Document:

EX-10.7

 Exhibit 10.7 
 OPTION AGREEMENT 
 CRYSTAL GATEWAY MARRIOTT 

THIS OPTION AGREEMENT (this “Option Agreement”) is executed as of this [—] day of [—], 2013 (the “Effective Date”) by ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP (“Ashford
Prime OP”) and ASHFORD HOSPITALITY LIMITED PARTNERSHIP (“Ashford Trust OP”), with respect to the Property Entities (defined below); and ASHFORD TRS CORPORATION (“Ashford
Trust TRS” and together with Ashford Trust OP, the “Grantors”) and ASHFORD PRIME TRS CORPORATION (“Ashford Prime TRS” and together with Ashford Prime OP, the
“Optionees”), with respect to the TRS Entity (defined below). 
 WHEREAS, Ashford Trust OP
directly or indirectly owns 100% of Ashford Crystal Gateway LP, a Delaware limited partnership (the “Property Partnership”), through its ownership of 100% of the limited partnership interest in the Property
Partnership and 100% of the equity interest in Ashford Crystal Gateway GP LLC, the general partner of the Property Partnership (the “General Partner” and together with the Property Partnership, the
“Property Entities”); 
 WHEREAS, Ashford Trust TRS owns 100% of the outstanding equity
interest in Ashford Gateway TRS Corporation (the “TRS Entity”); 
 WHEREAS, the Property
Partnership owns the hotel property more fully described on Exhibit A attached hereto, together with all improvements and personal property located thereon or related thereto (collectively, the “Property”) and the TRS
Entity operates the Property pursuant to an operating lease with the Property Partnership; 
 WHEREAS, Ashford Prime OP desires
to acquire from Ashford Trust OP, and Ashford Trust OP desires to grant to Ashford Prime OP, an option to purchase 100% of Ashford Trust OP’s interest in the Property Entities described above (collectively, the “Ashford Trust Equity
Interests”) in exchange for the Property Purchase Price (defined below) and subject to the terms and conditions set forth herein; 
 WHEREAS, Ashford Prime TRS desires to acquire from Ashford Trust TRS, and Ashford Trust TRS desires to grant to Ashford Prime TRS, an option to purchase 100% of Ashford Trust TRS’ interest in the TRS
Entity described above (the “Ashford Trust TRS Equity Interests”) in exchange for the TRS Purchase Price (defined below) and subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of ten dollars ($10.00) paid by the Optionees to the Grantors, the mutual covenants and conditions set
forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Optionees and Grantors agree as follows: 

 ARTICLE I 
 THE OPTION 
 Section 1.1 Grant of Option. Ashford Trust
OP hereby grants to Ashford Prime OP an irrevocable option to acquire the Ashford Trust Equity Interests in exchange for the Property Purchase Price, and Ashford Trust TRS hereby grants to Ashford Prime TRS an irrevocable option to acquire the
Ashford Trust TRS Equity Interests in exchange for the TRS Purchase Price (collectively, the “Purchase Option”), in each case subject to the terms and conditions hereinafter set forth. Optionees acknowledge and agree that the options to
purchase the Ashford Trust Equity Interests and the Ashford Trust TRS Equity Interests (collectively, the “Grantor Equity Interests”) may only be exercised together and simultaneously as a single Purchase
Option. 
 Section 1.2 Term and Exercise of Option. The Purchase Option may be exercised beginning
from and after the six month anniversary of the Effective Date through 5:00 p.m. on the 18 month anniversary of the Effective Date (the “Option Termination Date”). The Optionees may only exercise the Purchase
Option by delivering a written purchase notice (“Purchase Notice”) substantially in the form of Exhibit B to the Grantors on or before the Option Termination Date. If Optionees do not deliver a
Purchase Notice on or before the Option Termination Date, the Purchase Option shall be deemed terminated and shall be of no further force and effect, and the Grantors shall have no further obligations hereunder. 

Section 1.3 Purchase Price and Payment. 

(a) The full purchase price for the Property Entities (as adjusted pursuant to Section 2.7(b) and the other terms of this Option
Agreement, the “Property Purchase Price”) upon the exercise of the Purchase Option shall be equal to the fair market value of the Property at the time of the exercise of the Purchase Option, as determined by an
appraisal performed by a nationally recognized appraiser jointly selected by Ashford Trust OP and Ashford Prime OP, as encumbered by the Property lease with Ashford Trust TRS. The Property Purchase Price is payable in common units of limited
partnership of Ashford Prime OP (“Ashford Prime OP Units”), with the number of Ashford Prime OP Units being calculated based on the assumption that the Value (as defined below) of each Ashford Prime OP Unit will
equal the Value of a share common stock of Ashford Hospitality Prime, Inc. (“Ashford Prime”), calculated as of the date the Purchase Option is exercised (the “Option Exercise
Date”). The issuance of the Ashford Prime OP Units shall be evidenced by an amendment to the operating partnership agreement of Ashford Prime OP in such form as shall be reasonably acceptable to Ashford Trust OP (the
“Partnership Amendment”). 
 As used herein, the term
“Value” shall mean, with respect to a share of common stock of Ashford Prime, the average of the daily market price for the ten (10) consecutive trading days immediately preceding a specified date. The market price for
each such trading day shall be: (i) if the stock of Ashford Prime is listed or admitted to trading on any securities exchange or the NASDAQ National Market System, the closing price, regular way, on such day, or if no such sale takes place on
such day, the average of the closing bid and asked prices on such day; (ii) if the stock of Ashford Prime is not listed or admitted to trading on any securities exchange or the 

  
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NASDAQ National Market System, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a
reliable quotation source designated by the General Partner; or (iii) if the stock of Ashford Prime is not listed or admitted to trading on any securities exchange or the NASDAQ National Market System and no such last reported sale price or
closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such
day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided, however, that if there are no bid and
asked prices reported during the ten (10) days prior to the date in question, the Value of a share of common stock of Ashford Prime shall be determined by the General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. 
 (b) The full purchase price for the TRS
Entity (the “TRS Purchase Price”) upon the exercise of the Purchase Option shall be an amount of cash equal to the fair market value of the TRS Entity at the time of the exercise of the Purchase Option, as determined by an
appraisal performed by a nationally recognized appraiser jointly selected by Ashford Trust OP and Ashford Prime OP. 
 (c) The transfer of the Property Entities pursuant to this Agreement is intended to be a contribution governed by Section 721(a) of the Code. Ashford Trust OP and Ashford Prime OP agree to such tax
treatment and shall file their respective Tax Returns consistent with such treatment, unless otherwise required by applicable law. 
 ARTICLE II 
 CONTRACT TO PURCHASE OR CONTRIBUTE AND CLOSING PROCEDURES 

Section 2.1 Purchase and Sale or Contribution. Upon Optionees’ exercise of the Purchase Option, Ashford
Trust OP shall, subject to Section 2.2 hereof, contribute to Ashford Prime OP, and Ashford Prime OP shall accept from Ashford Trust OP, the Ashford Trust Equity Interests, free and clear of all Encumbrances (defined below) in exchange
for the Property Purchase Price. Simultaneously, Ashford Trust TRS shall, subject to Section 2.2 hereof, sell, transfer, assign, and convey to Ashford Prime TRS, and Ashford Prime TRS shall purchase from Ashford Trust TRS, the Ashford
Trust TRS Equity Interests, free and clear of all Encumbrances in exchange for the TRS Purchase Price. Each such sale shall be closed in accordance with this Article II. 
 Section 2.2 Closing. The Purchase Notice delivered by Optionees upon exercise of the Purchase Option shall specify a closing date (“Closing
Date”), which date will be no later than the first day of a calendar month following the date that is 90 days from the date of delivery of the Purchase Notice, for the closing (the
“Closing”) of the transactions contemplated by this Option Agreement. The Closing shall be held at a place and time determined by mutual agreement of Optionees and Grantors, or if Optionees and Grantors fail to
mutually agree, at a place and time determined by Ashford Prime OP in its sole discretion. At or before such Closing, Optionees and Grantors will execute and deliver all closing documents required by the parties in accordance with
Section 2.4 (the “Closing Documents”). 

  
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 Section 2.3 Conditions to Performance of Obligations. Upon
exercise of the Purchase Option by the Optionees, the transactions contemplated by this Option Agreement and the Closing Documents will be consummated subject only to satisfaction of the following conditions or written waiver of such conditions by
Optionees and Grantors: 
 (i) All consents and approvals of Governmental Authorities or third parties, including
the waiver of any applicable right of first offer or right of first refusal with respect to each Property Entity, the TRS Entity or the Property, necessary for the parties to consummate the transactions contemplated hereby (except for those the
absence of which would not have a material adverse effect on the ability of the parties to consummate the transactions contemplated by this Option Agreement) shall have been obtained. 

(ii) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation,
executive order, decree, judgment, injunction or other Order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated in this Option Agreement
nor shall any of the same brought by a Government Authority of competent jurisdiction be pending that seeks the foregoing. 
 (iii) The consummation of the transactions contemplated by this Option Agreement shall not cause Ashford Hospitality Trust, Inc. (“Ashford Trust”), Ashford Trust OP
or any affiliate to breach any covenants under that certain Credit Agreement, dated September 26, 2011, by and among Grantor, Ashford Trust, KeyBanc Capital Markets and KeyBank, National Association, as amended (the “Ashford Trust
Credit Agreement”). 
 Section 2.4 Closing Deliverables. 

(a) At the Closing, Ashford Trust OP shall execute, acknowledge where deemed desirable or necessary by Ashford Prime OP, and deliver to
Ashford Prime OP, in addition to any other documents mentioned elsewhere herein, the following: 
 (i) An
assignment, assumption and admission agreement (“Assignment Agreement”) substantially in the form of Exhibit C with respect to each Property Entity, assigning 100% of the equity interest of
such Property Entity held by Ashford Trust OP to Ashford Prime OP, with each Property Entity acknowledging the admission of Ashford Prime OP as the successor to Ashford Trust OP’s existing equity interest in such Property Entity and further
acknowledging Ashford Prime OP’s admission as a partner or member of such Property Entity, as applicable. 

(ii) A closing certificate which shall be in a form reasonably satisfactory to Ashford Prime OP and shall reaffirm the
accuracy, in all material respects, of all representations and warranties and the satisfaction, in all material respects, of all covenants made by Ashford Trust OP in Article III hereof. 

  
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 (iii) A certified copy of all appropriate corporate resolutions or
partnership actions authorizing the execution, delivery and performance by Ashford Trust OP of this Option Agreement and the Closing Documents to which Ashford Trust OP is a party. 

(iv) The Guarantee Schedule (as defined in Section 8.1(c)). 

(v) Any other documents reasonably necessary to contribute the Ashford Trust Equity Interests to Ashford Prime OP, to
admit Ashford Trust OP as a partner of Ashford Prime OP, and to effectuate the transactions contemplated hereby. 
 (b) At the
Closing, Ashford Trust TRS shall execute, acknowledge where deemed desirable or necessary by Ashford Prime TRS, and deliver to Ashford Prime TRS, in addition to any other documents mentioned elsewhere herein, the following: 

(i) An Assignment Agreement with respect to the TRS Entity, assigning 100% of the equity interest of the TRS Entity held
by Ashford Trust TRS to Ashford Prime TRS, with the TRS Entity acknowledging the admission of Ashford Prime TRS as the successor to Ashford Trust TRS’s existing equity interest in the TRS Entity and further acknowledging Ashford Prime
TRS’s admission as a stockholders of the TRS Entity. 
 (ii) A closing certificate which shall be in a form
reasonably satisfactory to Ashford Prime TRS and shall reaffirm the accuracy, in all material respects, of all representations and warranties and the satisfaction, in all material respects, of all covenants made by Ashford Trust TRS in Article IV
hereof. 
 (iii) A certified copy of all appropriate corporate resolutions authorizing the execution, delivery
and performance by Ashford Trust TRS of this Option Agreement and the Closing Documents to which Ashford Trust TRS is a party. 
 (iv) Any other documents reasonably necessary to assign, transfer and convey the TRS Entity to Ashford Prime TRS and effectuate the transactions contemplated hereby. 

(c) At the Closing, Ashford Prime and/or Ashford Prime OP, as applicable, shall execute, acknowledge where deemed desirable or necessary
by Ashford Trust OP, and deliver to Ashford Trust OP, in addition to any other documents mentioned elsewhere herein, the following: 
 (i) The Partnership Amendment. 
 (ii) A registration rights
agreement with respect to the registration of the common stock of Ashford Prime into which the Ashford Prime OP Units may be converted, at the option of Ashford Prime, upon the redemption of the Ashford Prime OP Units, as provided in the limited
partnership agreement of Ashford Prime OP. 
 (iii) The Assignment Agreement with respect to each Property
Entity. 

  
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 (iv) A tax protection and reporting agreement, in a form acceptable to
Ashford Trust OP, pursuant to which Ashford Prime OP will agree not to take any actions with respect to the Property that would result in any liability of Ashford Trust OP pursuant to that certain Tax Protection and Reporting Agreement by and among
Ashford Trust OP and Robert H. Smith and Robert P. Kogod, for themselves and as representatives of the Eads Partners, dated as of July 13, 2006. 
 (v) The Guarantee Schedule. 
 (d) At the Closing, Ashford Prime TRS shall execute,
acknowledge where deemed desirable or necessary by Ashford Trust TRS, and deliver to Ashford Trust TRS, in addition to any other documents mentioned elsewhere herein, the following: 

(i) The TRS Purchase Price by making a wire transfer of immediately available federal funds to the account of Ashford
Trust TRS (or other party designated by Ashford Trust TRS). 
 (ii) The Assignment Agreement with respect to the
TRS Entity. 
 Section 2.5 Closing Costs. In connection with the exercise of the Purchase Option, each
party shall be responsible for the payment of the fees and expenses of their respective legal counsel, accountants and other professional advisors; Ashford Prime OP shall pay for all applicable transfer taxes and recording fees; and all other
closing costs shall be allocated to the parties in accordance with the custom of the jurisdiction in which the Property is located. 
 Section 2.6 Further Assurances. The Grantors, from time to time, shall execute and deliver to the applicable Optionee all such other and further instruments and documents and
take or cause to be taken all such other and further action as either Optionee may reasonably request in order to effect the transactions contemplated by this Option Agreement, including instruments or documents deemed necessary or desirable by
Optionees to effect and evidence the conveyance of the Grantor Equity Interests in accordance with the terms of this Option Agreement. 
 Section 2.7 Adjustments to Property Purchase Price.  

(a) All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in
accordance with sound accounting principles consistently applied, shall be allocated between Ashford Trust OP and Ashford Prime OP as provided herein. Pursuant to such allocation, unless otherwise set forth herein, Ashford Trust OP shall be entitled
to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Ashford Prime OP shall be entitled to all revenue and shall be responsible for all expenses for the period of time from,
after and including the Closing Date. Such allocations and adjustments shall be shown on the closing statement (with such supporting documentation as the parties hereto may reasonably require) and shall not affect the Property Purchase Price but
shall be settled in cash. Any revenue received or expense 

  
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incurred by Ashford Trust OP or Ashford Prime OP (or the Property Entities or TRS Entity) with respect to the Property from and after the Closing Date shall be promptly allocated in the
manner described herein and the parties shall promptly pay or reimburse any amount due. In the event the Closing Date is not the first day of a calendar month, the parties agree that the foregoing allocation of revenues and expenses for the month in
which the Closing Date occurs shall be accomplished by a straight-line proration (based on the number of days in the calendar month in which the Closing occurs) of the estimated distribution for such month to be remitted by the management company of
the Property (“Property Manager”) following such calendar month, subject to adjustment upon receipt of the actual amount of such distribution from Property Manager.  

(b) Ashford Prime OP shall receive a credit against the Property Purchase Price in an amount equal to the sum of
(a) the outstanding principal amount of the existing mortgage loan against the Property on the Closing Date (the “Existing Mortgage”), and (b) the portion of the debt service payment due on the next payment date for
the Existing Mortgage that accrues to the period prior to the Closing Date. Ashford Trust OP shall receive a payment in cash in an amount equal to the balance as of the Closing Date of any FF&E or similar reserve held by the Property Manager.
Except as otherwise provided in this Section 2.7(b), the parties agree that all working capital prorations shall be accomplished in full (including prorations for real and personal property ad valorem Taxes) by Ashford Prime OP making a cash
payment to Ashford Trust OP in an amount equal to the balance of the working capital investment required by Property Manager.  
 Section 2.8 Right to Terminate.  
 (a) Ashford Prime OP,
in its sole discretion, may terminate this Option Agreement and the obligation of the Optionees to acquire the Grantor Equity Interests if the Value of the Ashford Prime OP Units to be delivered as the Property Purchase Price, calculated as of the
Business Day immediately preceding the Closing Date, has increased by more than 20% of the Value of such Ashford Prime OP Units as of the Option Exercise Date. 
 (b) Ashford Trust OP, in its sole discretion, may terminate this Option Agreement and the obligation of the Grantors to convey the Grantor Equity Interests if the Value of the Ashford Prime OP Units to be
delivered as the Property Purchase Price, calculated as of the Business Day immediately preceding the Closing Date, has decreased by more than 20% of the Value of such Ashford Prime OP Units as of the Option Exercise Date. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF ASHFORD TRUST OP 
 As a material inducement to Optionees to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford Trust OP hereby makes to Optionees each of the representations and
warranties and covenants set forth in this Article III. The representations and warranties set forth in this Article III are true as of the date hereof. As a condition to Optionees’ obligation to complete the purchase of the Grantor Equity
Interests after 

  
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the exercise of the Purchase Option, such representations and warranties must continue to be true and correct, in all material respects, as of the Closing Date. 

Section 3.1 Organization. Ashford Trust OP and each of the Property Entities are duly organized, validly
existing and in good standing under the laws of the respective jurisdiction of such entity’s organization. 

Section 3.2 Authorization of Transaction. Subject to the receipt of third-party consents and waivers as
required as a condition to closing pursuant to Section 2.3(i), Ashford Trust OP has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and
delivered by or on behalf of Ashford Trust OP pursuant to this Option Agreement, including, without limitation, the Closing Documents to which it is a party; (ii) carry out the transactions contemplated hereby and thereby; and
(iii) contribute the Ashford Trust Equity Interests to Ashford Prime OP (or its designee) upon payment therefor in accordance with this Option Agreement. This Option Agreement and each agreement, document and instrument executed and delivered
by or on behalf of Ashford Trust OP pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Trust OP, each enforceable in accordance with its respective terms.

 Section 3.3 Authority to Conduct Business. Each Property Entity is duly authorized to conduct business
and is in good standing under the laws of each jurisdiction where such qualification is required. Each Property Entity has full power and authority and all licenses, permits, and authorizations necessary to carry on the businesses in which it is
engaged and to own and use the properties owned and used by it, including the Property. Ashford Trust OP has delivered to Ashford Prime OP correct and complete copies of the partnership or limited liability company agreement, as applicable of each
Property Entity, as amended to date (each, an “Operating Agreement”). No Property Entity is in default under or in violation of any provision of its Operating Agreement. 

Section 3.4 Noncontravention. Subject to the receipt of third-party consents and waivers as required as a
condition to closing pursuant to Section 2.3(i), the execution, delivery and performance of this Option Agreement and each additional agreement, document and instrument to be executed and delivered by or on behalf of Ashford Trust OP
pursuant to this Option Agreement, including, without limitation, the Closing Documents: (A) does not and will not violate the Operating Agreement of any Property Entity or Ashford Trust OP’s partnership agreement; (B) does not and
will not violate any foreign, federal, state, local or other Law applicable to any Property Entity or Ashford Trust OP, or require any Property Entity or Ashford Trust OP to obtain any approval, consent or waiver of, or make any filing with, any
Person or authority (governmental or otherwise) that has not been obtained or made or which does not remain in effect; and (C) subject to the satisfaction of the condition set forth in Section 2.3(iii), does not and will not
result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit,
authorization, Order, writ, judgment, injunction, decree, determination or arbitration award to which any Property Entity or Ashford Trust OP is a party or by which the property of any Property Entity or Ashford Trust OP 

  
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is bound or affected, or result in the creation of any Encumbrance on any Property Entity or the Ashford Trust Equity Interests. 

Section 3.5 No Encumbrances. Subject to the receipt of third-party consents and waivers as required as a
condition to closing pursuant to Section 2.3(i), as of the Closing Date, Ashford Trust OP will be the beneficial and record holder of the Ashford Trust Equity Interests, free and clear of any restrictions on transfer (other than any
restrictions under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state (“Blue Sky Laws”)), claim, Lien, pledge, voting agreement, option, charge, security
interest, mortgage, deed of trust, encumbrance, rights of assignment, purchase rights or other rights of any nature whatsoever of any third party (collectively, “Encumbrances”), and as of the Closing Date, Ashford Trust OP
will have the full power and authority to convey the Ashford Trust Equity Interests free and clear of any Encumbrances, and upon delivery of the Assignment Agreement by Ashford Trust OP conveying the Ashford Trust Equity Interests and receipt by
Ashford Trust OP of the Property Purchase Price as herein provided, Ashford Prime OP (or its designee) will acquire good and valid title thereto, free and clear of all Encumbrances. No Property Entity has issued any outstanding partnership, LLC
membership or other equity ownership interests and no Property Entity has any outstanding options, warrants, convertible securities, calls, rights, commitments, preemptive rights, agreements, arrangements or understanding of any character obligating
any Property Entity to (i) issue, deliver or sell, or cause to be issued, delivered or sold, additional equity ownership interests in such Property Entity or any securities or obligations convertible into or exchangeable for ownership interests
in such Property Entity; or (ii) grant, extend or enter into any such option, warrant, convertible security, call, right, commitment, preemptive right, agreement, arrangement or understanding. 

Section 3.6 No Other Agreements to Sell. Ashford Trust OP represents that it has made no agreement with, and
will not enter into any agreement with, and has no obligation (absolute or contingent) to, any other Person or firm to sell, transfer or in any way encumber the Ashford Trust Equity Interests or to not sell the Ashford Trust Equity Interests, or to
enter into any agreement with respect to a sale, transfer or Encumbrance of or put or call right with respect to the Ashford Trust Equity Interests. 
 Section 3.7 Title to Assets. The Property Partnership has good and marketable or indefeasible fee simple title to the Property. The Property is owned by the Property Partnership
free and clear of all Encumbrances, except the Existing Mortgage and any other Encumbrances set forth in the existing title policy for the Property (and any updated title report or commitment thereto), copies of which have been made available to
Ashford Prime OP. No Property Entity owns nor has any interest in any other assets or liabilities. No Property Entity is in default in any manner, nor has any event occurred that with the passage of time would cause any Property Entity to be in
default in any manner, under any provision of the Existing Mortgage or any other agreement or instrument to which any Property Entity is a party or by which it or the Property may be bound. 

Section 3.8 Compliance With Laws. Each Property Entity has conducted its business in compliance with all
applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to materially and adversely affect the 

  
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condition, financial or otherwise, or the earnings or business affairs of any Property Entity or the Property. 
 Section 3.9 Licenses and Permits. Each Property Entity possesses such certificates, authorities or permits issued by the appropriate state or federal agencies or bodies necessary
to conduct the business conducted by it to the extent that failure to have any such certificates, authorities or permits would have a material adverse effect on such entity. None of Ashford Trust OP or any Property Entity has received any written
notice of proceedings relating to the revocation or modification or any such certificate, authority or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling, or finding, would materially and adversely affect the
condition, financial or otherwise, or the earnings or business affairs of any Property Entity or the Property. 

Section 3.10 Taxes. Except as set forth on Schedule 3.10 attached hereto, (i) all Taxes (including,
but not limited to, real estate and personal property Taxes due and owing with respect to the Property) required to be paid by each Property Entity on or before the date hereof have been paid and all Tax Returns required to be filed on or before the
date hereof (taking into account any extensions to file previously received) by or on behalf of any Property Entity have been timely filed; and (ii) there is no action, suit or proceeding pending against or threatened with respect to any
Property Entity or the Property in respect of any Tax, nor is any claim for additional Tax asserted by any Property Entity nor are any of the Property Entity’s federal, state and local income or franchise Tax Returns the subject of any audit or
examination by any taxing authority. Except as set forth on Schedule 3.10 attached hereto, no Property Entity has executed or filed with the Internal Revenue Service or any other taxing authority any agreement now in effect extending the
period for assessment or collection of any income or other Taxes. 
 Section 3.11 Litigation. Except
as set forth in Schedule 3.11, there is no action, suit or proceeding pending or, to the knowledge of Ashford Trust OP, threatened against Ashford Trust OP or any Property Entity which, if adversely determined, would reasonably be expected to
have a material and adverse effect on the condition, financial or otherwise, or the earnings or business affairs of any Property Entity or the Property. There is no action, suit, or proceeding pending or, to the knowledge of Ashford Trust OP,
threatened against Ashford Trust OP which challenges or impairs the ability of Ashford Trust OP to execute or deliver, or materially perform its obligations under this Option Agreement or to consummate the transactions hereby or thereby, except as
would not, individually or in the aggregate, reasonably be expected to have a materially and adverse effect on the condition, financial or otherwise, or the earnings or business affairs of any Property Entity. 

Section 3.12 No Insolvency Proceedings. No bankruptcy or similar insolvency proceeding has been filed, or is
currently contemplated, with respect to Ashford Trust OP or any of the Property Entities. 
 Section 3.13
Investment Representations. Ashford Trust OP hereby represents: 
 (a) Ashford Trust OP will be acquiring the
Ashford Prime OP Units for its own account and not with the view to the sale or distribution of the same or any part thereof in violation of the Securities Act of 1933, as amended (the “Act”). 

  
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 (b) Ashford Trust OP understands that the Ashford Prime OP Units to be issued to Ashford
Trust OP, if any, will not be registered under the Act, or the securities laws of any state (“Blue Sky Laws”) by reason of a specific exemption or exemptions from registration under the Act and applicable Blue
Sky Laws and that Ashford Prime OP’s reliance on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of Ashford Trust OP. 

(c) Ashford Trust OP understands that, for the reasons set forth in paragraph (b) above the Ashford Prime OP Units may not be
offered, sold, transferred, pledged (other than pursuant to the Ashford Trust Credit Agreement) or otherwise disposed of by Ashford Trust OP except (i) pursuant to an effective registration statement under the Act and any applicable Blue Sky
Laws, (ii) pursuant to a no-action letter issued by the Securities and Exchange Commission to the effect that a proposed transfer of the Ashford Prime OP Units may be made without registration under the Act, together with either registration or
an exemption under applicable Blue Sky Laws, or (iii) upon Ashford Prime OP or Ashford Prime, as the case may be, receiving an opinion of counsel knowledgeable in securities law matters and reasonably acceptable to Ashford Prime OP to the
effect that the proposed transfer is exempt from the registration requirements of the Act and any applicable Blue Sky Laws, and that, accordingly, Ashford Trust OP must bear the economic risk of an investment in Ashford Prime Common Units for an
indefinite period of time. 
 (d) Ashford Trust OP is an “accredited investor” within the meaning of Rule 501(a)
promulgated under the Act. 
 (e) Ashford Trust OP understands that an investment in Ashford Prime involves substantial risks.
Ashford Trust OP has had the opportunity to review all documents and information which it has requested concerning its investment in Ashford Prime OP and Ashford Prime and to ask questions of the proposed management of Ashford Prime OP and Ashford
Prime, which questions were answered to its satisfaction. 
 (f) Ashford Trust OP understands that the Ashford Prime OP Units
(and any shares of common stock of Ashford Prime issued upon exchange of the Ashford Prime OP Units) will bear a legend substantially to the effect of the following: 
 The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or the securities laws of any state.
The securities may not be offered, sold, transferred, pledged or otherwise disposed of without an effective registration statement under the Act and under any applicable state securities laws, receipt of a no-action letter issued by the Securities
and Exchange Commission (together with either registration or an exemption under applicable state securities laws) or an opinion of counsel acceptable to Ashford Hospitality Prime Limited Partnership and Ashford Hospitality Prime, Inc. that the
proposed transaction will be exempt from registration under the Act and applicable state securities laws. 
 and that Ashford Prime OP or
Ashford Hospitality Prime, Inc, as the case may be, reserve the right to place a stop order against the transfer of the Ashford Prime OP Units (and any shares of 

  
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common stock of Ashford Prime issued upon exchange of the Ashford Prime OP Units), and to refuse to effect any transfers thereof, in the absence of satisfying the conditions contained in the
foregoing legend. 
 Section 3.14 No Other Representations and Warranties. Other than the
representations and warranties expressly set forth in this Article III, Ashford Trust OP shall not be deemed to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby.

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF ASHFORD TRUST TRS 
 As a material inducement to
Optionees to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford Trust TRS hereby makes to Optionees each of the representations and warranties and covenants set forth in this Article IV. The
representations and warranties set forth in this Article IV are true as of the date hereof. As a condition to Optionees’ obligation to complete the purchase of the Grantor Equity Interests after the exercise of the Purchase Option, such
representations and warranties must continue to be true, in all material respects, as of the date of the Closing. 

Section 4.1 Organization. Ashford Trust TRS and the TRS Entity are duly organized, validly existing and in good
standing under the laws of the respective jurisdiction of such entity’s organization. 
 Section 4.2
Authorization of Transaction . Subject to the receipt of third-party consents as required as a condition to closing pursuant to Section 2.3(i), Ashford Trust TRS has full right, authority, power and capacity to:
(i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of Ashford Trust TRS pursuant to this Option Agreement, including, without limitation, the Closing Documents to which
it is a party; (ii) carry out the transactions contemplated hereby and thereby; and (iii) transfer, sell and deliver the Ashford Trust TRS Equity Interests to Ashford Prime TRS (or its designee) upon payment therefor in accordance with
this Option Agreement. This Option Agreement and each agreement, document and instrument executed and delivered by or on behalf of Ashford Trust TRS pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the
legal, valid and binding obligation of Ashford Trust TRS, each enforceable in accordance with its respective terms. 

Section 4.3 Authority to Conduct Business. The TRS Entity is duly authorized to conduct business and is in good
standing under the laws of each jurisdiction where such qualification is required. The TRS Entity has full power and authority and all material licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and to
own and use the properties owned and used by it. Ashford Trust TRS has delivered to Ashford Prime TRS correct and complete copies of the governing documents of the TRS Entity, as amended to date. The TRS Entity is not in default under or in
violation of any provision of its governing documents. 

  
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 Section 4.4 Noncontravention . Subject to the receipt of
third-party consents as required as a condition to closing pursuant to Section 2.3(i), the execution, delivery and performance of this Option Agreement and each additional agreement, document and instrument to be executed and delivered
by or on behalf of Ashford Trust TRS pursuant to this Option Agreement, including, without limitation, the Closing Documents: (A) does not and will not violate the governing documents of the TRS Entity or Ashford Trust TRS’s governing
documents; (B) does not and will not violate any foreign, federal, state, local or other Law applicable to the TRS Entity or Ashford Trust TRS, or require the TRS Entity or Ashford Trust TRS to obtain any approval, consent or waiver of, or make
any filing with, any Person or authority (governmental or otherwise) that has not been obtained or made or which does not remain in effect; and (C) subject to the satisfaction of the condition set forth in Section 2.3(iii),
does not and will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage,
Lien, lease, permit, authorization, Order, writ, judgment, injunction, decree, determination or arbitration award to which the TRS Entity or Ashford Trust TRS is a party or by which the property of the TRS Entity or Ashford Trust TRS is bound or
affected, or result in the creation of any Encumbrance on the TRS Entity or the Ashford Trust TRS Equity Interests. 

Section 4.5 No Encumbrances . Subject to the receipt of third-party consents and waivers as required as a
condition to closing pursuant to Section 2.3(i), as of the Closing Date, Ashford Trust TRS will be the beneficial and record holder of the Ashford Trust TRS Equity Interests, free and clear of any restrictions on transfer (other than any
restrictions under the Securities Act or any Blue Sky Laws) or Encumbrances; and as of the Closing Date, Ashford Trust TRS will have the full power and authority to convey the Ashford Trust TRS Equity Interests free and clear of any Encumbrances,
and upon delivery of the Assignment Agreement by Ashford Trust TRS conveying the Ashford Trust TRS Equity Interests and receipt by Ashford Trust TRS of the TRS Purchase Price as herein provided, Ashford Prime TRS (or its designee) will acquire good
and valid title thereto, free and clear of all Encumbrances. The TRS Entity has not issued any outstanding common or preferred stock or other equity ownership interests, and the TRS Entity has no outstanding options, warrants, convertible
securities, calls, rights, commitments, preemptive rights, agreements, arrangements or understanding of any character obligating the TRS Entity to (i) issue, deliver or sell, or cause to be issued, delivered or sold, additional equity ownership
interests in the TRS Entity or any securities or obligations convertible into or exchangeable for ownership interests in the TRS Entity; or (ii) grant, extend or enter into any such option, warrant, convertible security, call, right,
commitment, preemptive right, agreement, arrangement or understanding. 
 Section 4.6 No Other Agreements
to Sell . Ashford Trust TRS represents that it has made no agreement with, and will not enter into any agreement with, and has no obligation (absolute or contingent) to, any other Person or firm to sell, transfer or in any way encumber the
Ashford Trust TRS Equity Interests or to not sell the Ashford Trust TRS Equity Interests, or to enter into any agreement with respect to a sale, transfer or Encumbrance of or put or call right with respect to the Ashford Trust TRS Equity Interests.

 Section 4.7 Compliance With Laws . The TRS Entity has conducted its business in compliance with all
applicable Laws, except for such failures that would not, 

  
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individually or in the aggregate, reasonably be expected to materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity or the
Property. 
 Section 4.8 Licenses and Permits. The TRS Entity possesses such certificates, authorities
or permits issued by the appropriate state or federal agencies or bodies necessary to conduct the business conducted by it to the extent that failure to have any such certificates, authorities or permits would have a material adverse effect on such
entity. Neither Ashford Trust TRS nor the TRS Entity has received any written notice of proceedings relating to the revocation or modification or any such certificate, authority or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling, or finding, would materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity or the Property. 

Section 4.9 Taxes. Except as set forth on Schedule 4.9 attached hereto, (i) all Taxes required to
be paid by the TRS Entity on or before the date hereof have been paid and all Tax Returns required to be filed on or before the date hereof (taking into account any extensions to file previously received) by or on behalf of the TRS Entity have been
timely filed; and (ii) there is no action, suit or proceeding pending against or threatened with respect to the TRS Entity in respect of any Tax, nor is any claim for additional Tax asserted by the TRS Entity nor are any of the TRS
Entity’s federal, state and local income or franchise Tax Returns the subject of any audit or examination by any taxing authority. Except as set forth on Schedule 4.9 attached hereto, the TRS Entity has not executed or filed with the
Internal Revenue Service or any other taxing authority any agreement now in effect extending the period for assessment or collection of any income or other Taxes. 
 Section 4.10 Litigation. Except as set forth in Schedule 4.10, there is no action, suit or proceeding pending or, to the knowledge of Ashford Trust TRS, threatened against
Ashford Trust TRS or the TRS Entity which, if adversely determined, would reasonably be expected to have a material and adverse effect on the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity. There is no
action, suit, or proceeding pending or, to the knowledge of Ashford Trust TRS, threatened against Ashford Trust TRS which challenges or impairs the ability of Ashford Trust TRS to execute or deliver, or materially perform its obligations under this
Option Agreement or to consummate the transactions hereby or thereby, except as would not, individually or in the aggregate, reasonably be expected to have a materially and adverse effect on the condition, financial or otherwise, or the earnings or
business affairs of the TRS Entity. 
 Section 4.11 No Insolvency Proceedings. No bankruptcy or
similar insolvency proceeding has been filed, or is currently contemplated, with respect to Ashford Trust TRS or the TRS Entity. 
 Section 4.12 No Other Representations and Warranties. Other than the representations and warranties expressly set forth in this Article IV, Ashford Trust TRS shall not be deemed
to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby. 

  
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 ARTICLE V 
 REPRESENTATIONS, WARRANTIES OF ASHFORD PRIME OP 
 As a material inducement to the
Grantors to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford Prime OP hereby makes to the Grantors each of the representations and warranties set forth in this Article V. The representations and
warranties set forth in this Article V are true as of the date hereof. As a condition to Grantors’ obligation to complete the contribution or sale of the Grantor Equity Interests after the exercise of the Purchase Option, such representations
and warranties must continue to be true and correct, in all material respects, as of the date of the Closing. 

Section 5.1 Organization. Ashford Prime OP is duly organized, validly existing and in good standing as a
limited partnership under the laws of the State of Delaware. 
 Section 5.2 Authority. Ashford Prime OP hereby
represents and warranties that it has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of it pursuant to this Option
Agreement, including without limitation, the Closing Documents to which it is a party; and (ii) carry out the transactions contemplated hereby and thereby. This Option Agreement and each agreement, document and instrument executed and delivered
by Ashford Prime OP pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Prime OP, each enforceable in accordance with its respective terms. 

Section 5.3 Noncontravention. The execution, delivery and performance of this Option Agreement and each
additional agreement, document and instrument to be executed and delivered by or on behalf of Ashford Prime OP pursuant to this Option Agreement: (A) does not and will not violate the partnership agreement of Ashford Prime OP; (B) does not
and will not violate any foreign, federal, state, local or other Law applicable to Ashford Prime OP, or require Ashford Prime OP to obtain any approval, consent or waiver of, or make any filing with, any Person or authority (governmental or
otherwise) that has not been obtained or made or which does not remain in effect; and (C) does not and will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any
indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit, authorization, Order, writ, judgment, injunction, decree, determination or arbitration award to which Ashford Prime OP is a party or
by which the property of Ashford Prime OP is bound or affected. 
 Section 5.4 Litigation. There is no
action, suit or proceeding pending or to Ashford Prime OP’s knowledge, threatened against Ashford Prime OP, that challenges or would reasonably be expected to impair the ability of Ashford Prime OP to execute or deliver or materially perform
its obligations under this Option Agreement and the documents executed by it pursuant to this Option Agreement or to consummate the transactions contemplated hereby or thereby. 

  
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 Section 5.5 Validity of Ashford Prime OP Units. The Ashford Prime
OP Units to be issued to AHT OP upon the exercise of the Purchase Option will be duly authorized by Ashford Prime OP and, when issued against the consideration therefor, will be validly issued by Ashford Prime OP, free and clear of all Liens created
by Ashford Prime OP. 
 Section 5.6 No Other Representations and Warranties. Other than the
representations and warranties expressly set forth in this Article V, Ashford Prime OP shall not be deemed to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby.

 ARTICLE VI 
 REPRESENTATIONS, WARRANTIES OF ASHFORD PRIME TRS 
 As a material inducement to the
Grantors to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford Prime TRS hereby makes to the Grantors each of the representations and warranties set forth in this Article VI. The representations and
warranties set forth in this Article VI are true as of the date hereof. As a condition to Grantors’ obligation to complete the sale of the Grantor Equity Interests after the exercise of the Purchase Option, such representations and warranties
must continue to be true and correct, in all material respects, as of the date of the Closing. 
 Section 6.1
Organization. Ashford Prime TRS is duly organized, validly existing and in good standing as a corporation under the laws of the State of Delaware. 
 Section 6.2 Authority. Ashford Prime TRS hereby represents and warranties that it has full right, authority, power and capacity to: (i) enter into this Option Agreement and
each agreement, document and instrument to be executed and delivered by or on behalf of it pursuant to this Option Agreement, including without limitation, the Closing Documents to which it is a party; and (ii) carry out the transactions
contemplated hereby and thereby. This Option Agreement and each agreement, document and instrument executed and delivered by Ashford Prime TRS pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal,
valid and binding obligation of Ashford Prime TRS, each enforceable in accordance with its respective terms. 

Section 6.3 Noncontravention. The execution, delivery and performance of this Option Agreement and each
additional agreement, document and instrument to be executed and delivered by or on behalf of Ashford Prime TRS pursuant to this Option Agreement: (A) does not and will not violate the governing documents of Ashford Prime TRS; (B) does not
and will not violate any foreign, federal, state, local or other Law applicable to Ashford Prime TRS, or require Ashford Prime TRS to obtain any approval, consent or waiver of, or make any filing with, any Person or authority (governmental or
otherwise) that has not been obtained or made or which does not remain in effect; and (C) does not and will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any
indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit, authorization, Order, writ, judgment, injunction, decree, determination or 

  
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arbitration award to which Ashford Prime TRS is a party or by which the property of Ashford Prime TRS is bound or affected. 

Section 6.4 Litigation. There is no action, suit or proceeding pending or to Ashford Prime TRS’ knowledge,
threatened against Ashford Prime TRS, that challenges or would reasonably be expected to impair the ability of Ashford Prime TRS to execute or deliver or materially perform its obligations under this Option Agreement and the documents executed by it
pursuant to this Option Agreement or to consummate the transactions contemplated hereby or thereby. 
 Section 6.5
No Other Representations and Warranties. Other than the representations and warranties expressly set forth in this Article VI, Ashford Prime TRS shall not be deemed to have made any other representation or warranty in connection with
this Option Agreement or the transactions contemplated hereby. 
 ARTICLE VII 

COVENANTS 

Section 7.1 Covenant Not to Substantially Alter the Grantor Equity Interests. From the date hereof through the
earlier of the Closing Date or the Option Termination Date, except as otherwise provided for or as contemplated by this Option Agreement or the other agreements, documents and instruments contemplated hereby, Grantors shall not, without the prior
written consent of Ashford Prime OP: 
 (a) sell, transfer or otherwise dispose of all or any portion of the Grantor Equity
Interests; 
 (b) further mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of the
Grantor Equity Interests; 
 (c) amend the governing documents of any Property Entity or the TRS Entity; or 

(d) adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization with respect to
Ashford Trust OP, Ashford Trust TRS, any Property Entity or the TRS Entity. 
 Section 7.2 Covenant to Use
Reasonable Commercial Efforts». Ashford Trust OP and Ashford Prime OP shall each use commercially reasonable efforts and cooperate with each other in (a) promptly determining wither any filings are required to be made or consents,
approvals, waivers, permits or authorizations are required to be obtained (under any applicable Law or regulation from any Governmental Authority or third party) in connection with the transactions contemplated by this Option Agreement and
(b) following the exercise of the Purchase Option, promptly making any such filings, in furnishing information required in connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations.

  
 -17-

 Section 7.3 Covenant by Ashford Prime OP to Replace Ashford Trust OP
as Guarantor Where Applicable. 
 (a) To the extent that, prior to the date of this Option Agreement, Ashford Trust has
guaranteed any obligations under the Existing Mortgage or any portion thereof, or any management agreement or franchise matters or other agreement related to the Property (“Existing Guarantees”), Ashford Prime agrees to enter into
substantially similar guarantees in favor of the lenders, managers, franchisors or other beneficiaries of such Existing Guarantees. 
 (b) To the extent that, prior to the date of this Option Agreement, Ashford Trust OP has entered into any Existing Guarantees, Ashford Prime OP agrees to enter into substantially similar guarantees in
favor of the lenders, managers, franchisors or other beneficiaries of such Existing Guarantees. 
 Section 7.4
Covenant by Ashford Prime OP to Admit Ashford Trust OP as a Limited Partner. If the Purchase Option is Exercised, Ashford Prime OP shall amend the partnership agreement of Ashford Prime OP to reflect Ashford Trust OP as a limited
partner, owning the Ashford Prime OP Units payable as the Property Purchase Price. 
 Section 7.5 Casualty. If,
following exercise of the Purchase Option and prior to Closing, the Property is damaged by fire or other casualty which is fully insured (without regard to deductibles) and would cost not more than Ten Million Dollars ($10,000,000) to repair, then
neither party shall have the right to terminate this Option Agreement by reason thereof, and the Closing shall take place without abatement of the Property Purchase Price and TRS Purchase Price, but Grantors shall assign to Optionees at the Closing
all of Grantor’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) that may be payable to Grantors on
account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Grantors for actual expenditures of restoration, plus Ashford Prime OP shall credit the amount of any
deductibles under any policies related to such proceeds to the Property Purchase Price. If any such damage due to fire or other casualty is insured and would cost in excess of Ten Million Dollars ($10,000,000), then Optionees may terminate their
obligations under this Option Agreement by written notice given to Grantors within ten (10) days after Ashford Trust OP has given Ashford Prime OP notice of such damage or casualty. Should Optionees elect to proceed to Closing notwithstanding
the amount of the insured loss, the Closing shall take place without abatement of the Property Purchase Price and TRS Purchase Price and at Closing, Grantors shall assign to Optionees the insurance proceeds and grant to Ashford Prime OP a credit
against the Property Purchase Price equal to the amount of the applicable deductible. 
 Section 7.6
Condemnation. Following exercise of the Purchase Option and prior to Closing, Ashford Trust OP agrees to give Ashford Prime OP prompt notice of any notice it receives of any taking by condemnation of any part of or rights appurtenant
to the Property. If such taking will materially interfere with the operation or use of the Property, the Optionees may terminate their obligations under this Option Agreement by written notice to Ashford Trust OP within ten (10) days after
Ashford Trust OP has given Ashford Prime OP such notice of taking. If Optionees do not so elect to terminate this Option Agreement, or if such taking will not 

  
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materially interfere with the operation or use of the Property, then the Closing shall take place as provided herein, and Grantors shall assign to Optionees at the Closing all of Grantor’s
interest in any condemnation award which may be payable to Grantors on account of any such condemnation and, at Closing, Ashford Trust OP shall credit the Property Purchase Price by the amount, if any, of condemnation proceeds received by Grantors
less (i) any amounts reasonably expended by Grantors in collecting such sums, (ii) any amounts reasonably used by Grantors to repair the Property as a result of such condemnation, and (iii) any amounts which are reasonably allocated
to lost earnings or other damages or losses (other than unrepaired property damages) reasonably allocated or attributed to the period of time prior to Closing. 
 ARTICLE VIII 
 INDEMNIFICATION 

Section 8.1 Indemnity. 
 (a) From and after the Closing, each party hereto (each of which is an “Indemnifying Party”) shall indemnify and hold harmless the other party and its Affiliates
(each of which is an “Indemnified Party”) from and against any and all charges, complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever (each, a
“Claim”), including amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar
bonds (collectively, “Losses”) arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant of
the Indemnifying Party contained in this Option Agreement or in any schedule, exhibit, certificate or affidavit or Closing Document (to the extent not known by Indemnified Party prior to Closing Date); provided, however, that: (i) no Optionee
shall have any obligation under this Article to indemnify any Indemnified Party against any Losses to the extent that such Losses arise by virtue of (A) either Grantors’ breach of this Option Agreement, gross negligence, willful misconduct
or fraud or (B) the operation of the business of Ashford Trust OP, the Property Entities, Ashford Trust TRS or the TRS Entity, or the ownership and operation of the Property for the period prior to the Closing Date; and (ii) no Grantor
shall have any obligation under this Article to indemnify any Indemnified Party against any Losses to the extent that such Losses arise by virtue of (A) any diminution in value of the Property, (B) either Optionee’s breach of this
Option Agreement, gross negligence, willful misconduct or fraud or (C) the operation of the business of Ashford Prime OP, the Property Entities, Ashford Prime TRS or the TRS Entity, or the ownership and operation of the Property for the period
from and after the Closing Date; and  
 (b) Ashford Trust OP and Ashford Trust TRS shall indemnify Optionees and
hold them harmless from and against all Losses arising from: (A) all Taxes of the Grantors for all Tax periods ending on or before the Closing Date, (B) with respect to any Tax period including but not ending on the Closing Date, all Taxes
of the Grantors attributable to the portion of such Tax period that ends on and includes the Closing Date, and (C) all Taxes of any Person imposed on the Optionees as a transferee or successor, by contract or pursuant to any Law (including, but
not limited to, Treasury Regulations Section 1.1502-6 and V.T.C.A., Tax Code, Chapter 171) with respect to obligations or relationships existing on or prior to the Closing Date or by agreements

  
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entered into or transactions entered into on or prior to the Closing Date; provided, however, that for the avoidance of doubt: 

(i) Neither Ashford Trust OP nor Ashford Trust TRS shall have liability for any Taxes or Losses with respect to Taxes that
are attributable to any transaction that occurs on or after the Closing. 
 (ii) Neither Ashford Trust OP nor
Ashford Trust TRS shall have liability to either Optionee for any Losses attributable to Taxes with respect to (A) any Tax period beginning after the Closing Date, or (B) any portion of a straddle period (a Tax period which includes but
does not end on the Closing Date) that accrue to the period following the Closing Date. 
 (iii) Neither Ashford
Trust OP nor Ashford Trust TRS shall have liability for any transfer Taxes related to the transactions contemplated by this Option Agreement or the exercise of the Purchase Option, which shall be paid by Ashford Prime. 

(c) From and after the Closing Date, Ashford Prime OP and Ashford Prime agree to jointly and severally indemnify and hold
harmless Ashford Trust, Ashford Trust OP and their respective Affiliates from and against any and all Losses and Claims arising from and after the Closing Date under the Existing Guarantees, which Existing Guarantees, if any, shall be specifically
identified to and acknowledged by Ashford Prime OP and Ashford Prime at the time of the Closing (the “Guarantee Schedule”). The obligations of Ashford Prime OP and Ashford Prime under this Section 8.1(c) shall continue
as to each Existing Guarantee until such Existing Guarantee is terminated in accordance with its terms or Ashford Trust, Ashford Trust OP and their Affiliates, as applicable, are otherwise released in writing from such Existing Guarantees. 

 (d) For the avoidance of doubt, Ashford Trust OP and Ashford Trust TRS shall be jointly and severally liable to
Optionees for any Losses for which Optionees are entitled to indemnification under this Article VIII, and Optionees shall be jointly and severally liable to Ashford Trust OP and Ashford Trust TRS for any Losses for which Ashford Trust OP and Ashford
Trust TRS are entitled to indemnification under this Article VIII. 
 Section 8.2 Notice of Claims. At
the time when any Indemnified Party learns of any potential Claim against the Indemnifying Party it will promptly give written notice (a “Claim Notice”) to the Indemnifying Party; provided that failure to do so shall not prevent
recovery under this Option Agreement, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to such Indemnified Party giving rise
to such Claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, such Indemnified Party shall deliver to the Indemnifying Party, promptly after such Indemnified Party’s receipt thereof,
copies of all notices and documents (including court papers) received by such Indemnified Party relating to claims asserted by third parties (“Third Party Claims”). Any Indemnified Party may at its option demand indemnity under this
Article VII as soon as a Claim has been threatened by a third party, regardless of whether an actual Loss has been suffered, so long as such Indemnified Party shall in good faith determine that such claim is not frivolous and that such Indemnified
Party may be liable for, or otherwise incur, a Loss as a result thereof. 

  
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 Section 8.3 Third Party Claims. The Indemnifying Party shall be
entitled, at its own expense, to assume and control the defense of any Claims based on Third Party Claims, through counsel chosen by the Indemnifying Party and reasonably acceptable to such Indemnified Party (or any Person authorized by such
Indemnified Party to act on its behalf), if it gives written notice of its intention to do so to such Indemnified Party within 30 days of the receipt of the applicable Claim Notice; provided, however, that such Indemnified Party may at all times
participate in such defense at its expense. Without limiting the foregoing, in the event that the Indemnifying Party exercises the right to undertake any such defense against a Third Party Claim, such Indemnified Party shall cooperate with the
Indemnifying Party in such defense and make available to the Indemnifying Party (unless prohibited by Law), at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and information in such Indemnified Party’s
possession or under such Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. No compromise or settlement of such Third Party Claim may be effected by either such Indemnified Party, on the one hand,
or the Indemnifying Party, on the other hand, without the other’s consent (which consent shall not be unreasonably withheld, conditioned or delayed) unless (i) there is no finding or admission of any violation of Law and no effect on any
other claims that may be made against such other party and (ii) each Indemnified Party that is party to such other claim is released from all liability with respect to such other claim. 

Section 8.4 Procedure for Indemnification. Upon determination of the amount of a Claim that is binding on both
the Indemnifying Party and the Indemnified Party, the Indemnifying Party shall, within ten (10) days of the date such amount is determined, pay the amount of such Claim by wire transfer of immediately available funds to an account designated by
the Indemnified Party. 
 Section 8.5 Expiration. 

(a) Subject to the limitations set forth in Section 8.5(b) below, all representations, warranties, covenants and agreements
(including those relating to indemnification in Section 8.1) made herein shall survive the Closing Date. 

(b) All representations, warranties and covenants of the Indemnifying Party contained in this Option Agreement shall
survive until twelve months after the Closing Date (the “Expiration Date”); provided, however, (i) the representations and warranties set forth in Section 3.11 or Section 4.9 with respect to
Taxes, shall survive Closing until the expiration of the applicable statute of limitations for making a claim for such matters, and (ii) the covenants set forth in Section 8.1(c) shall survive Closing without limitation. If written
notice of a claim in accordance with the provisions of this Article VIII has been given prior to the Expiration Date, then the relevant representation, warranty and covenant shall survive, but only with respect to such specific claim, until such
claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date, as applicable, may not thereafter be asserted and shall forever be waived.  

Section 8.6 Limitations on Amount. 

  
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 (a) Except as provided in subparagraph (b) below, neither Ashford Trust OP nor Ashford
Trust TRS shall have any liability under Section 8.1 for any Losses hereunder (i) unless and until the aggregate total amount of all such Losses for which Ashford Trust OP or Ashford Trust TRS would, but for this provision, be liable
exceeds, on a cumulative basis, one percent (1%) of the aggregate of the Property Purchase Price and the TRS Purchase Price on the Closing Date, and then only to the extent of such excess, (ii) in excess of, on a cumulative basis, five
percent (5%) of the aggregate of the Property Purchase Price and the TRS Purchase Price. 
 (b) The limitations set forth
in Section 8.6(a) above shall not apply to any Losses resulting from Claims made under Section 8.1(c). 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Additional Definitions For the purposes of this Option Agreement, the following terms shall have
the following meanings: 
 (a) “Affiliate” means, with respect to any Person, a Person
that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the
terms “controlled by” and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such
Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, for purposes of this Option Agreement, Ashford Prime and the Optionees shall not be deemed to be Affiliates of Ashford Trust and the
Grantors. 
 (b) “Business Day” means any day that is not a Saturday, Sunday
or legal holiday in the State of Texas. 
 (c) “Code” means the Internal Revenue Code of
1986, as amended, together with the rules and regulations promulgated or issued thereunder.  
 (d)
“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local,
domestic or foreign.  
 (e) “Law” means laws, statutes, rules, regulations,
codes, Orders, ordinances, judgments, injunctions, decrees and policies of any Governmental Authority.  

(f) “Liens” means all pledges, claims, liens, charges, restrictions, controls, easements, rights of
way, exceptions, reservations, leases, licenses, grants, covenants and conditions, Encumbrances and security interests of any kind or nature whatsoever.  
 (g) “Order” means any order, writ, judgment, injunction, decree, ruling, assessment, stipulation, determination or award entered by or with any court or other
Governmental Authority or arbitrator.  

  
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 (h) “Person” means an individual, corporation,
partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity.  
 (i) “Tax” means all federal, state, local and foreign income, property, withholding, sales, franchise, employment, excise and other Taxes, tariffs or governmental
charges of any nature whatsoever, including estimated Taxes, together with penalties, interest or additions to Tax with respect thereto.  
 (j) “Tax Return” means any return, declaration, report, claim for refund, or information return or statement related to Taxes, including any schedule or attachment
thereto, and including any amendment thereof.  
 Section 9.2 Amendment. Any amendment
hereto shall be in writing and signed by all parties hereto. No waiver of any of the provisions of this Option Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

Section 9.3 Entire Agreement; Counterparts; Applicable Law. This Option Agreement and all ancillary agreements
executed in connection with this Option Agreement (a) constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, (b) may be
executed in several counterparts, each of which will be deemed an original and all of which shall constitute one and the same instrument and (c) shall be governed in all respects, including validity, interpretation and effect, by the laws of
the State of Texas without giving effect to the conflict of law provisions thereof. 
 Section 9.4
Assignability. This Option Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that
this Option Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be void and of no effect; provided, however, that
Optionees may assign this Option Agreement, the Closing Documents and any agreement contemplated hereunder or thereunder to Ashford Prime or to an Affiliate of either Optionee or Ashford Prime without the consent of either Grantor. In the event that
Optionees assign this Option Agreement as provided herein, Optionees shall remain fully liable under this Option Agreement to issue the Ashford Prime OP Units and shall not be released from any of the obligations and liabilities included herein
following such assignment. 
 Section 9.5 Titles. The titles and captions of the Articles, Sections
and paragraphs of this Option Agreement are included for convenience of reference only and shall have no effect on the construction or meaning of this Option Agreement. 
 Section 9.6 Third Party Beneficiary. No provision of this Option Agreement is intended, nor shall it be interpreted, to provide or create any third party beneficiary rights or
any other rights of any kind in any customer, Affiliate, stockholder, partner, director, officer or employee of any party hereto or any other Person or entity; provided, however, that Article VIII of this Option Agreement shall be enforceable by and
shall inure to the benefit of the Persons described therein. 

  
 -23-

 Section 9.7 Severability. If any provision of this Option
Agreement, or the application thereof, is for any reason held to any extent to be invalid or unenforceable, the remainder of this Option Agreement and application of such provision to other Persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Option Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic,
business and other purposes of the void or unenforceable provision and to execute any amendment, consent or agreement deemed necessary or desirable by an Optionee to effect such replacement. 

Section 9.8 Equitable Rights. The parties hereto agree that irreparable damage would occur in the event that
any of the provisions of this Option Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of
this Option Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in the State of Texas (as to which the parties agree to submit to jurisdiction for the purposes of such action), this being in
addition to any other remedy to which they are entitled at law or in equity. 
 Section 9.9
Attorneys’ Fees. In connection with any litigation or a court proceeding arising out of this Option Agreement, the prevailing party shall be entitled to recover all costs incurred, including reasonable attorneys’ fees and
legal assistants’ fees and costs whether incurred prior to trial, at trial or on appeal. 
 Section 9.10
Notices; Exercise of Purchase Option. Any notice or demand which must or may be given under this Option Agreement (including the exercise by Optionees of the Purchase Option) or by law shall, except as otherwise provided, be in
writing and shall be deemed to have been given (i) when physically received by personal delivery (which shall include the confirmed receipt of a telecopied facsimile transmission), or (ii) three (3) Business Days after being deposited
in the United States certified or registered mail, return receipt requested, postage prepaid, or (iii) one (1) Business Day after being deposited with a nationally known commercial courier service providing next day delivery service (such
as Federal Express); addressed and delivered or telecopied (a) in the case of a notice to the Optionees at the following address and telecopy number: 
 c/o Ashford Hospitality Advisors LLC 
 14185 Dallas Parkway, Suite 1100 

Dallas, Texas 75254 
 Phone: (972) 490-9600 
 and (b) in the case of a notice to a Grantors, to: 

14185 Dallas Parkway, Suite 1100 
 Dallas, Texas 75254 
 Phone: (972) 490-9600 

  
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 Section 9.11 Computation of Time. Any time period provided for
herein which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next full Business Day. All times are Central Standard Time. 
 Section 9.12 Time of the Essence. Time is of the essence with respect to all obligations of the Grantors under this Option Agreement. 

[Signature Pages Follow] 

  
 -25-

 IN WITNESS WHEREOF, each of the parties hereto has executed this Option Agreement, or caused
the Option Agreement to be duly executed on its behalf, as of the date first above written. 
  

					
	OPTIONEES:
	
	ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP
		
	By:	 	Ashford Prime OP General Partner LLC, its general partner
			
		 	By:	 	  

		 		 	David Brooks, Vice President
	
	ASHFORD PRIME TRS CORPORATION
		
	By:	 	  

		 	David Kimichik, President

 Gateway Option Agreement – Signature Page 

 
					
	GRANTORS:
	
	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
		
	By:	 	Ashford OP General Partner LLC, its general partner
			
		 	By:	 	  

		 		 	David Brooks, Vice President
	
	ASHFORD TRS CORPORATION
		
	By:	 	  

		 	David Kimichik, President

 Gateway Option Agreement – Signature Page 

 ACKNOWLEDGEMENT AND AGREEMENT: 
 The undersigned has executed this Option Agreement to acknowledge and agree to the provisions of this Agreement imposing obligations on Ashford Hospitality Prime, Inc., including but not limited to
Section 7.3 and Article VIII. 
  

			
	ASHFORD HOSPITALITY PRIME, INC.
		
	By:	 	  

		 	David Brooks, Chief Operating Officer and
		 	General Counsel

 CONSENT TO PLEDGE: 
 The undersigned is the sole general partner of Ashford Prime OP and hereby consents to the pledge by Ashford Trust OP under the Ashford Trust Credit Facility of any Ashford Prime OP Units issued to
Ashford Trust OP in connection with the exercise of this Option Agreement. 
  

			
	ASHFORD PRIME OP GENERAL PARTNER LLC
		
	By:	 	  

		 	David A. Brooks, Vice President

 Gateway Option Agreement – Signature Page 

 LIST OF SCHEDULES AND EXHIBITS 

Exhibits 
 Exhibit A – Description
of Property 
 Exhibit B – Purchase Notice 
 Exhibit C – Form of Assignment Agreement 
 Schedules 

Schedule 3.11 – Taxes of Ashford Trust OP 

Schedule 3.12 – Claims or Litigation related to Ashford Trust OP 
 Schedule 4.9 – Taxes of Ashford Trust TRS 
 Schedule 4.10 – Claims or Litigation related
to Ashford Trust TRS 
 Gateway Option Agreement - List of Schedules and ExhibitsEX-10.8

 Exhibit 10.8 
 ASHFORD PRIME 
 MUTUAL EXCLUSIVITY AGREEMENT 

THIS ASHFORD PRIME MUTUAL EXCLUSIVITY AGREEMENT (this “Agreement”) is entered as of the
[    ] day of [                    ], 2013 (the “Effective Date”) by and among ASHFORD HOSPITALITY
PRIME LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), ASHFORD HOSPITALITY PRIME, INC., a Maryland corporation (the “REIT”), and REMINGTON LODGING &
HOSPITALITY, LLC, a Delaware limited liability company (“Manager”), and is consented and agreed to by MONTY J. BENNETT as a Remington Affiliate. 

THE PARTIES HERETO ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: 

A.    Prior to the date hereof, the Remington Parties have been actively engaged in various aspects of acquisition,
development, renovation, management and operation of Hotel Properties. 
 B.    The Remington Parties plan
to continue to engage in various aspects of acquisition, development, project management, renovation, management and operation of Hotel Properties. 
 C.    The REIT has undertaken, or will concurrently with it becoming a publicly traded company, undertake to acquire, develop, invest in, or purchase Hotel Properties that meet the
REIT’s Initial Investment Guidelines. 
 D.    The REIT Parties desire to benefit from the hotel
development, project management and property management experience of the Remington Parties and have agreed to engage Manager in connection with certain investment opportunities (subject to an Independent Director Election); provided, the Remington
Parties agree to grant the REIT Parties a first right of refusal with respect to any Remington Transaction that any of the Remington Parties source or identify, meeting the Initial Investment Guidelines of the REIT Parties. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties hereto, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Definitions. All terms used in this Agreement but not defined herein shall have the meanings as
set forth on Exhibit A attached hereto and incorporated herein for all purposes (applicable to both the singular and plural forms of the terms defined). 
 2.    Term of Agreement. This Agreement shall commence as of the Effective Date and shall terminate ten (10) years thereafter (the “Initial
Term”), unless earlier terminated in whole or in part (with respect to the Remington Exclusivity Rights or the REIT Exclusivity Rights, or both, as applicable), due to (a) an Event of Default under this Agreement and the
non-defaulting party elects to terminate this Agreement, (b) the occurrence of a Remington Termination Event, (c) the occurrence of a REIT Termination Event, or (d) termination of the Master Management Agreement with respect to all of
the Hotel Properties covered thereby 

  
 -1-

 
pursuant to an Event of Default (as defined therein) applicable to all of the Hotel Properties then covered by the Master Management Agreement as set forth in Section 19.02 thereof and the
non-defaulting party thereunder elects in writing to terminate this Agreement (the events in subparagraphs (a) through (d) herein each called, a “Termination Event”). Notwithstanding the foregoing, the Initial Term
shall automatically be extended at the expiration of the Initial Term (with respect to the Remington Exclusivity Rights or the REIT Exclusivity Rights, or both, as applicable), on the same terms and conditions contained herein, for each of three
(3) successive periods of seven (7) Fiscal Years each and one final period of four (4) years; provided, however, that at the time of the expiration of the Initial Term or extension term, as applicable, a Termination Event with respect
to the entirety of this Agreement does not then exist. The Initial Term as extended by any extension terms, if any, shall herein be called the “Term.” Upon the occurrence of a Termination Event (except where such Termination
Event is due to an Event of Default by any of the Remington Parties under this Agreement), the Remington Parties shall be entitled to receive the Reimbursement Amount payable under this Agreement. Subject to Section 8(b) below,
upon termination of the entirety of this Agreement, the Remington Parties and the REIT Parties shall have no further obligations to one another pursuant to this Agreement, except for any indemnification obligations contained herein, which shall
survive such termination. Any termination of this Agreement in whole or in part shall not terminate any existing management and/or development agreements or any other agreements executed between the parties hereto that are then continuing and in
full force and effect. 
 3.    Early Termination Events. 

(a)    Remington Termination Event. Upon the occurrence of any of the following events, the Remington
Parties acting through Manager may, at their election exercised in their sole and absolute discretion and upon written notice to the REIT Parties, terminate the REIT Exclusivity Rights: 

 

	 	(i)	Monty J. Bennett (1) is removed as chief executive officer or chairman of the board of directors of the REIT, (2) is not re-appointed as chief executive
officer or chairman of the board of directors of the REIT, or (3) resigns as chief executive officer or chairman of the board of directors of the REIT; 

 

	 	(ii)	The termination of the Advisory Agreement for any reason pursuant to its terms and Monty J. Bennett is no longer serving as the chief executive officer and chairman of
the board of directors of the REIT; or 

  

	 	(iii)	If the REIT Parties terminate the Remington Exclusivity Rights based upon a REIT Termination Event. 

Upon the REIT Parties’ receipt of written notice of termination of the REIT Exclusivity Rights from the Remington Parties, the REIT
Exclusivity Rights set forth in this Agreement shall terminate; however, all other terms and provisions of this Agreement shall remain in full force and effect, including the Remington Exclusivity Rights, until this Agreement expires or is otherwise
terminated as permitted under this Agreement. 

  
 -2-

 (b)    REIT Termination Event. Upon the occurrence of any
of the following events, the REIT Parties may, at their election exercised in their sole and absolute discretion and upon written notice to the Remington Parties, terminate the Remington Exclusivity Rights: 

 

	 	(i)	The Manager fails to qualify as an “eligible independent contractor” as defined in Section 856(d)(9) of the Internal Revenue Code, which results in a
termination of the Master Management Agreement; 

  

	 	(ii)	Any one of the Remington Parties ceases to be controlled by Archie Bennett, Jr. and/or Monty J. Bennett and/or their respective family partnership or trusts, the sole
members of which are at all times lineal descendants of Archie Bennett, Jr. or Monty J. Bennett (including step children) and spouses of any of the foregoing, with “control” meaning (a) the possession, directly or indirectly, of a
majority of the capital stock and voting power of such Remington Parties, or (b) the power to direct or cause the direction of the management and policies of the Remington Parties in the capacity of chief executive officer, president, chairman,
or other similar capacity where either is actively engaged and/or involved in providing such direction or control and spend substantial time managing the Remington Parties; 

 

	 	(iii)	If there is a Change In Control of the REIT and the REIT terminates the Master Management Agreement with respect to all Hotels and Non-Managed Hotels covered thereby,
provided that the REIT first pays to the Manager the greater of (A) the product of (1) 65% of the aggregate Base Management Fees and Incentive Fees budgeted in the Annual Operating Budgets applicable to the Hotels for the full current
Fiscal Year in which such termination is to occur (but in no event less than the Base Management Fees and Incentive Fees for the preceding full Fiscal Year) by (2) nine (9), or (B) the product of (1) 65% of the Project Management Fees
and Market Service Fees estimated to be payable to Manager with respect to the Non-Managed Hotels pursuant to Capital Improvement Budgets for the full current Fiscal Year in which such termination is to occur (but in no event less than the aggregate
Project Management Fees and Market Services Fees paid to Manager for the preceding Fiscal Year) and (2) nine (9); 

  

	 	(iv)	If the Remington Parties terminate the REIT Exclusivity Rights by reason of a Remington Termination Event; or 

 

	 	(v)	The termination of the Advisory Agreement pursuant to its terms and Monty J. Bennett is no longer serving as the chief executive officer and chairman of the board of
directors of the REIT. 

 Upon the Remington Parties’ receipt of written notice of termination of the
Remington Exclusivity Rights from the REIT Parties, the Remington Exclusivity Rights set forth in this Agreement shall terminate; however, all other terms and provisions of this Agreement shall remain in full force and effect, including the REIT
Exclusivity Rights, until this Agreement expires or is otherwise terminated as permitted under this Agreement. 

  
 -3-

 4.    REIT Exclusivity Rights. 

(a)    Remington Transaction. If any of the Remington Affiliates identifies an opportunity to develop
and construct, acquire all or a portion of, or invest in, a Hotel Property that meets the Initial Investment Guidelines of the REIT (herein each called, a “Remington Transaction”), the Remington Parties on behalf of
themselves and their Affiliates, hereby grant to the REIT Parties the first right of refusal to purchase and assume such Remington Transaction and agree not to pursue any such opportunity (except as provided in this Section 4) and
acknowledge that each such opportunity will belong to the REIT Parties (the “REIT Exclusivity Rights”). The REIT Exclusivity Rights shall not apply to any Excluded Remington Transactions or any investment in a Hotel Property
that does not meet the initial Investment Guidelines of the REIT. For the avoidance of doubt, the REIT Exclusivity Rights shall be, with respect to opportunities that satisfy the REIT’s initial Investment Guidelines, superior to any exclusivity
rights or right of first refusal of the Ashford Trust pursuant to the Ashford Trust Mutual Exclusivity Agreement (the “Ashford Trust Exclusivity Rights”). 
 If the REIT materially modifies its Initial Investment Guidelines without the written consent of Manager (on behalf of the Remington Parties), which such consent may be withheld in its sole and absolute
discretion and may further be subject to the consent of the Ashford Trust Parties, the Remington Parties will have no obligation to present or offer a Remington Transaction to the REIT Parties at any time thereafter, regardless of any subsequent
modifications by the REIT to its Investment Guidelines. For purposes hereof, a “material” modification of the REIT’s initial Investment Guidelines shall mean any modification of the Initial Investment Guidelines which cause the
REIT’s Investment Guidelines to be competitive with Ashford Trust’s Investment Guidelines. Instead, the Remington Parties, subject to the superior rights of the Ashford Trust Parties or any other Person with which any of the Remington
Parties may have a right of first offer agreement or similar agreement, shall use their reasonable discretion to determine how to allocate such Remington Transaction. The REIT Parties acknowledge the terms and conditions of the Ashford Trust Mutual
Exclusivity Agreement, and further acknowledge that if the REIT materially modifies its Initial Investment Guidelines without the consent of Manager (on behalf of the Remington Parties), the Ashford Trust Parties, unless otherwise waived, will have
superior rights to Remington Transactions pursuant to the terms of the Ashford Trust Mutual Exclusivity Agreement. Further, the REIT Parties acknowledge that if the REIT materially modifies its Initial Investment Guidelines without the written
consent of Manager, that the REIT Parties will not be entitled to preferential treatment with respect to Remington Transactions. Notwithstanding the foregoing, if the REIT materially modifies its Initial Investment Guidelines without the consent of
Manager, the Remington Exclusivity Rights provided herein shall remain in full force and effect. 

(b)    Remington Notice. In connection with each Remington Transaction, the Remington Parties on behalf
of the Remington Affiliates shall deliver to the REIT Parties, with a copy to the Independent Directors, a written notice (the “Remington Notice”) in reasonable detail sufficient to describe the material terms of the
Remington Transaction, including without limitation, as applicable, a description of the nature of the transaction (acquisition, development, or other investment), description and location of the asset, name of franchisor, inspection period, timing
for closing, earnest money requirements, closing costs, an accounting of the Reimbursement Amount in reasonable detail, and to the extent available and in the possession of the Remington 

  
 -4-

 
Parties, copies of any letters of intent, purchase and sale agreements, or development agreements, as applicable (the “REIT Transaction Documents”). Such Remington Notice
shall be delivered to the REIT Parties (with a copy to the Independent Directors), as soon as reasonably practical after the opportunity of the Remington Transaction is identified for any of the Remington Affiliates. 

(c)    REIT ROFR. The REIT Parties shall have the right, through any of the REIT Affiliates, to accept
or decline such Remington Transaction (the “REIT ROFR”) by giving written notice (the “REIT ROFR Notice”) to the Remington Parties at any time on or before ten (10) business days from its receipt
of a Remington Notice (the “REIT ROFR Period”). 
 (d)    Acceptance of
Remington Transaction. Any acceptance of the Remington Transaction by the REIT Parties shall be in accordance with the following terms and conditions: 
  

	 	(i)	Upon delivery of a REIT ROFR Notice accepting the Remington Transaction, the REIT Parties (through any of the REIT Affiliates) shall assume (and the applicable
Remington Affiliate shall assign) any applicable REIT Transaction Documents containing materially the same terms and conditions as set forth in the Remington Notice within ten (10) business days of the receipt by the Remington Parties of the
REIT ROFR Notice; 

  

	 	(ii)	The REIT Parties (through any of the REIT Affiliates) shall pay the Reimbursement Amount to the applicable Remington Affiliate; 

 

	 	(iii)	The REIT Parties (through any of the REIT Affiliates) shall pursue the Remington Transaction in accordance with the applicable REIT Transaction Documents with
commercially reasonable diligence; and 

  

	 	(iv)	If the Remington Transaction involves the management and operation of a Hotel Property, and/or the construction, development, project management or the performance of
Project Related Services relating to a Hotel Property, the applicable REIT Affiliate assuming the Remington Transaction shall engage Manager, and Manager agrees to accept such engagement, to perform such services and execute the applicable documents
as described in Section 5(b) below, provided Independent Director Disapproval has not been received. 

 (e)    Rejection or Lapse of REIT ROFR; Failure to Close. If the REIT Parties fail to deliver a REIT ROFR Notice within the REIT ROFR Period or by REIT ROFR Notice reject
or decline to purchase and assume the Remington Transaction, or the applicable REIT Affiliate fails to timely prepare and execute the proper REIT Transaction Documents with respect to the Remington Transaction, then the REIT ROFR shall lapse. The
REIT Parties acknowledge that pursuant to the terms of the Ashford Trust Mutual Exclusivity Agreement, if the REIT ROFR lapses, the Ashford Trust Parties may exercise their rights to assume or acquire the Remington Transaction. Further, the
applicable Remington Affiliate shall be entitled, subject to the Ashford Trust Exclusivity Rights, to proceed with the Remington Transaction described in the Remington Notice on materially the same terms and conditions as outlined therein within the
time period established therein and in accordance with the underlying REIT Transaction Documents, subject 

  
 -5-

 
to reasonable extensions of the closing date. If the terms and conditions of the Remington Transaction materially change, then the Remington Parties hereby grant (on behalf of themselves and the
applicable Remington Affiliate) to the REIT Parties the exclusive first right of refusal to purchase and assume the rights and obligations of the applicable Remington Affiliate with respect to such Remington Transaction on the changed terms and
conditions and in connection therewith shall deliver to the REIT Parties a new Remington Notice (subject to the same time requirements for review and exercise as set forth in this Agreement). 

(f)    Additional Information. During the REIT ROFR Period with respect to each Remington Transaction
and the related Hotel Property, the Remington Parties shall deliver to the REIT Parties upon the written request of the REIT Parties, from time to time and to the extent available, (i) any and all documents, correspondence and reports,
including, without limitation, due diligence information (including, property condition reports, surveys, environmental reports), information and documents bearing on contracts, litigation and such other matters, and title and lien information;
(ii) any notices of non-compliance with applicable laws bearing on such Hotel Property; (iii) quarterly financial information with respect to such Hotel Property showing hotel revenues and hotel operating expenses; and (iv) such other
information relating to the Hotel Property or the Remington Transaction as reasonably requested by the REIT Parties. 

(g)    No Additional Fees. Reimbursement to the Remington Parties of the Reimbursement Amount shall be
the sole payment to the applicable Remington Affiliate with regard to a Remington Transaction. The Remington Parties shall not receive any finder’s fee, brokerage fee, development fee, or other commissions or compensation with regard to any
Remington Transaction. 
 5.    Remington Exclusivity Rights. 

(a)    REIT Transaction; REIT Notice. If any of the REIT Parties or their Affiliates subsidiaries
acquires or invests in (i) a Hotel Property or (ii) a Property for the purposes of development or construction of a Hotel Property, and such REIT Parties or their Affiliates have the right and/or control the right to direct the management
of and/or development and construction of and/or capital improvements to or refurbishment of, or the provision of project management or other services, such as purchasing, interior design, freight management, or construction management for such
Hotel Property or hotel improvements (herein each called, a “REIT Transaction”), the REIT Parties hereby agree (on behalf of themselves and the applicable REIT Affiliate) to engage Manager or an Affiliate of Manager (so long
as such Affiliate constitutes an Eligible Independent Contractor and there has not been an Independent Director Disapproval), to provide, and Manager agrees to then provide or cause such Affiliate to provide, any such management, development and
construction, capital improvement, refurbishment, and/or project management or other such services in connection with such REIT Transaction (the “Remington Exclusivity Rights”) and in connection therewith shall deliver to the
Remington Parties, a written notice (the “REIT Notice”) which describes such REIT Transaction and the services to be provided by Manager, including, the description and location of the asset, name of the franchisor, and the
development, construction or improvement timeline. The REIT Parties may engage a third party and not Manager or an Affiliate of Manager to provide any or all of the foregoing services in connection with the REIT Transaction if the REIT Transaction
has received Independent Director Disapproval. 

  
 -6-

 (b)    Remington Transaction Documents. 

 

	 	(i)	Master Management Agreement. In the event that a REIT Transaction (for which Manager has been engaged) relates to the management and operation of a Hotel
Property, the terms and conditions of the management, operation and any construction, renovations, improvements, refurbishments, or other services, such as purchasing, interior design, freight management, or construction management, to be undertaken
with respect to such Hotel Property during the term of such management and operation, including the amount of any management, incentive, project or other service fees shall be either pursuant to the terms and conditions of the Master Management
Agreement (and the Master Management Agreement shall be amended accordingly to include such Hotel Property), or pursuant to a management agreement with Manager or a subsidiary of Manager substantially in form of the Master Management Agreement.

  

	 	(ii)	Development Agreement. In the event that a REIT Transaction relates to the development and construction of a Hotel Property, then the terms and conditions
of any such development and construction, including the project oversight and developer management fees, shall be pursuant to the terms set forth in that certain form of Development Agreement attached hereto as Exhibit B.

 6.    Excepted Transactions. Notwithstanding anything contained in this
Agreement to the contrary, the REIT Parties’ rights under Section 4 do not extend to the Excluded Remington Transactions and the Remington Parties’ rights under Section 4(d)(iv) or
Section 5 do not extend to the Excluded REIT Transactions. Each party hereto agrees to give written notice to the other party of any Excluded REIT Transaction or Excluded Remington Transaction, as applicable, describing said
transaction with reasonable detail. 
 7.    Indemnity. 

(a)    Remington Parties’ Indemnity. Except as set forth in Section 7(b) below,
the Remington Parties shall indemnify and hold the REIT Affiliates and Ashford Hospitality Advisors LLC, the REIT’s advisor, (and each of their respective agents, principals, shareholders, partners, members, officers, directors, attorneys and
employees) harmless from and against all liabilities, losses, claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) that may be incurred by or asserted against any such party and that arise
from (i) the fraud, willful misconduct or gross negligence of any of the Remington Affiliates (other than any REIT Affiliate), (ii) the breach by the Remington Affiliates of any provision of this Agreement, or (iii) the breach by the
Remington Affiliates of any Remington Transaction Documents first occurring prior to the date of the assumption of same by any of the REIT Affiliates. The REIT Parties shall promptly provide the Remington Parties with written notice of any claim or
suit brought against any of them by a third party which might result in such indemnification. 

(b)    REIT Parties’ Indemnity. Except as set forth in Section 7(a) herein
above, the REIT Parties shall indemnify and hold the Remington Affiliates (and their respective agents, principals, shareholders, partners, members, officers, directors, attorneys and employees)

  
 -7-

 
harmless from and against all liabilities, losses, claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) that may be incurred by or
asserted against any such party and that arise from (i) the fraud, willful misconduct or gross negligence of the REIT Affiliates (other than any Remington Affiliate), or (ii) the breach by the REIT Affiliates of any provision of this
Agreement (other than any Remington Affiliate). The Remington Parties shall promptly provide the REIT Parties with written notice of any claim or suit brought against any of them by a third party which might result in such indemnification.

 (c)    Indemnification Procedure. Any party obligated to indemnify the other party under
this Agreement (the “Indemnifying Party”) shall have the right, by written notice to the indemnified party, to assume the defense of any claim with respect to which the indemnified party is entitled to indemnification
hereunder. If the Indemnifying Party gives such written notice, (i) such defense shall be conducted by counsel selected by the Indemnifying Party and approved by the indemnified party, such approval not to be unreasonably withheld or delayed
(provided, however, that the indemnified party’s approval shall not be required with respect to counsel designated by the Indemnifying Party’s insurer); (ii) so long as the Indemnifying Party is conducting such defense with reasonable
diligence, the Indemnifying Party shall have the right to control said defense and shall not be required to pay the fees or disbursements of any counsel engaged by the indemnified party for services rendered after the Indemnifying Party has given
the written notice provided for above to the indemnified party, except if there is a conflict of interest between the parties with respect to such claim or defense; and (iii) the Indemnifying Party shall have the right, without the consent of
the indemnified party, to settle such claim, provided that such settlement involves only the payment of money, the Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof, the indemnified party
is unconditionally released from all liability in respect of such claim. The indemnified party shall have the right to participate in the defense of such claim being defended by the Indemnifying Party at the expense of the indemnified party, but the
Indemnifying Party shall have the right to control such defense (other than in the event of a conflict of interest between the parties with respect to such claim or defense). In no event shall (i) the indemnified party settle any claim without
the consent of the Indemnifying Party so long as the Indemnifying Party is conducting the defense thereof in accordance with this Agreement; or (ii) if a claim is covered by the Indemnifying Party’s liability insurance, take or omit to
take any action which would cause the insurer not to defend such claim or to disclaim liability in respect thereof. 

8.    Events of Default; Consequences; Remedies. 

(a)    Events of Default. The following shall constitute events of default (each an “Event
of Default”): 
  

	 	(i)	The filing of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law by any of the Remington Parties or the REIT
Parties; 

  

	 	(ii)	The consent to any involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from the date of entry thereof, any order approving an
involuntary petition by any of the Remington Parties or the REIT Parties; 

  
 -8-

	 	(iii)	The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating any of the Remington Parties or the
REIT Parties as bankrupt or insolvent, or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all or a substantial part of such party’s assets, and such order, judgment or decree continues unstayed
and in effect for any period of ninety (90) days or more; 

  

	 	(iv)	The appointment of a receiver for all or any substantial portion of the property of any of the Remington Parties or the REIT Parties; 

 

	 	(v)	The failure of any of the REIT Parties to make any payment required to be made in accordance with the terms of this Agreement within thirty (30) days after receipt
of written notice from the Remington Parties specifying said default with reasonable specificity as to when such payment is due and payable; or 

  

	 	(vi)	The failure of any of the Remington Parties or the REIT Parties to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions set
forth in this Agreement, and the continuance of such default for a period of thirty (30) days after written notice of said failure; provided, however, if such default cannot be cured within such thirty (30) day period and the Remington
Parties or the REIT Parties, as the case may be, commences to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended so long
as it shall require the Remington Parties or the REIT Parties, as the case may be, in the exercise of due diligence to cure such default, it being agreed that no such extension shall be for a period in excess of one hundred twenty (120) days.

 (b)    Consequence of Default. Upon the occurrence of any Event of Default,
the non-defaulting party may, at its election, give the defaulting party written notice of intention to terminate this Agreement (after the expiration of any applicable grace or cure period provided in Section 8(a) above), and
upon the expiration of thirty (30) days from the date of such notice, this Agreement shall terminate and the non-defaulting party shall be entitled to pursue any and all rights and remedies available, at law or in equity, to the non-defaulting
party under this Agreement (including any indemnity obligations which shall survive this Agreement) or under applicable law. 

9.    Non-Solicitation. Upon the occurrence of a Termination Event, and for a period of two years from
the date of such termination, the REIT (or any of its Affiliates) shall not solicit for employment, employ or otherwise retain (directly or indirectly) any employee of the Manager (or any of its Affiliates) without the prior written consent of
Manager, which consent may be granted, withheld or conditioned in Manager’s sole and absolute discretion. 

10.    Miscellaneous. 
 (a)    Notices. All notices and other communications required or permitted hereunder shall be in writing, shall be deemed duly given upon actual receipt and shall be
delivered (i) in person, (ii) by registered or certified mail (air mail if addressed to an address outside of the 

  
 -9-

 
country in which mailed), postage prepaid, return receipt requested, or (iii) by facsimile or other generally accepted means of electronic transmission (provided that a copy of any notice
delivered pursuant to this clause (iii) shall also be sent pursuant to clause (ii), addressed as follows (or to such other addresses as may be specified by like notice to the other parties): 

 

			
	To the Remington Parties:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway
		  	Suite 1150
		  	Dallas, Texas 75254
		  	Attn:     Mr. Monty J. Bennett
		
	with a copy to:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway
		  	Suite 1150
		  	Dallas, Texas 75254
		  	Attn:     Legal Department
		
	To the REIT Parties:	  	Ashford Hospitality Prime, Inc.
		  	Ashford Hospitality Prime Limited Partnership
		  	c/o Ashford Hospitality Advisors LLC
		  	14185 Dallas Parkway
		  	Suite 1100
		  	Dallas, Texas 75254
		  	Attn:     President
		
	with a copy to:	  	Ashford Hospitality Prime, Inc.
		  	14185 Dallas Parkway
		  	Suite 1100
		  	Dallas, Texas 75254
		  	Attn:     Legal Department
		
	with a copy to:	  	Ashford Hospitality Prime, Inc.
		  	14185 Dallas Parkway
		  	Suite 1100
		  	Dallas, Texas 75254
		  	Attn:     Independent Directors

 (b)    Amendments. No amendment, modification or supplement to this
Agreement shall be binding on any of the parties hereto unless it is in writing and signed by the parties in interest at the time of the modification, and further provided any such modification is approved by a majority of the Independent Directors.

 (c)    Successors and Assigns. Neither this Agreement nor any rights or obligations
hereunder shall be assignable by a party to this Agreement without the prior, express written consent of each of the other parties; provided, however, Manager shall have the right, without such consent, to assign its interest in this Agreement to
any Manager Affiliate, provided such Manager Affiliate qualifies as an Eligible Independent Contractor as of the date of such transfer. 

  
 -10-

 
This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. 

(d)    No Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties to this
Agreement and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claims or action or other right in excess of those existing without reference to this Agreement. 

(e)    Titles and Headings. Titles and headings to paragraphs and sections in this Agreement are
inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 (f)    Maximum Legal Enforceability; Time of Essence. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. Without prejudice to any rights or remedies otherwise available to any party to this Agreement, each party hereto acknowledges that damages would not be an adequate remedy for any breach of the provisions of this
Agreement and agrees that the obligations of the parties hereunder shall be specifically enforceable. Time shall be of the essence as to each and every provision of this Agreement. 

(g)    Further Assurances. The parties to this Agreement will execute and deliver or cause the
execution and delivery of such further instruments and documents and will take such other actions as any other party to the Agreement may reasonably request in order to effectuate the purpose of this Agreement and to carry out the terms hereof.

 (h)    Complete Agreement; Construction. This Agreement, and the other agreements and
documents referred to herein, shall constitute the entire agreement between the parties with respect to the subject matter thereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter.

 (i)    Governing Law. This Agreement and its interpretation, validity and performance
shall be governed by the laws of the State of Texas, without regard to its conflicts of interest principles. In the event any court of law of appropriate judicial authority shall hold or declare that the law of another jurisdiction is applicable,
this Agreement shall remain enforceable under the laws of the appropriate jurisdiction. 
 [Signature Pages to Follow]

  
 -11-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first written above. 
  

					
	PARTNERSHIP:
	
	ASHFORD HOSPITALITY PRIME LIMITED
	PARTNERSHIP, a Delaware limited partnership
		
	By:	  	Ashford Prime OP General Partner
		  	 LLC, a Delaware limited liability
 company, its general partner

			
		  	By:	 	  

		  		 	David A. Brooks
		  		 	Vice President
	
	REIT:
	
	ASHFORD HOSPITALITY PRIME, INC., a
	Maryland corporation
		
	By:	  	  

		  	David Brooks
		  	Chief Operating Officer and General Counsel
	
	MANAGER:
	
	REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company
		
	By:	  	  

		  	Monty J. Bennett
		  	Chief Executive Officer

  
 [Signature
page to Mutual Exclusivity Agreement] 

 CONSENTED AND AGREED 
 TO THIS                  DAY OF 
                                 ,
2013 
  

	
	  

	MONTY J. BENNETT

  
 [Signature
page to Mutual Exclusivity Agreement] 

 EXHIBIT A 
 DEFINITIONS 
 “ADR” shall mean average daily rate
and is calculated by dividing total number of rooms sold in a given period. 
 “Advisor” shall mean
Ashford Hospitality Advisors LLC, a Delaware limited liability company, or any permitted successor or assign under the terms of the Advisory Agreement. 
 “Advisory Agreement” shall mean that certain Advisory Agreement dated
                    , 2013, by and among the REIT, the Partnership, and the Advisor, as may be amended, modified or supplemented. 

“Affiliate” means with respect to a person, any person directly or indirectly controlling, controlled by or under
common control with such person. The term “person” means and includes any natural person, corporation, partnership, association, limited liability company or any other legal entity. 

“Annual Operating Budget” shall have the meaning given such term in the Master Management Agreement. 

“Ashford Trust” shall mean Ashford Hospitality Trust, Inc., a Maryland corporation. 

“Ashford Trust Exclusivity Rights” shall have the meaning as set forth in Section 4(a). 

“Ashford Trust’s Investment Guidelines” shall mean all segments of the hospitality industry (including
direct, joint venture and debt investments in hotels, condo-hotels, time-shares and all other hospitality related assets), with RevPAR criteria less than two (2) times the then current U.S. average RevPAR. 

“Ashford Trust Mutual Exclusivity Agreement” shall mean that certain Mutual Exclusivity Agreement dated as of
August 29, 2003, by and among Ashford Trust OP, Ashford Trust, Remington Hotel Corporation, Manager, Archie Bennett, Jr., and Monty J. Bennett, as may be amended or modified. 

“Ashford Trust OP” shall mean Ashford Hospitality Limited Partnership, a Delaware limited partnership.

 “Ashford Trust Parties” shall collectively mean Ashford Trust and Ashford Trust OP. 

“Base Management Fee” shall have the meaning given such term in the Master Management Agreement. 

 “Capital Improvement Budget” shall have the meaning given such term
in the Master Management Agreement. 
 “Change of Control” will be deemed to have taken place upon the
occurrence of any of the following events: 
 (i)    any “person” (as defined in
Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (A) the REIT or any of its subsidiaries, (B) any
employee benefit plan of the REIT or any of its subsidiaries, (C) any Remington Affiliate, (D) a company owned, directly or indirectly, by stockholders of the REIT in substantially the same proportions as their ownership of the REIT, or
(E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the REIT
representing 35% or more of the shares of voting stock of the REIT then outstanding; or 
 (ii)    the
consummation of any merger, reorganization, business combination or consolidation of the REIT or one of its subsidiaries with or into any other company, other than a merger, reorganization, business combination or consolidation which would result in
the holders of the voting securities of the REIT outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power
of the voting securities of the REIT or the surviving company or the parent of such surviving company; or 

(iii)    the consummation of the sale or disposition by the REIT of all or substantially all of the REIT’s
assets, other than a sale or disposition if the holders of the voting securities of the REIT outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting
securities of the acquiror, or parent of the acquiror, of such assets; or the stockholders of the REIT approve a plan of complete liquidation or dissolution of the REIT. 
 “Effective Date” shall have meaning given such term in the preamble of the Agreement. 
 “Eligible Independent Contractor” shall have the same meaning given such term in the Master Management Agreement. 

“Event of Default” shall have the meaning as set forth in Section 8. 

“Excluded REIT Transactions” shall mean a REIT Transaction with respect to which there has been an Independent
Director Election. 
 “Excluded Remington Transactions” shall mean the following excluded transactions
of the Remington Affiliates: 

 (a)    Existing hotel investments made by one or more of the Remington
Affiliates with any of their Existing Investors; 
 (b)    Existing bona fide arm’s length third party
management arrangements (or arrangements for other services such as project management) with parties other than the REIT Affiliates pursuant to which one or more of the Remington Affiliates provide customary hotel management and hotel construction
management, project management and other services; and 
 (c)    Like-kind exchanges under Section 1031
of the Internal Revenue Code of 1986, as amended, made by any of the Existing Investors pursuant to contractual obligations existing as of the date of this Agreement provided that Manager provides ten (10) days prior notice to the REIT of said
transaction. 
 (d)    Any Hotel Property investment that does not satisfy the initial Investment Guidelines
of the REIT Parties. 
 “Existing Investors” shall mean the existing joint venture partners, investors
or property owners of the Remington Affiliates as listed on Exhibit C attached hereto. 
 “Fiscal
Year” shall mean the twelve (12) month calendar year ending December 31, except that the first Fiscal Year and last Fiscal Year of the term of this Agreement may not be full calendar years. 

“Hotel” shall have the meaning given such term in the Master Management Agreement. 

“Hotel Property” means any Property that is used in whole or in part for hotel purposes, including, without
limitation, any motels, motor inns, or hotels and the like (full service, select service, extended stay or otherwise), whether in fee or leasehold, together with any improvements and fixtures now or hereafter located thereon, all rights, privileges
and easements appurtenant thereto, and all tangible and intangible personal property used in connection therewith. 

“Incentive Fee” shall have the meaning given such terms in the Master Management Agreement. 

“Indemnifying Party” shall have the meaning as set forth in Section 7(c). 

“Independent Director Disapproval” shall mean either of the following: 

1)    The Independent Directors upon a unanimous vote, have at any time elected not to engage Manager; or 

2)    A majority of the Independent Directors have elected not to engage Manager based upon a determination in their
reasonable business judgment that either: 
 A)    Special circumstances exist such that it
would be in the best interest of the REIT not to engage Manager with respect to a particular Hotel Property; or 

 B)    Based on the prior performance of Manager, another
manager or developer could perform the management, development or other duties in question materially better than Manager for a particular Hotel Property. 
 “Independent Director Election” shall mean a choice by the Independent Directors to exercise their Independent Director Disapproval rights. 

“Independent Directors” shall mean those directors of the REIT who are “independent” within the meaning
of the rules of the New York Stock Exchange as in effect on the date hereof. 
 “Initial Term” shall
have the meaning as set forth in Section 2. 
 “Initial Investment Guidelines” shall mean
the Investment Guidelines of the REIT Parties as set forth in the Advisory Agreement as of the date hereof. 

“Investment Guidelines” shall have the same meaning herein as given such term in the Advisory Agreement.

 “Manager” means Remington Lodging and Hospitality, LLC, a Delaware limited liability company.

 “Manager Affiliate” shall have the meaning given such term in the Master Management Agreement.

 “Market Service Fees” shall have the meaning given such term in the Master Management Agreement.

 “Master Management Agreement” means that certain Ashford Prime Hotel Master Management Agreement of
even date herewith executed between Manager as the manager and Tenant (or its designees), as the owner in interest of the Hotel Properties subject of such agreement, a copy of which is attached hereto as Exhibit D, or any other
management agreement with Manager, or a subsidiary of Manager, substantially in the form of the Master Management Agreement. 

“Non-Managed Hotel” shall have the meaning given such term in the Master Management Agreement. 

“Partnership” means Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership. 

“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization or other entity. 
 “Project Management Fee” shall have
the meaning given such term in the Master Management Agreement. 
 “Project Related Services” shall have
the meaning given such term in the Master Management Agreement. 

 “Property” means any real property or any interest therein.

 “Reimbursement Amount” shall mean the total of all actual out of pocket and third party costs and
expenses paid by and to be reimbursed to the Remington Affiliates that were necessary and/or appropriate in connection with the Remington Transaction, including all earnest money deposits. The Reimbursement Amount shall be calculated by the
Remington Parties and set forth in a certificate delivered to the REIT Parties and certified as true and correct by the Remington Parties. The Reimbursement Amount shall not include any finder’s fee, brokerage fee, development fee, or other
compensation paid to the Remington Affiliates. 
 “REIT” means Ashford Hospitality Prime, Inc., a
Maryland corporation. 
 “REIT Affiliate” shall mean the REIT Parties and their Affiliates. 

“REIT Exclusivity Rights” shall have the meaning as set forth in Section 4(a). 

“REIT ROFR” shall have the meaning as described in Section 4(c). 

“REIT ROFR Notice” shall have the meaning as described in Section 4(c). 

“REIT ROFR Period” shall have the meaning as described in Section 4(c). 

“REIT Parties” shall mean the REIT and the Partnership. 

“REIT Termination Event” shall mean the events described in Section 3(b). 

“REIT Transaction” shall have the meaning as set forth in Section 5(a). 

“REIT Transaction Documents” shall have the meaning as set forth in Section 4(b). 

“Remington Affiliate” shall mean the Remington Parties and their Affiliates. 

“Remington Exclusivity Rights” shall have the meaning as set forth in Section 5(a). 

“Remington Notice” shall have the meaning as set forth in Section 4(b). 

“Remington Parties” shall mean Remington Holdings, LP and Manager. 

“Remington Termination Event” shall mean the events described in Section 3(a). 

“Remington Transaction” shall have the meaning as set forth in Section 4(a). 

“Remington Transaction Documents” shall have the meaning as set forth in Section 5(b).

 “RevPAR” shall mean revenue per available room and is calculated by multiplying ADR by the average
daily occupancy. 

 “Tenant” shall mean Ashford Prime TRS Corporation, a Delaware
corporation. 
 “Term” shall have the meaning as set forth in Section 2. 

“Termination Event” shall have the meaning as set forth in Section 2. 

 EXHIBIT B 
 DEVELOPMENT AGREEMENT 

 EXHIBIT C 
 EXISTING INVESTORS 

 EXHIBIT D 
 MASTER MANAGEMENT AGREEMENT

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