>, REIT I shall be solely responsible for and shall pay all costs and expenses in connection with the employment of, or the termination of the employment of, the Management Employees (including all salaries, wages, overtime pay, bonuses, other cash compensation, severance pay, employee benefits and overhead and administrative expenses, and, to the extent applicable, social security and other payroll taxes, workers' compensation insurance premiums and other applicable expenses). REIT I shall have the sole right to determine the terms and conditions on which it employs the Management Employees, including with respect to compensation and benefits. REIT I shall maintain workers' compensation insurance coverage applicable to each Management Employee during such period of time as the Management Employee is providing Services. REIT I shall retain exclusive authority over the Management Employees with respect to all terms and conditions of their employment. The Recipient shall have no authority to hire or terminate the employment of any Management Employee and shall not exercise any control or direction over the manner or means by which any Management Employee performs his or her work. The parties acknowledge and agree that the Recipient is not, and shall not be deemed to be, the employer, co-employer, joint employer or special employer of any Management Employee for any purpose or under any applicable federal, state or local law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party may terminate this Agreement, without cause, by providing the other party with at least one hundred eighty (180) days' prior written notice (such period from and after the delivery of written notice pursuant to this <u>Section 6(a)</u> until the effectiveness of the termination of this Agreement, the "<u>Notice Period</u>"). During the Notice Period, (i) the parties shall continue to perform their respective obligations under this Agreement, (ii) REIT I shall reasonably cooperate with the Recipient to effect an orderly transition of the Services, and (iii) the Recipient may terminate this Agreement pursuant to <u>Section 6(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient may terminate this Agreement, effective immediately upon written notice to REIT I, upon the occurrence of any of the following, each a "<u>Cause Event</u>": (i) a final judgment by any court or governmental body of competent jurisdiction that REIT I, any of its agents or any of its assignees has committed a felony or a violation of applicable securities laws that has a material adverse effect on the business of the Recipient or the ability of REIT I to perform its duties under the terms of this Agreement, (ii) an order for relief in an involuntary bankruptcy case relating to REIT I or REIT I authorizing or filing a voluntary bankruptcy petition, (iii) the dissolution of REIT I, or (iv) a determination that REIT I has committed fraud against the Recipient, misappropriated or embezzled funds of the Recipient, or has acted, or failed to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement; *provided*, *however*, that if any of the actions or omissions described in this clause (iv) are caused by an employee and/or officer of REIT I or one of its affiliates and REIT I takes all necessary action against such person and cures the damage caused by such actions or omissions within thirty (30) days of such determination, then such event shall not constitute a Cause Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) REIT I may terminate this Agreement effective upon sixty (60) days' prior written notice of termination to the Recipient in the event that the Recipient shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such thirty (30) day period; *provided* that, during the remaining Term: (i) REIT I shall continue to perform its obligations under this Agreement, (ii) REIT I shall reasonably cooperate with the Recipient to effect an orderly transition of the Services, and (iii) the Recipient may terminate this Agreement pursuant to <u>Section 6(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) REIT I may terminate this Agreement if the Recipient becomes required to register as an investment company under the Investment Company Act of 1940, as amended, with such termination deemed to occur immediately before such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Actions Upon Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination of this Agreement pursuant to <u>Section 6</u>, all rights and obligations of the parties under this Agreement shall terminate; *provided, however*, that (i) such termination shall have no effect on the obligations of the Recipient to pay any accrued and unpaid Expenses prior to such termination in accordance with <u>Section 3</u> and (ii) the provisions of <u>Section 4</u> and this <u>Section 7</u> and such other provisions herein necessary to interpret and enforce such Sections shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the expiration of the Term and at any other time upon request of the Recipient, REIT I shall promptly surrender and deliver to the Recipient all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to the businesses or operations of the Recipient and any other Recipient property in the possession, custody or control of REIT I or its affiliates, and REIT I and its affiliates shall not retain any such documents or other materials or property of the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) REIT I shall cooperate, at the Recipient's expense, with the Recipient in executing an orderly transition of the management of the Recipient to a new manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Governing Law</u>**. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OR PRINCIPLES THAT MIGHT REFER SUCH CONSTRUCTION TO THE LAWS OF ANOTHER JURISDICTION. EACH PARTY SPECIFICALLY WAIVES APPLICATION OF ANY AND ALL CONFLICTS OF LAW PRINCIPLES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Assignment</u>**. This Agreement and all provisions contained in this Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns; *provided*, *however*, that neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Entire Agreement; Amendments</u>**. This Agreement contains the entire understanding of the parties to this Agreement with respect to its subject matter and supersedes any and all prior agreements with respect to such subject matter, and neither it nor any part of it may in any way be altered, amended, extended, waived, discharged or terminated except by a written agreement signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Waivers</u>**. Any party to this Agreement may, by written notice to the other party, waive any provision of this Agreement. The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Severability</u>**. If any provision of this Agreement (or part thereof) is held to be illegal, invalid or unenforceable under present or future laws effective during the Term of this Agreement, such provision (or part thereof) shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision (or part thereof) had never comprised a part of this Agreement; and the remaining provisions of this Agreement (and parts thereof) shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision (or part thereof) or by its severance from this Agreement; *provided, that* if any such provision (or part thereof) may be made enforceable by limitation thereof, then such provision (or part thereof) shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. Furthermore, in lieu of (and to the extent of) each such illegal, invalid or unenforceable provision (or part thereof), there shall be added automatically as a part of this Agreement a provision (or part thereof) as similar in terms to such illegal, invalid or unenforceable provision (or part thereof) as may be possible and be legal, valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Counterparts</u>**. This Agreement may be executed in counterparts (including facsimile or portable document format (PDF) counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same Agreement. Delivery of a copy of this Agreement bearing an original signature by facsimile transmission or electronic mail shall have the same effect as physical delivery of the paper document bearing the original signature.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date.

---

| | |
|:---|:---|
| **RECIPIENT:** | **RECIPIENT:** |
| **AMERICAN HOSPITALITY PROPERTIES REIT II, INC.** | **AMERICAN HOSPITALITY PROPERTIES REIT II, INC.** |
| By: | */s/ Mary Pfeifer* |
| Name: | Mary Pfeifer |
| Title: | Director |
| **REIT I:** | **REIT I:** |
| **AMERICAN HOSPITALITY PROPERTIES REIT, INC.** | **AMERICAN HOSPITALITY PROPERTIES REIT, INC.** |
| By: | */s/ Joesph Reardon* |
| Name: | Joesph Reardon |
| Title: | President |

---

Signature Page to

Services Agreement

## Add

**Exhibit 10.3**

**CONSULTING AGREEMENT**

THIS CONSULTING AGREEMENT (this "<u>Agreement</u>") is made and entered into by and between American Hospitality Properties REIT, Inc., a Delaware corporation (the "<u>Company</u>") and Jay Anderson ("<u>Consultant</u>"), effective as of May 20, 2026 (the "<u>Effective Date</u>"). The Company and Consultant are sometimes referred to in this Agreement collectively as the "<u>Parties</u>," and each individually as a "<u>Party</u>."

WHEREAS, the Company wishes to engage Consultant to provide certain consulting services to the Company, and Consultant wishes to provide such services, and the Company and Consultant wish to memorialize the terms and conditions of such consulting relationship.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Engagement; Term</u>. The initial term of Consultant's engagement under this Agreement shall be for the period beginning on the Effective Date and ending on the date that is one (1) year after the Effective Date (the "**<u>Initial Term</u>**"). Upon the expiration of the Initial Term, and on each date that is one year thereafter, the term of Consultant's engagement under this Agreement shall automatically renew and extend for a period of one (1) year (each such one-year period being a "**<u>Renewal Term</u>**") unless written notice of non-renewal is delivered by either Party to the other Party not less than thirty (30) days prior to the expiration of the then-existing Initial Term or Renewal Term, as applicable. The term that Consultant is engaged hereunder is referred to as the "<u>Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consulting Services</u>. During the Term, Consultant shall provide such consulting services (the "<u>Consulting Services</u>") as may be reasonably requested of Consultant from time to time by the board of directors of the Company (the "<u>Board</u>") or by the principal executive officer of the Company (the "<u>PEO</u>"), including, but not limited to, the services set forth in <u>Exhibit A</u>. As an independent contractor, Consultant is free to provide services to other entities during the Term as long as Consultant does not violate any of the terms of this Agreement. Consultant agrees to attend such meetings as the Board or the PEO may reasonably request for proper communication of Consultant's advice and consultation. In the event of a conflict between the instructions of the Board and those of the PEO, the instructions of the Board shall control. Consultant shall coordinate the furnishing of his services pursuant to this Agreement with the Company in such a way as to generally conform to the business schedules of the Company, but the method of performance, time of performance, place of performance, hours utilized in such performance, and other details of the manner of performance of Consultant's services hereunder shall be within the sole control of Consultant. Consultant shall comply with all applicable laws and industry standards in providing the Consulting Services. Consultant represents and warrants that performance of the Consulting Services by Consultant shall not result in a breach of any obligation Consultant owes to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Consultant entering into this Agreement and as an inducement to perform the Consulting Services, the Company shall pay Consultant a fee in the amount of $10,000 per month during the Term (as such fee may be adjusted by mutual written agreement of the Company and Consultant, the "<u>Consulting Fee</u>"), payable on the first (1st) day of the applicable month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consultant acknowledges and agrees that he shall not be entitled to any additional payment or benefits from the Company for the Consulting Services other than as provided for in this <u>Section 3</u>. Consultant acknowledges and agrees that (i) the Company is not required to withhold federal, state or foreign income, gross receipts, or similar taxes from payments to Consultant hereunder or to otherwise comply with any state, federal or foreign law concerning the collection of income, gross receipts, or similar taxes at the source of payment of wages, and (ii) the Company is not required under the Federal Unemployment Tax Act or the Federal Insurance Contribution Act to pay or withhold taxes for unemployment compensation or for social security on behalf of Consultant with respect to payments made by the Company hereunder. The Company shall issue Consultant an IRS Form 1099-NEC, and Consultant shall be solely responsible for all federal, state, and local taxes in connection with the payments made by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consultant shall be eligible to participate in any non-equity incentive plan approved by the Board and to receive an annual discretionary cash bonus at year-end, subject in all respects to the sole discretion of the Board and to the terms of any bonus plan approved by the Board. The payment of non-equity incentive plan compensation and discretionary cash bonus compensation is not guaranteed, and this Agreement must continue to be in effect on the date any such compensation is paid in order to be eligible to receive such compensation, unless the Board determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Term*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. During the period beginning
 on the Effective Date and ending at 11:59 pm ET on the date that is one hundred eighty (180) days after the Effective Date (such period,
 the " <u>First 180 Days</u> "), the Company may, without prior notice, terminate this Agreement for Cause. As used herein,
 " <u>Cause</u> " shall mean Consultant's (i) failure to provide the Consulting Services when reasonably requested by
 the Company, (ii) breach of this Agreement, (iii) gross negligence, willful misconduct, or any act of theft, embezzlement or fraud
 with respect to the Company or any of its affiliates, (iv) violation of any law applicable to the workplace, or violation of any material
 policy of the Company that is applicable to Consultant, or (v) commission or conviction of, plea of no contest to, or receipt of deferred
 adjudication or unadjudicated probation for any felony or any crime involving moral turpitude.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If the Company terminates
 this Agreement other than for Cause after the First 180 Days and prior to the date that is one (1) year after the Effective Date, then
 Company shall pay Consultant a fee in an amount equal to the product of six and the then effective Consulting Fee (the " <u>Termination Fee</u> "). For the avoidance of doubt, if Consultant is terminated by the Company for Cause at any time, Consultant shall not
 receive the Termination Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Renewal Term*. After
 the First 180 Days and during any Renewal Term, the Company or Consultant may terminate this Agreement at any time and for any reason
 or no reason at all upon thirty (30) days' prior written notice to the other Party. In addition, at any time, the Company may
 terminate this Agreement without prior notice for Cause.

(c) *Death*. This Agreement
 will automatically terminate upon Consultant's death.

(d) *Change in Control*.
 Notwithstanding anything to the contrary contained in this Agreement, in the event of a Change in Control, the Company shall have the
 right, in its sole and absolute discretion, to terminate this Agreement and Consultant's engagement hereunder upon written notice
 to Consultant, effective immediately or on such later date as the Company may specify in such notice. For purposes of this Agreement,
 a " <u>Change in Control</u> " shall mean (i) the acquisition by any person or group of beneficial ownership of fifty percent
 (50%) or more of the combined voting power of the Company's then-outstanding securities; (ii) the consummation of a merger, consolidation,
 or similar transaction involving the Company unless the Company's stockholders immediately prior thereto retain more than fifty
 percent (50%) of the voting power of the surviving entity; (iii) the sale or disposition of all or substantially all of the Company's
 assets; or (iv) the approval by the Company's stockholders of a complete liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Independent Contractor</u>. At all times during the Term, Consultant shall be an independent contractor of the Company. In no event shall Consultant be deemed to be an employee of the Company or any of its affiliates, and Consultant shall not at any time be entitled to any employment rights or benefits from the Company or any of its affiliates, be deemed to be an agent of the Company or any of its affiliates, or have any power to bind or commit the Company or any of its affiliates or otherwise act on their behalf. Consultant acknowledges and agrees that, as a non-employee, Consultant is not eligible for any benefits sponsored by the Company or any of its affiliates. Consultant shall not at any time communicate or represent to any third party, or cause or knowingly permit any third-party to assume, that in performing the Consulting Services hereunder, Consultant is an employee, agent or other representative of the Company or any of its affiliates or, unless otherwise authorized in writing by the Board or the PEO, has any authority to bind the Company or its affiliates or act on behalf of the Company or its affiliates. Consultant shall be solely responsible for making all applicable tax filings and remittances with respect to amounts paid to Consultant pursuant to this Agreement and shall indemnify and hold harmless the Company and its affiliates, and the foregoing entities' respective representatives for all claims, damages, costs and liabilities arising from Consultant's failure to do so. It is not the purpose or intention of this Agreement or the Parties to create, and the same shall not be construed as creating, any partnership, partnership relation, joint venture, agency, or employment relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Confidentiality and Non-Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Through the performance of the Consulting Services hereunder, Consultant shall have access to confidential or proprietary information of the Company or its affiliates, including some or all of the following documents, materials or information of the Company or any of its affiliates (collectively the "<u>Confidential Information</u>"): (i) business strategies, corporate opportunities, research, financial and sales data, pricing terms, evaluations, opinions, interpretations and acquisition prospects, (ii) information relating to the identity of customers or their requirements, the identity of key contacts within customers' organizations or within the organization of acquisition prospects, (iii) information about development, production, marketing and merchandising plans or techniques, (iv) customer and supplier lists, prospective customer information, current and anticipated customer requirements, distribution networks, price lists, market studies and business plans, (v) historical and projected sales data, financial data and projections, capital spending budgets and operating budgets, (vi) employee and agent training techniques and materials and personnel files, (vii) research and development plans or results, and (viii) all other non-public information that gives the Company or any of its affiliates a competitive advantage by virtue of its not being publicly known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consultant hereby acknowledges and agrees that the protection of the Confidential Information is necessary to protect and preserve the value of the Company and any of its affiliates and the Company's or its affiliates' business. Accordingly, subject to the provisions of <u>Section 6(c)</u> and <u>Section 6(d)</u> below, Consultant hereby covenants and agrees that, without the prior written consent of the Company, Consultant shall not directly or indirectly disclose any Confidential Information to any person or entity outside of the Company and shall not use any Confidential Information other than for the purpose of performing the Consulting Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Section 6(b)</u> shall not apply to information (i) that is or becomes generally known to, and available for use by, the public other than as a result of the breach of this Agreement or any other obligation that Consultant owes the Company or any of its affiliates, (ii) that is available to Consultant on a non-confidential basis from a source that is not prohibited from disclosing such information to Consultant by a contractual, legal, or fiduciary obligation to the Company or any of its affiliates, (iii) that is required to be disclosed by applicable law, or (iv) the disclosure of which by Consultant is reasonably necessary for Consultant to satisfy and perform Consultant's obligations under this Agreement, including disclosure reasonably necessary to or with American Hospitality Properties REIT II, Inc. and Phoenix American Hospitality, LLC, the property manager for the Company's hotel portfolio. If Consultant becomes compelled by applicable law or court or arbitrator's order to disclose any Confidential Information, Consultant shall provide the Company with prompt written notice of such requirement so that the Company may seek a protective order or other remedy prior to, and in respect of, such disclosure. If such a protective order or other remedy is not obtained by, or is not available to the Company, then Consultant shall use commercially reasonable efforts to ensure that only the minimum portion of such Confidential Information that is legally required to be disclosed is so disclosed, and Consultant shall use commercially reasonable efforts to obtain assurances that confidential treatment shall be given to such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing herein shall prevent Consultant from: (i) making a good faith report of possible violations of applicable law to any governmental agency or entity; or (ii) making disclosures that are protected under the whistleblower provisions of applicable law. Further, Consultant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Consultant files a lawsuit for retaliation for reporting a suspected violation of law, Consultant may disclose the trade secret to Consultant's attorney and use the trade secret information in the court proceeding, if Consultant (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law</u>. This Agreement is entered into under, and shall be governed for all purposes by, the laws of the State of Texas without reference to the principles of conflicts of law thereof. Regarding any claim or dispute related to or arising under this Agreement, Consultant consents to the exclusive jurisdiction, forum and venue of the state and federal courts (as applicable) in Dallas, Texas. The Parties waive, to the fullest extent permitted by law, any defenses to venue and jurisdiction in Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement; Amendments</u>. This Agreement constitutes the entire and final agreement between the Parties with respect to the subject matter hereof; provided, however, that nothing herein supersedes or replaces any agreement between Consultant and the Company or any of its affiliates with respect to non-disclosure, confidentiality, non-competition or non-solicitation, as all such agreements will remain in full force and effect. This Agreement may not be amended, supplemented, or otherwise modified except by a written agreement executed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Waiver</u>. Any waiver of a provision of this Agreement shall be effective only if it is in a writing signed by the Party entitled to enforce such term and against which such waiver is to be asserted. No delay or omission on the part of either Party in exercising any right or privilege under this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any right or privilege under this Agreement operate as a waiver of any other right or privilege under this Agreement nor shall any single or partial exercise of any right or privilege preclude any other or further exercise thereof or the exercise of any other right or privilege under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Assignments; Successors</u>. This Agreement is personal to Consultant and, as such, may not be assigned by Consultant. The Company may assign this Agreement without Consultant's consent. Subject to the preceding sentences, this Agreement shall apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices, requests, demands, claims and other communications permitted or required to be given hereunder must be in writing and shall be deemed duly given and received (a) if personally delivered, when so delivered, (b) if mailed, three business days following the date deposited in the U.S. mail, certified or registered mail, return receipt requested, (c) if sent by e-mail or other form of electronic communication, once transmitted and the confirmation is received, or (d) if sent through an overnight delivery service in circumstances to which such service guarantees next day delivery, the day following being so sent:

If to Consultant, addressed to:

Jay Anderson

If to the Company, addressed to:

American Hospitality Properties REIT, Inc.

14643 Dallas Pkwy, Suite 970

Dallas, Texas 75254

Attn: Joseph Reardon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Certain Construction Rules</u>. The Section headings contained in this Agreement are for convenience of reference only and shall in no way define, limit, extend or describe the scope or intent of any provisions of this Agreement. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. In addition, as used in this Agreement, unless otherwise provided to the contrary, (a) all references to days, months or years shall be deemed references to calendar days, months or years and (b) any reference to a "Section" shall be deemed to refer to a section of this Agreement. The words "hereof", "herein", and "hereunder" and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specifically provided for herein, the term "or" shall not be deemed to be exclusive, and the term "including" shall not be deemed to limit the language preceding such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Execution of Agreement</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original copy and all of which, when taken together, shall be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or e-mail transmission shall constitute effective execution and delivery of this Agreement as to the Parties and may be used in lieu of the original Agreement for all purposes. Signatures of the Parties transmitted by facsimile or e-mail shall be deemed to be their original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Code Section 409A</u>. Notwithstanding anything to the contrary contained herein, this Agreement and the payments hereunder are intended to satisfy or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and the Treasury Regulations and other guidance thereunder (collectively, "<u>Section 409A</u>"). Accordingly, all provisions herein, or incorporated by reference herein, shall be construed and interpreted to satisfy or be exempt from the requirements of Section 409A. Further, for purposes of Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. Any reimbursement or in-kind benefit provided under this Agreement that constitutes a "deferral of compensation" within the meaning of Section 409A shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (a) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (b) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (c) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the calendar year in which the expense is incurred, and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

[REMAINDER OF PAGE LEFT BLANK

SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have duly executed this Consulting Agreement on this 20th day of May, 2026, effective for all purposes as provided above.

---

| | |
|:---|:---|
| **AMERICAN HOSPITALITY properties REIT, Inc.** | **AMERICAN HOSPITALITY properties REIT, Inc.** |
| By: | */s/ Joseph Reardon* |
| Name: | Joseph Reardon |
| Title: | President |

---

---

| |
|:---|
| **CONSULTANT** |
| */s/ Jay Anderson* |
| Jay Anderson |

---

**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Filings</u> – ensure
 that all required filings are completed accurately and timely, including all Forms 1-K, 1-SA, and 1-U, and any other filings, as necessary.
 If requested by the Company, and such request is commercially reasonable, execute and deliver any Form 1-K, or other filings, in the
 capacity as the Company's principal financial officer and/or principal accounting officer.

2. <u>Asset Management Review</u> – review monthly hotel operations with each hotel manager, including profit and loss statements, STR reports, forecasts, and
 budgets.

3. <u>Accounting</u> –
 facilitate monthly financial statements for the Company, including rolling hotel operations into the statements where applicable, full
 balance sheet reconciliations, and financial statement distribution.

4. <u>Reporting</u> –
 create all quarterly and annual reporting necessary to maintain the Company's REIT status, if and when achieved, and for the
 Company's regulatory filings. This will include working with all third-party consultants for tax preparation, audit and NAV calculations.

5. <u>Audit</u> – work
 directly with the independent auditors to ensure that the annual audit is completed by the appropriate deadlines each year. This will
 include working with hotels and hotel managers to audit the records of each operational entity as dictated by the auditors.

6. <u>Tax (1099)</u> –
 work directly with the transfer agent to produce annual Form 1099s for investors by the due date.

7. <u>Tax (Federal and State)</u> – work directly with the third-party tax preparation team to ensure that all federal corporate income tax returns for the Company
 are filed properly and timely, including any partnership tax returns for the operational and property-owning entities. If requested
 by the Company, and such request is commercially reasonable, execute and deliver any tax returns, audit certificates, or other tax
 or audit related documents.

8. <u>Hotel Appraisals</u> –
 work directly with all third-party appraisal providers to create appraisal reports for each entity as needed for financial statements
 or NAV reports.

9. <u>Cash Management</u> –
 maintain daily cash balances for all hotels and the Company. Will create approved invoice payments for accounts payable each week based
 on current forecasts.

## Add

**Exhibit 10.4**

**TERMINATION OF AMENDED AND RESTATED MANAGEMENT AGREEMENT**

This TERMINATION OF AMENDED AND RESTATED MANAGEMENT AGREEMENT (this "**<u>Termination Agreement</u>**") is made effective as of May 20, 2026 (the "**<u>Effective Date</u>**"), by and among AMERICAN HOSPITALITY PROPERTIES REIT, INC., a Delaware corporation (the "**<u>Company</u>**"), AHP REIT OP, LP, a limited partnership (the "**<u>Operating Partnership</u>**"), and PHOENIX AMERICAN HOSPITALITY, LLC, a Delaware limited liability company (the "**<u>Manager</u>**").

**BACKGROUND**

Prior to the Effective Date, the Manager, the Company, and the Operating Partnership entered into that certain Amended and Restated Management Agreement, dated as of August 1, 2020 (the "**<u>Agreement</u>**"), which amended and restated the Management Agreement dated as of July 15, 2019. The Operating Partnership never filed a certificate of formation in any state or other jurisdiction and has never conducted any business or operations. The parties to the Agreement have mutually agreed to terminate the Agreement as set forth herein.

**AGREEMENTS**

In consideration of the mutual covenants and promises contained herein, and for other good, adequate and sufficient consideration, the receipt and adequacy of which are hereby expressly acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Termination of the Agreement</u>**. As of the Effective Date, the Agreement is hereby terminated and shall be of no further force or effect. Each of the parties hereto hereby acknowledges and agrees that no fee, payment, or other compensation of any kind (including, without limitation, any termination fee or management fee) is or shall be due or payable by any party to any other party in connection with this termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Orderly Transition</u>**. The Manager hereby agrees to use its best efforts to cooperate with the Company to provide an orderly transition of the management and advisory functions that the Manager previously provided under the Agreement from the Manager to the Company and/or its designee, including, without limitation, (i) paying over to the Company all money collected and held for the account of the Company pursuant to the Agreement, if any, (ii) delivering to the Board of directors of the Company (the "**<u>Board</u>**") a full accounting, including a statement showing all payments collected by the Manager and a statement of all money held by the Manager, covering the period following the date of the last accounting furnished to the Board, and (iii) delivering to the Board all assets and documents of the Company then in the custody of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Accrued Fees, Advances and Reimbursable Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Following the Effective Date of this Termination Agreement, the Company and the Manager agree to engage in good faith negotiations to determine any remaining documented and unpaid accrued fees and expense reimbursements owed by the Company to the Manager pursuant to the Agreement, as well as documented advances made by the Manager to the Company, in each case validly owed under the Agreement (collectively, the "**<u>Accrued Amounts</u>**"). Each of the Company and the Manager shall act honestly and fairly, provide necessary, relevant and appropriate documentation to the other party, and negotiate in good faith to reach, within sixty (60) days following the Effective Date, an equitable resolution with respect to (i) the aggregate amount of the Accrued Amounts, (ii) the form of consideration to be used in satisfying the Accrued Amounts, and (iii) the timing and other terms and conditions of payment or satisfaction of the Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company hereby acknowledges and agrees that this Termination Agreement shall not terminate any hotel management agreements between the Company's subsidiaries and the Manager or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Acknowledgment Regarding Operating Partnership</u>**. Each of the parties hereto acknowledges and agrees that the Operating Partnership never filed a certificate of formation in any state or other jurisdiction, has never conducted any business or held any assets, and has no obligations or liabilities under the Agreement or otherwise. The Operating Partnership is included in this Termination Agreement solely for the purpose of effecting a complete termination of the Agreement, and its execution hereof shall not be construed as a representation that the Operating Partnership was validly formed or existed at any time under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Modification</u>**. This Termination Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by the Company and Manager, or their respective successors or permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Severability</u>**. The provisions of this Termination Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>No Survival</u>**. Notwithstanding Section 13.04 in the Agreement or anything to the contrary in the Agreement, the parties hereto acknowledge and agree that no provisions of the Agreement shall survive the termination effected hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Construction</u>**. The provisions of this Termination Agreement shall be construed and interpreted in accordance with the laws of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Entire Agreement</u>**. This Termination Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Binding Effect</u>**. This Termination Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Counterparts</u>**. This Termination Agreement may be executed in any number of counterparts (including by PDF or other electronic means), each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Termination Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

*<br> \* \* \* \* \**

 

**IN WITNESS WHEREOF**, the parties hereto have executed this Termination Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| **AMERICAN HOSPITALITY PROPERTIES REIT, INC.**, a Delaware corporation | **AMERICAN HOSPITALITY PROPERTIES REIT, INC.**, a Delaware corporation |
| By: | */s/ Joseph Reardon* |
| Name: | Joseph Reardon |
| Title: | President |
| **AHP REIT OP, LP**, a limited partnership | **AHP REIT OP, LP**, a limited partnership |
| By: | */s/ W.L. "Perch" Nelson* |
| Name: | W.L. "Perch" Nelson |
| **PHOENIX AMERICAN HOSPITALITY, LLC**, a Delaware limited liability company | **PHOENIX AMERICAN HOSPITALITY, LLC**, a Delaware limited liability company |
| By: | */s/ W.L. "Perch" Nelson* |
| Name: | W.L. "Perch" Nelson |
| Title: | Chief Executive Officer |

---

*Signature Page to*

*Termination of Amended and Restated Management Agreement*