Document:

Exhibit

Exhibit 10.13

October 15, 2015
NF II Columbus, LLC
1000 Aguajito, LLC
Noble I Boston-Waltham, LLC
Noble I Birmingham, LLC
Noble I/HY Atlanta, LLC
Noble PHY Minneapolis, LLC
Noble PHY Fairlawn, LLC
Noble I/HY Princeton, LLC
Noble PHY FW Cityview, LLC
Noble I/HY FW Hurst, LLC
Noble I Boston, LLC
Noble I Schaumburg, LLC
Noble PHY Atlanta Overton Park, LLC
Noble I Atlanta OP Land Co, LLC
(each a "Seller", and collectively, "Sellers")
do Noble Investment Group 2000 Monarch Tower
3424 Peachtree Road, NE Atlanta, GA 30326
Attention: Mr. Mark K. Rafuse
Re:    Certain Hotel Purchase and Sale Agreements between American Realty Capital
Hospitality Portfolio NBL, LLC, a Delaware limited liability company, as "Buyer," and each of the Sellers listed above, as "Sellers"
Reference is hereby made to each of those certain Hotel Purchase and Sale Agreements entered into between Buyer and each applicable Seller as of June 15, 2015 (collectively, as amended, the "Purchase Agreements"), and that certain letter agreement entered into between Buyer and Sellers as of June 15, 2015 in connection with the Purchase Agreements, as amended by that certain side letter dated as of July 15, 2015 (as amended, the "Side Letter"). Any capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Purchase Agreements.

As described on Schedule 1 to the Side Letter, the Properties (as defined in the Side Letter) which comprise Tranche 1 are scheduled to be purchased from the applicable Sellers by Buyer on November 2, 2015. Sellers and Buyer hereby agree that (i) the Closing Date for Courtyard Columbus Downtown and Hyatt House Cobb Galleria (the "Tranche 1-B Properties") shall be extended until December 2, 2015 as reflected on Schedule 1 attached hereto and made a part hereof, and (ii) Schedule 1 to the Side Letter shall be deleted and replaced in its entirety with the attached new Schedule 1. For the avoidance of doubt, the extension of the scheduled Closing Date for the Tranche 1-B Properties shall not be construed as Buyer's exercise of its extension rights with respect to Tranche 2 and Tranche 3 as further provided for in Section 4 of the Side Letter, and Buyer's rights thereunder shall remain in full force and effect. Sellers and Buyer further agree that the $8,000,000 of the Deposits intended to be applied against the Purchase Price at the Tranche 1 Closing (as provided for in Section 4 of the Side Letter) shall be applied on a pro-rata basis among the Properties being acquired as of the Tranche 1 Closing Date and the Tranche 1-B Properties scheduled to be acquired as of the Tranche 1-B Closing Date, and applied on a pro-rata basis between the Properties being acquired on each such Closing Date, in each case, based on the final allocation of the Purchase Prices for such Properties as set forth on Schedule 2 attached hereto and made a part hereof (as may be updated by the parties hereto), and the remainder of such $8,000,000 after the pro-rata application on the Tranche 1 Closing Date shall be applied to the purchase of the Tranche 1-B Properties as of the Tranche 1-B Closing Date. By way of example, using the Purchase Prices for the Properties set forth on Schedule 2, $3,600,000 of the Deposits shall be applied to the Purchase Price for the Properties being acquired as of the Tranche 1 Closing Date, and the remaining $4,400,000 shall be applied to the Purchase Price for the Tranche 1-B Properties as of the Tranche 1-B Closing Date.

In accordance with Section 3.2 of the Purchase Agreements, Sellers and Buyer have agreed to the Allocation (among the Real Property and Personal Property) as set forth on Schedule 2 attached hereto and made a part hereof Further, in accordance with the terms and provisions of the Side Letter, Sellers and Buyer have agreed to the application of a $1,537,500 credit which shall be applied against the Purchase Price for each Property at the applicable Closing on a pro-rata basis as set forth on Schedule 3 attached hereto and made a part hereof.
As Sellers are aware, affiliates of Buyer have entered into separate contracts with Summit Hotel Properties and Wheelock Street Capital to purchase a portfolio of hotels from each such seller (and their affiliates). Buyer covenants and agrees that it will not, or cause its affiliates to, accelerate the scheduled closing dates for the purchase of any of the hotels in the Summit portfolio or the Wheelock portfolio to the period between the scheduled Tranche 1 Closing Date (i.e., November 2, 2015) and the scheduled Tranche 1-B Closing Date (i.e., December 2, 2015), except that Buyer (and its affiliates) may purchase the Wheelock portfolio on the scheduled closing date of December 1, 2015.

Except as modified hereby, the Purchase Agreements and the Side Letter shall remain in full force and effect, and as modified hereby, the Purchase Agreements and the Side Letter are ratified and confirmed in all respects. To the extent there is any conflict between the terms of this letter agreement and the Purchase Agreements and/or the Side Letter, the terms of this letter agreement shall govern.
This letter agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one and the same instrument. An executed facsimile or .pdf of this letter agreement may be relied upon as having, and shall be deemed to have, the same force and effect as an original.

Should the terms of this letter agreement be acceptable to you, please confirm your agreement to same by acknowledging below and returning a countersigned copy.
Sincerely,
Buyer:
American Realty Capital Hospitality Portfolio NBL, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes        
Name: Paul C. Hughes        
Title: Authorized Signatory    

Sellers:

NF II COLUMBUS, LLC, a Delaware 
limited liability company

By: /s/ Mark K. Rafuse    
Name: Mark K. Rafuse 
Title: Vice President

1000 AGUAJITO, LLC, a Delaware 
limited liability company

By: /s/ Mark K. Rafuse    
Name: Mark K. Rafuse 
Title: Vice President

NOBLE I BOSTON-WALTHAM, LLC, a 
Delaware limited liability company

By: /s/ Mark K. Rafuse    

Name: Mark K. Rafuse 
Title: Vice President

NOBLE I BIRMINGHAM, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY ATLANTA, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I SCHAUMBURG, LLC, 
a Delaware limited liability company
By:    Noble I Schaumburg Manager, Inc., its
Manager

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY MINNEAPOLIS, LLC, a 
Delaware limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY FAIRLAWN, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY PRINCETON, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY FW CITYVIEW, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY FW HURST, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY ATLANTA OVERTON PARK, LLC, a Delaware
limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I ATLANTA OP LAND CO, LLC, a 
Georgia limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

NOBLE I/HY BOSTON, LLC, 
a Delaware limited liability company

By: /s/ Mark K. Rafuse        
Name: Mark K. Rafuse
Title: Vice President 

SCHEDULE 1
Description of Purchase Agreements and Closing Tranche
	
				
	 
	PROPERTY NAME
	CITY, STATE
	CLOSING TRANCHE

	1.   
	Courtyard Columbus Downtown
	Columbus, OH
	Tranche 1-B

	2.   
	Hyatt House Cobb Galleria
	Atlanta, GA
	Tranche 1-B

	3.   
	Hilton Garden Inn Monterey
	Monterey, CA
	Tranche 1

	4.   
	Hyatt Place Chicago/Schaumburg
	Schaumburg, IL
	Tranche 1

	5.   
	Hilton Birmingham Perimeter Park
	Birmingham, AL
	Tranche 2

	6.   
	Hilton Garden Inn Boston Waltham
	Waltham, MA
	Tranche 3

	7.   
	Hyatt House Boston Waltham
	Waltham, MA
	Tranche 3

	8.   
	Hyatt Place Princeton
	Princeton, NJ
	Tranche 2

	9.   
	Hyatt Place Atlanta Perimeter
	Atlanta, GA
	Tranche 2

	10.   
	Hyatt Place Paramus Fair Lawn
	Fair Lawn, NJ
	Tranche 3

	11.   
	Hyatt Place Fort Worth/Cityview
	Fort Worth, TX
	Tranche 2

	12.   
	Hyatt Place Fort Worth/Cityview
	Fort Worth, TX
	Tranche 2

	13.   
	Hyatt Place Minneapolis
	Eden Prairie, MN
	Tranche 2

SCHEDULE 2

SCHEDULE 3
Allocation of Seller Credits to Buyer at Closing
Noble Portfolio
                                        Purchase Price Allocations and Seller Credits 
                                                ($ Millions)
	
		
	Properties closing 11/02 and 12/2/2015 
	Seller Credit to Buyer Closing Costs

	Hilton Garden Inn Monterey
	 $   (0.1871)

	Court and Columbus Downtown
	 $   (0.1563)

	Hyatt House Atlanta Cobb Galleria
	 $   (0.1461)

	Hyatt Place Chicago Schaumburg
	 $   (0.0620)

	Sub-total Tranche I
	 $   (0.5515)

	Tranche II
	Seller Credit to Buyer Closing Costs

	Hilton Birmingham Perimeter Park
	 $   (0.0630)

	Hyatt Place Atlanta Perimeter Center
	 $   (0.0564)

	Hyatt Place Minneapolis Eden Prairie
	 $   (0.1007)

	Hyatt Place Fort Worth Cityview
	 $   (0.0930)

	Hyatt Place Fort Worth Hurst
	 $   (0.0991)

	Hyatt Place Princeton
	 $   (0.1052)

	Sub-total Tranche II
	 $   (0.5174)

	Tranche III
	Seller Credit to Buyer Closing Costs

	Hyatt Place Paramus Fair Lawn
	 $   (0.1277)

	Hilton Garden Inn Boston Waltham
	 $   (0.1932)

	Hyatt House Boston Waltham
	 $   (0.1476)

	Sub-total Tranche III
	 $   (0.4686)

	Grand Total
	 $   (1.5375)Exhibit

Exhibit 10.14
 
EXECUTION VERSION

AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO SMT, LLC
c/o American Realty Hospitality Trust, Inc. 
405 Park Avenue
New York, NY 10022

August 21, 2015

Summit Hotel OP, LP
Each of the Sellers listed on Schedule 1
c/o Summit Hotel Properties, Inc. 
12600 Hill Country Blvd, Suite R-100
Austin, Texas 78738

Reference is made to that certain Real Estate Purchase and Sale Agreement, dated June 2, 2015 (the “Agreement”), by and among the sellers listed on Schedule 1 thereto, Summit Hotel OP, LP and American Realty Capital Hospitality Portfolio SMT, LLC, as amended by that certain letter agreement, dated July 15, 2015, by and among certain parties to the Agreement.  Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Agreement.  

Sellers and Purchaser desire to include certain additional terms, as well as modify certain provisions, within the Agreement, and have agreed to amend the Agreement to reflect such additions and modifications on the terms and conditions set forth in this Amendment.

Accordingly, we hereby agree with you as follows and the Agreement shall be deemed amended in accordance with Section 14.4 thereof: 

		
	1.
	Extension of Closing Date. 

		
	a.
	Section 4.1(i) of the Agreement is hereby amended and restated in its entirety to read as follows:

“the First Pool Assets (the “First Pool Closing”) shall occur through escrow at 4:00 p.m. (New York time) on September 30, 2015, or at such later date as the First Pool Closing may be adjourned or extended (including, without limitation, as set forth 

in Section 3.1.3 and this Section 4.1) in accordance with the express terms of this Agreement (the “First Pool Closing Date”); and”
		
	b.
	The final paragraph of Section 4.1 of the Agreement is hereby amended and restated in its entirety to read as follows: 

“Notwithstanding anything to the contrary set forth herein, Purchaser shall have the right, in its sole and absolute discretion (and without prejudice to any of its rights under this Agreement), to (A)(x) extend the First Pool Closing Date for a period of up to 10 Business Days following September 30, 2015 upon prior written notice to Sellers given at least 10 days prior to September 30, 2015 and (y) if the extension set forth in clause (A)(x) above is exercised by Purchaser, upon 5 days’ prior written notice to Sellers, and subject to the approval of Sellers (which approval shall not be unreasonably withheld, conditioned or delayed), extend the First Pool Closing Date for a period of up to an additional 15 days and (B) extend the Second Pool Closing Date for a period of up to the earlier of (i) March 7, 2016 and (ii) 180 days after the First Pool Closing Date upon at least 10 days’ prior written notice to Sellers.”
		
	2.
	Amendment to Section 4.7.6.  Section 4.7.6 of the Agreement is hereby amended and restated in its entirety to read as follows:

“The project management firms agreed upon by Purchaser and Sellers provided their pricing estimates of the costs for the Required PIPs  (each, a “Project Firm PIP Estimate”) for all of the Hotel Assets (i.e., the First Pool Assets and the Second Pool Assets) to be purchased at the First Pool Closing and Second Pool Closing.  The Purchase Price shall be reduced by $2,433,048 (such reduction to be allocated among the Hotel Assets by multiplying such amount by a fraction the numerator of which is the Seller PIP Estimate in respect of such Hotel Assets and the denominator of which is the Seller PIP Estimate for all the Hotel Assets).”
		
	3.
	Amendment to Section 4.7.7.  Section 4.7.7 of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

		
	4.
	Amendment to Section 4.7.8.  Section 4.7.8 of the Agreement is hereby amended and restated in its entirety to read as follows:

“Since the Hotel Assets are to be acquired in multiple closings, the Purchase Price adjustment pursuant to Section 4.7.6 shall be allocated as follows:
$1,298,919 at the First Pool Closing and $1,134,129 at the Second Pool Closing.  

		
	5.
	Amendment to Schedule 2.  In order to reflect the adjustment to the Purchase Price pursuant to Section 2 of this letter agreement, Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with Schedule 2 to this letter agreement.

		
	6.
	Amendment to Exhibit I.  Exhibit I of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

		
	7.
	Required Expenditures.  During the period following August 21, 2015 until the date of the final closing under the Agreement and the Other Summit Agreement (as defined below), the Sellers party hereto, together with the sellers party to the other Purchase and Sale Agreement with Purchaser dated as of June 2, 2015 (the “Other Summit Agreement”), agree to incur and spend an aggregate of $500,000 for third party out-of-pocket expenditures contemplated by the Required PIPs (“PIP Expenditures”).  For the avoidance of doubt, PIP Expenditures shall not include overhead or other internal expenses of Sellers or Summit and shall be without profit or markup to Sellers or Summit but shall include third party costs associated with shipping, delivery and labor for installation.   All PIP Expenditures shall be documented and Sellers shall provide Purchaser with reasonable evidence of all PIP Expenditures promptly following the making of such expenditures.  In the event that at the Second Closing the aggregate documented PIP Expenditures incurred and expended following the date of this letter agreement are less than $500,000, Purchaser shall receive a credit against the applicable Purchase Price at the Second Pool Closing in the amount of such deficiency.  If the Agreement is terminated prior to the Second Pool Closing Date for any reason other than a default by Purchaser, the Sellers and the sellers under the Other Summit Agreement shall jointly and severally pay such deficiency to Purchaser within 2 Business Days following such termination.  Summit hereby guarantees to Purchaser the due and punctual payment and performance of Sellers’ obligations under this Section 7, and the sellers under the Other Summit Agreement are concurrently herewith executing a letter agreement with Purchaser to confirm their obligations hereunder.  For the avoidance of doubt, in the event that the aggregate documented PIP Expenditures are greater than $500,000, there shall be no increase in the Purchase Price pursuant to this Section.

		
	8.
	Amendment to Section 8.2.1(h).  Section 8.2.1(h) of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

		
	9.
	Amendment to Section 8.2.1(j).  Section 8.2.1(j) of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

Counterpart Originals.  This letter agreement may be executed in several counterparts, each of which shall be deemed an original, and such counterparts shall together constitute one and the same agreement.  

Please confirm your agreement with the foregoing by signing and returning the enclosed execution counterpart of this letter.  

Very truly yours, 

AMERICAN REALTY CAPITAL PORTFOLIO  
SMT, LLC

By: /s/ Paul C. Hughes
 Name: Paul C. Hughes
 Title:   Authorized Signatory

AGREED AND ACCEPTED AS OF THE DATE
FIRST ABOVE WRITTEN: 

SUMMIT HOTEL OP, LP 
(Individually and in accordance with Section 14.20 of the Agreement on behalf of each Seller)

By: SUMMIT HOTEL GP, LLC, its general partner

By: SUMMIT HOTEL PROPERTIES, INC., its sole member

By:  /s/ Christopher Eng      
   Name:  Christopher Eng      Title:    Secretary 

Schedule 1

Sellers/Hotels

	
	
	State of
COUNT                  OWNER                         Formation                                   LOCATION

	1         Summit Hospitality I, LLC               Delaware           Hampton Inn - Medford, OR

	1         Summit Hotel OP, LP                     Delaware           DoubleTree - Baton Rouge, LA

	1         Summit Hospitality I, LLC               Delaware           Fairfield Inn & Suites - Baton Rouge, LA

	1         Summit Hospitality I, LLC               Delaware           Springhill Suites - Baton Rouge, LA

	1         Summit Hospitality I, LLC               Delaware           TownePlace Suites - Baton Rouge, LA

	1         Summit Hotel OP, LP                     Delaware           Hampton Inn & Suites - El Paso, TX

	1         Summit Hotel OP, LP                     Delaware           Hampton Inn - Ft. Wayne, IN

	1         Summit Hospitality I, LLC               Delaware           Residence inn - Ft. Wayne, IN

	1         Summit Hotel OP, LP                     Delaware           Courtyard - Flagstaff, AZ

	1         Summit Hotel OP, LP                     Delaware           Springhill Suites - Flagstaff, AZ

	1         Summit Hospitality I, LLC               Delaware           Fairfield Inn & Suites - Spokane, WA

	1         Summit Hospitality I, LLC               Delaware           Fairfield Inn & Suites - Denver, CO

	1         Summit Hotel OP, LP                     Delaware           SpringHill Suites - Denver, CO

	1         Summit Hospitality I, LLC               Delaware           Hampton Inn - Ft. Collins, CO

	1         Summit Hospitality I, LLC               Delaware           Fairfield Inn & Suites - Bellevue, WA

	1         Summit Hotel OP, LP                     Delaware           Hilton Garden Inn - Ft. Collins, CO

	16

Schedule 2

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