# EDGAR Filing Document

**Accession Number:** 0001977210
**File Stem:** 0001493152-26-024580
**Filing Date:** 2026-5
**Character Count:** 66727
**Document Hash:** 691ac24fc3278b734ae071f18a49e096
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-024580.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001493152-26-024580

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 4

**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 II, Inc.
- **CENTRAL INDEX KEY:** 0001977210
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 922883234
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00934
- **FILM NUMBER:** 261003464

**BUSINESS ADDRESS:**
- **STREET 1:** 14643 DALLAS PARKWAY, SUITE 970
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 214-750-2967

**MAIL ADDRESS:**
- **STREET 1:** 14643 DALLAS PARKWAY, SUITE 970
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**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 II, Inc.**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-2883234** |
| (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**

***Services Agreement***

 ****

On May 20, 2026, American Hospitality Properties REIT II, Inc. (the "Company") entered into a Services Agreement with American Hospitality Properties REIT, Inc. ("AHP"), effective as of May 20, 2026 (the "Services Agreement"), pursuant to which AHP will provide the Company with certain general administrative, management and operations services (the "Services") relating to the affairs of the Company and its subsidiaries, including, among other things, making available to the Company a president, along with appropriate support personnel as necessary. Pursuant to the Services Agreement, Joseph Reardon will be made available by AHP to serve as the Company's president. In consideration for the Services, the Company shall pay AHP an amount equal to all direct or indirect expenses attributable to the Company or its subsidiaries, as applicable, incurred by AHP in connection with the performance by AHP 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 may terminate the Services Agreement, without cause, by providing the other party with at least one hundred eighty (180) days' prior written notice. The Company may terminate the Services Agreement, effective immediately upon written notice to AHP, 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 AHP, 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 Company or the ability of AHP to perform its duties under the terms of the Services Agreement, (ii) an order for relief in an involuntary bankruptcy case relating to AHP or AHP authorizing or filing a voluntary bankruptcy petition, (iii) the dissolution of AHP, or (iv) a determination that AHP has committed fraud against the Company, misappropriated or embezzled funds of the Company, 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 AHP or one of its affiliates and AHP 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. AHP may terminate the Services Agreement effective upon sixty (60) days' prior written notice of termination to the Company in the event that the Company 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 AHP to the Company. AHP may also terminate the Services Agreement if the Company 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 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 were previously managed by Phoenix American Hospitality, LLC ("Phoenix"). Mr. Reardon serves on the board of directors of both the Company and AHP and will concurrently serve as the president of the Company and AHP. Pursuant to the Services Agreement, Mr. Reardon will dedicate a substantial portion of his time to the management of the Company's operations and will be compensated by AHP.

The Services Agreement 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 Services Agreement in this Item 1 is qualified in its entirety by reference to Exhibit 10.1.

***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 (the "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 10.2 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 10.2.

 ****

***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 II OP, LP pursuant to which that certain management agreement, dated as of August 2023 (the "Management Agreement"), by and among the Company, Phoenix and AHP REIT II 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 10.3 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 10.3.

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 Mary Pfeifer and Mr. Reardon to serve as directors of the Company, effective immediately. The Board of Directors determined that Ms. Pfeifer qualifies as an independent director and deemed Ms. Pfeifer 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 | [Services Agreement, effective as of May 20, 2026, by and between American Hospitality Properties REIT, Inc. and American Hospitality Properties REIT II, Inc.](ex10-1.htm) |
| 10.2 | [Consulting Agreement, effective as of May 20, 2026, by and between American Hospitality Properties REIT II, Inc. and Jay Anderson.](ex10-2.htm) |
| 10.3 | [Termination Agreement, effective as of May 20, 2026, by and among American Hospitality Properties REIT II, Inc., Phoenix American Hospitality, LLC and AHP REIT II OP, LP.](ex10-3.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 II, Inc.** | **American Hospitality Properties REIT II, Inc.** |
| By: | */s/ Joseph Reardon* |
|  | Joseph Reardon |
|  | President |
| Date: | May 20, 2026 |

---

## Add

**Exhibit 10.1**

**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 10.2**

**CONSULTING AGREEMENT**

THIS CONSULTING AGREEMENT (this "<u>Agreement</u>") is made and entered into by and between American Hospitality Properties REIT II, 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;(a) *Initial Term*.

&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;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;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 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 II, 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.

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

---

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

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 10.3**

**TERMINATION OF MANAGEMENT AGREEMENT**

This TERMINATION OF 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 II, INC., a Delaware corporation (the "**<u>Company</u>**"), AHP REIT II 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 Management Agreement, dated as of August 2023 (the "**<u>Agreement</u>**"). 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.

*\* \* \* \* \**

 

 

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

---

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