Document:

Guaranty of Recourse Obligations

 Exhibit 10.14.5 

GUARANTY OF RECOURSE OBLIGATIONS 
 THIS GUARANTY OF RECOURSE OBLIGATIONS (this “Guaranty”) is executed as of November 14, 2005, by ASHFORD HOSPITALITY TRUST, INC., a Maryland corporation, having an address at 14185
Dallas Parkway, Suite 1100, Dallas, Texas 75254 (“Guarantor”), for the benefit of UBS REAL ESTATE INVESTMENTS INC., a Delaware corporation, having an address at 1285 Avenue of the Americas, 11th Floor, New York, New York 10019
(together with its successors and assigns, “Lender”). 
 WITNESSETH: 

A. Pursuant to that certain Promissory Note, dated of even date herewith, executed by the entities listed on Schedule 1 attached
hereto and by this reference incorporated herein (referred to herein individually as a “Borrower” and collectively as “Borrowers”), and payable to the order of Lender in the original principal amount of One Hundred
Million Five Hundred Seventy-Six Thousand and No/100 Dollars ($100,576,000.00) (together with all renewals, modifications, increases and extensions thereof, the “Note”), Borrowers have become indebted, and may from time to time be
further indebted, to Lender with respect to a loan (the “Loan”) which is made pursuant to that certain Loan Agreement, dated as of the date hereof, between Borrowers and Lender (as the same may be amended, modified, supplemented,
replaced or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 

B. The Loan is secured by, among other things, mortgages and deeds of trust, each dated as of the date hereof (as each may be amended,
restated, replaced, supplemented or otherwise modified from time to time, individually a “Security Instrument” and collectively the “Security Instruments”), each executed and delivered by a Borrower, as mortgagor,
trustor or grantor, as applicable, in favor of Lender, as mortgagee, beneficiary or grantee, as applicable, which Security Instruments encumber the parcels of real property listed on Schedule 1 attached hereto and made a part hereof, together
with the buildings, structures and other improvements now or hereafter located thereon (referred to herein individually as a “Property” and collectively as the “Properties”). 

C. The Loan is evidenced, secured or governed by other instruments and documents executed in connection with the Loan (together with the
Note, the Loan Agreement and the Security Instruments, collectively, the “Loan Documents”). 
 D. Lender was
not willing to make the Loan, or otherwise extend credit, to Borrowers unless Guarantor unconditionally guarantees payment and performance to Lender of the Guaranteed Obligations (as herein defined). 

E. Guarantor is the owner of a direct or indirect interest in each Borrower and, as a result of such interests, Guarantor will derive
substantial economic and other benefits from the making of the Loan to Borrowers. 
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 F. This Guaranty is in addition to and independent of that certain Guaranty of Recourse
Obligations dated as of the date hereof, made by Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Other Guarantor”), in favor of Lender. 

NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrowers, and to extend such additional credit as Lender may from
time to time extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 

ARTICLE 1 

NATURE AND SCOPE OF GUARANTY 
 Section 1.1 Guaranty of Obligation. Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment and performance of the Guaranteed
Obligations (as hereinafter defined) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the
Guaranteed Obligations as a primary obligor. 
 Section 1.2 Guaranteed Obligations. 

(a) Guarantor hereby assumes liability as a primary obligor for, hereby unconditionally guarantees payment to Lender of, hereby agrees to
pay, protect, defend and save Lender harmless from and against, and hereby indemnifies Lender from and against any loss, damage (including, without limitation, those resulting from the diminution in value of any Property), cost, expense (including,
without limitation, attorneys’ fees and costs), liability, claim, obligation, cause of action, suit, demand and judgment, of any nature or description whatsoever, which may at any time be imposed upon, incurred by or awarded against Lender as a
result of or arising from the following: 
 (i) fraud or material misrepresentation by or on behalf of any
Borrower, Operating Lessee, Guarantor or the Other Guarantor or any of their respective agents or representatives in connection with the Loan, including, without limitation, by reason of any claim under the Racketeer Influenced and Corrupt
Organizations Act (“RICO”) and including, without limitation, any misrepresentation by any Borrower pursuant to any of the Loan Documents or otherwise to induce Lender to make the Loan, or any advance thereof, or to release monies
from any account held by Lender (including any reserve or escrow) or to take other action with respect to any of the collateral for the Loan; 
 (ii) the gross negligence or willful misconduct by or on behalf of any Borrower, Operating Lessee, Guarantor or the Other Guarantor or any of their respective authorized agents or representatives in
connection with the Loan; 
 (iii) the breach of any representation, warranty, covenant or indemnification
provision in the Environmental Indemnity or in any other Loan Document concerning environmental laws, hazardous substances and/or asbestos and any indemnification of Lender with respect thereto in any document; 

 
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 (iv) wrongful removal or destruction of any portion of any Property after
the occurrence of an Event of Default; 
 (v) any intentional, physical waste of any Property resulting from the
action or inaction of any Borrower, Operating Lessee or any Manager which adversely affects the value of such Property; 
 (vi) any Legal Requirement (including RICO) resulting in the forfeiture by any Borrower of its Property, or any portion thereof, because of the conduct or purported conduct of criminal activity by any
Borrower, Operating Lessee, Guarantor or the Other Guarantor or any of their respective agents or representatives in connection therewith; 
 (vii) the misappropriation or conversion by or on behalf of any Borrower or Operating Lessee of (A) any Insurance Proceeds paid by reason of any loss, damage or destruction to any Property,
(B) any Awards or other amounts received in connection with the Condemnation of all or a portion of any Property, or (C) any Gross Revenues (including Rents, security deposits, advance deposits or any other deposits); 

(viii) failure to pay charges for labor or materials or other charges that create Liens on any portion of any Property, to
the extent (A) such Liens are not bonded over or discharged in accordance with Section 3.6 of the applicable Security Instrument and (B) Gross Revenue is sufficient for the payment of the same; 

(ix) any security deposits, advance deposits or any other deposits collected with respect to the Properties which are not
delivered to Lender in accordance with the provisions of the Loan Documents; 
 (x) failure to pay Taxes to the
extent Gross Revenue is sufficient for the payment of the same; 
 (xi) failure to obtain and maintain the fully
paid for Policies in accordance with Section 5.1.1 of the Loan Agreement; 
 (xii) Borrowers’
indemnification of Lender set forth in Section 9.2 of the Loan Agreement; 
 (xiii) any delay in
Lender’s right, or inability of Lender, upon the occurrence of an Event of Default to foreclose upon any Property or other collateral for the Loan, obtain a receiver for any Property or otherwise exercise any of its remedies or rights under the
Loan Documents, which delay or inability would not have occurred but for the interference by any Borrower, Operating Lessee or any of their Affiliates with Lender’s rights under the Loan Documents; 

 
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 (xiv) any Borrower or Operating Lessee fails to permit on-site inspections
of any Property or fails to provide financial information as required by, and in accordance with the terms and provisions of, the Loan Agreement and the Security Instruments; 

(xv) the failure of any Borrower to maintain its status as a single purpose entity prior to the Closing Date, as required
by, and in accordance with the terms and provisions of, Sections 3.1.24 and 3.1.43 of the Loan Agreement; 
 (xvi) the failure by any Borrower, SPE Party or Operating Lessee to maintain its status as a single purpose entity, as required by, and in accordance with the terms and provisions of, clauses (c), (e),
(g), (h), (i), (j), (v), (w) and (x) of Section 3.1.24 of the Loan Agreement; and/or 
 (xvii) if
any Borrower or Operating Lessee initiates any wire transfer or ACH authorization with respect to any Clearing Account, closes any Clearing Account or performs any other transaction with respect to any Clearing Account, or authorizes any Manager or
any other Person to do so, or adds the right to do so under the Clearing Bank’s electronic information reporting system. 

(b) In addition to, and without limiting the generality of, the foregoing clause (a), and notwithstanding anything to the contrary
set forth in this Guaranty or in any of the other Loan Documents, Guarantor hereby acknowledges and agrees that the Obligations shall be fully recourse to Guarantor in the event that: 

(i) the first full monthly payment of interest under the Note is not paid when due; 

(ii) any Borrower, SPE Party or Operating Lessee fails to maintain its status as a single purpose entity as required by,
and in accordance with the terms and provisions of, the Loan Agreement (except with respect to the terms and provisions of clauses (c), (e), (g), (h), (i), (j), (v), (w) and (x) of Section 3.1.24 of the Loan Agreement); 

(iii) any Borrower fails to obtain Lender’s prior consent to any subordinate financing or other voluntary Lien
encumbering any Property; 
 (iv) Borrowers fail to obtain Lender’s prior consent to any Transfer of any
Property or any interest therein or any Transfer of any direct or indirect interest in any Borrower, SPE Party or Operating Lessee, in any such case as required by the Security Instruments or the Loan Agreement; 

(v) any Borrower, SPE Party, the sole member of SPE Party, Operating Lessee, Guarantor or the Other Guarantor files a
voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; 
  
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 (vi) an Affiliate, officer, director or representative which controls,
directly or indirectly, any Borrower, SPE Party, the sole member of SPE Party, Operating Lessee, Guarantor or the Other Guarantor files, or joins in the filing of, an involuntary petition against any Borrower, SPE Party, the sole member of SPE
Party, Operating Lessee, Guarantor or the Other Guarantor under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against any
Borrower, SPE Party, the sole member of SPE Party, Operating Lessee, Guarantor or the Other Guarantor from any Person; 
 (vii) any Borrower, SPE Party, the sole member of SPE Party, Operating Lessee, Guarantor or the Other Guarantor files an answer consenting to, or otherwise acquiescing in, or joining in, any involuntary
petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; 

(viii) any Affiliate, officer, director or representative which controls any Borrower or Operating Lessee consents to, or
acquiesces in, or joins in, an application for the appointment of a custodian, receiver, trustee or examiner for any Borrower, Operating Lessee or any portion of any Property; 

(ix) any Borrower, SPE Party, the sole member of SPE Party, Operating Lessee, Guarantor or the Other Guarantor makes an
assignment for the benefit of creditors or admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; or 
 (x) Guarantor (or any Person comprising Guarantor), the Other Guarantor, any Borrower, Operating Lessee or any Affiliate of any of the foregoing, in connection with any enforcement action or exercise or
assertion of any right or remedy by or on behalf of Lender under or in connection with this Guaranty, the Note, the Security Instruments or any other Loan Document, seeks a defense, judicial intervention or injunctive or other equitable relief of
any kind, or asserts in a pleading filed in connection with a judicial proceeding any defense against Lender or any right in connection with any security for the Loan, which the court in any such action or proceeding determines is without merit (in
the case of a defense) or is unwarranted (in the case of a request for judicial intervention or injunctive or other equitable relief). 
 (c) In addition to, and without limiting the generality of, the foregoing clauses (a) and (b), and notwithstanding anything to the contrary set forth in this Guaranty or in any of the
other Loan Documents, Guarantor hereby acknowledges and agrees that if the Franchise Agreement for any Property is terminated and the applicable Borrower or Operating Lessee has not entered into a replacement franchise agreement acceptable to Lender
in its sole discretion with a comparable franchisor acceptable to Lender in its sole discretion prior to or concurrently with such termination then the Obligations shall be fully recourse to Guarantor in an amount not to exceed the Allocated Loan
Amount applicable to such Property, provided that 
  
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the Obligations shall cease to be fully recourse to Guarantor as a result of the operation of this clause (c) at such time as the applicable Borrower or Operating Lessee has entered
into a replacement franchise agreement acceptable to Lender in its sole discretion with a comparable franchisor acceptable to Lender in its sole discretion so long as such event occurs prior to the date that is one (1) year after the
termination of the aforesaid Franchise Agreement. 
 (d) The obligations of Guarantor set forth in clauses (a),
(b) and (c) of this Section 1.2, as and to the extent set forth in said clauses (a), (b) and (c) of this Section 1.2, are hereinafter collectively referred to as the
“Guaranteed Obligations”. 
 (e) Notwithstanding anything to the contrary contained in this Guaranty or in any
of the other Loan Documents, Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations
or to require that all collateral shall continue to secure all of the Obligations owing to Lender in accordance with the Loan Documents. 
 Section 1.3 Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by
Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty
shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation
of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of the Note. 

Section 1.4 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of
Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of any Borrower or any other Person against Lender or against payment of the Guaranteed Obligations,
whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 
 Section 1.5 Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor
shall, immediately upon demand by Lender and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, all such
notices being hereby waived by Guarantor, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand may be made at any time coincident with
or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance
with the notice provisions hereof. 
  
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 Section 1.6 No Duty To Pursue Others. It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (a) institute suit or exhaust its remedies against any Borrower or others liable on the Loan or
the Guaranteed Obligations or any other Person, (b) enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan, (c) enforce Lender’s rights against any other guarantors of the Guaranteed
Obligations, (d) join any Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (e) exhaust any remedies available to Lender against any collateral which shall ever have been given to
secure the Loan, or (f) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 Section 1.7 Waivers. Guarantor agrees to the provisions of the Loan Documents and hereby waives notice of
(a) any loans or advances made by Lender to any Borrower or Operating Lessee, (b) acceptance of this Guaranty, (c) any amendment or extension of the Note, any Security Instrument, the Loan Agreement or any other Loan Document,
(d) the execution and delivery by any Borrower and Lender of any other loan or credit agreement or of any Borrower’s execution and delivery of any promissory note or other document arising under the Loan Documents or in connection with any
Property, (e) the occurrence of (i) any breach by any Borrower or Operating Lessee of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (ii) an Event of Default, (f) Lender’s
transfer or disposition of the Guaranteed Obligations, or any part thereof, (g) the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (h) protest, proof of
non-payment or default by any Borrower, or (i) any other action at any time taken or omitted by Lender and, generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, or any documents or agreements
evidencing, securing or relating to any of the Guaranteed Obligations and/or the obligations hereby guaranteed. In addition, to the extent permitted in Section 40.495(2) of the Nevada Revised Statutes and applicable to this Guaranty, Guarantor
hereby waives and relinquishes the benefits of the one action rule under Section 40.430 of the Nevada Revised Statutes. 

Section 1.8 Payment of Expenses. In the event that Guarantor shall breach or fail to timely perform any provisions of this
Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender all out of pocket costs and expenses (including, without limitation, court costs and reasonable attorneys’ fees) incurred by Lender in the enforcement hereof or the
preservation of Lender’s rights hereunder, together with interest thereon at the Default Rate from the date requested by Lender until the date of payment to Lender. The covenant contained in this Section shall survive the payment and
performance of the Guaranteed Obligations. 
 Section 1.9 Effect of Bankruptcy. In the event that pursuant to any
insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender in satisfaction of the Guaranteed
Obligations, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty and the Guaranteed Obligations shall remain (or shall be reinstated to be) in full force and effect.
It is the intention of Borrowers and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

 
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 Section 1.10 Waiver of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including,
without limitation, any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from any Borrower or any other Person liable for the payment of any or
all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise. 

ARTICLE 2 

EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING GUARANTOR’S OBLIGATIONS 
 Guarantor hereby
consents and agrees to each of the following and agrees that Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable,
statutory or other rights (including, without limitation, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following: 
 Section 2.1 Modifications; Sales. Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, any Security
Instrument, the Loan Agreement, any of the other Loan Documents or any other document, instrument, contract or understanding between any Borrower or Operating Lessee and Lender or any other Person pertaining to the Guaranteed Obligations, or any
sale, assignment or foreclosure of the Note, the Loan Agreement, any Security Instrument or any of the other Loan Documents or any sale or transfer of all or any portion of any Property, or any failure of Lender to notify Guarantor of any such
action. 
 Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or
given by Lender to any Borrower, Operating Lessee, Guarantor or the Other Guarantor. 
 Section 2.3 Condition of
Borrowers, Operating Lessee, Guarantor or the Other Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of any Borrower, Operating Lessee, Guarantor, the Other
Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of any Borrower, Operating Lessee, Guarantor or the Other Guarantor or any sale, lease or transfer of any or all of the
assets of any Borrower, Operating Lessee, Guarantor or the Other Guarantor or any changes in the direct or indirect shareholders, partners or members, as applicable, of any Borrower, Operating Lessee, Guarantor or the Other Guarantor; or any
reorganization of any Borrower, Operating Lessee, Guarantor or the Other Guarantor. 
  
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 Section 2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (a) the Guaranteed
Obligations or any part thereof exceeds the amount permitted by law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers or representatives executing the Note, any Security Instrument,
the Loan Agreement or any of the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable usury laws, (e) Borrowers have valid defenses,
claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Borrowers, (f) the creation, performance or repayment of the Guaranteed Obligations (or the execution,
delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal,
uncollectible or unenforceable, or (g) the Note, any Security Instrument, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain
liable hereon regardless of whether Borrowers, Guarantor, the Other Guarantor or any other Person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 

Section 2.5 Release of Obligors. Any full or partial release of the liability of Borrowers for the Guaranteed Obligations or
any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations,
or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support from any other Person, and Guarantor has not been induced to enter
into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including Borrowers or the Other Guarantor) will be liable to pay or perform the Guaranteed Obligations or that Lender will look to other
Persons (including Borrowers or the Other Guarantor) to pay or perform the Guaranteed Obligations. 
 Section 2.6 Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations. 
 Section 2.7 Release of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent, willful, unreasonable or
unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations. 

Section 2.8 Care and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care in the
preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to, any neglect, delay, omission, failure or refusal of Lender (a) to take or
prosecute any action for the collection of any of the Guaranteed Obligations, or (b) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor, or
(c) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 
  

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 Section 2.9 Unenforceability. The fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate
to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of
any of the collateral for the Guaranteed Obligations. 
 Section 2.10 Representations. The accuracy or inaccuracy of
the representations and warranties made by Guarantor herein or by any Borrower, Operating Lessee or the Other Guarantor in any of the other Loan Documents. 
 Section 2.11 Offset. Any existing or future right of offset, claim or defense of any Borrower against Lender, or any other Person, or against payment of the Guaranteed Obligations, whether
such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 
 Section 2.12 Merger. The reorganization, merger or consolidation of any Borrower, Operating Lessee, Guarantor or the Other Guarantor into or with any other Person. 

Section 2.13 Preference. Any payment by any Borrower or the Other Guarantor to Lender is held to constitute a preference
under bankruptcy laws or for any reason Lender is required to refund such payment or pay such amount to any Borrower, the Other Guarantor or any other Person. 
 Section 2.14 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations or the security and collateral
therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention of
Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or
particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties. To induce Lender to enter into the Loan Documents and to extend credit to
Borrowers, Guarantor represents and warrants to Lender as follows: 
  

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 (a) Benefit. Guarantor is an Affiliate of each Borrower, is the owner of a direct or
indirect interest in each Borrower and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 
 (b) Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of each Borrower and is familiar with the value of any
and all collateral intended to be created as security for the payment of the Note or the Guaranteed Obligations; however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty.

 (c) No Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement
to Guarantor in order to induce Guarantor to execute this Guaranty. 
 (d) Guarantor’s Financial Condition. As of
the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor (i) is and will be solvent, (ii) has and will have assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities) and debts, and (iii) has and will have property and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations. 

(e) Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the transactions
contemplated hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a
default) under, or result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of
Guarantor and is enforceable against Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights. 

Section 3.2 Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof.

 ARTICLE 4 
 SUBORDINATION OF CERTAIN INDEBTEDNESS 
 Section 4.1
Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of each Borrower or Operating Lessee to Guarantor, whether such debts and liabilities now exist or are
hereafter incurred or arise, and whether the obligations of any Borrower or Operating Lessee thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and whether such debts or liabilities be evidenced by any note,
contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be,
acquired by Guarantor. The Guarantor Claims shall include, without limitation, all rights and claims of 
  
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Guarantor against any Borrower or Operating Lessee (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. So
long as any portion of the Obligations or the Guaranteed Obligations remain outstanding, Guarantor shall not receive or collect, directly or indirectly, from any Borrower, Operating Lessee or any other Person any amount upon the Guarantor Claims.

 Section 4.2 Claims in Bankruptcy. In the event of any receivership, bankruptcy, reorganization, arrangement,
debtor’s relief or other insolvency proceeding involving Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or
other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations, any
dividend or payment which is otherwise payable to Guarantor and which, as between any Borrower and Guarantor or as between Operating Lessee and Guarantor, shall constitute a credit against the Guarantor Claims, then, upon payment to Lender in full
of the Obligations and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations,
and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 

Section 4.3 Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that
Guarantor shall receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so
received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and Guarantor
covenants promptly to pay the same to Lender. 
 Section 4.4 Liens Subordinate. Guarantor agrees that any liens,
security interests, judgment liens, charges or other encumbrances upon any Borrower’s assets or Operating Lessee’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security
interests, judgment liens, charges or other encumbrances upon such Borrower’s assets or Operating Lessee’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender
presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (a) exercise or enforce any creditor’s rights it may have against any Borrower or Operating Lessee, or (b) foreclose,
repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or
insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of any Borrower or Operating Lessee held by Guarantor. The foregoing shall in no manner
vitiate or amend, nor be deemed to vitiate or amend, any prohibition in the Loan Documents against Borrowers and Operating Lessee granting liens or security interests in any of their assets to any Person other than Lender. 

 
 Pool 2 

  
 12 

 ARTICLE 5 
 COVENANTS 
 Section 5.1 Definitions. As used in this
Article 5, the following terms shall have the respective meanings set forth below: 
 (a) “GAAP” shall
mean generally accepted accounting principles, consistently applied. 
 (b) “Net Worth” shall mean, as of a
given date, (i) Guarantor’s total assets as of such date, less (ii) Guarantor’s total liabilities as of such date, determined in accordance with GAAP. 
 Section 5.2 Covenants. Until all of the Obligations and the Guaranteed Obligations have been paid in full, Guarantor (a) within forty-five (45) days following the end of each
calendar quarter, commencing with the calendar quarter ending on December 31, 2005, shall deliver to Lender, with respect to the prior calendar quarter, unaudited quarterly and year-to-date statements of income and expense and cash flow
prepared on a cash basis for Guarantor, together with a balance sheet as of the end of such prior calendar quarter for Guarantor, a certificate of an officer of Guarantor certifying that such quarterly financial statements are true, correct,
accurate and complete and fairly present the financial condition and results of operations of Guarantor in a manner consistent with GAAP; and (b) within ninety (90) days following the end of each calendar year, shall deliver, or cause
Borrowers to deliver, to Lender a complete copy of the consolidated annual financial statements of Guarantor audited by a “Big Four” accounting firm or other independent certified public accountant acceptable to Lender prepared in
accordance with GAAP, including consolidated statements of income and expense and cash flow and a balance sheet, together with such other materials as are required to be delivered to Lender under Section 4.1.7(b) of the Loan Agreement.

 Section 5.3 Prohibited Transactions. Guarantor shall not, at any time while a default in the payment of the
Guaranteed Obligations has occurred and is continuing, either (a) enter into or effectuate any transaction with any Affiliate which would reduce the Net Worth of Guarantor, including, without limitation, the payment of any dividend or
distribution to a shareholder, partner or member as applicable, or the redemption, retirement, purchase or other acquisition for consideration of any stock or other ownership interest in Guarantor, or (b) sell, pledge, mortgage or otherwise
transfer to any Person any of Guarantor’s assets, or any interest therein. 
 ARTICLE 6 

MISCELLANEOUS 
 Section 6.1 Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right. 
  
 Pool 2 

  
 13 

 The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or
waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any
case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 
 Section 6.2 Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required, permitted or desired to be given
hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party
to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 6.2. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during
business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows: 

 

			
	 If to Lender:
	  	UBS Real Estate Investments Inc.
		  	1285 Avenue of the Americas, 11th Floor
		  	New York, New York 10019
		  	Attention: Robert Pettinato, Director
		  	Facsimile No. (212) 713-4631
		
	 with a copy to:
	  	UBS Real Estate Investments Inc.
		  	1285 Avenue of the Americas, 11th Floor
		  	New York, New York 10019
		  	Attention: Tessa L. Peters, Esq.
		  	Facsimile No. (212) 713-1153
		
	 and with a copy to:
	  	Brown Raysman Millstein Felder & Steiner LLP
		  	900 Third Avenue
		  	New York, New York 10022
		  	Attention: Jeffrey B. Steiner, Esq.
		  	Facsimile No. (212) 895-2900
		
	 and with a copy to:
	  	Wachovia Securities/Commercial Mortgage Services
		  	8739 Research Drive, URP4
		  	Charlotte, North Carolina 28288
		  	Attention: Venus Craig
		  	Facsimile No.: (704) 714-0042
		  	(or any successor Servicer of the Loan)

 
 Pool 2 

  
 14 

  

			
		
	 If to Guarantor:
	  	Ashford Hospitality Trust, Inc.
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attention: David A. Brooks
		  	Facsimile No. (972) 490-9605
		
	 with a copy to:
	  	Andrews Kurth LLP
		  	1717 Main Street, Suite 3700
		  	Dallas, Texas 75201
		  	Attention: Brigitte Gawenda Kimichik, Esq.
		  	Facsimile No.: (214) 659-4777

 Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days’
written notice of such change to the other parties in accordance with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there is an inability to actually deliver any
Notice because of a changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally, Notice from Lender may also be
given by Servicer. 
 Section 6.3 Governing Law; Jurisdiction; Service of Process. 

(a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND
THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY, AND THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

  
 Pool 2 

  
 15 

 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST GUARANTOR ARISING OUT OF OR RELATING TO
THIS GUARANTY MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY AND STATE OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS
WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES
HEREBY DESIGNATE AND APPOINT: 
 Moses & Singer LLP 

The Chrysle Building 
 405 Lexington Avenue 
 New York, New York 10174-1299 

Attention: Mitchell D. Bernstein, Esq. 
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW
YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AUTHORIZED AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON
GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A
SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED BY BORROWERS UNDER
THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST GUARANTOR IN ANY OTHER JURISDICTION. 
 Section 6.4 Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such
provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in
full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic
understandings and intentions of the parties as expressed herein. 
  

Pool 2 

  
 16 

 Section 6.5 Amendments. This Guaranty may be amended only by an instrument in
writing executed by the party or parties against whom such amendment is sought to be enforced. 
 Section 6.6 Parties
Bound; Assignment. This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives. Lender shall have the right to assign or transfer
its rights under this Guaranty in connection with any assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Guaranty. Guarantor shall not have the
right to assign or transfer its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and void. 

Section 6.7 Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of
this Guaranty. 
 Section 6.8 Recitals. The recitals and introductory paragraphs hereof are a part hereof, form a
basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 

Section 6.9 Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient
or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single
instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any
counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

Section 6.10 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by any Borrower or Operating Lessee
to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever
have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

Section 6.11 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO
GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY
GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF 
  

Pool 2 

  
 17 

 
PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT,
VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. 

Section 6.12 Waiver of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, ANY SECURITY INSTRUMENT, THE LOAN AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, OR
ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR. 

Section 6.13 Cooperation. Guarantor acknowledges that Lender and its successors and assigns may (a) sell this Guaranty,
the Note and the other Loan Documents to one or more investors as a whole loan, (b) participate the Loan secured by this Guaranty to one or more investors, (c) deposit this Guaranty, the Note and the other Loan Documents with a trust,
which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or (d) otherwise sell the Loan or one or more interests therein to investors (the transactions referred to in the preceding clauses
(a) through (d) are hereinafter each referred to as a “Secondary Market Transaction”). Guarantor shall cooperate with Lender in effecting any such Secondary Market Transaction and shall cooperate to implement
all requirements imposed by any of the Rating Agencies involved in any Secondary Market Transaction. Guarantor shall provide such information and documents relating to Guarantor, Borrowers, any Property and any tenants of any Property as Lender may
reasonably request in connection with such Secondary Market Transaction. In addition, Guarantor shall make available to Lender all information concerning its business and operations that Lender may reasonably request. Lender shall be permitted to
share all such information with the investment banking firms, Rating Agencies, accounting firms, law firms and other third-party advisory firms involved with the Loan and the Loan Documents or the applicable Secondary Market Transaction. It is
understood that the information provided by Guarantor to Lender, including any and all financial statements provided to Lender pursuant to Section 5.2 hereof, may ultimately be incorporated into the offering documents for the Secondary
Market Transaction and thus various investors and potential investors may also see some or all of the information. Lender and all of the aforesaid third-party advisors and professional firms shall be entitled to rely on the information supplied by,
or on behalf of, Guarantor in the form as provided by Guarantor. Lender may publicize the existence of the Loan in connection with its marketing for a Secondary Market Transaction or otherwise as part of its business development. Any reasonable cost
or expense incurred by Guarantor (other than attorneys’ fees and costs of financial statements) in order to provide the information required under this Section 6.13 shall be paid by Lender. 

 
 Pool 2 

  
 18 

 Section 6.14 Reinstatement in Certain Circumstances. If at any time any payment
of the principal of or interest under the Note or any other amount payable by Borrowers under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of any Borrower or otherwise,
Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 
 Section 6.15 Gender; Number; General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a) words used in this Guaranty
may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, (c) the word “Borrowers” shall mean “each Borrower and any
subsequent owner or owners of any Property or any part thereof or interest therein”, (d) the phrase “any Borrower” shall mean “any one or more Borrowers, including all of the Borrowers, if applicable”, (e) the word
“Lender” shall mean “Lender and any subsequent holder of the Note”, (f) the word “Note” shall mean “the Note and any other evidence of indebtedness secured by any Security Instrument”, (g) the phrase
“any Property” shall mean “any one or more of the Properties, including all of the Properties, if applicable” and shall include any portion of any Property and any interest therein, and (h) the phrases “attorneys’
fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate
levels, incurred or paid by Lender in protecting its interest in any Property, the Leases and/or the Rents and/or in enforcing its rights hereunder. 
 Section 6.16 Fully Recourse. The Guaranteed Obligations are recourse obligations of Guarantor and not restricted by any limitation on personal liability. 

[NO FURTHER TEXT ON THIS PAGE] 
  

Pool 2 

  
 19 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty of Recourse Obligations as of the
day and year first above written. 
  

			
	GUARANTOR:
	
	 ASHFORD HOSPITALITY TRUST, INC.,
 a Maryland corporation

		
	By:	 	/s/ David A. Brooks         
		 	Name: David A. Brooks
		 	Title: Chief Legal Officer

 Pool 2 

 STATE OF NEW YORK    ) 
                                   
            ) ss. 
 COUNTY OF NEW YORK ) 

On the             day of November, in the year 2005, before me, the
undersigned, a Notary Public in and for said State, personally appeared David A. Brooks, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

					
			
		 		 	 
		 		 	Notary Public
			
	(NOTARIAL SEAL)	 		 	
			
		 		 	My Commission Expires:

 SCHEDULE 1 

(Borrowers’ Names and Addresses of Properties) 
 POOL 2 
  

					
	 	  	 Borrower
	  	 Property Name and Address

	 1.
	  	 Ashford Las Vegas LP,
 a
Delaware limited partnership
	  	 Embassy Suites – Las Vegas

4315 Swenson Street
 Las Vegas, Nevada
89119
 (Clark County)

			
	 2.
	  	 Ashford Evansville I LP,
 a
Delaware limited partnership
	  	 Hampton Inn – Evansville

8000 Eagle Crest Boulevard
 Evansville, Indiana
47715
 (Vanderburgh County)

			
	 3.
	  	 Ashford Evansville III LP,
 a
Delaware limited partnership
	  	 Residence Inn by Marriott – Evansville
 8283 East Walnut Street
 Evansville, Indiana 47715

(Vanderburgh County)

			
	 4.
	  	 Ashford Jacksonville II LP,
 a
Delaware limited partnership
	  	 Springhill Suites – Jacksonville
 4385 Southside Boulevard
 Jacksonville, Florida 32216

(Duval County)

			
	 5.
	  	 Ashford Bloomington LP,
 a
Delaware limited partnership
	  	 Courtyard Bloomington
 310
South College Avenue
 Bloomington, Indiana 47403
 (Monroe County)

			
		  	 Ashford Austin LP,
 a Delaware
limited partnership
	  	 Embassy Suites – Austin

9505 Stonelake Boulevard
 Austin, Texas
78759
 (Travis County)

			
	 7.
	  	 Ashford Jacksonville I LP,
 a
Delaware limited partnership
	  	 Hilton Garden Inn – Jacksonville
 9745 Gate Parkway North
 Jacksonville, Florida 32246

(Duval County)

			
	 8.
	  	 Ashford Dallas LP,
 a Delaware
limited partnership
	  	 Embassy Suites – Dallas

14021 Noel Road
 Dallas, Texas 75240

(Dallas County)

 Schedule 1 
 Pool 2Purchase and Sale Agreement

 Exhibit 10.21 
 CONTRIBUTION AGREEMENT 
 between 

ASHFORD HOSPITALITY LIMITED PARTNERSHIP, 
 a Delaware limited partnership 
 (the “Partnership”) 

and 
 EADS
ASSOCIATES LIMITED PARTNERSHIP, 
 a Virginia limited partnership 

(the “Contributor”) 
 Property: Marriott Crystal City Gateway 
  
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 1.1
	 	Definitions	  	 	1	  
		
	 ARTICLE II CONTRIBUTION; DEPOSIT; PAYMENT OF CONTRIBUTION VALUE; STUDY PERIOD
	  	 	10	  
	 2.1
	 	Contribution	  	 	10	  
	 2.2
	 	Payment of Contribution Value	  	 	10	  
	 2.3
	 	Deposit	  	 	10	  
	 2.4
	 	Inspection	  	 	11	  
		
	 ARTICLE III CONTRIBUTOR’S REPRESENTATIONS AND WARRANTIES
	  	 	12	  
	 3.1
	 	Organization and Power	  	 	12	  
	 3.2
	 	Authorization and Execution	  	 	12	  
	 3.3
	 	Non-contravention	  	 	13	  
	 3.4
	 	Title To Real Property	  	 	13	  
	 3.5
	 	No Special Taxes	  	 	13	  
	 3.6
	 	Compliance with Existing Laws	  	 	13	  
	 3.7
	 	Personal Property and Inventory	  	 	13	  
	 3.8
	 	Operating Agreements/Off-Site Facility Agreements/Leased Property Agreements	  	 	13	  
	 3.9
	 	Insurance	  	 	14	  
	 3.10
	 	Condemnation Proceedings; Roadways	  	 	14	  
	 3.11
	 	Actions or Proceedings	  	 	14	  
	 3.12
	 	Labor and Employment Matters	  	 	14	  
	 3.13
	 	Financial Information and Submission Matters	  	 	14	  
	 3.14
	 	Bankruptcy	  	 	15	  
	 3.15
	 	As-Is; Where-Is	  	 	15	  
	 3.16
	 	Occupancy Agreements	  	 	15	  
	 3.17
	 	Utilities	  	 	16	  
	 3.18
	 	No Commitments	  	 	16	  
	 3.19
	 	Contributor Is Not a “Foreign Person”	  	 	16	  
	 3.20
	 	No Other Property Interests	  	 	16	  
	 3.21
	 	Investment Representations and Warranties	  	 	16	  
	 3.22
	 	Existing Lien	  	 	17	  
		
	 ARTICLE IV THE PARTNERSHIP’S REPRESENTATIONS AND WARRANTIES
	  	 	18	  
	 4.1
	 	Organization and Power	  	 	18	  
	 4.2
	 	Authorization and Execution	  	 	18	  
	 4.3
	 	Non-contravention	  	 	18	  
	 4.4
	 	Litigation	  	 	18	  
	 4.5
	 	Bankruptcy	  	 	19	  

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 i 

  

							
	 	 	 	  	Page	 
	 4.6
	 	Issuance of Units	  	 	19	  
	 4.7
	 	Partnership Documentation	  	 	20	  
	 4.8
	 	SEC Documents	  	 	20	  
	 4.9
	 	Tax Status of Partnership	  	 	20	  
	 4.10
	 	REIT Status of Company	  	 	21	  
		
	 ARTICLE V CONDITIONS PRECEDENT
	  	 	21	  
	 5.1
	 	As to the Partnership’s Obligations	  	 	21	  
	 5.2
	 	As to Contributor’s Obligations	  	 	23	  
		
	 ARTICLE VI COVENANTS OF CONTRIBUTOR
	  	 	24	  
	 6.1
	 	Operating Agreements/Leased Property Agreements/Off-Site Facility Agreements	  	 	24	  
	 6.2
	 	Warranties and Guaranties	  	 	25	  
	 6.3
	 	Insurance	  	 	25	  
	 6.4
	 	Independent Audit	  	 	25	  
	 6.5
	 	Operation of Property Prior to Closing	  	 	25	  
	 6.6
	 	No Marketing	  	 	27	  
	 6.7
	 	Employees and Continuation of Contributor’s Group Health Plans	  	 	27	  
	 6.8
	 	Rights of First Refusal and Options	  	 	27	  
	 6.9
	 	Intentionally Omitted	  	 	28	  
	 6.10
	 	Prospective Subscriber Questionnaire	  	 	28	  
	 6.11
	 	Delivery of Tax Information	  	 	28	  
	 6.12
	 	Cooperation on Tax Matters	  	 	28	  
	 6.13
	 	Information Regarding the Restrictions on Beneficial Ownership of Units	  	 	29	  
	 6.14
	 	Partnership Agreement	  	 	29	  
	 6.15
	 	Lock-Up Agreement	  	 	29	  
	 6.16
	 	Pledge Agreement	  	 	30	  
		
	 ARTICLE VII CLOSING
	  	 	30	  
	 7.1
	 	Closing	  	 	30	  
	 7.2
	 	Contributor’s Deliveries	  	 	30	  
	 7.3
	 	The Partnership’s Deliveries	  	 	34	  
	 7.4
	 	Mutual Deliveries	  	 	34	  
	 7.5
	 	Closing Costs	  	 	34	  
	 7.6
	 	Revenue and Expense Allocations	  	 	35	  
		
	 ARTICLE VIII GENERAL PROVISIONS
	  	 	37	  
	 8.1
	 	Condemnation	  	 	37	  
	 8.2
	 	Risk of Loss	  	 	37	  
	 8.3
	 	Broker	  	 	37	  
	 8.4
	 	Bulk Sale	  	 	38	  
	 8.5
	 	Confidentiality	  	 	38	  
	 8.6
	 	Contributor’s Accounts Receivable	  	 	39	  

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 ii 

  

							
	 	 	 	  	Page	 
	 ARTICLE IX LIABILITY OF THE PARTNERSHIP; INDEMNIFICATION BY CONTRIBUTOR; DEFAULT; TERMINATION RIGHTS
	  	 	39	  
	 9.1
	 	Liability of the Partnership	  	 	39	  
	 9.2
	 	Indemnification by Contributor	  	 	40	  
	 9.3
	 	Default by Contributor/Failure of Conditions Precedent	  	 	40	  
	 9.4
	 	Default by the Partnership/Failure of Conditions Precedent	  	 	40	  
	 9.5
	 	Costs and Attorneys’ Fees	  	 	41	  
	 9.6
	 	Limitation of Liability	  	 	41	  
		
	 ARTICLE X RESTRICTIONS ON TRANSFER
	  	 	41	  
	 10.1
	 	Restrictions on Transfer of Property by Purchaser	  	 	41	  
		
	 ARTICLE XI MISCELLANEOUS PROVISIONS
	  	 	42	  
	 11.1
	 	Completeness; Modification	  	 	42	  
	 11.2
	 	Inspection Agreement	  	 	42	  
	 11.3
	 	Assignments	  	 	42	  
	 11.4
	 	Successors and Assigns	  	 	42	  
	 11.5
	 	Days	  	 	42	  
	 11.6
	 	Governing Law	  	 	43	  
	 11.7
	 	Counterparts	  	 	43	  
	 11.8
	 	Severability	  	 	43	  
	 11.9
	 	Costs	  	 	43	  
	 11.10
	 	Notices	  	 	43	  
	 11.11
	 	Escrow Agent	  	 	44	  
	 11.12
	 	Incorporation by Reference	  	 	45	  
	 11.13
	 	Survival	  	 	45	  
	 11.14
	 	Further Assurances	  	 	45	  
	 11.15
	 	No Partnership	  	 	45	  
	 11.16
	 	Time of Essence	  	 	45	  
	 11.17
	 	Signatory Exculpation	  	 	45	  
	 11.18
	 	Rules of Construction	  	 	45	  

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 iii

  

					
	EXHIBITS	  		  	
	Exhibit A	  	—  	  	Land
	Exhibit B	  	—  	  	Title Cure Obligations
	Exhibit C	  	—  	  	Special Warranty Bill of Sale
	Exhibit D	  	—  	  	Special Warranty Deed
	Exhibit E	  	—  	  	Assignment and Assumption Agreement (of Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements)
	Exhibit F	  	—  	  	Assignment and Assumption of Occupancy Agreements
	Exhibit G	  	—  	  	Intentionally Omitted
	Exhibit H	  	—  	  	Registration Rights Agreement
	Exhibit I	  	—  	  	Partnership Amendment
	Exhibit J	  	—  	  	Prospective Subscriber Questionnaire
	Exhibit K	  	—  	  	Prospective Power of Attorney and Limited Partner Signature Page
	Exhibit L	  	—  	  	Partnership Letter
	Exhibit M	  	—  	  	Lock-Up Agreement
	Exhibit N	  	—  	  	Pledge and Security Agreement
	Exhibit O	  	—  	  	Tax Reporting and Protection Agreement
			
	SCHEDULES	  		  	
	Schedule 1	  	—  	  	Intentionally Omitted
	Schedule 2	  	—  	  	Operating Agreements and Leased Property Agreements and Off-Site Facility Agreements
	Schedule 3	  	—  	  	Employment Agreements
	Schedule 4	  	—  	  	Occupancy Agreements
	Schedule 5	  	—  	  	Additional Defined Terms

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 iv 

 CONTRIBUTION AGREEMENT  

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made as of this 18th day of May, 2006, between ASHFORD HOSPITALITY
LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), and EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership (“Contributor”). 

R E C I T A T I O N S: 
 A. Contributor is the owner of that certain real property more particularly described on Exhibit A attached hereto and made a part hereof for all purposes, being a 697-room hotel commonly known as
the “Marriott Crystal City Gateway” hotel located at 1700 Jefferson Davis Highway in Arlington, Virginia (the “Hotel”). 
 B. The Partnership is desirous of acquiring such hotel property from Contributor and Contributor is desirous of contributing such hotel property to the Partnership, for the consideration and upon the
terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of premises and in consideration of the
mutual covenants, promises and undertakings of the parties hereinafter set forth, and for other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged by the parties, it is agreed: 

ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. The following terms shall have
the indicated meanings: 
 “Act of Bankruptcy” shall mean if a party hereto or any general partner thereof shall
(a) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (b) admit in writing its inability to pay its debts as
they become due, (c) make a general assignment for the benefit of its creditors, (d) file a voluntary petition or commence a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (e) be
adjudicated a bankrupt or insolvent, (f) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, (g) fail to controvert in a timely
and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (h) take any corporate or partnership action for the
purpose of effecting any of the foregoing; or if a proceeding or case shall be commenced, without the application or consent of a party hereto or any general partner thereof, in any court of competent jurisdiction seeking (1) the liquidation,
reorganization, dissolution or winding-up, or the composition or readjustment of debts, of such party or general partner, (2) the appointment of a receiver, custodian, trustee or liquidator for such party or general partner or all or any
substantial part of its assets, or (3) other similar relief under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, and such proceeding or case 

 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway

 Agreement of Purchase and Sale 

  
 1 

 
shall continue undismissed; or an order (including an order for relief entered in an involuntary case under the Federal Bankruptcy Code, as now or hereafter in effect) judgment or decree
approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of sixty (60) consecutive days. 
 “Advance Bookings” shall mean reservations made by Contributor or its manager prior to Closing for Hotel rooms or meeting rooms to be utilized after Closing, or for catering services or
other Hotel services to be provided after Closing, in the ordinary course of business. 
 “Affiliate” of a
Person shall mean (i) any other Person that is directly or indirectly (through one or more intermediaries) controlled by, under common control with, or controlling such Person, or (ii) any other Person in which such Person has a direct or
indirect equity interest constituting at least a majority interest of the total equity of such other Person. For purposes of this definition, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of any Person or the power to veto major policy decisions of any Person, whether through the ownership of voting securities, by contract or otherwise. 

“Affiliated Company” means any other entity which is, along with Contributor, a member of a controlled group of
corporations or a controlled group of trades or businesses (as defined in Section 414(b) or (c) of the Internal Revenue Code), any entity which, along with Contributor, is included in an affiliated service group as defined in
Section 414(m) of the Internal Revenue Code, and any other entity which is required to be aggregated with Contributor pursuant to Treasury Regulations under Section 414(o) of the Internal Revenue Code. 

“Alcoholic Beverage Management Agreement” shall have the meaning as set forth in Section 6.9 hereof.

 “Applicable Laws” shall mean any applicable building, zoning, subdivision, environmental, health, safety or
other governmental laws, statutes, ordinances, resolutions, rules, codes, regulations, orders or determinations of any Governmental Authority or of any insurance boards of underwriters (or other body exercising similar functions), or any restrictive
covenants or deed restrictions affecting the Property or the ownership, operation, use, maintenance or condition thereof. 

“Assets” shall have the meaning given such term in Section 6.11 hereof. 

“Assignment and Assumption Agreement” shall mean one or more assignment and assumption agreements whereby Contributor
(1) assigns and the Partnership and/or its property manager, lessee or other designee (as the Partnership shall specify) assumes the Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements that have not been terminated
prior to Closing in accordance herewith, to the extent of obligations thereunder which accrue and are applicable to periods from and after the Closing Date, and (2) assigns all of Contributor’s right, title and interest in and to the
Intangible Personal Property for the Property, to the extent assignable. 
  
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 2 

 “Assignment of Occupancy Agreements” shall mean one or more assignment
agreements, whereby Contributor assigns and the Partnership and/or its property manager, lessee or other designee (as the Partnership shall specify) assumes all of Contributor’s right, title and interest in and to the Occupancy Agreements, to
the extent of obligations thereunder which accrue and are applicable to periods from and after the Closing Date. 

“Authorizations” shall mean all licenses, permits and approvals required by any governmental or quasi-governmental
agency, body, department, commission, board, bureau, instrumentality or office, or otherwise appropriate with respect to the construction, ownership, operation, leasing, maintenance, or use of the Property or any part thereof. 

“Bill of Sale” shall mean that certain bill of sale conveying title to the Inventory, Tangible Personal Property and the
Intangible Personal Property to the Partnership or the Partnership’s property manager, lessee or other designee (as the Partnership shall specify). 
 “Broker” shall mean Molinaro Koger. 
 “Class B Common
Partnership Unit Return” shall mean, as to each Class B Common Partnership Unit that has not yet then been redeemed by the Partnership: (i) for the period commencing on the Closing Date and ending on the last day of the calendar
quarter in which the Closing Date shall occur (the “Initial Period”), a cash distribution equal to $771,344.34, divided by the number of days in such calendar quarter, times the number of days in the Initial Period, divided by the
number of Units issued to Contributor on the Closing Date, (ii) for the three-year period commencing on first day of the calendar quarter following the Initial Period and ending on the third anniversary of such date, a cumulative quarterly cash
distribution equal to $771,344.34 divided by the number of Units issued to Contributor on the Closing Date and (iii) thereafter, a cumulative quarterly cash distribution equal to $814,390.78 divided by the number of Units issued to Contributor
on the Closing Date. The foregoing amounts designated for the Class B Common Partnership Unit Return are based on the assumption that the full amount of the Net Contribution Value shall be paid in the form of Units pursuant to Section 2.2(b) of
this Agreement. Therefore, in the event any portion of the Net Contribution Value is paid in the form of cash pursuant to Section 2.2(b)(i) of this Agreement, the foregoing amounts designated for the Class B Common Partnership Unit Return shall
be reduced proportionately by the proportion to which the Net Contribution Value as reduced by such cash payment bears to the full amount of the Net Contribution Value. As an example, for illustrative purposes only, if the Net Contribution Value is
$50 million and the amount of cash paid pursuant to Section 2.2(b)(i) is $5 million, the amount of Net Contribution Value to be paid in the form of Units thus becomes $45 million, and the resulting Class B Common Partnership Unit Return shall
be equal to 90% of the amounts stated above for the Class B Common Partnership Unit Return (45 / 50 = 90%). 

“Closing” shall mean the Closing of the contribution of the Property to the Partnership pursuant to this Agreement and
shall be deemed to occur on the Closing Date. 
 “Closing Date” shall mean the date on which the Closing occurs.

 “Closing Documents” shall mean the documents defined as such in Section 7.1 hereof. 

 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway

 Agreement of Purchase and Sale 

  
 3 

 “COBRA” shall have the meaning given such term in Section 6.7
hereof. 
 “Code” shall have the meaning given such term in Section 10.1(a) hereof. 

“Common Stock” has the meaning given such term in the attached Exhibit H (form of Registration Rights Agreement).

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

“Contribution Value” shall mean $100,000,000.00 payable in the manner described in Section 2.2 hereof,
subject to any adjustments as set forth in Article VII of this Agreement. 
 “Contributor’s Organizational
Documents” shall mean the current partnership agreement and certificate of limited partnership of Contributor and its general partners, true and correct copies of which shall be provided to the Partnership prior to Closing. 

“Contributor Partner” shall have the meaning given such term in Section 4.6(a) hereof. 

“Covenants, Conditions and Restrictions” shall mean those covenants, conditions and/or restrictions binding, restricting
or benefiting the Property which are set forth in the Title Commitment. 
 “Deed” shall mean that certain deed
conveying title to the Real Property with special warranty covenants of title from Contributor to the Partnership or the Partnership’s designee, and subject only to Permitted Title Exceptions. If there is any difference between the description
of the Land, as shown on Exhibit A attached hereto and the description of the Land as shown on the Survey, the description of the Land to be contained in the Deed and the description of the Land set forth in the Title Commitment shall conform
to the description shown on the Survey. 
 “Deposit” shall mean all amounts deposited from time to time with
Escrow Agent by the Partnership pursuant to Section 2.3 hereof, plus all interest or other earnings that may accrue thereon. All cash Deposits shall be invested by Escrow Agent in a commercial bank or banks acceptable to the Partnership
at money market rates, or in such other investments as shall be approved in writing by Contributor and the Partnership. The Deposit shall be held and disbursed by Escrow Agent in strict accordance with the terms and provisions of this Agreement.

 “Effective Date” shall have the meaning given such term in Section 11.18(e) hereof. 

“Employment Agreements” shall mean all employment agreements, written or oral, between Contributor and the persons
employed with respect to the Property. 
 “Escrow Agent” shall mean Chicago Title Insurance Company, 830 East
Main St.,. Richmond, Virginia 23219, Attn: Lou Scott. 
  
 Ashford
Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 4 

 “Existing Lien” shall mean that certain loan in the original principal
amount of $64,000,000.00 held by Morgan Guaranty Trust Company of New York (“Lender”) and secured by a deed of trust lien on the Property. 
 “Financial Information” shall mean the financial information defined as such in Section 3.13 hereof. 
 “FIRPTA Certificate” shall mean the affidavit of Contributor under Section 1445 of the Internal Revenue Code, as amended, certifying that Contributor is not a foreign corporation,
foreign partnership, foreign trust, foreign estate or foreign person (as those terms are defined in the Internal Revenue Code and regulations promulgated thereunder), in form and substance satisfactory to the Partnership. 

“Governmental Authority” shall mean any federal, state, county, municipal or other government or any governmental or
quasi-governmental agency, department, commission, board, bureau, officer or instrumentality, foreign or domestic, or any of them. 
 “Hotel” shall mean the hotel and related amenities located on the Land. 
 “Improvements” shall mean the Hotel and all other buildings, improvements, fixtures and other items of real estate located on the Land. 

“Inspection Agreement” shall mean that certain Exclusivity and Inspection Agreement dated February 21, 2006,
executed by and between Contributor and the Partnership. 
 “Insurance Policies” shall mean all policies of
insurance maintained by or on behalf of Contributor pertaining to the Property, its operation, or any part thereof. 

“Intangible Personal Property” shall mean all intangible personal property owned or possessed by Contributor, if any, and
used in connection with the ownership, operation, leasing, occupancy or maintenance of the Property, including, without limitation, (1) the Authorizations, (2) telephone numbers, TWX numbers, post office boxes, Warranties and Guaranties,
signage rights, utility and development rights and privileges, general intangibles, business records, site plans, surveys, environmental and other physical reports, plans and specifications pertaining to the Real Property and the Personal Property,
(3) any unpaid award for taking by condemnation or any damage to the Land by reason of a change of grade or location of or access to any street or highway, (4) the share of the Rooms Ledger determined under Section 7.6 hereof,
and (5) all websites and domains used for the Hotel, including access to the FTP files of the websites to obtain website information and content pertaining to the Hotel, excluding (a) any of the aforesaid rights the Partnership elects not
to acquire, (b) Contributor’s cash on hand, in bank accounts and invested with financial or other institutions and (c) accounts receivable except for the above described share of the Rooms Ledger. 

“Inventory” shall mean all tangible personal property described in Section 7.7 hereof. 

“Land” shall mean that certain parcel of real estate more particularly described on Exhibit A attached hereto,
together with all easements, rights, privileges, remainders, reversions 
  
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 5 

 
and appurtenances thereunto belonging or in any way appertaining, and all of the estate, right, title, interest, claim or demand whatsoever of Contributor therein, in the streets and ways
adjacent thereto and in the beds thereof, either at law or in equity, in possession or expectancy, now or hereafter acquired. 

“Leased Property” shall mean all leased items of Tangible Personal Property. 

“Leased Property Agreements” shall mean the lease agreements pertaining to the Leased Property. 

“Lender” shall mean the current holder of the Existing Lien. 

“Lock-Up Agreement” shall mean the Lock-Up Agreement in the form of Exhibit M attached hereto. 

“Lock-Up Period” shall have the meaning given such term in Section 6.15 hereof. 

“Management Agreement” shall mean a management agreement to be dated effective as of the Closing Date, by and between the
Partnership or its designee, as owner, and Marriott, as manager. 
 “Marriott” shall mean Marriott
International, Inc. or one of its Affiliates. 
 “Marriott Lease” shall collectively mean that certain Lease
Agreement — Crystal Gateway Marriott Hotel dated April 27, 1984, executed by Eads Associates, as owner, and Marriott Corporation, as tenant, as first amended by the same parties by Statement of Clarification and Amendment to Lease dated
December 1, 1983, as subsequently amended by the same parties by Second Amendment to Lease dated August 6, 1986, as thereafter amended by Third Amendment to Lease dated March 1, 1989, executed by Eads Associates Limited Partnership,
as owner, and Marriott Corporation, as tenant, and as finally amended by Fourth Amendment to Lease dated November 4, 1993, by Eads Associates Limited Partnership, as owner, and Marriott Hotel Services, Inc., as tenant. 

“Net Contribution Value” shall have the meaning given such term in Section 2.2(a). 

“Occupancy Agreements” shall mean all leases, concession or occupancy agreements in effect with respect to the Real
Property under which any tenants (other than Hotel guests) or concessionaires occupy space upon the Real Property. 

“Off-Site Facility Agreements” shall mean those easements, leases, contracts and agreements pertaining to facilities not
located on the Property but which the Partnership deems necessary, beneficial or related to the operation of the Hotel including, without limitation, use agreements for local golf courses, parking contracts or leases, garage contracts or leases,
skybridge easements, tunnel easements, utility easements, and storm water management agreements. 
  
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 6 

 “Operating Agreements” shall mean all service, supply and maintenance
contracts, if any, in effect with respect to the Property and all other contracts (other than the Occupancy Agreements, Management Agreement, Off-Site Facility Agreements and the Employment Agreements) that affect the Property or are otherwise
related to the construction, ownership, operation, occupancy or maintenance of the Property. 
 “Owner’s Title
Policy” shall mean an owner’s policy of title insurance issued to the Partnership by the Title Company, pursuant to which the Title Company insures the Partnership’s ownership of fee simple title to the Real Property (including
the marketability thereof) subject only to Permitted Title Exceptions. The Owner’s Title Policy shall insure the Partnership in the amount of the Contribution Value and shall be acceptable in form and substance to the Partnership. The
Partnership may require such deletions of standard exceptions and such title endorsements as are legally available and customarily required by institutional investors purchasing property comparable to the Property in the State where the Property is
situated. The description of the Land in the Owner’s Title Policy shall be by courses and distances or by reference to a legal, subdivided lot and shall be identical to the description shown on the Survey. 

“Partnership Agreement” shall mean the Second Amended and Restated Agreement of Limited Partnership of Ashford
Hospitality Limited Partnership, a Delaware limited partnership, dated as of April 6, 2004, as the same has been and may be amended from time to time. 
 “Partnership Amendment” shall have the meaning given such term in Section 4.6(a) hereof. 
 “Partnership’s Objections” shall mean the objections defined as such in Section 2.4(d) hereof. 
 “Permitted Title Exceptions” shall mean the Existing Lien and those exceptions to title to the Real Property that are satisfactory to the Partnership as determined pursuant to
Section 2.4(d) hereof. 
 “Per Share Price” shall have the meaning given such term in
Section 2.2(b) hereof. 
 “Person” shall mean an individual, a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a Governmental Authority. 
 “Personal Property” shall mean collectively the Tangible Personal Property and the Intangible Personal Property, but shall not include any property located on the Property which is owned
by Contributor’s property manager. 
 “Pledge Agreement” shall mean the Pledge Agreement in the form of
Exhibit N attached hereto. 
 “Pledged Units” shall have the meaning as set forth in
Section 6.16 hereof. 
  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 7 

 “Power of Attorney and Limited Partner Signature Page” shall mean a limited
partner signature page in the form of Exhibit K attached hereto. 
 “Property” shall mean collectively
the Real Property, the Inventory, the Tangible Personal Property and the Intangible Personal Property. 
 “Prospective
Subscriber Questionnaire” shall mean the Prospective Subscriber Questionnaire in the form of Exhibit J attached hereto. 
 “Protected Period” shall have the meaning given such term in Section 10.1(a) hereof. 
 “Real Property” shall collectively mean the Land and the Improvements. 
 “Registration Rights Agreement” shall mean a Registration Rights Agreement in the form attached hereto as Exhibit H. 

“REIT” shall have the meaning given such term in Section 8.5 hereof. 

“Rooms Ledger” shall mean the final night’s room revenue (revenue from rooms occupied as of 6:00 a.m. on the Closing
Date, exclusive of food, beverage, telephone and similar charges which shall be retained by Contributor), including any sales taxes, room taxes or other taxes thereon. 
 “SEC Documents” shall mean all documents and agreements required to be filed by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934. 

“Survey” shall mean the survey defined as such in and prepared pursuant to Section 2.4(d) hereof. 

“Tangible Personal Property” shall mean the items of tangible personal property consisting of all furniture, fixtures,
equipment, machinery, Inventory and other personal property of every kind and nature (including cash-on-hand and petty cash funds) located on or used or useful in the operation of the Hotel and owned by Contributor, including, without limitation,
Contributor’s interest as lessee with respect to any such Tangible Personal Property. 
 “Tax Authority”
means any state or local government, or agency, instrumentality or employee thereof, charged with the administration of any law or regulation relating to Taxes. 
 “Tax Protection and Reporting Agreement” shall have the meaning set forth in Section 7.2(t) hereof. 
 “Tax Return” means all returns, declarations, reports, estimates, information returns and statements required to be filed in respect of any Taxes. 

“Taxable Event” shall have the meaning given such term in Section 10.1(a) hereof. 

 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway

 Agreement of Purchase and Sale 

  
 8 

 “Third Party Consents” shall have the meaning given such term in
Section 5.1(h) hereof. 
 “Title Commitment” shall mean the title commitment and exception documents
defined as such in Section 2.4(d) hereof. 
 “Title Company” shall mean Escrow Agent on behalf of
Chicago Title Insurance Company or other title insurance underwriter selected by the Partnership. 
 “UCC
Reports” shall mean the reports defined as such in Section 2.4(d) hereof. 
 “Units” shall
mean “Class B Common Partnership Units” of the Partnership, the preferences, priorities, rights and entitlements thereof to be more particularly defined in a Partnership Amendment as: 

“a fractional, undivided share of the Class B Common Partnership Interests of all Partners issued hereunder, each of which Class B
Common Partnership Unit shall be treated as a Common Partnership Unit for all purposes of this Agreement and shall be subject to the same rights, privileges, qualifications, limitations and other characteristics as a Common Partnership Unit and all
references to Class B Common Partnership Units in this Agreement shall be deemed to be references to Common Partnership Units as well as Class B Common Partnership Units, except, in each case, (i) in lieu of receiving distributions by the
Partnership to holders of Common Partnership Units, each holder of a Class B Common Partnership Unit shall be entitled to the payment of the Class B Common Partnership Unit Return; (ii) the Class B Common Partnership Unit Return shall have
priority over the payment of any cash distribution with respect to a Common Partnership Unit pursuant to Section 8.1(a) of the Partnership Agreement (while still being junior in priority to the payment of any cash distribution with respect to a
Preferred Unit); and the Partnership or holder of the Class B Common Partnership Unit shall have the right to redeem or cause the redemption of the Class B Common Partnership Units, in whole or in part, from time to time, at any time after the tenth
(10th) anniversary of the Closing Date, in exchange for an equivalent number of Common Units.” 

“Utilities” shall mean public sanitary and storm sewers, natural gas, telephone, public water facilities, electrical
facilities and all other utility facilities and services necessary or appropriate for the operation and occupancy of the Property as a hotel. 
 “Warranties and Guaranties” shall mean all warranties and guaranties relating to the Improvements or the Tangible Personal Property or any part thereof. 

 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway

 Agreement of Purchase and Sale 

  
 9 

 ARTICLE II 

CONTRIBUTION; DEPOSIT; PAYMENT 
 OF CONTRIBUTION VALUE; STUDY PERIOD; REIMBURSEMENT FOR CAPITAL EXPENDITURES 
 2.1 Contribution. Contributor agrees to contribute and the Partnership agrees to acquire the Property for the Contribution Value and in accordance with and subject to the other terms and conditions
set forth herein. 
 2.2 Payment of Contribution Value. The Contribution Value shall be paid to Contributor in the
following manner: 
 (a) The Contribution Value shall be adjusted as set forth in Article VII of this Agreement, and the
Partnership shall receive a credit against the adjusted Contribution Value in an amount equal to the outstanding principal balance of the Existing Lien as of the Closing Date (such adjusted and credited Contribution Value, the “Net
Contribution Value”). At Closing, the Partnership shall assume the outstanding principal balance of the Existing Lien as of the Closing Date. 
 (b) The Net Contribution Value shall be paid in the form of (i) a cash amount of up to Five Million and No/100 Dollars ($5,000,000.00) to the extent requested in writing by Contributor and agreed to
by the Partnership, to be allocated to one or more Contributor Partners in order to reduce the number of Contributor Partners who might otherwise receive Units pursuant to the following clause, and (ii) Units issued directly to Contributor, or
at the option of the Contributor, the Contributor Partners provided any such Contributor Partner receiving Units satisfies the criteria set forth in Section 4.6(b) of this Agreement with respect to a transfer of Units, the number of which shall
be the quotient (rounded to the nearest whole number) resulting from the Net Contribution Value (less any amount of cash paid pursuant to clause (i) of this sentence) divided by the “Per Share Price”. “Per Share
Price” means $11.20. 
 2.3 Deposit. Within two (2) business days after the execution hereof by both
Contributor and the Partnership and as a condition precedent to the effectiveness of this Agreement, the Partnership shall deliver to Escrow Agent a wire transfer or check in the sum of Five Million and No/100 Dollars ($5,000,000.00), the proceeds
of which wire transfer or check Escrow Agent shall deposit and invest in an interest bearing account at a financial institution acceptable to the Partnership or as otherwise agreed to in writing by Contributor and the Partnership. Escrow Agent shall
hold and invest the Deposit pursuant to the terms, conditions and provisions of this Agreement. All accrued interest on the Deposit shall become part of the Deposit. The Deposit shall be either (a) returned to the Partnership on the Closing
Date upon a successful closing (or applied against any cash payments required of the Partnership at Closing pursuant to this Agreement, as shall be reflected on the Closing Statement), (b) returned to the Partnership pursuant to the terms of
this Agreement, or (c) paid to Contributor pursuant to the terms of this Agreement. For purposes of reporting earned interest with respect to the Deposit, the Partnership’s Federal Tax Identification Number is 20-0110897, and
Contributor’s Federal Tax Identification Number is 52-1159237. 
  

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 2.4 Inspection. 

(a) The Partnership and the Partnership’s potential lessee or manager shall have the right until Closing to enter upon the Real
Property upon one (1) business day notice to Contributor and to perform, at the Partnership’s expense, such economic, surveying, engineering, topographic, environmental, marketing and other tests, studies and investigations as the
Partnership and the Partnership’s potential lessee may deem appropriate; provided, however, that no borings, drillings or samplings shall be done at the Property without Contributor’s prior written consent. The Partnership agrees to not
interfere unreasonably with Contributor’s or Marriott’s operations at the Property. Any entry upon the Property shall be during normal business hours. The Partnership shall fully comply with all governmental laws applicable to its
investigations and furnish to Contributor, at no cost or expense to Contributor, copies of all surveys, soil test results, engineering, environmental and other studies and reports relating to its tests and investigations promptly after the
Partnership’s receipt of same if requested by Contributor. 
 (b) Until the Closing, Contributor shall make available to the
Partnership, its agents, auditors, engineers, attorneys, potential lessees and other designees, for inspection and/or copying, copies of all existing architectural and engineering studies, surveys, title insurance policies, zoning and site plan
materials, correspondence, environmental audits and reviews, books, records, tax returns, bank statements, financial statements, advance reservations and room bookings and function bookings, rate schedules and any and all other materials or
information relating to the Property which are in, or come into, Contributor’s possession or control or are otherwise reasonably available to Contributor. 
 (c) The Partnership shall indemnify and defend Contributor against any loss, damage, claim and expenses (including, without limitation, reasonable attorneys’ fees and disbursements), suffered or
incurred by Contributor and arising out of or in connection with (i) the Partnership’s entry upon the Property, (ii) any tests or investigations or other activities conducted thereon by the Partnership, (iii) any liens or
encumbrances filed or recorded against the Property as a consequence of the Partnership’s tests or investigations. The Partnership shall maintain or cause to be maintained, at the Partnership’s expense, a policy of comprehensive general
public liability insurance, with a broad form contractual liability endorsement covering the Partnership’s indemnification obligations contained in this Section 2.4(c), and with a combined single limit of not less than $2,000,000
per occurrence for bodily injury and property damage insuring the Partnership and Contributor, as additional insureds, against any injuries or damages to persons or property that may result from or are related to any entry onto the Property by the
Partnership or any tests or investigations conducted thereon by or on behalf of the Partnership, which insurance shall be on an “occurrence form” and otherwise in such form and with an insurance company reasonably acceptable to
Contributor and deliver a copy of a certificate or binder of such insurance to Contributor prior to the first entry on the Property. In no event shall any of its activities undertaken by the Partnership result in any liens, judgments or other
encumbrances being filed or recorded against the Property, and the Partnership shall, at its sole cost and expense, promptly discharge of record any such liens or encumbrances that are so filed or recorded (including, without limitation, liens for
services, labor or materials furnished). The Partnership, at its own expense, shall restore any damage to the Property caused by any of the tests or studies made by the Partnership unless arising from the negligent or willful acts of Contributor or
any of its agents, contractors or employees. This provision shall survive any termination of this Agreement and a closing of the transaction contemplated hereby. 

 
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 (d) The Partnership acknowledges receipt of (a) a Survey of the Land and the
Improvements, prepared by a Surveyor licensed to practice as such in the State where the Land is located and reasonably acceptable to the Partnership, (b) a current title insurance commitment issued by the Title Company covering the Real
Property, together with legible copies of all documents identified in such title insurance commitment as exceptions to title (collectively, the “Title Commitment”), and (c) reports of searches of the Uniform Commercial Code
records of both the county and State in which the Property is located and the state of Contributor’s formation (collectively, the “UCC Reports”) with respect to the state of title to the Property. Contributor shall cure and
cause to be removed from the Title Commitment, on or before Closing, the matters described on Exhibit B attached hereto. Contributor shall not, after the date of this Agreement, subject the Real Property to or permit or suffer to exist any
liens, encumbrances, covenants, conditions, restrictions, easements or other title matters or seek any zoning changes or take any other action which may affect or modify the status of title without the Partnership’s prior written consent. All
title matters revealed by the Title Commitment, UCC Reports and Survey (other than those set forth on Exhibit B) shall be deemed Permitted Title Exceptions. 
 2.5 Reimbursement for Capital Expenditures. In addition to the payment of the Net Contribution Value in accordance with Section 2.2 (b) above, at Closing the Partnership shall
(i) reimburse the Contributor in cash for certain capital expenditures with respect to the Property in the aggregate amount of $7,191,326.00 that were incurred by the Contributor during the two-year period preceding Closing, and
(ii) assume and pay on account of the Contributor’s capital expenditure obligation due Vornado Realty Trust (“Vornado”), or its designee, the sum of $1,650,000 for termination of the consulting agreement between the Contributor
and Vornado. 
 ARTICLE III 
 CONTRIBUTOR’S REPRESENTATIONS AND WARRANTIES 
 To induce the
Partnership to enter into this Agreement and to purchase the Property, and to pay the Contribution Value therefor, Contributor hereby makes the following representations and warranties with respect to the Property, upon each of which Contributor
acknowledges and agrees that the Partnership is entitled to rely and has relied: 
 3.1 Organization and Power.
Contributor is a limited partnership, validly existing and in good standing under the laws of the Commonwealth of Virginia and has all requisite powers and all governmental licenses, authorizations, consents and approvals to carry on its business as
now conducted and to enter into and perform its obligations hereunder and under any document or instrument required to be executed and delivered on behalf of Contributor hereunder. 

3.2 Authorization and Execution. This Agreement has been duly authorized by all necessary action on the part of Contributor, has
been duly executed and delivered by Contributor, constitutes the valid and binding agreement of Contributor and is enforceable in accordance with 
  

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 12 

 
its terms. There is no other person or entity who has an ownership interest in the Property or whose consent is required in connection with Contributor’s performance of its obligations
hereunder. The person executing this Agreement on behalf of Contributor has the authority to do so. 
 3.3
Non-contravention. The execution and delivery of, and the performance by Contributor of its obligations under, this Agreement do not and will not contravene, or constitute a default under, any provision of Applicable Law or regulation,
Contributor’s Organizational Documents or any agreement, judgment, injunction, order, decree or other instrument binding upon Contributor or to which the Property is subject, or result in the creation of any lien or other encumbrance on any
asset of Contributor. There are no outstanding agreements (written or oral) pursuant to which Contributor (or any predecessor to or representative of Contributor) has agreed to sell or has granted an option or right of first refusal to purchase the
Property or any part thereof. 
 3.4 Title To Real Property. Contributor is the sole owner of fee simple absolute title
to the Real Property. 
 3.5 No Special Taxes. Contributor has no knowledge of, nor has it received any notice of, any
special taxes or assessments relating to the Property or any part thereof or any planned public improvements that may result in a special tax or assessment against the Property. 

3.6 Compliance with Existing Laws. To Contributor’s knowledge, Contributor has not misrepresented or failed to disclose any
material relevant fact in obtaining and maintaining any and all required Authorizations. Contributor has no knowledge, nor has it received written notice from applicable governmental authorities within the past three (3) years, of any existing
or threatened violation of any provision of any Applicable Laws including, but not limited to, those of environmental agencies or insurance boards of underwriters with respect to the ownership, operation, use, maintenance or condition of the
Property or any part thereof, or requiring any repairs or alterations to the Property other than those that have been made prior to the date hereof. Contributor has no knowledge, nor has it received notice within the past three (3) years, of
any existing or threatened violation of any restrictive covenants or deed restrictions affecting the Property. 
 3.7
Personal Property and Inventory. All of the Personal Property being conveyed by Contributor hereunder are free and clear of all liens and encumbrances except for the Existing Lien and those which will be discharged by Contributor at Closing,
and Contributor has good and merchantable title thereto and the right to convey same in accordance with the terms of this Agreement. 
 3.8 Operating Agreements/Off-Site Facility Agreements/Leased Property Agreements. To Contributor’s knowledge, Contributor is not a party to any management, service, supply or maintenance
contracts in effect with respect to the Property other than the Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements, listed on Schedule 2 attached hereto. To Contributor’s knowledge, Marriott has performed
all of its obligations under each of the Operating 
  
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Agreements, Leased Property Agreements and Off-Site Facility Agreements to which it is a party. To Contributor’s knowledge, all other parties to the Operating Agreements, Leased Property
Agreements and Off-Site Facility Agreements have performed all of their obligations thereunder in all material respects, and are not in default thereunder in any material respect. Contributor has received no notice of any intention by any of the
parties to any of the Operating Agreements, Leased Property Agreements or Off-Site Facility Agreements to cancel the same, nor has Contributor canceled any of same. Contributor has provided to the Partnership a true, correct and complete copy of
each of the Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements. 
 3.9 Insurance. To
Contributor’s knowledge, all of the Insurance Policies are valid and in full force and effect and are in compliance with all requirements or recommendations of the insurance carriers of the Insurance Policies. 

3.10 Condemnation Proceedings; Roadways. Contributor has received no notice of any condemnation or eminent domain proceeding
pending or threatened against the Property or any part thereof. Contributor has no knowledge of any change or proposed change in the route, grade or width of, or otherwise affecting, any street, creek or road adjacent to or serving the Real
Property. 
 3.11 Actions or Proceedings. There is no action, suit or proceeding pending or known to Contributor to be
threatened against or affecting Contributor or the Property, or to Contributor’s knowledge, Marriott, in any court, before any arbitrator or before or by any Governmental Authority which (a) in any manner raises any question affecting the
validity or enforceability of this Agreement or any other agreement or instrument to which Contributor is a party or by which it is bound and that is or is to be used in connection with, or is contemplated by, this Agreement, (b) could
materially and adversely affect the business, financial position or results of operations of Contributor or the Property, (c) could materially and adversely affect the ability of Contributor to perform its obligations hereunder, or under any
document to be delivered pursuant hereto, (d) could create a lien on the Property, any part thereof or any interest therein, (e) concerns any past or present employee of Contributor or its managing agent or Marriott or (f) could
otherwise adversely affect the Property, any part thereof or any interest therein or the use, operation, condition or occupancy thereof. 
 3.12 Labor and Employment Matters. To Contributor’s knowledge, Contributor is not a party to any oral or written employment contracts or agreements with respect to the Property other than the
Employment Agreements. Schedule 3 is a complete list of the Employment Agreements. To Contributor’s knowledge, no party is in default under any Employment Agreement. To Contributor’s knowledge, there are no labor disputes or
organizing activities pending or threatened against Contributor or Marriott as to the operation or maintenance of the Property or any part thereof. Neither Contributor nor to its knowledge Marriott is a party to any union or other collective
bargaining agreement with employees employed in connection with the ownership, operation or maintenance of the Property, except for those described on Schedule 3. 
 3.13 Financial Information and Submission Matters. To Contributor’s knowledge, all of the financial information, including, without limitation, all books and records and financial statements
delivered to the Partnership (“Financial Information”) is correct and complete in all material respects and presents accurately the results of the operations of the Property for the periods indicated. Since the date of the last
financial statement included in the Financial Information, there has been no material adverse change in the financial condition of the Contributor. 
  

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 3.14 Bankruptcy. No Act of Bankruptcy has occurred with respect to Contributor.

 3.15 As-Is; Where-Is. Except as specifically provided in this Agreement, Contributor makes no covenant, representation
or warranty as to the suitability of the Property for any purpose whatsoever or as to the physical condition of the Property or relating to its environmental (including any laws concerning the presence of oil or hazardous materials) condition or
status (including handicap access and compliance with laws benefiting the disabled). Except as specifically provided in this Agreement, the Property is being conveyed “AS IS”, “WHERE IS”, “WITH ALL FAULTS” and
“SUBJECT TO ALL DEFECTS,” AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED. 
 Except as otherwise expressly stated herein, no materials provided to the Partnership by Contributor pursuant to the terms of the Inspection Agreement are a representation or warranty as to any matter
contained therein. To Contributor’s knowledge, Contributor is unaware of any inaccuracies in any such materials provided to the Partnership. 
 Except as otherwise expressly stated in this Agreement, Contributor is not bound in any manner by express or implied warranties, guaranties, promises, statements, representations or information pertaining
to the Property as to its physical condition, compliance with laws, permits, licenses, space leases, rents, income, cash flow, gross income, net income, profits, earnings, occupancies, expenses and operations, or any other matter or thing, except as
specifically set forth in this Agreement. In addition, except as otherwise expressly stated in this Agreement, Contributor is not bound or liable in any manner by any verbal or written statements, representations or any information pertaining to the
Property, or claimed to have been furnished by any person or party, agent, contractor, engineer, consultant, broker or employee of Contributor. 
 3.16 Occupancy Agreements. To Contributor’s knowledge, there are no leases, concessions or occupancy agreements to which Contributor is a party in effect with respect to the Real Property
other than the Occupancy Agreements listed on Schedule 4 attached hereto. Except as specifically provided in the Occupancy Agreements, to Contributor’s knowledge, no tenant or concessionaire is entitled to any rebates, allowances, free
rent or rent abatement for any period after the Closing of the transaction contemplated hereby. Contributor has received no notice of any intention by any of the parties to any of the Occupancy Agreements to cancel the same, nor has Contributor
canceled any of same. To Contributor’s knowledge, to the extent that any of the Occupancy Agreements call for security, such security remains on deposit with Marriott, and has not been applied towards any payment due under said Occupancy
Agreements. Contributor has not received any advance rent or advance compensation under any of said Occupancy Agreements in excess of one month. No brokerage commissions or compensation of any kind shall be due in connection with the Occupancy
Agreements, and the rents or revenues to be derived therefrom. To Contributor’s knowledge, no party is in default under any Occupancy Agreements. To Contributor’s knowledge, Contributor and Marriott have performed all obligations required
of them under all of the Occupancy Agreements and there remain no unfulfilled obligations of Contributor or Marriott (as applicable) under the Occupancy Agreements. To Contributor’s knowledge, no tenant has given notice of its intention to
institute litigation with respect to any Occupancy Agreement. 
  

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 3.17 Utilities. To Contributor’s knowledge, all Utilities required for the
operation of the Property as presently conducted either enter the Property through adjoining streets, or they pass through adjoining land, do so in accordance with valid public easements or irrevocable private easements, and all of said Utilities
are installed and operating and all installation and connection charges therefor have been paid in full. 
 3.18 No
Commitments. To Contributor’s knowledge, no commitments have been made to any Governmental Authority, utility company, school board, church or other religious body, or any homeowners’ association or any other organization, group or
individual, relating to the Property which would impose an obligation upon the Partnership to make any contribution or dedication of money or land or to construct, install or maintain any improvements of a public or private nature on or off the
Property. 
 3.19 Contributor Is Not a “Foreign Person”. Contributor is not a “foreign person” within
the meaning of Section 1445 of the Internal Revenue Code, as amended (i.e., Contributor is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person as those terms are defined in the Internal Revenue Code
and regulations promulgated thereunder). 
 3.20 No Other Property Interests. There are no property interests, buildings,
structures or other improvements or personal property that are owned by Contributor which are necessary for the operation of the Hotel that are not being conveyed pursuant to this Agreement, except as listed on Schedule
            attached hereto. 
 3.21 Investment Representations
and Warranties. Contributor represents, warrants and covenants as follows: 
 (a) Contributor is an “accredited
investor” within the meaning of Rule 501(a) promulgated under the Securities Act. Contributor understands the risks of, and other considerations relating to, the purchase of the Units. Contributor, by reason of its business and financial
experience, together with the business and financial experience of those persons, if any, retained by it to represent or advise it with respect to its investment in the Units, (i) has such knowledge, sophistication and experience in financial
and business matters and in making investment decisions of this type, (ii) is capable of evaluating the merits and risks of an investment in the Partnership and of making an informed investment decision, (iii) is capable of protecting its
own interest or has engaged representatives or advisors to assist it in protecting its interests and (iv) is capable of bearing the economic risk of such investment. 
 (b) The Units to be issued to Contributor will be acquired by Contributor for its own account for investment only and not with a view to, or with any intention of, a distribution or resale thereof, in
whole or in part, or the grant of any participation therein, other than the potential distribution of the Units to the partners of Contributor following the expiration of the Lock-Up Period provided in Section 6.15 of this Agreement.

  
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Gateway 
 Agreement of Purchase and Sale 

  
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 (c) Contributor acknowledges that (i) the Units to be issued to Contributor have not
been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws, (ii) the Partnership’s reliance on such
exemptions is predicated in part on the accuracy and completeness of the representations and warranties of Contributor contained herein, (iii) such Units, therefore, cannot be resold unless registered under the Securities Act and applicable
state securities laws (unless an exemption from registration is available), (iv) there is no public market for such Units, and (v) the Partnership has no obligation or intention to register such Units for resale under the Securities Act or
any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws. Contributor hereby acknowledges that because of the restrictions on transfer or assignment of such Units to be
issued hereunder (such restrictions on transfer or assignment being set forth in this Agreement and the Partnership Agreement), Contributor may have to bear the economic risk of the investment commitment evidenced by this Agreement and any Units
purchased hereby for an indefinite period of time, although (x) Units may be redeemed at the request of the holder thereof for cash or (at the option of the general partner of the Partnership) for Common Stock of Company pursuant to the terms
of the Partnership Agreement at any time after expiration of the applicable Lock-Up Period (which redemption rights may be limited or modified pursuant to the terms of the Partnership Agreement) and (y) Company and Contributor will execute and
deliver a Registration Rights Agreement in the form attached hereto as Exhibit H. Anything contained herein to the contrary notwithstanding, Contributor shall have the right at Closing and at all times thereafter to assign all or any part of
the Units to be received hereunder to a Contributor Partner(s), provided the Contributor Partner(s) receiving the Units is an “accredited investor” and satisfies the criteria set forth in Section 4.6(b) of this Agreement with respect
to a transfer of Units. 
 The address set forth for Contributor in this Agreement is the address of the Contributor’s
principal place of business or residence, as applicable, and Contributor has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which principal place of business or residence, as
applicable, is sited. 
 3.22 Existing Lien. The Existing Lien is in full force and effect and Contributor has received
no written notice of any defaults which have not been cured thereunder. Contributor has received no written notice that there are any existing events of default under the Existing Lien and, to Contributor’s knowledge, no event has occurred that
with the passage if time or the giving of notice would constitute an event of default under the Existing Lien. 
 Each of the
representations and warranties contained in this Article III and its various subparagraphs are intended for the benefit of the Partnership and may be waived in whole or in part, by the Partnership, but only by an instrument in writing signed
by the Partnership. All rights and remedies arising in connection with the untruth or inaccuracy of any such representations and warranties shall survive the Closing of the transaction contemplated hereby, except to the extent that Contributor gives
the Partnership written notice prior to Closing of the untruth or inaccuracy of any representation or warranty, or the Partnership otherwise obtains actual knowledge prior to Closing of the untruth or inaccuracy of any representation or warranty,
and the Partnership nevertheless elects to close this transaction. The Partnership shall be deemed to have actual knowledge of the untruth or inaccuracy of any representation or warranty only if 

 
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 Agreement of Purchase and Sale 

  
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(i) the Partnership receives written notice thereof, or (ii) David A. Brooks has actual knowledge of any such untruth or inaccuracy. Except to the extent otherwise expressly provided in the
immediately preceding sentence, no investigation, audit, inspection, review or the like conducted by or on behalf of the Partnership shall be deemed to terminate the effect of any such representations, warranties and covenants, it being understood
that the Partnership has the right to rely thereon and that each such representation and warranty constitutes a material inducement to the Partnership to execute this Agreement and to close the transaction contemplated hereby and to pay the
Contribution Value to Contributor. 
 The term “to Contributor’s knowledge” or similar phrase shall mean the
actual knowledge of Robert H. Smith, Robert P. Kogod and/or Arthur A. Birney, Jr. 
 ARTICLE IV 

THE PARTNERSHIP’S REPRESENTATIONS AND WARRANTIES 

To induce Contributor to enter into this Agreement and to sell the Property, the Partnership hereby makes the following representations
and warranties, upon each of which the Partnership acknowledges and agrees that Contributor is entitled to rely and has relied: 

4.1 Organization and Power. The Partnership is a limited partnership duly organized, validly existing and in good standing under
the laws of the State of Delaware, and has all partnership power and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and to enter into and perform its obligations under this
Agreement and any of the other Closing Documents to be executed and delivered on behalf of the Partnership hereunder. 
 4.2
Authorization and Execution. This Agreement has been duly authorized by all necessary action on the part of the Partnership, has been duly executed and delivered by the Partnership, constitutes the valid and binding agreement of the
Partnership and is enforceable in accordance with its terms. The person executing this Agreement on behalf of the Partnership has the authority to do so. 
 4.3 Non-contravention. The execution and delivery of this Agreement and the performance by the Partnership of its obligations hereunder do not and will not contravene, or constitute a default
under, any provisions of Applicable Law or regulation, or any agreement, judgment, injunction, order, decree or other instrument binding upon the Partnership or result in the creation of any lien or other encumbrance on any asset of the Partnership.

 4.4 Litigation. There is no action, suit or proceeding, pending or known to be threatened, against or affecting the
Partnership in any court or before any arbitrator or before any Governmental Authority which (a) in any manner raises any question affecting the validity or enforceability of this Agreement or any other agreement or instrument to which the
Partnership is a party or by which it is bound and that is to be used in connection with, or is contemplated by, this Agreement, (b) could materially and adversely affect the business, financial position or results of operations of the
Partnership, and (c) could materially and adversely affect the ability of the Partnership to perform its obligations hereunder, or under any document to be delivered pursuant hereto. 
  
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 4.5 Bankruptcy. No Act of Bankruptcy has occurred with respect to the Partnership.

 4.6 Issuance of Units. Capitalized terms used in this Section 4.6 and not otherwise defined shall have the
meaning given such terms in the Partnership Agreement. 
 (a) The Partnership Agreement shall be amended effective as of the
Closing Date by amendment thereto substantially in the form attached hereto as Exhibit I (the “Partnership Amendment”), to add an exhibit that will provide for the issuance of the Units to Contributor as provided herein. The
Units to be issued in connection with the transactions herein contemplated have been, or prior to the Closing Date will have been, duly authorized for issuance by the Partnership to Contributor and, on the Closing Date, will be validly issued and
when issued will be fully paid and non-assessable, free and clear of any mortgage, pledge, lien, encumbrance, security interest, claim or right of interest of any third party of any nature whatsoever. The rights and obligations of Unit holders will
be as set forth in the Partnership Agreement, provided that, a transfer of the Units by Contributor to any of its partners (a “Contributor Partner”) that satisfies the criteria set forth in Section 4.6(b) of this Agreement
shall be excepted from the restrictions of subsections 9.5(a) of the Partnership Agreement, and such Contributor Partner transferee shall be admitted as a limited partner of the Partnership, fully excepted from the provisions of
Section 9.6(a)(i) of the Partnership Agreement. In addition, any Contributor Partner that receives Units from the Contributor shall have the right to make donative Transfers of such Units to immediate family members or trusts as
contemplated in Section 9.5(d) of the Partnership Agreement. 
 (b) With respect to the transfer of Units by Contributor to
any Contributor Partner, the parties further agree that the provisions relating to a “Transfer” in Section 9.5 and Section 9.6 of the Partnership Agreement will be deemed to have been satisfied or discharged as to
any such transfer to such Contributor Partner upon the following: 
 (1) such Contributor Partner completes, executes and
delivers to the Partnership the Subscriber Questionnaire in the form attached hereto as Exhibit J; 
 (2) such Contributor
Partner executes and delivers to the Partnership the Power of Attorney and Limited Partner Signature Page in the form attached hereto as Exhibit K; 
 (3) such Contributor Partner executes and delivers to the Partnership a letter in the form of Exhibit L attached hereto; 
 (4) such Contributor Partner executes and delivers to Company the signature page to the Registration Rights Agreement, the form of which is attached hereto as Exhibit H; 

(5) such Contributor Partner is an “accredited investor” within the meaning of Rule 501 of the Securities Act, as evidenced by
the Subscriber Questionnaire; and 
 (6) if such Contributor Partner is a corporation, partnership or trust, such Contributor
Partner shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a limited partner of the Partnership; and 
  
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 (7) the Partnership shall not have received an opinion from legal counsel that there has
been a change in the Securities Act or any applicable federal or state securities or “Blue Sky” law, (including investment suitability standards) which would require registration under the Securities Act of the Units being transferred to
the Contributor Partner. 
 (c) Notwithstanding Section 9.5(a) of the Partnership Agreement, at any time after
Closing, the Units, exclusive of the Pledged Units, may be pledged at any time to secure indebtedness of any Contributor Partner that has been admitted as a limited partner of the Partnership; provided, however, any pledgee of such Units shall be
subject to the restrictions set forth in this Agreement pertaining to the Lock-Up Period, such that until the expiration of the Lock-Up Period, any pledgee of such Units shall not be permitted to sell, pledge, assign or otherwise transfer the Units,
or cause the sale, pledge, assignment or other transfer of the Units, or exercise any rights or remedies it may have under the terms and conditions of such pledge which results in the sale, pledge, assignment or transfer of the Units. 

4.7 Partnership Documentation. The Partnership has furnished to Contributor a true and complete copy of the Partnership Agreement,
as amended to date, other than exhibits that relate solely to other limited partners, and will provide the Contributor copies of any and all amendments thereto, other than exhibits that relate solely to other limited partners, from and after the
date hereof until the Closing Date. 
 4.8 SEC Documents. The Company has filed with the Securities and Exchange
Commission the SEC Documents required to date. As of their respective filing dates (or if amended, revised or superseded by a subsequent filing with the Securities and Exchange Commission, then on the date of such subsequent filing), the SEC
Documents complied in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and none of the SEC Documents (including any and all financial statements included therein) as of such dates contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

4.9 Tax Status of Partnership. The Partnership (i) beginning with its taxable year ended December 31, 2003 has qualified
as a partnership for federal income tax purposes (and is not classified as an association taxable as a corporation for federal income tax purposes), (ii) has operated, and intends to continue to operate, in such a manner as to qualify as a
partnership and avoid classification as a corporation and (iii) has not taken or omitted to take any action which would reasonably be expected to result in a challenge to its status as a partnership, and to the knowledge of Partnership, no such
challenge is pending or threatened. 
  
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 Agreement of Purchase and Sale 

  
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 4.10 REIT Status of Company. The Company, (i) beginning with first its taxable
year ended December 31, 2003, and through the most recent taxable year ended December 31, 2005, has been subject to taxation as a REIT within the meaning of the Code and has satisfied all requirements to qualify as a REIT for such years,
(ii) has operated in such a manner as to qualify as a REIT for the taxable year ending December 31, 2006, and all subsequent taxable years, and (iii) has not taken or omitted to take any action which could reasonably be expected to
result in a challenge to its status as a REIT, and to the knowledge of the Company, no such challenge is pending or threatened. 

ARTICLE V 
 CONDITIONS PRECEDENT 
 5.1 As to the Partnership’s
Obligations. The Partnership’s obligations hereunder are subject to the satisfaction of the following conditions precedent: 
 (a) Contributor’s Deliveries. Contributor shall have delivered to or for the benefit of the Partnership, on or before the Closing Date, all of the documents and other information required of
Contributor pursuant to Sections 7.2 and 7.4 hereof (unless, as set forth therein, such matters have previously been provided or made available to the Partnership for copying if originals are not in the possession or control of Contributor).

 (b) Representations, Warranties and Covenants; Obligations of Contributor; Certificate. All of Contributor’s
representations and warranties made in this Agreement shall be true and correct in all material respects as of the date hereof and as of the date of Closing as if then made; there shall have been no material adverse change in the business conducted
by Contributor at the Property or the financial results thereof from the date of acceptance of this Agreement and no matter, condition or event shall have occurred which could in the Partnership’s reasonable judgment, materially and adversely
affect the operation, value or marketability of the Property or any part thereof; Contributor shall have performed in all material respects all of its covenants and other obligations under this Agreement and Contributor shall have executed and
delivered to the Partnership at Closing a certificate to the foregoing effect. 
 (c) Title to Property. Contributor shall
be the sole owner of good and marketable fee simple title to the Real Property and good and marketable fee simple title to the Tangible Personal Property, free and clear of all liens, encumbrances, restrictions, conditions and agreements (including
those described on Exhibit B attached hereto) except for the Permitted Title Exceptions. Contributor shall not have taken any action or permitted or suffered any action to be taken by others from the date hereof and through and including the
date of Closing that would adversely affect the status of title to the Real Property and Tangible Personal Property. 
 (d)
Condition of Improvements. The Improvements and the Tangible Personal Property (including but not limited to the mechanical systems, plumbing, electrical, wiring, appliances, fixtures, heating, air conditioning and ventilating equipment,
elevators, boilers, equipment, roofs, structural members and furnaces) shall be in substantially the same condition at Closing as they are as of the date hereof, reasonable wear and tear excepted. Contributor shall not have removed or caused or
permitted to be removed any part or portion of the Real Property or the Tangible Personal Property without the Partnership’s prior written consent unless the same is replaced, prior to Closing, with a similar item of at least equal suitability,
quality and value, free and clear of any lien or security interest. 
  

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 (e) Publicly Traded Partnership. The Partnership shall be satisfied, based on advise
of its counsel, that the issuance of Units will not result in the Partnership’s being treated as a publicly traded partnership taxable as a corporation. 
 (f) Intentionally Omitted. 
 (g) Intentionally Omitted. 

(h) Third-Party Consents. On or before the Closing Date, Contributor shall furnish the Partnership, in form and content reasonably
satisfactory to the Partnership, with any and all third party consents (the “Third Party Consents”), if any, which are necessary to consummate the transaction contemplated in this Agreement. 

(i) Intentionally Omitted. 
 (j) Rights of First Refusal. Contributor shall provide the Partnership with reasonably satisfactory evidence of the waiver of any and all rights of first refusal or options related to the Property
that may have been granted with respect to the Property. 
 (k) No Violations of Applicable Laws. There shall be no
outstanding notices of violations of Applicable Laws with respect to the Property or the Hotel arising from and after the Effective Date which could have a material adverse affect on the Property or the ownership, management or operation thereof.

 (l) Litigation. There shall be no pending or threatened litigation against Contributor or the Property, which, if
adversely determined, could have a material adverse affect on the Property or the ownership, management or operation thereof. 

(m) Marriott Lease/Management Agreement. The Marriott Lease shall have been terminated. Marriott shall have entered into the
Management Agreement on terms and conditions satisfactory to the Partnership in its reasonable discretion. All costs and expenses incurred in obtaining Marriot’s consent to termination of the Marriott Lease and entering into the Management
Agreement shall be borne by the Partnership. 
 (n) Offering of Units. There shall have been no change in any securities
or related law or interpretation, nor any change in Contributor’s status as an “accredited investor” under the Securities Act that would render the consummation of the conveyance of the Property for Units, as contemplated by this
Agreement, a violation of any such laws or interpretations thereof. 
 (o) Existing Lien. The Lender shall have consented
in writing to (i) the acquisition of the Property by the Partnership or its designee, and (ii) the assumption of the Existing Lien by the Partnership or its designee. The loan assumption documents to be executed at Closing in connection
with the assignment of the Existing Lien shall be reasonably acceptable to the Partnership in all respects. There shall be no defaults under the Existing Lien, and no 

 
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events shall have occurred which with the passage of time or the giving of notice would constitute an event of default under the Existing Lien. The amount of the Existing Lien at Closing shall be
a credit to the Contribution Value. The Partnership shall apply for, and diligently prosecute procurement of, the consent (the “Lender Consent”) by the holder of the Existing Lien to the assumption at Closing by the Partnership of
the Existing Lien and the concurrent prospective release of Contributor and any existing guarantors of all obligations under the Existing Lien arising from and after the Closing. Contributor shall cooperate at no cost or expense to Contributor in
connection with procurement of the Lender Consent except as otherwise provided in Section 7.5 of this Agreement. The Partnership shall keep Contributor regularly apprised of its discussions with the holder. 

Each of the conditions contained in this Section are intended for the benefit of the Partnership and may be waived in whole or in part,
by the Partnership, but only by an instrument in writing signed by the Partnership. 
 5.2 As to Contributor’s
Obligations. Contributor’s obligations hereunder are subject to the satisfaction of the following conditions precedent: 

(a) The Partnership’s Deliveries. The Partnership shall have delivered to or for the benefit of Contributor, on or before the
Closing Date, all of the documents and payments required of the Partnership pursuant to Sections 7.3 and 7.4 hereof. 

(b) Representations, Warranties and Covenants; Obligations of the Partnership. All of the Partnership’s representations and
warranties made in this Agreement shall be true and correct in all material respects as of the date hereof and as of the date of Closing as if then made and the Partnership shall have performed in all material respects all of its covenants and other
obligations under this Agreement. 
 (c) Existing Lien. Contributor and any existing guarantor shall be released by Lender
under Existing Lien for all liabilities and obligations accruing from and after Closing. 
 (d) Tax Reporting and Protection
Agreement. On the Closing Date, Partnership shall enter into the Tax Reporting and Protection Agreement in substantially the form attached hereto as Exhibit O, with Contributor, Messrs. Smith, Kogod and Birney, in their capacity as
managers of the general partners of Contributor and in their capacity as the representatives of and for the benefit of each Contributor Partner and each direct or indirect successor, whether by transfer, assignment, or otherwise, of each such
Contributor Partner, and for their own account (the “Tax Reporting and Protection Agreement”) . 
 (e) Tax
Opinion Relating to Partnership Status. Contributor shall have received the opinion of Andrews Kurth LLP or other counsel to Partnership reasonably satisfactory to Contributor, dated as of the Closing Date, that Partnership has been during and
since its taxable year ended December 31, 2003, and continues to be, treated for federal income tax purposes as a partnership and not as a corporation or association taxable as a corporation, and that, after giving effect to the transactions
contemplated by this Agreement, Partnership’s proposed method of operation will enable it to continue to be treated for federal income tax purposes as a partnership and not as a corporation or association taxable as a corporation (with
customary exceptions, assumptions and qualifications and based upon customary representations). 
  
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 (f) Tax Opinion Relating to the Transaction. Contributor shall have received an
opinion dated the Closing Date from Hogan & Hartson L.L.P. or other counsel reasonably satisfactory to Contributor, based upon customary certificates and letters, which letters and certificates are to be in a form to be agreed upon by the
parties and dated the Closing Date, to the effect that the Transaction will not result in the recognition of taxable gain or loss, at the time of the Transaction, to Contributor or any of its partners: (A) who is a “U.S. person” (as
defined for purposes of Sections 897 and 1445 of the Code); (B) who does not exercise its redemption right with respect to the Units under the Partnership Agreement on a date sooner than the date two years after the Closing; (C) who does not
receive a cash distribution in connection with the transactions contemplated by this Agreement (or a deemed cash distribution resulting from relief or a deemed relief from liabilities, including as a result of the prepayment of indebtedness of
Contributor in connection with or following the Closing of the transactions contemplated by this Agreement) in excess of such Person’s adjusted basis in its interest in Contributor at the time of the Closing; (D) who is not required to
recognize gain by reason of the application of Section 707(a) of the Code and the Treasury Regulations thereunder to the Transaction, with the result that the transactions contemplated by this Agreement are treated as part of a “disguised
sale” by reason of any transactions undertaken by Contributor prior to or in connection with the Closing or any debt of Contributor that is assumed or repaid in connection with the transactions contemplated by this Agreement; and (E) whose
“at risk” amount does not fall below zero as a result of the transactions contemplated by this Agreement. 
 Each of
the conditions contained in this Section are intended for the benefit of Contributor and may be waived in whole or in part, by Contributor, but only by an instrument in writing signed by Contributor. 

ARTICLE VI 
 COVENANTS OF CONTRIBUTOR 
 To induce the Partnership to enter into
this Agreement and to purchase the Property, and to pay the Contribution Value therefor, Contributor covenants and agrees to the following: 
 6.1 Operating Agreements/Leased Property Agreements/Off-Site Facility Agreements. Contributor shall not enter into any new management agreement, maintenance or repair contract, supply contract,
lease in which it is lessee or other agreements with respect to the Property, nor shall Contributor enter into any agreements modifying the Operating Agreements, Leased Property Agreements or Off-Site Facility Agreements, unless (a) any such
agreement or modification will not bind the Partnership or the Property after the date of Closing or is subject to termination on not more than thirty (30) days’ notice without penalty, or (b) Contributor has obtained the
Partnership’s prior written consent to such agreement or modification, which consent shall not be unreasonably withheld. Contributor agrees not to cancel and terminate effective as of the Closing Date any Operating Agreements, Leased Property
Agreements or Off-Site Facility Agreements unless requested by the Partnership in writing to be terminated prior to Closing. Copies of any new Operating Agreements, Leased Property Agreements or Off-Site Facility Agreements or modifications,
renewals, extensions or terminations shall be promptly delivered to the Partnership. 
  
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 6.2 Warranties and Guaranties. Contributor shall not before or after Closing release
or modify any Warranties and Guaranties, if any, except with the prior written consent of the Partnership. 
 6.3
Insurance. Contributor shall pay all premiums on, and shall not cancel or voluntarily allow to expire, any of Contributor’s Insurance Policies unless such policy is replaced, without any lapse of coverage, by another policy or policies
providing coverage at least as extensive as the policy or policies being replaced. 
 6.4 Independent Audit. Promptly
following the execution of this Agreement and prior to Closing, Contributor shall provide and shall use commercially reasonable efforts to cause Marriott to provide to the Partnership’s representatives and independent accounting firm access to
financial and other information relating to the Property in the possession of or otherwise available to Contributor, its affiliates or Marriott which would be sufficient to enable the Partnership’s representatives and independent accounting
firm to prepare audited financial statements for the three (3) calendar years prior to the Closing and during the year in which the Closing occurs in conformity with generally accepted accounting principles and to enable them to prepare such
statements, reports or disclosures as the Partnership may deem necessary or advisable. Contributor shall authorize and shall use commercially reasonable efforts to cause Marriott to authorize any attorneys who have represented Contributor or
Marriott in material litigation pertaining to or affecting the Property to respond, at the Partnership’s expense, to inquiries from the Partnership’s representatives and independent accounting firm. If and to the extent Contributor’s
financial statements pertaining to the Property for any periods during the three (3) calendar years prior to the Closing and during the year in which the Closing occurs have been audited, promptly after the execution of this Agreement
Contributor shall provide the Partnership with copies of such audited financial statements and shall cooperate with the Partnership’s representatives and independent public accountants to enable them to contact the auditors who prepared such
audited financial statements and to obtain, at the Partnership’s expense, a reissuance of such audited financial statements. 
 6.5 Operation of Property Prior to Closing. Contributor covenants and agrees with the Partnership that, between the date of this Agreement and the date of Closing: 

(a) Subject to the restrictions contained herein, to the extent Contributor has the right to do so under the Marriott Lease, Contributor
shall use commercially reasonable efforts to cause Marriott to cause the Property to be operated in the ordinary course of business and in the same manner in which the Property was operated prior to the execution of this Agreement, so as to keep the
Property in good condition, reasonable wear and tear excepted, so as to maintain consistent inventory levels, so as to maintain the existing caliber of the Hotel operations conducted at the Property and so as to maintain the reasonable good will of
all tenants of the Property and all employees, guests and other customers of the Hotel. 
  
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 (b) Contributor shall maintain its books of account and records in the usual, regular and
ordinary manner, in accordance with sound accounting principles applied on a basis consistent with the basis used in keeping its books in prior years. 
 (c) Contributor shall maintain in full force and effect all Insurance Policies. 

(d) Contributor shall maintain in full force and effect, and not cause or permit a default by Contributor under (with or without the
giving of any required notice and/or lapse of time), the Marriott Lease. 
 (e) Contributor shall use and operate the Property in
compliance with Applicable Laws and the requirements of the Marriott Lease, the Existing Lien, and any other lease, Occupancy Agreement, Operating Agreement and Insurance Policy affecting the Property. 

(f) Intentionally Omitted. 
 (g) Except as otherwise permitted hereby, Contributor shall not take any action or fail to take action the result of which would have a material adverse effect on the Property or the Partnership’s
ability to continue the operation thereof after the date of Closing in substantially the same manner as presently conducted, or which would cause any of the representations and warranties contained in Article III hereof to be untrue as of
Closing in any material respect. 
 (h) Contributor shall not enter into new Occupancy Agreements of any kind or nature affecting
the Property without the express written consent of the Partnership. Contributor shall not, without the express written consent of the Partnership, in any manner change, modify, extend, renew or terminate any Occupancy Agreement except as required
by the terms thereof. Copies of any new Occupancy Agreement or modification, renewals, extensions or terminations shall be promptly delivered to the Partnership. Contributor shall not apply all or any part of the security or damage deposit of a
tenant under any Occupancy Agreement to obligations of such tenant unless such tenant has vacated its portion of the Property as of the Closing Date. 
 (i) Intentionally Omitted. 
 (j) Intentionally Omitted. 

(k) Intentionally Omitted. 
 (l) Intentionally Omitted. 
 (m) Contributor (1) shall not enter into any new
Employment Agreements which would be binding on the Partnership with respect to the Property without the express written consent of the Partnership, and (2) shall not change, modify, extend, renew or terminate any Employment Agreement in effect
as of the date hereof which would be binding on the Partnership with respect to the Property without the express written consent of the Partnership. 
  

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 (n) Contributor shall promptly advise the Partnership of any litigation, arbitration or
administrative hearing concerning or affecting the Property of which Contributor obtains actual knowledge. 
 (o) Contributor
shall not modify or release any Warranties or Guaranties applicable to the Property. 
 (p) Contributor shall not grant any
encumbrances on the Property or contract for any construction or service for the Property which may impose any mechanics’ or materialmen’s lien on the Property. 
 Notwithstanding any of the foregoing contained in this Section 6.5, if with respect to any of the foregoing covenants and agreements, Marriott is the actual responsible party under the Marriott
Lease, Contributor agrees to use commercially reasonable efforts to enforce Marriott’s compliance with such obligations to the extent Contributor is afforded the right to do so pursuant to the terms of the Marriott Lease. 

6.6 No Marketing. Contributor agrees, for and on behalf of itself, its officers, directors, and partners, not to directly or
indirectly, offer for sale, market, negotiate for the sale or transfer of the Property to any other third party or to otherwise implement any marketing efforts for the sale, conveyance or transfer of the Property. 

6.7 Employees and Continuation of Contributor’s Group Health Plans. Payment of all costs and expenses associated with accrued
but unpaid salary, earned but unpaid vacation pay, accrued but unearned vacation pay, pension and welfare benefits, the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) benefits, employee fringe benefits,
employee termination payments or any other employee benefits due to Contributor’s, or Contributor’s management company’s employees (if any) (but not with respect to any employees of Marriott) up to the Closing Date shall be the sole
responsibility and obligation of and shall be paid promptly by Contributor or Contributor’s management company, if applicable. Contributor shall indemnify and defend the Partnership and/or its lessee or management company, from and against any
and all claims, causes of action, proceedings, judgments, damages, penalties and liabilities made, assessed or rendered against the Partnership and/or its lessee or management company and any costs and expenses (including attorneys’ fees and
disbursements) incurred by the Partnership and/or its lessee or management company with respect to claims, causes of action, judgments, damages, penalties and liabilities asserted by such employees arising out of the failure of Contributor or its
management company to comply with the provisions of this Section 6.9. This indemnification shall be separate from and in addition to the indemnification given by Contributor to the Partnership in Article IX below. 

6.8 Rights of First Refusal and Options. Contributor shall provide the Partnership with reasonably satisfactory evidence of the
waiver of any and all rights of first refusal or options related to the Property that may have been granted to any party. 
  

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 6.9 Intentionally Omitted . 

6.10 Prospective Subscriber Questionnaire. Contributor shall deliver to the Partnership, at or prior to Closing, a Prospective
Subscriber Questionnaire with respect to Contributor in substantially the form attached hereto and made a part hereof as Exhibit J. Contributor shall also deliver to the Partnership, upon the Partnership’s reasonable request, such other
information, certificates and materials as the Partnership may reasonably request in connection with offering the Units without registration under the Securities Act and the securities laws of applicable states and other jurisdictions. 

6.11 Delivery of Tax Information. In connection with the issuance of Units to Contributor, Contributor shall deliver to the
Partnership on or before thirty (30) days after the Closing, at Contributor’s sole cost and expense, the following information, attributable to and covering the time period ending on the Closing Date and certified to Contributor’s
knowledge as true and correct in all material respects as of the Closing Date: 
 (a) depreciation and amortization schedules for
all assets constituting or otherwise included in the Property (the “Assets”), as kept for both book and tax purposes, showing original basis and accumulated depreciation or amortization; 

(b) basis information (computed for both book and tax purposes, if different) for all non-depreciable, non-amortizable Assets; 

(c) as to each of Contributor’s partners, such partner’s share of the adjusted basis in the Assets (to the extent, if any, that
such share is different from the percentage interest of such partner in Contributor; 
 (d) Intentionally Omitted; 

(e) breakouts of basis information for any other balance sheet accounts of Contributor for which information has not been provided
pursuant to the other clauses of this Section; 
 (f) the names and tax identification numbers of Contributor’s partners;
and 
 (g) for each of Contributor’s partners that is a partnership (or other entity treated as a partnership for federal
income tax purposes), S corporation or grantor trust (any of the foregoing, a “look-through entity”), and for each look-through entity that holds an indirect interest in Contributor through other look-through entities, the names and
tax identification numbers of such entity’s partners, shareholders or grantors. 
 6.12 Cooperation on Tax Matters.
Contributor shall deliver to the Partnership copies of its federal, state and local Tax Returns (including information returns) for the tax year in which the Closing occurs, including any amendments thereto, and Contributor shall notify the
Partnership, in writing, of any audits of such Tax Returns, or of any audits for other tax years that could affect the amounts shown on the Tax Returns, for the tax year in which the Closing occurs. Copies of such Tax Returns shall be provided to
the Partnership in draft form at least twenty (20) days before they are filed and in final form upon filing. Contributor shall also provide to the Partnership, promptly upon receipt, any notice that Contributor receives from any of its partners

  
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that such partner intends to prepare its Tax Returns in a manner inconsistent with the Tax Returns filed by Contributor. The parties understand and agree that the Tax Returns filed by Contributor
will be substantially consistent with the information provided to the Partnership pursuant to this Agreement. Upon written request from Partnership, Contributor shall provide to Partnership such additional information related to tax matters of
Contributor as shall be reasonably requested by Partnership in order to permit Partnership to prepare and file its federal, state and local Tax Returns, provided that Partnership shall reimburse Contributor for all reasonable out-of-pocket expenses
incurred in connection therewith. The provisions of this Section shall survive the Closing. 
 6.13 Information Regarding the
Restrictions on Beneficial Ownership of Units. From the date of this Agreement until the Closing, and then so long as Contributor holds any Units, Contributor shall promptly provide the Partnership with written notice of any change in the
identity or number of its partners (or of its indirect partners as identified pursuant to this Agreement), and shall provide the information called for in this Agreement with respect to any such change as to which it has actual knowledge. In
addition, so long as Contributor holds any Units, Contributor shall not, without the prior written consent of the Partnership: (i) admit additional partners, (ii) permit the transfer of interests in Contributor to a look-through entity, or
(iii) permit any transfer of interests in Contributor if, as a result of the admissions or transfers described in the foregoing (i) through (iii), the number of direct or indirect Beneficial Owners (as such term is defined in the
Partnership Agreement) in Contributor would increase. Contributor shall use its best efforts to secure the compliance of any look-through entities that hold direct or indirect interests of Contributor with the requirements of this Section as if such
requirements applied directly to such entities. Contributor acknowledges that the provisions of this Section are imposed to aid the Partnership in avoiding taxation as a corporation for federal income tax purposes, agrees that monetary damages may
be insufficient to remedy the potential harm caused by any breach of the provisions of this Section, and agrees that injunctive relief, including specific performance or another equitable remedy would be an appropriate remedy. The provisions of this
Section shall survive the Closing. 
 6.14 Partnership Agreement. Contributor agrees to be bound by and subject to all of
the terms of the Partnership Agreement, including the grant of the power of attorney to the general partner of the Partnership evidenced by the executed Power of Attorney and Limited Partner Signature Page. The Units will be transferable as
permitted in the Partnership Agreement, subject to the Lock-Up Period restrictions described in Section 6.15 hereof. At or prior to the Closing, Contributor shall execute and deliver to the Partnership a Power of Attorney and Limited
Partner Signature Page in substantially the form attached hereto and made a part hereof as Exhibit K. 
 6.15 Lock-Up
Agreement. Contributor acknowledges and agrees that (i) for a period of one (1) year from the Closing Date with respect to all of the Units issued to it at Closing, (ii) for a period of eighteen (18) months from the Closing
Date with respect to two-third of the Units issued to it at Closing, and (iii) for a period of twenty-four (24) months from the Closing Date with respect to one-third of the Units issued to it at Closing, except as expressly provided in
Section 4.6(c) of this Agreement, such Units may not be assigned, pledged, sold or otherwise transferred in whole or in part or subject to any claim, lien, pledge, voting agreement, option, charge, security interest, mortgage, deed of trust,
encumbrance, rights of assignment, purchase 
  
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rights or rights of any nature whatsoever of any third party excluding the Pledge Agreement, described below, in favor of the Partnership (each of the periods described in the foregoing
(i) through (iii), a “Lock-Up Period”). After the expiration of the applicable Lock-Up Period, the applicable Units may be redeemed by the holder thereof, as further provided in the Partnership Agreement, for cash (based on the
then-current market price of the Company’s Common Stock) or, at the Partnership’s general partner’s option (at the direction of the Company), into Company Common Stock on a one-for-one basis. The Company will agree under a
Registration Rights Agreement to register with the Commission and maintain the effectiveness of any such registration statement for any Common Stock issued in exchange for Units. The Registration Rights Agreement will be similar to the
Company’s previously executed registration rights agreements. In furtherance of this provision, at or prior to Closing, Contributor shall execute and deliver to the Partnership a Lock-Up Agreement in substantially the form attached hereto and
made a part hereof as Exhibit M. 
 6.16 Pledge Agreement. Upon issuance of the Units, Contributor agrees to
pledge Units having a value of $4,000,000 based on the Per Share Price (collectively, the “Pledged Units”) to the Partnership as security for the indemnity and other post-Closing obligations of Contributor provided herein upon the
terms and provisions as set forth in the Pledge and Security Agreement (the “Pledge Agreement”) attached hereto as Exhibit N. 
 ARTICLE VII 
 CLOSING 

7.1 Closing. The Closing shall occur on a business day designated by the Partnership, with at least five (5) days written
notice to Contributor (or if such written notice is not given, no later than thirty (30) days following the Effective Date), provided, the Partnership shall have the right to extend the Closing Date up to an additional thirty (30) days in
the event the condition set forth in Section 5.1(o) of this Agreement is not satisfied on or before the originally scheduled Closing Date. As more particularly described below, at the Closing the parties hereto will meet to (i) execute all
of the documents required to be delivered in connection with the transactions contemplated hereby (the “Closing Documents”), (ii) deliver the same to Escrow Agent, and (iii) take all other action required to be taken in
respect of the transactions contemplated hereby. The Closing will occur either through escrow or at the offices of the Contributor in Washington, DC. At the Closing, Escrow Agent shall update the title to the Property and, provided there has been no
change in the status of title as reflected in the Title Commitment and Survey, Escrow Agent shall record the Deed, release and date, where appropriate, the Closing Documents in accordance with the instructions of Contributor. As provided herein, the
parties hereto will agree upon adjustments and prorations to certain items which cannot be exactly determined at the Closing and will make the appropriate adjustments to the Contribution Value with respect thereto. Possession of the Property shall
be delivered to the Partnership at the Closing, subject only to Permitted Title Exceptions and the rights of tenants under the Occupancy Agreements and guests in possession. 
 7.2 Contributor’s Deliveries. At the Closing, Contributor shall deliver to Escrow Agent all of the following instruments (unless previously provided or made available to the Partnership for
copying and originals are not in the possession or within the control of Contributor), each of which shall have been duly executed and, where applicable, acknowledged and/or sworn on behalf of Contributor and shall be dated as of the Closing Date:

  
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 (a) The certificate required by Section 5.1(b) hereof. 

(b) The Deed, in the form attached hereto as Exhibit D (subject to such changes as are required by Applicable Law, local recording
requirements and/or customary real estate practices in the jurisdiction(s) in which the Property is located, provided, the substantive terms and provisions of the Deed attached hereto are not modified as a result of any such changes). 

(c) The Bill of Sale, in the form attached hereto as Exhibit C. 

(d) The Assignment of Occupancy Agreements, in the form attached hereto as Exhibit F. 

(e) The Assignment and Assumption Agreement (of Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements), in the
form attached hereto as Exhibit E. 
 (f) All Third Party Consents. 

(g) Intentionally Omitted. 
 (h) Certificate(s)/Registration of Title for any vehicle owned by Contributor and used in connection with the Property. 
 (i) Such agreements, affidavits or other documents as may be required by the Title Company to issue the Owner’s Title Policy subject only to the Permitted Title Exceptions and to eliminate such
standard exceptions and to issue such endorsements thereto which may be eliminated and issued under applicable State law and which are customarily required by institutional investors purchasing property comparable to the Property. 

(j) The FIRPTA Certificate. 
 (k) Copies of Contributor’s Organizational Documents. 
 (l) Appropriate
resolutions of the partners of Contributor, together with all other necessary approvals and consents of Contributor and such documentary and other evidence as may be reasonably required by the Partnership or Escrow Agent, authorizing and evidencing
the authorization of (i) the execution on behalf of Contributor of this Agreement and the authority of the person or persons who are executing the various documents to be executed and delivered by Contributor prior to, at or otherwise in
connection with the Closing, and (ii) the performance by Contributor of its obligations hereunder and under such documents. 
  

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 (m) An assignment of each of the Leased Property Agreements to the Partnership and/or its
property manager, lessee or other designee (as the Partnership shall specify), together with (1) the written consent of the lessors of such Leased Property Agreements, if required by such Leased Property Agreements, and (2) executed
originals of all such Leased Property Agreements in Contributor’s possession or reasonably available to Contributor. If any Leased Property is leased pursuant to a Leased Property Agreements which is a capital lease, in accordance with
generally accepted accounting principles, Contributor shall cancel such capital lease at its expense and convey good and marketable title to such property (which shall constitute Tangible Personal Property hereunder) to the Partnership and/or its
property manager, lessee or other designee (as the Partnership shall specify) free from any lien or encumbrance pursuant to the Bill of Sale — Personal Property. 
 (n) Written notice executed by Contributor notifying all interested parties, including, without limitation, all tenants under any Occupancy Agreements, that the Property has been conveyed to the
Partnership and directing that all payments, inquiries and the like be forwarded to the Partnership at the address to be provided by the Partnership. 
 (o) Agreement of Termination of Lease, whereby Contributor and Marriott have terminated the Marriott Lease, at Contributor’s sole cost and expense. 

(p) The Lock-Up Agreement restricting transfer of Units. 
 (q) The Prospective Subscriber Questionnaire. 
 (r) The Registration Rights
Agreement. 
 (s) The Pledge Agreement. 
 (t) The Tax Protection and Reporting Agreement, in the form attached hereto as Exhibit O. 
 (u) The Power of Attorney and Limited Partner Signature Page. 
 (v) A written
instrument executed by Contributor, conveying and transferring to the Partnership all of Contributor’s right, title and interest, if any, in any telephone numbers and TWX numbers relating to the Property, and, if Contributor maintains a post
office box, conveying to the Partnership all of its interest in and to such post office box and the number associated therewith, so as to assure a continuity in operation and communication. 
 At the Closing, Contributor shall deliver to the Partnership or make available to the Partnership at the Property the following documents (unless previously provided or made available to the Partnership
for copying and originals are not in the possession or within the control of Contributor): 
 (w) All original Warranties and
Guaranties in Contributor’s possession or reasonably available to Contributor. 
 (x) Intentionally Omitted. 

 
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 (y) If the Partnership is assuming obligations under any or all of the Operating Agreements,
Off-Site Facility Agreements or Covenants, Conditions and Restrictions, to the extent in Contributor’s possession or reasonably available to Contributor, the originals of such agreements, duly assigned to the Partnership and with such
assignment acknowledged and approved by the other parties to such Operating Agreements, Off-Site Facility Agreements or Covenants, Conditions and Restrictions to the extent required by such Operating Agreements, Off-Site Facility Agreements or
Covenants, Conditions and Restrictions. 
 (z) To the extent in Contributor’s possession or reasonably available to
Contributor, originals of the following items (copies of which were delivered by Contributor to the Partnership with the Submission Matters): (1) complete sets of all architectural, mechanical, structural and/or electrical plans and
specifications used in connection with the construction of or alterations or repairs to the Property; and (2) as-built plans and specifications for the Property. 
 (aa) Duplicate originals of all agreements, leases, concession agreements and other instruments affecting the Property and the Hotel and/or restaurant business conducted thereon. 

(bb) All current real estate and personal property tax bills in Contributor’s possession or under its control. 

(cc) An updated schedule of employees, showing salaries and duties, with a statement of the length of service of each such employee,
brought current to a date not more than forty-eight (48) hours prior to the Closing. 
 (dd) Intentionally Omitted.

 (ee) Intentionally Omitted. 
 (ff) Intentionally Omitted. 
 (gg) A list of all vendors and suppliers servicing
the Hotel. 
 (hh) All books, records, operating reports, appraisal reports, files and other materials in Contributor’s
possession or control which are necessary in the Partnership’s discretion to maintain continuity of operation of the Property. 
 (ii) Executed originals of all Occupancy Agreements, Employment Agreements and, to the extent available, Authorizations transferred or assigned to the Partnership at Closing as required hereunder to the
extent in Contributor’s possession or reasonably available to Contributor. 
 (jj) All surveys and plot plans of the Real
Property in possession of or in the control of Contributor. 
 (kk) Any other document or instrument reasonably necessary or
required to consummate the transactions contemplated by this Agreement. 
  
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 7.3 The Partnership’s Deliveries. At the Closing, the Partnership shall deliver
to Escrow Agent all of the following, each of which, if required, shall have been duly executed and, where applicable, acknowledged and/or sworn on behalf of the Partnership and shall be dated as of the Closing Date: 

(a) The portion of the Contribution Value described in Section 2.2 hereof. 

(b) The Assignment and Assumption of Occupancy Agreements. 
 (c) The Assignment and Assumption of Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements. 
 (d) To Contributor, the Partnership Amendment executed by the general partner of the Partnership. 
 (e) To Contributor, the Registration Rights Agreement executed by the Company. 

(f) The Tax Protection and Reporting Agreement, in the form attached hereto as Exhibit O, duly executed by Contributor. 

(g) The opinion of Andrews Kurth LLC provided for in Section 5.2(e). 

(h) Any other document or instrument reasonably necessary or required to consummate the transactions contemplated by this Agreement.

 7.4 Mutual Deliveries. At the Closing, the Partnership and Contributor shall mutually execute and deliver each to the
other: 
 (a) A final closing statement reflecting the Contribution Value and the adjustments and prorations required hereunder.

 (b) Such other and further documents, papers and instruments as may be reasonably required by the parties hereto or their
respective counsel. 
 7.5 Closing Costs. Except as is explicitly provided in this Agreement, each party hereto shall pay
its own legal fees and expenses. The escrow fees shall be shared equally between Contributor and the Partnership. All filing fees for the Deed and all transfer, recording, sales or other similar taxes and surtaxes due with respect to the transfer of
title by Contributor as grantor shall be paid by Contributor. Any state and local taxes pertaining to the Partnership as grantee shall be paid by the Partnership. The Partnership shall pay all costs associated with the Survey. The Partnership shall
pay all costs for title search and the title insurance premium for the issuance of the Title Policy and the cost of the UCC searches. Contributor shall pay for the cost of any tax certificates. The Partnership shall pay all costs associated with
assumption of the Existing Lien, including, without limitation, all transfer fees, application fees, points and/or assumption fees required in connection with the assignment of the Existing Lien and all expenses of Lender, including, without
limitation, legal fees and expenses, all mortgage and similar stamp taxes in connection with the assumption of the Existing Lien (collectively, the “Existing Lien 

 
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Costs”), up to one percent (1%) of the principal amount of the Existing Lien outstanding at Closing, and Contributor agrees to pay any Existing Lien Costs in excess of such one
percent (1%). All endorsements to the Title Policy shall be paid by the Partnership. All other costs (except any costs incurred by Contributor for its own account) which are necessary to carry out the transactions contemplated hereunder shall be
allocated between the Partnership and Contributor in accordance with local custom in the jurisdiction in which the Property is located. 
 7.6 Revenue and Expense Allocations. 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 Contributor and the Partnership as provided herein. Contributor shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to and
including the date of Closing, and the Partnership shall be entitled to all revenue and shall be responsible for all expenses for the period of time after the date of Closing (provided that housekeeping costs and the Rooms Ledger for the date of
Closing shall be shared equally between the Partnership and Contributor). Such adjustments shall be shown on the closing statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the closing
statements) and shall increase or decrease (as the case may be) the Units to be issued pursuant to Section 2.2 hereof. All amounts payable under the Marriott Lease shall be settled between Marriott and Contributor. Purchaser shall
receive a credit to the Contribution Value in an amount equal to the difference between (i) all amounts distributed and to be distributed to Contributor under the Marriott Lease during the fiscal year in which the Closing occurs, and
(ii) the sum of (x) the debt service actually paid by Contributor under the Existing Lien during such partial fiscal year through the Closing Date, and (y) one-half (1/2) of the Net House Profit (as defined in the Marriott Lease)
for such partial fiscal year through the Closing Date after deduction of an amount equal to five percent (5%) of Gross Revenues (as defined in the Marriott Lease) for such partial fiscal year through the Closing Date and the amount set forth in
clause (x) of this sentence. The following is an example of the calculation of the foregoing credit based on the assumptions contained in items A-E: 
 A. The amount distributed and to be distributed to Contributor under the Marriott Lease through Closing: $6,651,020 
 B. Debt service under Existing Lien through Closing: $2,559,788 
 C. Gross
Revenues through Closing: $26,051,565 
 D. FF&E Reserve through Closing based on 5% of gross revenues: $1,302,578

 E. House Profit through Closing: $9,058,411 
 The amount of the proration to the Partnership would equal $1,439,210 calculated as follows: $6,651,020 — ($2,559,788 + (0.5)x(9,058,411 — 2,559,788 — 1,302,578.25)). 

Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated at Closing: 

(a) Current rents. 
 (b) Real estate and personal property taxes. 
  
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 (c) Revenue and expenses under the Operating Agreements, Off-Site Facility Agreements and,
Covenants, Conditions and Restrictions to be assigned to and assumed by the Partnership. 
 (d) Municipal or other governmental
improvement liens, which shall be paid by Contributor at Closing where the work has physically commenced, and which shall be assumed by the Partnership at Closing where the work has been authorized, but not physically commenced. 

(e) Insurance premiums for Insurance Policies maintained by Contributor, to the extent required hereby. 

(f) License and permit fees, where transferable. 
 (g) Interest for the then current interest period under the Existing Lien. 
 All
cash reserves, if any, held pursuant to the terms of the Marriott Lease shall continue to be held by Marriott under the terms of the Management Agreement, and Contributor shall not receive a credit to the Contribution Value for such reserves at
Closing. All cash reserves and escrowed funds held by Lender under the Existing Lien shall continue to be held by Lender under the terms of the Existing Lien, and Contributor shall receive a credit to the Contribution Value for such amounts at
Closing. 
 Contributor shall pay or cause to be paid all real estate taxes and special assessments for the Property due and
payable in, or deferred with respect to the years prior to, the year in which the Closing occurs. All special assessments pending, levied or due and payable on or prior to the Closing Date shall be paid by Contributor on or before the Closing Date.
All subdivision and platting costs and expenses heretofore incurred by Contributor, including, without limitation, all subdivision exactions, fees and costs and all dedication of land for parks and other public uses or payment of fees in lieu
thereof, shall be paid by Contributor on or prior to the Closing Date. The Partnership acknowledges that Marriott has initiated a pending tax assessment appeal with respect to the Property for the calendar year 2006 and the Partnership hereby
confirms that Marriott shall be entitled to continue to prosecute such appeals and that any refunds of taxes attributable to any period prior to Closing shall belong to Contributor. 

Contributor shall be required to pay or cause to be paid on or before the Closing Date any accrued or earned wages, vacation pay, sick
leave, bonuses, pension, profit-sharing and welfare benefits and other compensation and fringe benefits of all persons employed by Contributor at the Property on or before the Closing Date, including any employment taxes or other fees or assessments
attributable thereto. 
 The Partnership shall not be obligated to collect any delinquent rents, accounts receivable or revenues
accrued prior to the Closing Date for Contributor, but if the Partnership collects same, such amounts shall be promptly remitted to Contributor in the form received. 

 
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 If accurate allocations cannot be made at Closing because current bills are not obtainable
(as, for example, in the case of utility bills and/or real estate or personal property taxes, and/or amounts payable under the Marriott Lease), the parties shall allocate such revenue or expenses at Closing on the best available information, subject
to adjustment upon receipt of the final bill or other evidence of the applicable revenue or expense. Such adjustment shall be completed within 90 days after Closing. The obligation to make the adjustment shall survive the closing of the transaction
contemplated by this Agreement. Any revenue received or expense incurred by Contributor or the Partnership with respect to the Property after the date of Closing shall be promptly allocated in the manner described herein and the parties shall
promptly pay or reimburse any amount due. The proration provisions of this Agreement shall survive the closing of the transaction contemplated hereby for a period of twelve (12) months. 

ARTICLE VIII 
 GENERAL PROVISIONS 
 8.1 Condemnation. In the event of any
actual or threatened taking, pursuant to the power of eminent domain, of all or any portion of the Real Property, or any proposed sale in lieu thereof, Contributor shall give written notice thereof to the Partnership promptly after Contributor
learns or receives notice thereof. If all or any part of the Real Property is, or is to be, so condemned or sold, the Partnership shall have the right to terminate this Agreement pursuant to Section 9.3 hereof. If the Partnership elects
not to terminate this Agreement, all proceeds, awards and other payments arising out of such condemnation or sale (actual or threatened) shall be paid or assigned, as applicable, to the Partnership at Closing. Contributor shall not settle or
compromise any such proceeding without the Partnership’s written consent. If the Partnership elects to terminate this Agreement by giving Contributor written notice thereof prior to the Closing, the Deposit shall be promptly returned to the
Partnership and all rights and obligations of Contributor and the Partnership hereunder (except those set forth herein which expressly survive a termination of this Agreement) shall terminate immediately. 

8.2 Risk of Loss. The risk of any loss or damage to the Property prior to the recordation of the Deed shall remain upon
Contributor. If any such loss or damage occurs prior to Closing, the Partnership shall have the right to terminate this Agreement pursuant to Section 9.3 hereof. If the Partnership elects not to terminate this Agreement, all insurance
proceeds and rights to proceeds arising out of such loss or damage shall be paid or assigned, as applicable, to the Partnership at Closing and the Partnership shall receive as a credit against the Contribution Value the amount of any deductibles
under the policies of insurance covering such loss or damage. If the Partnership elects to terminate this Agreement by giving Contributor written notice thereof prior to the Closing, the Deposit shall be promptly returned to the Partnership and all
rights and obligations of Contributor and the Partnership hereunder (except those set forth herein which expressly survive a termination of this Agreement) shall terminate immediately. 

8.3 Broker. The parties acknowledge that Broker has been the procuring cause of this Agreement. It shall be the obligation of the
Partnership to pay Broker its commission of $670,000.00, when, as and if the transaction contemplated hereby actually closes, in accordance with a separate agreement with the Broker. There is no other real estate broker involved in this transaction.
The Partnership warrants and represents to Contributor that the Partnership has not dealt with any other real estate broker in connection with this transaction, nor has the Partnership been introduced to the Property or to Contributor by any other
real estate broker, and the 
  
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Partnership shall indemnify Contributor and hold Contributor harmless from and against any claims, suits, demands or liabilities of any kind or nature whatsoever arising on account of the claim
of any other person, firm or corporation to a real estate brokerage commission or a finder’s fee as a result of having dealt with the Partnership, or as a result of having introduced the Partnership to Contributor or to the Property. In like
manner, Contributor warrants and represents to the Partnership that Contributor has not dealt with any other real estate broker in connection with this transaction, nor has Contributor been introduced to the Partnership by any other real estate
broker, and Contributor shall indemnify the Partnership and save and hold the Partnership harmless from and against any claims, suits, demands or liabilities of any kind or nature whatsoever arising on account of the claim of any person, firm or
corporation to a real estate brokerage commission or a finder’s fee as a result of having dealt with Contributor in connection with this transaction. This provision shall survive any termination of this Agreement and a closing of the
transaction contemplated hereby. 
 8.4 Bulk Sale. It shall be the obligation of Contributor to comply with any bulk sale
requirements, statutes, laws, ordinances and regulations promulgated with respect thereto, if any, in the State in which the Property is located, or in or by any governmental entity having jurisdiction with respect thereto, and to provide proof of
such compliance or proof that no such compliance is required, to the Partnership, at or prior to Closing. In any event, Contributor shall indemnify the Partnership and save and hold the Partnership harmless from and against any claims, suits,
demands, liabilities or obligations of any kind or nature whatsoever, including all costs of defending same, and reasonable attorneys’ fees paid or incurred in connection therewith, arising out of or relating to any claim made by any third
party or any liability asserted by any third party that any applicable bulk sales law or like statute has not been complied with. The provisions of this Section shall survive the Closing of the transaction contemplated hereby. 

8.5 Confidentiality. Except as hereinafter provided, from and after the execution of this Agreement, the Partnership and
Contributor shall keep the terms, conditions and provisions of this Agreement confidential and neither shall make any public announcements hereof unless the other first approves of same in writing, nor shall either disclose the terms, conditions and
provisions hereof, except to persons who “need to know,” such as their respective officers, directors, employees, attorneys, accountants, engineers, surveyors, consultants, financiers, partners, investors, potential lessees and bankers and
such other third parties whose assistance is required in connection with the consummation of this transaction. Notwithstanding the foregoing, it is acknowledged that the Partnership is, or is an affiliate of, a real estate investment trust (the
“REIT”), and the REIT has and will seek to sell shares to the general public; consequently, the Partnership shall have the absolute and unbridled right to disclose any information regarding the transaction contemplated by this
Agreement required by law or as determined to be necessary or appropriate by the Partnership or the Partnership’s attorneys to satisfy disclosure and reporting obligations of the Partnership or its affiliates. On or at any time following the
Effective Date, the Partnership may make a press release and file with the United States Securities Exchange Commission information regarding the transaction contemplated by this Agreement. Contributor and the Partnership and their representatives
are cautioned that United States securities laws restrict the purchase and sale of securities by anyone who possesses non-public information about the issue of such securities. Accordingly, neither Contributor or any of its Affiliates nor its
representatives may buy or sell any of the securities of the Partnership or any of its Affiliates so long as any of them is in possession of any material non-public information about the Partnership or any of its Affiliates, including information
contained in or derived from confidential information. 
  
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 8.6 Contributor’s Accounts Receivable. It is expressly agreed by and between the
Partnership and Contributor that Contributor is not hereby agreeing to sell to the Partnership, and the Partnership is not hereby agreeing to purchase from Contributor, any of Contributor’s accounts receivable. All of Contributor’s
accounts receivable shall be and remain the property of Contributor, subsequent to the Closing of the transaction contemplated hereby. At the Closing, Contributor shall prepare a list of its outstanding accounts receivable as of midnight on the date
prior to the Closing, specifying the name of each account and the amount due to Contributor. The Partnership shall hold any funds received by the Partnership explicitly designated as payment of such accounts receivable, in trust, if the Partnership
actually collects any such amounts, and shall pay the monies collected in respect thereof to Contributor at the end of each calendar month, accompanied by a statement showing the amount collected on each such account. Other than the foregoing, the
Partnership shall have no obligation with respect to any such account, and the Partnership shall not be required to take any legal proceeding or action to effect collection on behalf of Contributor. It is generally the intention of the Partnership
and Contributor that although all of Contributor’s accounts receivable shall be and remain the property of Contributor, still, if any such accounts are paid to the Partnership, then the Partnership shall collect same and remit to Contributor in
the manner above provided. Nothing herein contained shall be construed as requiring the Partnership to remit to Contributor any funds collected by the Partnership on account of the Partnership’s accounts receivable generated from Hotel
operations, even if the person or entity paying same is also indebted to Contributor. Contributor agrees that it shall not bring any legal action to enforce collection of payment of any accounts receivable against any current tenant of the Property
or other third party in a contractual or business relationship with the Property as of the Closing Date. 
 ARTICLE
IX 
 LIABILITY OF THE PARTNERSHIP; INDEMNIFICATION 

BY CONTRIBUTOR; DEFAULT; TERMINATION RIGHTS 
 9.1 Liability of the Partnership. Except for obligations expressly assumed or agreed to be assumed by the Partnership hereunder, the Partnership is not assuming any obligations of Contributor or
any liability for claims arising out of any act, omission or occurrence which occurs, accrues or arises prior to the Closing Date, and Contributor hereby indemnifies and holds the Partnership harmless from and against any and all claims, costs,
penalties, damages, losses, liabilities and expenses (including reasonable attorneys’ fees) that may at any time be incurred by the Partnership as a result of (1) obligations of Contributor under the Marriott Lease, (2) obligations of
Contributor not expressly assumed or agreed to be assumed by the Partnership hereunder, including, without limitation, obligations or liabilities under the Existing Lien which arise or accrue to the period prior to the Closing Date, or
(3) acts, omissions or occurrences which occur, accrue or arise prior to the Closing Date. The provisions of this Section shall survive the Closing. 
  

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 9.2 Indemnification by Contributor. Contributor hereby indemnifies and holds the
Partnership harmless from and against any and all claims, costs, penalties, damages, losses, liabilities and expenses (including reasonable attorneys’ fees) that may at any time be incurred by the Partnership, whether before or after Closing,
as a result of any inaccuracy or breach by Contributor of any of its representations, warranties, covenants or obligations set forth herein or in any other document delivered by Contributor pursuant hereto except for any breach or inaccuracy of any
representation or warranty as to which Contributor has given the Partnership written notice prior to Closing of the untruth or inaccuracy or of which the Partnership otherwise had actual knowledge prior to the Closing and nevertheless elected to
consummate the Closing; provided, however, the foregoing knowledge limitation on Contributor’s indemnity shall not limit the Partnership’s remedy described in Section 9.3(a)(ii) hereof. The provisions of this Section shall
survive the Closing of the transaction contemplated hereby for a period of twelve (12) months period following the Closing Date. 
 9.3 Default by Contributor/Failure of Conditions Precedent. If any condition set forth herein for the benefit of the Partnership cannot or will not be satisfied prior to Closing, or upon the
occurrence of any other event that would entitle the Partnership to terminate this Agreement and its obligations hereunder, and if Contributor fails to cure any such matter or satisfy that condition within ten (10) business days after notice
thereof from the Partnership (or such other time period as may be explicitly provided for herein), the Partnership, at its option, may elect (a) to terminate this Agreement, in which event (i) the Deposit shall be promptly returned to the
Partnership, (ii) if the condition which has not been satisfied is a breach of a representation, warranty or covenant, then Contributor shall be obligated upon demand to reimburse the Partnership (in a total amount not to exceed $100,000.00)
for the Partnership’s actual out-of-pocket inspection, financing and other costs related to the Partnership’s entering into this Agreement, inspecting the Property and preparing for a Closing of the transaction contemplated hereby,
including, without limitation, the Partnership’s attorneys’ fees incurred in connection with the preparation, negotiation and execution of this Agreement and in connection with the Partnership’s due diligence review, audits and
preparation for a Closing (it being expressly recognized and acknowledged that in no event shall the Contributor have any liability hereunder in the event the condition that is not satisfied is due to Marriott’s failure to take any required
action of it hereunder or the failure of the Lender to consent to the transactions contempolated hereby), and (iii) all other rights and obligations of Contributor and the Partnership hereunder (except those set forth herein which expressly
survive a termination of this Agreement) shall terminate immediately; or (b) elect to proceed to Closing. If the Partnership elects to proceed to Closing and there is either a misrepresentation or breach of a warranty by Contributor (other than
a breach of a representation or warranty of which the Partnership had actual knowledge prior to the Closing and nevertheless elected to consummate the Closing) or the breach of a covenant by Contributor or a failure by Contributor to perform its
obligations hereunder, the Partnership shall retain all remedies accruing as a result thereof, including, but not limited to the remedy of specific performance of Contributor’s covenants and obligations and the remedy of the recovery of all
reasonable damages resulting from Contributor’s breach of warranty or covenant. 
 9.4 Default by the
Partnership/Failure of Conditions Precedent. If any condition set forth herein for the benefit of Contributor (other than a default by the Partnership) cannot or will not be satisfied prior to Closing, and if the Partnership fails to satisfy
that condition within ten (10) business days after notice thereof from Contributor (or such other time period as may be 
  

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explicitly provided for herein), Contributor may, at its option, elect either (a) to terminate this Agreement in which event the Deposit shall be promptly returned to the Partnership and the
parties hereto shall be released from all further obligations hereunder except those which expressly survive a termination of this Agreement, or (b) to waive its right to terminate, and instead, to proceed to Closing. If, prior to Closing, the
Partnership defaults in performing any of its obligations under this Agreement (including its obligation to purchase the Property), and the Partnership fails to cure any such default within ten (10) business days after notice thereof from
Contributor, then Contributor’s sole remedy for such default shall be to terminate this Agreement and retain the Deposit. Contributor and the Partnership agree that, in the event of such a default, the damages that Contributor would sustain as
a result thereof would be difficult if not impossible to ascertain. Therefore, Contributor and the Partnership agree that, Contributor shall retain the Deposit as full and complete liquidated damages and as Contributor’s sole remedy.

 9.5 Costs and Attorneys’ Fees. In the event of any litigation or dispute between the parties arising out of or in
any way connected with this Agreement, resulting in any litigation, then the prevailing party in such litigation shall be entitled to recover its costs of prosecuting and/or defending same, including, without limitation, reasonable attorneys’
fees at trial and all appellate levels. The provisions of this Section 9.5 shall survive the Closing of the transaction contemplated hereby. 
 9.6 Limitation of Liability. Notwithstanding anything herein to the contrary, except in the case of fraud by either party, the liability of each party hereto resulting from the breach or default by
either party shall be limited to actual damages incurred by the injured party and except in the case of fraud by either party, the parties hereto hereby waive their rights to recover from the other party consequential, punitive, exemplary, and
speculative damages. The provisions of this Section 9.6 shall survive the Closing of the transaction contemplated hereby. Notwithstanding anything contained herein to the contrary notwithstanding, the liability of the Contributor under
this Agreement with respect to Section 9.2 and 9.3 herein above shall be limited to the Pledged Units and neither Contributor nor any partner of Contributor shall have any personal liability hereunder with respect to such Sections 9.2
and 9.3. 
 ARTICLE X 
 RESTRICTIONS ON TRANSFER 
 10.1 Restrictions on Transfer of
Property by Purchaser. The Partnership hereby agrees that, during the period commencing on the Closing Date and ending on the tenth (10th) anniversary of such date (the “Protected Period”), it shall not sell, transfer,
exchange or otherwise dispose of all or any portion of its interest in the Property or any other Taxable disposition of the Property, or engage in a merger, sale of all or substantially all of its assets or a liquidation or dissolution of the
Partnership or modify the Existing Lien (either by repayment, in whole or in part, or by refinancing), if as a result, the Contributor or a Contributor Partner will recognize gain (other than gains resulting from normal amortization of the Existing
Lien and income and gain allocated pursuant to Section 704(c) of the Code) for federal income tax purposes or recapture income under the at risk rules contained in Section 465 of the Code (a “Taxable Event”), except in
connection with either (a) a like-kind exchange of the Property in which no gain or loss is recognized pursuant to Section 1031 of the Internal Revenue Code of 1986 (as amended, the “Code”), or (b) a transfer of the
Property in a transaction described in Section 1033 of the Code. 
  
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 10.2 Fixed Charge Coverage Ratio. At all times prior to the expiration or termination
of the Protected Period, Purchaser covenants and agrees that Purchaser shall not permit or suffer a violation of the Fixed Charge Coverage Ratio test as then set forth (if at all) in the Senior Credit Facility, subject to applicable grace and cure
periods set forth in the Senior Credit Facility. For informational purposes only, the Fixed Charge Ratio test set forth in the Senior Credit Facility as of the Effective Date provides that the Fixed Charge Coverage Ratio for each period of four
(4) consecutive fiscal quarters ended on the last day of each fiscal quarter shall not be less than 1.25:1. For purposes of this Section 10.2, the defined terms set forth in this Section 10.2 (which are not defined in Section 1.1
of this Agreement) shall have the definitions as of the Effective Date (which terms shall be deemed modified to the extent such terms may be hereafter modified in the Senior Credit Facility) as set forth on Schedule 5 attached to this
Agreement. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 11.1 Completeness; Modification.
This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated hereby and supersedes all prior discussions, understandings, agreements and negotiations between the parties hereto. This
Agreement may be modified only by a written instrument duly executed by the parties hereto. 
 11.2 Inspection Agreement.
Parties hereby agree that all provisions in the Inspection Agreement that survived the termination of the Inspection Agreement shall no longer survive and are hereby superseded by the terms of this Agreement. 

11.3 Assignments. The Partnership may assign all or any portion of its rights hereunder to one or more Affiliates of the
Partnership without the consent of Contributor; however, any such assignment shall not relieve the Partnership of its obligations under this Agreement. 
 11.4 Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 

11.5 Days. If any action is required to be performed, or if any notice, consent or other communication is given, on a day that is
a Saturday or Sunday or a legal holiday in the jurisdiction in which the action is required to be performed or in which is located the intended recipient of such notice, consent or other communication, such performance shall be deemed to be
required, and such notice, consent or other communication shall be deemed to be given, on the first business day following such Saturday, Sunday or legal holiday. Unless otherwise specified herein, all references herein to a “day” or
“days” shall refer to calendar days and not business days. 
  
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 11.6 Governing Law. This Agreement and all documents referred to herein shall be
governed by and construed and interpreted in accordance with the laws of the state where the Property is located. 
 11.7
Counterparts. To facilitate execution, this Agreement may be executed in as many counterparts as may be required. It shall not be necessary that the signature on behalf of both parties hereto appear on each counterpart hereof. All
counterparts hereof shall collectively constitute a single agreement. 
 11.8 Severability. If any term, covenant or
condition of this Agreement, or the application thereof to any person or circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant or condition to other persons or
circumstances, shall not be affected thereby, and each term, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 11.9 Costs. Regardless of whether Closing occurs hereunder, and except as otherwise expressly provided herein, each party hereto shall be responsible for its own costs in connection with this
Agreement and the transactions contemplated hereby, including, without limitation, fees of attorneys, engineers and accountants. 
 11.10 Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be delivered by hand, transmitted by facsimile transmission, sent prepaid by Federal
Express (or a comparable overnight delivery service) or sent by the United States mail, certified, postage prepaid, return receipt requested, at the addresses and with such copies as designated below. Any notice, request, demand or other
communication delivered or sent in the manner aforesaid shall be deemed given or made (as the case may be) when actually delivered to the intended recipient. 
  

			
	        If to Contributor:	  	Eads Associates Limited Partnership
		  	1735 Jefferson Davis Highway
		  	Arlington, Virginia 22202
		  	Attn: Robert H. Smith
		  	Telecopy: (703) 769-1226
		
	        With a copy to:	  	Arthur A. Birney, Jr.
		  	The Brick Companies
		  	3168 Braverton Street
		  	Edgewater, Maryland
		  	Telecopy: (443) 951-2020
		
	        With a copy to:	  	Grossberg, Yochelson, Fox & Beyda, LLP
		  	2000 L Street, N.W.
		  	Suite 675
		  	Washington, D.C. 20036-4907
		  	Attn: C. Richard Beyda
		  	Telecopy: (202) 296-7777

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 43 

  

			
	        If to the Partnership:	  	Ashford Hospitality Limited Partnership
		  	c/o Ashford Hospitality Trust, Inc.
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: David A. Brooks and Christopher A. Peckham
		  	Telecopy: (972) 490-9605
		
	        With a copy to:	  	Andrews Kurth LLP
		  	1717 Main Street, Suite 3700
		  	Dallas, Texas 75201
		  	Attn: Brigitte Kimichik
		  	Telecopy: (214) 659-4777
		
	        If to Escrow Agent:	  	Chicago Title Insurance Company
		  	711 Third Avenue, 5th Floor
		  	New York, New York 10017
		  	Attn: Ms. Sie Cheung
		  	Telecopy: (214) 880-9623

 or to such other address as the intended recipient may have specified in a notice to the other party. Any party hereto
may change its address or designate different or other persons or entities to receive copies by notifying the other party and Escrow Agent in a manner described in this Section. 

11.11 Escrow Agent. Escrow Agent referred to in the definition thereof contained in Section 1.1 hereof has agreed to
act as such for the convenience of the parties without fee or other charges for such services as Escrow Agent. Escrow Agent shall not be liable: (a) to any of the parties for any act or omission to act except for its own willful misconduct or
gross negligence; (b) for any legal effect, insufficiency, or undesirability of any instrument deposited with or delivered by Escrow Agent or exchanged by the parties hereunder, whether or not Escrow Agent prepared such instrument; (c) for
any loss or impairment of funds that have been deposited in escrow while those funds are in the course of collection, or while those funds are on deposit in a financial institution, if such loss or impairment results from the failure, insolvency or
suspension of a financial institution; (d) for the expiration of any time limit or other consequence of delay, unless a properly executed written instruction, accepted by Escrow Agent, has instructed Escrow Agent to comply with said time limit;
(e) for the default, error, action or omission of either party to the escrow. Escrow Agent, in its capacity as escrow agent, shall be entitled to rely on any document or paper received by it, believed by such Escrow Agent, in good faith, to be
bona fide and genuine. In the event of any dispute as to the disposition of the Deposit or any other monies held in escrow, or of any documents held in escrow, Escrow Agent may, if such Escrow Agent so elects, interplead the matter by filing an
interpleader action in a court of general jurisdiction in the county or circuit where the Real Property is located (to the jurisdiction of which both parties do hereby consent), and pay into the registry of the court the Deposit, or deposit any such
documents with respect to which there is a dispute in the Registry of such court, whereupon such Escrow Agent shall be relieved and released from any further liability as Escrow Agent hereunder. Escrow Agent shall not be liable for Escrow
Agent’s compliance with any legal process, subpoena, writ, order, judgment and decree of any court, whether issued with or without jurisdiction, and whether or not subsequently vacated, modified, set aside or reversed. 

 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway

 Agreement of Purchase and Sale 

  
 44 

 11.12 Incorporation by Reference. All of the exhibits attached hereto are by this
reference incorporated herein and made a part hereof. Notwithstanding the foregoing, Contributor and the Partnership agree that to the extent any of the exhibits or schedules are not attached hereto on the date of execution of this Agreement, the
parties hereto shall use their best efforts to complete and agree to such exhibits and schedules within ten (10) days after execution of this Agreement. 
 11.13 Survival. All of the covenants and agreements of Contributor and the Partnership made in, or pursuant to, this Agreement shall survive Closing and shall not merge into the Deed or any other
document or instrument executed and delivered in connection herewith. 
 11.14 Further Assurances. Contributor and the
Partnership each covenant and agree to sign, execute and deliver, or cause to be signed, executed and delivered, and to do or make, or cause to be done or made, upon the written request of the other party, any and all agreements, instruments,
papers, deeds, acts or things, supplemental, confirmatory or otherwise, as may be reasonably required by either party hereto for the purpose of or in connection with consummating the transactions described herein. 

11.15 No Partnership. This Agreement does not and shall not be construed to create a partnership, joint venture or any other
relationship between the parties hereto except the relationship of Contributor and the Partnership specifically established hereby. 
 11.16 Time of Essence. Time is of the essence with respect to every provision hereof. 
 11.17 Signatory Exculpation. The signatory(ies) for the Partnership and Contributor is/are executing this Agreement in his/their capacity as representative of the Partnership and Contributor and
not individually and, therefore, shall have no personal or individual liability of any kind in connection with this Agreement and the transactions contemplated by it. 
 11.18 Rules of Construction. The following rules shall apply to the construction and interpretation of this Agreement: 
 (a) Singular words shall connote the plural number as well as the singular and vice versa, and the masculine shall include the feminine and the neuter. 

(b) All references herein to particular articles, sections, subsections, clauses or exhibits are references to articles, sections,
subsections, clauses or exhibits of this Agreement. 
 (c) The table of contents and headings contained herein are solely for
convenience of reference and shall not constitute a part of this Agreement nor shall they affect its meaning, construction or effect. 
 (d) Each party hereto and its counsel have reviewed and revised (or requested revisions of) this Agreement and have participated in the preparation of this Agreement, and therefore any usual rules of
construction requiring that ambiguities are to be resolved against a particular party shall not be applicable in the construction and interpretation of this Agreement or any exhibits hereto. 
  
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 45 

 (e) As used herein, the term or phrases “Effective Date,” “date of this
Agreement” or “date hereof” shall mean the first date Escrow Agent is in receipt of this Agreement executed by Contributor and the Partnership. 
 [Remainder of page intentionally left blank — signatures follow on next page] 
  

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 46 

 IN WITNESS WHEREOF, Contributor and the Partnership have caused this Agreement to be
executed in their names by their respective duly authorized representatives. 
  

											
		 	   
  
  
  

 
	CONTRIBUTOR:  
 EADS ASSOCIATES LIMITED PARTNERSHIP,
 a Virginia limited partnership

 
 BY: EADS, LLC, general partner

			
		 	 	By:	  	 	 	/S/ ROBERT H. SMITH
		 				 				 	
		 	   

 
  
  
  
	Date of Execution: May 18, 2006  
 THE PARTNERSHIP:
  
 ASHFORD HOSPITALITY LIMITED PARTNERSHIP,
 a Delaware limited partnership

		 				 				 	
		 	 	By:	  	 	 	Ashford OP General Partner LLC,
		 				 	 	its general partner
				
		 				 	 	By:	  	 	/S/ DAVID A. BROOKS
		 				 				 	 David A. Brooks
 Vice
President

		 	  
  
	  
 Date of Execution: May 18,
2006

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 47 

  

					
		  	ESCROW AGENT: 
		  		 	
		  	Chicago Title Insurance Company (Escrow Agent hereby acknowledges receipt of a fully executed Agreement from both Contributor and the Partnership for purposes of
Sections 11.10 and 11.17 hereof.)
		  		 	
		  	By:	 	 
		  	Name:	 	 
		  	Title:	 	 
		  		 	
		  	Date:	 	                             
                                         
              , 2006

 RECEIPT OF ESCROW AGENT 

Chicago Title Insurance Company, as Escrow Agent, acknowledges receipt of the sum of $5,000,000.00 by check or by wire transfer from the
Partnership as described in Section 2.2 of the foregoing Agreement of Purchase and Sale, said check or wire transfer to be held pursuant to the terms and provisions of said Agreement. 

DATED this             day of May, 2006. 

 

					
		  	CHICAGO TITLE INSURANCE COMPANY
		  		 	
		  	By:	 	 
		  	Name:	 	 
		  	Title:	 	 

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 48 

 LIST OF EXHIBITS AND SCHEDULES 

 

							
	EXHIBITS	  				  	
	Exhibit A	  	 	—  	  	  	Land
	Exhibit B	  	 	—  	  	  	Title Cure Obligations
	Exhibit C	  	 	—  	  	  	Special Warranty Bill of Sale
	Exhibit D	  	 	—  	  	  	Special Warranty Deed
	Exhibit E	  	 	—  	  	  	Assignment and Assumption Agreement (of Operating Agreements, Leased Property Agreements and Off-Site Facility Agreements)
	Exhibit F	  	 	—  	  	  	Assignment and Assumption of Occupancy Agreements
	Exhibit G	  	 	—  	  	  	Intentionally Omitted
	Exhibit H	  	 	—  	  	  	Registration Rights Agreement
	Exhibit I	  	 	—  	  	  	Partnership Amendment
	Exhibit J	  	 	—  	  	  	Prospective Subscriber Questionnaire
	Exhibit K	  	 	—  	  	  	Prospective Power of Attorney and Limited Partner Signature Page
	Exhibit L	  	 	—  	  	  	Partnership Letter
	Exhibit M	  	 	—  	  	  	Lock-Up Agreement
	Exhibit N	  	 	—  	  	  	Pledge and Security Agreement
	Exhibit O	  	 	—  	  	  	Tax Reporting and Protection Agreement
			
	SCHEDULES	  				  	
	 Schedule 1
	  	 	—  	  	  	Intentionally Omitted
	 Schedule 2
	  	 	—  	  	  	Operating Agreements and Leased Property Agreements and Off-Site Facility Agreements
	 Schedule 3
	  	 	—  	  	  	Employment Agreements
	 Schedule 4
	  	 	—  	  	  	Occupancy Agreements
	 Schedule 5
	  	 	—  	  	  	Additional Defined Terms

  
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

 EXHIBIT A 

LAND 
 Tract 1:

 Parcel 1, containing 100,012 square feet, more or less, as shown on “Plat Showing the Resubdivision of the Property of Eads Associates,
a Limited Partnership” attached to a Deed of Resubdivision and Easement recorded in Deed Book 2231, page 1330, among the land records of Arlington County, Virginia, and more particularly described as follows: 

BEGINNING at the intersection of the westerly right of way line of South Jefferson-Davis Highway, U.S. Rte. 1, with the northerly right of way line of
18th Street South, said point of beginning being the southeasterly corner of property of Eads Associates as acquired in Deed Book 1997, page 1214 of the land records of Arlington County, Virginia; thence running with said northerly right of way line
of 18th Street South, along the following courses and distances: S. 79° 04’ 35” W. 11.74 feet of the P. C. of a curve to the left; thence continuing 83.47 feet along the arc of said curve to the left, which curve has a radius of
8,739.66 feet, the chord of which arc bears S. 78°48’ 10” W, 83.47 feet to the P. T.; thence continuing S. 78°31’45” W. 53.05 feet to the P.C. of a curve to the right; thence 34.04 feet along the arc of said curve to the
right, which curve has a radius of 20.00 feet, the chord of which arc bears N. 52°43’01.5” W. 30.08 feet to the P. T; thence still continuing 63.93 feet along the arc of a curve to the right, which curve has a radius of 2,919.79 feet,
the chord of which arc bears S. 3°20’ 17” E. 63.93 feet to a point lying in the original northerly right of way line of 18th Street South; thence still continuing S. 85°56’59’W. 30.01 feet to this intersection with the
easterly right of way line of South Eads Street; thence running with said easterly right of way line of South Eads Street, 420.99 feet along the arc of a curve to the left ,which curve has a radius of 2,889.79 feet, the chord of which arc bears N.
60°52’06.5” W. 420.62 feet to the P. T; thence still continuing N 11 °02’ 31” W. 97.16 feet to a point; thence departing from the easterly right of way line of South Eads Street and running through the property of Eads
Associates S. 87°50’00” E. 247.90 feet to a point in the new westerly right of way line of South Jefferson-Davis Highway, U.S. Route 1; thence running with said new westerly right of way line of South Jefferson-Davis Highway, along the
following courses and distances: S. 3°08’36” E. 67.80 feet; S. 86°51’24” W. 2.00 feet S. 30°8’36” E 118.00 feet; N. 86°51’24” E. 2.00 feet; S. 30°8’36” E. 15.50 feet; thence
103.46 feet along the arc of a curve to the right, which curve has a radius of 3,331.66 feet, the chord of which arc bears S. 2°15’ 13.5” E. 103.45 feet; N. 88°38’09” E. 1.00 feet; thence 84.20 feet along the arc of a
curve to the right, which curve has a radius of 3,332.66 feet, the chord of which arc bears S. 0 ° 38’25.5” E. 84.19 feet to a P. C. C; thence continuing 38.36 feet along the arc of a curve to the right, which curve has a radius of
2,845.79 feet, the chord of which arc bears S. 0°28’ 10” W. 38.35 feet to the point of beginning; containing 100,012 square feet of land, more or less, 
 Tract 2: 
 Parcel 2B, containing 46,553 square feet, more or less, as shown on “Plat
Showing the Resubdivision of the Property of Eads Associates, a Limited Partnership” attached to a Deed of Resubdivision and Easement recorded in Deed Book 2231, page 1330, among the land records of Arlington County, Virginia, and more
particularly described as follows: 
  
 Exhibit A 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

 BEGINNING at a point lying in the southerly right of way line of 15th Street South, said point of beginning
being the P.C. of a return curve located at the intersection of the aforesaid southerly right of way line of 15th Street South with the new westerly right of way line of South Jefferson Davis Highway, U.S. Route 1 as established by the Virginia
Department of Highways and Transportation, said point of beginning lying 70 feet from the Virginia Department of Highways and Transportation construction centerline of 15th Street South; thence 74.39 feet along the arc of a curve to the right, which
curve has a radius of 44. 75 feet, the chord of which arc bears S, 46°02’ 22.5” E. 66.12 feet to a P. R. C., said P. C. lying in the westerly right of way line of South Jefferson Davis Highway, U.S. Route 1; thence 4.02 feet along the
arc of a curve to the left, which curve has a radius of 1,916.86 feet, the chord of which arc bears S. 1°31’ 27.5” W., 4.02 feet to a point; thence still continuing with said right of way line N. 88°32’ 09’ W., 12.00
feet; thence still continuing 155.11 feet along the arc of a curve to the left, which curve has a radius of 1,928.86 feet, the chord of which arc bears S. 04°50’22.5” E. 155,07 feet to the P.T; thence still continuing S.
34°08’36” E. 29.42 feet; S. 86°51’24” W. 1.00 feet, and S. 3°08’36” E, 91.20 feet to a point; thence departing from said right of way line and crossing the lands of Eads Associates as same appears duly
platted and recorded in Deed Book 1997, page 1214, among the land records of Arlington County, Virginia, N. 87°50’ 00” W. 247.90 feet to a point, said point lying in the easterly right of way line of South Eads Street (25 feet distant
from the centerline thereof); thence running with a portion of said easterly right of way line of South Eads Street, N. 11°02’31” W. 35.63 feet to a point, said point being the southwesterly corner of the property of Eads Condominium
Corp. as same appears duly recorded in Deed Book 2171, page 100, among the aforesaid land records; thence departing from said street line and running with the southerly and easterly boundary of the property of Eads Condominium Corp. along the
following courses and distances: S. 87°50’00” E. 79.20 feet; N. 02°10’ 00” E. 75.96 feet; N 42°50’ 00” W. 26.63 feet; N. 47°10’ 00” E. 63.92 feet; N. 2°10’ 00” E. 4.71 feet; N.
42°50’ 00” W. 13.42 feet; N. 47°10’ 00” E. 35.06 feet; N. 24°10’ 00” E. 16.38 feet; N. 47°10’ 00” E. 23.74 feet; S. 87°50’ 00” E. 16.38 feet; N. 47°10’ 00” E. 33.11
feet; N. 2°10’ 00” E. 31.11 feet; N. 87°50’ 00” W., 18.36 feet and N. 2°10’ 00” E. 17.72 feet to a point, said point lying in the aforementioned southerly right of way line of 15th Street South (70 feet
distant from the VDH&T construction centerline); thence running with a portion of the new southerly right of way line of 15th Street South, N. 86°20’11” E. 41.52 feet to the point of beginning, containing 46,553 square feet of
land, more or less. 
 AND BEING a portion of the same property conveyed to EADS Associates, a Virginia limited partnership, by deed from
Washington Brick and Terra Cotta Company, a Virginia limited partnership, dated August 15,1979, and recorded September 25, 1979, in Deed Book 1997, page 1214 among the land records of Arlington County, Virginia. 

Tract 3: 
 TOGETHER WITH non-exclusive
easements for pedestrian and vehicular ingress and egress to and from the underground parking garages of Phase 11 and the Residential Building as defined in Paragraph 1(a) of that certain Easement Agreement by and between EADS CONDOMINIUM
CORPORATION, a Virginia corporation, and EADS ASSOCIATES, a Virginia limited partnership, dated August 28, 1986, and recorded September 2, 1986, in Deed Book 2232, page 1307. 
  
 Exhibit A 
 Ashford
Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

 EXHIBIT B 

TITLE CURE OBLIGATIONS 
  

	1.	All “Special Requirements” set forth in Schedule B and “Requirements” set forth in Schedule B — Section 1 of the Title Commitment, must be
satisfied except as set forth in item 2 below. 

  

	2.	The underlying liens to be assumed and set forth in Item 5 of the Title Commitment should be reviewed and edited to accurately describe the liens to be assumed and
should appear in the final Title Policy as an exception to title. 

  

	3.	Seller shall use commercially reasonable efforts to provide a good standing/estoppel certificate executed by the parties to the easement agreement contained in Schedule
B — Section 2, Item 14 of the Title Commitment, in form and substance acceptable to the Partnership prior to Closing. 

  

	4.	The Lease evidenced by the Memorandum of Lease referenced in Schedule B — Section 2, Item 15 of the Title Commitment shall be terminated and the
Memorandum of Lease shall be removed as an exception to title. 

  
 Exhibit B 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 1 

 EXHIBIT C 

SPECIAL WARRANTY BILL OF SALE 
 For Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited
partnership (“Contributor”), hereby conveys to ,
                        a                 
    (“the Partnership”) all of the following (collectively, the “Personal Property”): 
 (i) all items of Tangible Personal Property (as defined in that certain Agreement of Purchase and Sale dated             , 2006, by and
between Contributor and the Partnership (the “Agreement”)), except any Tangible Personal Property leased by Contributor; 
 (ii) to the extent transferable, all of the Intangible Personal Property (as defined in the Agreement); 
 (iii) all subsisting and assignable Warranties and Guaranties (as defined in the Agreement); and 
 (iv) all petty cash funds used in connection with hotel guest operations at the Property. 
 TO HAVE AND TO HOLD the Personal Property, together with any rights and appurtenances thereto, unto the Partnership, its successors and assigns, and Contributor agrees to WARRANT AND FOREVER DEFEND, all
and singular, the Personal Property unto the Partnership, its successors and assigns, against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under Contributor, but not otherwise. 

IN WITNESS WHEREOF, Contributor has executed this Bill of Sale effective as of
            , 2006. 
  

					
	 CONTRIBUTOR:

 
 EADS ASSOCIATES LIMITED PARTNERSHIP,

a Virginia limited partnership
	  	
		 		  	
	 By:
	 	  
	  	
		 	Its General Partner	  	
		 		  	
	 By:
	 	  
	  	
		 	Its General Partner	  	

  
 Exhibit C 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 EXHIBIT D 

SPECIAL WARRANTY DEED 
  

					
	STATE OF VIRGINIA	  	§	  	
		  	§	  	KNOW ALL MEN BY THESE PRESENTS THAT:
	COUNTY OF                           
              	  	§	  	

 THAT EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership (hereinafter called
“Grantor”), for and in consideration of the sum of TEN AND NO/100 Dollars ($10.00) and other good and valuable consideration in hand paid by
                    ,
                    a (hereinafter called “Grantee”), whose mailing address is c/o Ashford Hospitality Trust, Inc., 14185
Dallas Parkway, Suite 1100, Dallas, Texas 75254, the receipt and sufficiency of which are hereby acknowledged, has GRANTED, SOLD AND CONVEYED and by these presents does GRANT, SELL AND CONVEY unto Grantee all of Grantor’s rights, titles,
powers, privileges, and interests in and to that certain real property situated in                      County, Virginia, and more
particularly described on Exhibit A attached hereto and made a part hereof for all purposes (the “Land”), together with all rights, titles, benefits, easements, privileges, remainders, tenements, hereditaments, interests,
reversions and appurtenances thereunto belonging or in any way appertaining, and all of the estate, right, title, interest, claim or demand whatsoever of Grantor therein, in and to adjacent strips and gores, if any, between the Land and abutting
properties, and in and to adjacent streets, highways, roads, alleys or rights-of-way, and the beds thereof (except to the extent, if any, that such easements, or such strips or gores or such streets, highways, roads, alleys or rights-of-way abut or
provide access to or benefit other properties owned by Grantor), either at law or in equity, in possession or expectancy, now or hereafter acquired (all of the above-described properties together with the Land are hereinafter collectively referred
to as the “Property”). 
 This conveyance is made and accepted subject and subordinate to (a) standby
fees, taxes and assessments by any taxing authority for the current year, and subsequent years, and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership, which standby fees, taxes and
assessments Grantee assumes and agrees to pay, (b) zoning laws and regulations and ordinances of municipal and other governmental authorities affecting the Property, and (c) the matters set forth on Exhibit B attached hereto and
made a part hereof for all purposes (all of those items described in (a) through (c) above are hereinafter collectively referred to as the “Permitted Encumbrances”). 

TO HAVE AND TO HOLD the Property, together with all and singular the rights and appurtenances thereto in any wise belonging unto Grantee,
Grantee’s heirs, executors, administrators, personal representatives, successors and assigns forever and subject to the Permitted Encumbrances, and Grantor does hereby bind itself, its successors and assigns, to WARRANT AND FOREVER DEFEND all
and singular the Property unto Grantee, Grantee’s heirs, executors, administrators, personal representatives, successors and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof, by, through or
under Grantor, but not otherwise, subject, however, to the Permitted Encumbrances. 
  
 Exhibit D 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 1 

 EXECUTED this             day
of        , 2006, to be effective for all purposes as of the             day of        , 2006.

  

					
		 	 GRANTOR:

 
 EADS ASSOCIATES LIMITED PARTNERSHIP,

a Virginia limited partnership

		 		 	
		 	 By:
	 	  

		 		 	Its General Partner
		 		 	
		 	 By:
	 	  

		 		 	Its General Partner

  

					
	STATE OF VIRGINIA	  	§	  	
		  	§	  	
	COUNTY OF                          
               	  	§	  	

 BEFORE ME, the undersigned authority, on this day personally
appeared            , the General Partner of EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated, and as the act and deed of said limited partnership. 

GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the             day
of        , 2006. 
  

					
		 	  
 Notary Public in
and for 
                  County,
Virginia

  

					
	My Commission Expires:                        
	  		  	
	  
	  		  	

  
 Exhibit D 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 2 

  

					
	STATE OF VIRGINIA	  	§	  	
		  	§	  	
	COUNTY OF                           
              	  	§	  	

 BEFORE ME, the undersigned authority, on this day personally
appeared            , the General Partner of EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated, and as the act and deed of said limited partnership. 

GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the             day of
            , 2006. 
  
  

					
		 	  
 Notary Public in
and for 
                  County,
Virginia

  

					
	My Commission Expires:                        
	  		  	
	  
	  		  	

 After recording this documents 
 should be returned to: 
 Brigitte Kimichik 

Andrews Kurth LLP 
 1717 Main Street, Suite 3700

 Dallas, Texas 75201 
  

Exhibit D 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 3 

 Exhibit A to Special Warranty Deed 

Description of Land 
  

Exhibit D 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 4 

 Exhibit B to Special Warranty Deed 

Permitted Exceptions 
  

Exhibit D 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 5 

 EXHIBIT E 

ASSIGNMENT AND ASSUMPTION AGREEMENT 
 (OF OPERATING AGREEMENTS, LEASED PROPERTY AGREEMENTS 
 AND OFF-SITE
FACILITY AGREEMENTS) 
 For Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership (“Contributor”) hereby assigns and delegates to
            , a             (“Assignee”) all of its right, title and interest in and to the following:

 (i) all Operating Agreements (as defined in that certain Agreement of Purchase and Sale dated
            , 2006, by and between Contributor and Assignee (the “Agreement”)) with respect to the Property (as defined in the Agreement), and listed on Exhibit A
attached hereto; 
 (ii) all Leased Property Agreements (as defined in the Agreement) described on Exhibit A attached
hereto; 
 (iii) all Off-Site Facility Agreements (as defined in the Agreement) described on Exhibit A attached hereto;

 Assignee hereby assumes and agrees to perform all of the obligations of Contributor under the Operating Agreements, Leased
Property Agreements and Off-Site Facility Agreements (collectively the “Assigned Agreements”), to the extent any such obligations accrue and are applicable to periods from and after the date hereof or which accrue prior to the date
hereof for which Assignee received a credit on the closing statement of even date herewith between the parties (or pursuant to any post-closing adjustment thereof). 
 Contributor hereby agrees to indemnify, defend and hold harmless Assignee and its affiliates from and against any and all liabilities, claims, costs and expenses, including, without limitation, reasonable
attorney’s fees, relating to acts or omissions accruing under the Assigned Agreements prior to the date hereof. Assignee hereby agrees to indemnify, defend and hold harmless Contributor and its affiliates from and against any and all
liabilities, claims, costs and expenses, including, without limitation, reasonable attorney’s fees, relating to acts or omissions accruing under the Assigned Agreements from and after the date hereof or with respect to obligations otherwise
assumed by Assignee herein. 
 If any litigation between Contributor and Assignee arises out of the obligations of the parties
under this Assignment and Assumption Agreement or concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party’s costs and expenses of such litigation including, without limitation,
reasonable attorneys’ fees. 
 This Assignment and Assumption Agreement may be executed and delivered in any number of
counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. Telecopied signatures shall have the same valid and binding effect as original signatures.

  
 Exhibit E 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 IN WITNESS WHEREOF, Contributor and Assignee have executed this Assignment as of
            , 2006. 
  

					
		 	 CONTRIBUTOR:

 
 EADS ASSOCIATES LIMITED PARTNERSHIP,

a Virginia limited partnership

		 		 	
		 	 By:
	 	  

		 		 	Its General Partner
		 		 	
		 	 By:
	 	  

		 		 	Its General Partner
		 		 	
		 	 ASSIGNEE:
  

                        
                                         
                                         
      ,

a                         
                                         
  

		 		 	
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 Exhibit E 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 2 

 Exhibit A to Assignment and Assumption Agreement 

OPERATING AGREEMENTS, LEASED PROPERTY 
 AGREEMENTS AND OFF SITE FACILITY AGREEMENTS 
  
 Exhibit E 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 3 

 EXHIBIT F 

ASSIGNMENT OF ASSUMPTION OCCUPANCY AGREEMENTS 
 For Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, EADS ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited
partnership (“Contributor”), hereby assigns to             , a             (“Assignee”) all of
its right, title and interest in and to the Occupancy Agreements, as defined in that certain Agreement of Purchase and Sale dated             , 2006, by and between Contributor and Assignee
(the “Agreement”), listed on Exhibit A attached hereto. Assignee hereby assumes and agrees to perform all of the obligations of Contributor under the Occupancy Agreements to the extent any such obligations accrue and are
applicable to periods from and after the date hereof or which accrue prior to the date hereof for which Assignee received a credit on the closing statement of even date herewith between the parties (or pursuant to any post-closing adjustment
thereof). 
 Contributor hereby agree to indemnify, defend and hold harmless Assignee and its affiliates from and against any
and all liabilities, claims, costs and expenses, including, without limitation, reasonable attorney’s fees, relating to acts or omissions accruing under the Occupancy Agreements prior to the date hereof. Assignee hereby agrees to indemnify,
defend and hold harmless Contributor and its affiliates from and against any and all liabilities, claims, costs and expenses, including, without limitation, reasonable attorney’s fees, relating to acts or omissions accruing under the Occupancy
Agreements from and after the date hereof or with respect to obligations otherwise assumed by Assignee herein. 
 If any
litigation between Contributor and Assignee arises out of the obligations of the parties under this Assignment of Occupancy Agreements or concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the
prevailing party’s costs and expenses of such litigation including, without limitation, reasonable attorneys’ fees. 

This Assignment of Occupancy Agreements may be executed and delivered in any number of counterparts, each of which so executed and
delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. Telecopied signatures may be attached hereto and shall have the same valid and binding effect as original signatures. 

 
 Exhibit F 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 1 

 IN WITNESS WHEREOF, Contributor and Assignee have executed this Assignment of Occupancy
Agreements as of             , 2006. 
  

					
		 	 CONTRIBUTOR:

 
 EADS ASSOCIATES LIMITED PARTNERSHIP,

a Virginia limited partnership

		 		 	
		 	 By:
	 	  

		 		 	Its General Partner
		 		 	
		 	 By:
	 	  

		 		 	Its General Partner
		 		 	
		 	 ASSIGNEE:
  

                        
                                         
                                         
      ,

a                         
                                         
  

		 		 	
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 Exhibit F 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 2 

 Exhibit A to Assignment of Occupancy Agreements 

Occupancy Agreements 
  

Exhibit F 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 3 

 EXHIBIT G 

[INTENTIONALLY OMITTED] 
  

Exhibit G 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 EXHIBIT H 

REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT, dated as of             , 20            , is
entered into by and between Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”) and each holder of common partnership units in Ashford Hospitality Limited Partnership, a Delaware limited partnership (the
“Operating Partnership”) whose name is set forth on the signature page hereto (the “Unit Holder”). 
 RECITALS 
 WHEREAS, pursuant to that certain Agreement of Purchase and Sale dated
as of             , 2006 (the “Closing Date”), between the Operating Partnership and the Unit Holder, the Operating Partnership and the Unit Holder will engage in a
transaction (the “Transaction”) whereby the Unit Holder will convey to the Operating Partnership its interest in a certain property in exchange for common partnership units (“OP Units”) in the Operating Partnership;

 WHEREAS, pursuant to the Partnership Agreement (as defined below), OP Units owned by the Unit Holder will be redeemable for
cash or exchangeable for shares of Common Stock of the Company upon the terms and subject to the conditions contained in the Partnership Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. In addition to
the definitions set forth above, the following terms, as used herein, have the following meanings: 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under common
control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time.

 “Articles of Incorporation” means the Articles of Amendment and Restatement of the Company as filed with the
Secretary of State of the State of Maryland on July 28, 2003, as the same may be amended, modified or restated from time to time. 
  

Exhibit H 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 “Business Day” means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions in Dallas, Texas are authorized or required by law, regulation or executive order to close. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the Company’s common stock, $0.01 par value. 

“Demand Registration” means a Demand Registration as defined in Section 2.2. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated
thereunder. 
 “Exchangeable OP Units” means OP Units which may be redeemable for cash or, at the sole and
absolute discretion of the Company, exchangeable for Common Stock pursuant to Section 7.4 of the Partnership Agreement (without regard to any limitations on the exercise of such exchange right as a result of the Ownership Limit
Provisions). 
 “Holder” means any Initial Holder who is the record or beneficial owner of any Registrable
Security or any assignee or transferee of such Registrable Security (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities) to
the extent (x) permitted under the Partnership Agreement and (y) such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such Registrable Security is acquired in a public distribution pursuant to a
registration statement under the Securities Act or pursuant to transactions exempt from registration under the Securities Act where securities sold in such transaction may be resold without subsequent registration under the Securities Act.

 “Immediate Family” of any individual means such individual’s estate and heirs or current spouse, or
former spouse, parents, parents-in-law, children (whether natural or adoptive or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such individual or any of the foregoing. 

“Initial Holder” means (i) the Unit Holder, (ii) any partner, member or stockholder of the Unit Holder,
(iii) any Affiliate of any such partner, member or stockholder, and (iv) the Immediate Family of any of the foregoing. 
 “Ownership Limit Provisions” mean the various provisions of the Company’s Charter set forth in Article VI thereof restricting the ownership of Common Stock by Persons to
specified percentages of the outstanding Common Stock. 
 “Partnership Agreement” means the Amended and
Restated Agreement of Limited Partnership of the Operating Partnership dated as of August 29, 2003, as the same may be amended, modified or restated from time to time. 

 
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 2 

 “Person” means an individual or a corporation, partnership, limited
liability company, association, trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Piggy-Back Registration” means a Piggy-Back Registration as defined in Section 2.3. 
 “Registrable Securities” means shares of Common Stock of the Company at any time owned, either of record or beneficially, by any Holder which are issuable or issued upon exchange of
Exchangeable OP Units issued pursuant to the Transaction and any additional Common Stock issued as a dividend, distribution or exchange for, or in respect of such shares until 

(i) a registration statement covering such shares has been declared effective by the Commission and such shares have been
disposed of pursuant to such effective registration statement; 
 (ii) such shares are sold under circumstances
in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met or under which such shares may be sold pursuant to Rule 144(k); 

(iii) such shares held by such Person may be sold pursuant to Rule 144 under the Securities Act and could be sold in one
transaction in accordance with the volume limitations contained in Rule 144(e)(1)(i) under the Securities Act; or 
 (iv) such shares have been otherwise transferred in a transaction that would constitute a sale thereof under the Securities Act, the Company has delivered a new certificate or other evidence of ownership
for such shares not bearing the Securities Act restricted stock legend and such shares may be resold without restriction under the Securities Act; 
 provided, however, that “Registrable Securities” for purposes of the indemnification obligations contained in Sections 2.7 and 2.8 shall mean all shares that are registered on the
applicable Shelf Registration, Demand Registration or Piggy-Back Registration, notwithstanding that such shares may not otherwise be “Registrable Securities” by operation of clause (iii) above. 

“Securities Act” means the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder.

 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement
under the Securities Act. 
 “Shelf Registration Statement” means a shelf registration statement as defined in
Section 2.1. 
 “Underwriter” means a securities dealer who purchases any Registrable Securities as
principal and not as part of such dealer’s market-making activities. 
  
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 3 

 ARTICLE II 
 REGISTRATION RIGHTS 
 Section 2.1 Shelf Registration.
Commencing on or after the date which is fifty weeks after the Closing Date, the Company shall prepare and file a “shelf” registration statement with respect to the issuance and the resale of the shares of Common Stock issuable upon
the exchange of Exchangeable OP Units issued to the Unit Holder in the Transaction and the resale of any other Registrable Securities on an appropriate form for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities
Act (the “Shelf Registration Statement”) and shall use its best efforts to cause the Shelf Registration Statement to be declared effective on or as soon as practicable thereafter, and to keep such Shelf Registration Statement
continuously effective for a period ending when all shares of Common Stock covered by the Shelf Registration Statement are no longer Registrable Securities. In the event that the Company fails to file, or if filed fails to maintain the effectiveness
of, a Shelf Registration Statement, the Holders of Registrable Securities may make a written request for a Demand Registration (as defined below) pursuant to Section 2.2 herein or participate in a Piggy Back Registration (as defined
below) pursuant to Section 2.3 herein; provided, further, that if and so long as a Shelf Registration Statement is on file and effective, then the Company shall have no obligation to effect a Demand Registration or allow participation in
a Piggy Back Registration. 
 Section 2.2 Demand Registration.  

(a) Request for Registration. Subject to Section 2.1 hereof, commencing on or after the date which is one year after
the Closing Date, Holders of Registrable Securities may make a written request for registration under the Securities Act of all or part of its or their Registrable Securities (a “Demand Registration”); provided, that the Company
shall not be obligated to effect more than one Demand Registration in any twelve month period and not more than two such Demand Registrations in total; and provided, further, that the Holders making such written request number shall propose the sale
of at least 100,000 shares of Registrable Securities (such number to be adjusted successively in the event the Company effects any stock split, stock consideration or recapitalization after the date hereof) or such lesser number of Shares if such
lesser number is all of the Registrable Shares owned by the Holders. Any such request will specify the number of shares of Registrable Securities proposed to be sold and will also specify the intended method of disposition thereof. Within ten
(10) days after receipt of such request, the Company will give written notice of such registration request to all other Holders of the Registrable Securities and include in such registration all such Registrable Securities with respect to which
the Company has received written requests for inclusion therein within twenty (20) Business Days after the receipt by the applicable Holder of the Company’s notice. Each such request will also specify the number of shares of Registrable
Securities to be registered and the intended method of disposition thereof. 
 (b) Effective Registration. A registration
will not count as a Demand Registration until it has become effective and has remained effective and available for at least 180 days. 
 (c) Selling Holders Become Party to Agreement. Each Holder acknowledges that by asserting or participating in its registration rights pursuant to this Article II, he or she may become a
Selling Holder and thereby will be deemed a party to this Agreement and will be bound by each of its terms. 
  
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 4 

 (d) Priority on Demand Registrations. If the Holders of a majority of shares of the
Registrable Securities to be registered in a Demand Registration so elect by written notice to the Company, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. The
Company shall select the book-running managing Underwriter in connection with any such Demand Registration; provided that such managing Underwriter must be reasonably satisfactory to the Holders of a majority of the shares of the Registrable
Securities. The Company may select any additional investment banks and managers to be used in connection with the offering; provided that such additional investment bankers and managers must be reasonably satisfactory to a majority of the Holders
making such Demand Registration. To the extent 10% or more of the Registrable Securities so requested to be registered are excluded from the offering in accordance with Section 2.4, the Holders of such Registrable Securities shall have
the right to one additional Demand Registration under this Section in such twelve-month period with respect to such Registrable Securities. 
 Section 2.3 Piggy-Back Registration. Subject to Section 2.1 hereof, if the Company proposes to file a registration statement under the Securities Act with respect to an
underwritten equity offering by the Company for its own account or for the account of any of its respective securityholders of any class of security other than (i) any registration statement filed by the Company under the Securities Act
relating to an offering of Common Stock for its own account as a result of the exercise of the exchange rights set forth in Section 7.4 of the Partnership Agreement, (ii) any registration statement filed in connection with a demand
registration other than a Demand Registration under this Agreement or (iii) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the Commission) filed in connection with an exchange offer or offering of
securities solely to the Company’s existing securityholders, then the Company shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event less than ten (10) days before
the anticipated filing date), and such notice shall offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Piggy-Back Registration”). The Company shall use
commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration to be included on the same terms and
conditions as any similar securities of the Company included therein. 
 Section 2.4 Reduction of Offering.
Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an offering described in Section 2.2 or 2.3 deliver a written opinion to the Company and the Holders of the Registrable Securities included in
such offering that (i) the size of the offering that the Holders, the Company and such other persons intend to make or (ii) the kind of securities that the Holders, the Company and/or any other Persons intend to include in such offering
are such that the success of the offering would be materially and adversely affected by inclusion of the Registrable Securities requested to be included, then 
  

Exhibit H 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 5 

 (A) if the size of the offering is the basis of such Underwriter’s
opinion, the amount of securities to be offered for the accounts of Holders shall be reduced pro rata (according to the number of Registrable Securities proposed for registration) to the extent necessary to reduce the total amount of securities to
be included in such offering to the amount recommended by such managing Underwriter or Underwriters; provided that, in the case of a Piggy-Back Registration, if securities are being offered for the account of other Persons as well as the Company,
then with respect to the Registrable Securities intended to be offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced shall not exceed the proportion by which the amount of
such class of securities intended to be offered by such other Persons is reduced; and 
 (B) if the combination
of securities to be offered is the basis of such Underwriter’s opinion, (x) the Registrable Securities to be included in such offering shall be reduced as described in clause (A) above (subject to the proviso in clause (A)) or
(y) if the actions described in clause (x) would, in the judgment of the managing Underwriter, be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included would have
on such offering, such Registrable Securities will be excluded from such offering. 
 Section 2.5 Registration
Procedures; Filings; Information. In connection with any Shelf Registration Statement under Section 2.1 or whenever Holders request that any Registrable Securities be registered pursuant to Section 2.2 hereof, the
Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as quickly as practicable, and in connection with any such request: 

(a) The Company will as expeditiously as possible prepare and file with the Commission a registration statement on Form S-3 if registered
pursuant to Section 2.1 and if registered pursuant to any other section of this Agreement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the
sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its best efforts to cause such filed registration statement to become and remain effective for a period of not
less than 270 days; provided that if the Company shall furnish to the Holders making a request pursuant to Section 2.2 a certificate signed by either its Chairman, Chief Executive Officer or President stating that in his or her good
faith judgment it would be significantly disadvantageous to the Company or its shareholders for such a registration statement to be filed as expeditiously as possible, the Company shall have a period of not more than 180 days within which to file
such registration statement measured from the date of receipt of the request in accordance with Section 2.2. 
 (b)
The Company will, if requested, prior to filing a registration statement or prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each Underwriter, if any, of the Registrable Securities covered by such registration
statement copies of such registration statement as proposed to be filed, and thereafter furnish to such Selling Holder and Underwriter, if any, such number of conformed copies of such registration statement, each 

 
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 6 

 
amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including
each preliminary prospectus) and such other documents as such Selling Holder or Underwriter may reasonably request to facilitate the disposition of the Registrable Securities owned by such Selling Holder. 

(c) After the filing of the registration statement, the Company will promptly notify each Selling Holder of Registrable Securities
covered by such registration statement of any stop order issued or threatened by the Commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

(d) The Company will use its best efforts to (i) register or qualify the Registrable Securities under such other securities or blue
sky laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder or managing Underwriter or Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of distribution) requests
and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition of the Registrable Securities owned by such Selling Holder; provided that the Company will not be required to (A) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 (e) The Company will immediately notify each Selling Holder of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading and promptly make available to each Selling Holder any such supplement or amendment. 
 (f) The Company
will enter into customary agreements (including an underwriting agreement, if any, in customary form) and take such other actions as are reasonably required to expedite or facilitate the disposition of such Registrable Securities. 

(g) The Company will make available for inspection by any Selling Holder of such Registrable Securities, any Underwriter participating in
any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any such Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records which the Company determines, in good faith, to be confidential and which it notifies the Inspectors are

  
 Exhibit H 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 7 

 
confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such registration statement or
(ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Selling Holder of such Registrable Securities agrees that information obtained by it as a result of such inspections
shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such is made generally available to the public. Each Selling Holder of such Registrable Securities
further agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential. 
 (h) The Company will furnish to each Selling Holder and to each Underwriter, if any, a signed
counterpart, addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) if eligible under SAS 100, a comfort letter or comfort letters from the Company’s independent public
accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing
Underwriter or Underwriters therefor reasonably requests. 
 (i) The Company will otherwise comply with all applicable rules and
regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the registration statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule or regulation hereafter adopted by the Commission). 

(j) The Company will use its best efforts to cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 
 The Company may require each Selling Holder of Registrable
Securities to promptly furnish in writing to the Company such information regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as the Company may from time to time
reasonably request and such other information as may be legally required in connection with such registration. 
 Each Selling
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.5(e) hereof, such Selling Holder will forthwith discontinue disposition of Registrable Securities pursuant
to the registration statement covering such Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.5(e) hereof, and, if so directed by the
Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such
notice. Each Selling Holder of Registrable Securities agrees that it will immediately notify the Company at any time when a 
  

Exhibit H 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 8 

 
prospectus relating to the registration of such Registrable Securities is required to be delivered under the Securities Act of the happening of an event as a result of which information
previously furnished by such Selling Holder to the Company in writing expressly for inclusion in such prospectus contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances in which they were made. In the event the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 2.5(a) hereof) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.5(e) hereof to the date when the Company shall make
available to the Selling Holders of Registrable Securities covered by such registration statement a prospectus supplemented or amended to conform with the requirements of Section 2.5(e) hereof. 

Section 2.6 Registration Expenses. In connection with any registration statement required to be filed hereunder, the
Company shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”): (i) all registration and filing fees, (ii) fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) printing expenses, (iv) internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), (v) the fees and expenses incurred in connection with the listing of the Registrable Securities, (vi) reasonable fees and disbursements of
counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent certified public
accountants of a comfort letter or comfort letters requested pursuant to Section 2.5(h) hereof), and (vii) the reasonable fees and expenses of any special experts retained by the Company in connection with such registration. The
Company shall have no obligation to pay any underwriting fees, discounts or commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses of the Holders (or the agents who manage their accounts) or any transfer taxes
relating to the registration or sale of the Registrable Securities. 
 Section 2.7 Indemnification by the
Company. The Company agrees to indemnify and hold harmless each Selling Holder of Registrable Securities, its officers, directors and agents, and each Person, if any, who controls such Selling Holder within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in any registration statement or
prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon information furnished in writing to the Company by such Selling Holder or on such Selling Holder’s behalf expressly for inclusion therein. The Company also agrees
to indemnify any Underwriters of the 
  
 Exhibit H 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 9 

 
Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 2.7, provided that the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of
any Underwriter of the Registrable Securities from whom the person asserting any such losses, claims, damages or liabilities purchased the Registrable Securities which are the subject thereof if such person did not receive a copy of the prospectus
(or the prospectus as supplemented) at or prior to the confirmation of the sale of such Registrable Securities to such person in any case where such delivery is required by the Securities Act and the untrue statement or omission of a material fact
contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as supplemented). The indemnity provided for in this Section 2.7 shall remain in full force and effect regardless of any investigation made by or
on behalf of any Selling Holder. 
 Section 2.8 Indemnification by Holders of Registrable Securities. Each
Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Selling Holder, but only with respect to information relating to such Selling Holder furnished in writing by such Selling Holder or on such
Selling Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. In case any action or proceeding shall be
brought against the Company or its officers, directors or agents or any such controlling person, in respect of which indemnity may be sought against such Selling Holder, such Selling Holder shall have the rights and duties given to the Company, and
the Company or its officers, directors or agents or such controlling person shall have the rights and duties given to such Selling Holder, by Section 2.7. Each Selling Holder also agrees to indemnify and hold harmless Underwriters of the
Registrable Securities, their officers and directors and each Person who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the
indemnification of the Company provided in this Section 2.8. The liability of any Selling Holder pursuant to this Section 2.8 may, in no event, exceed the net proceeds received by such Selling Holder from sales of Registrable
Securities giving rise to the indemnification obligations of such Selling Holder. 
 Section 2.9 Conduct of
Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.7 or 2.8, such person (an
“Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the Indemnified Party and the 
  
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 10 

 
Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the
Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any
time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case
of Persons indemnified pursuant to Section 2.7 hereof, the Selling Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to
Section 2.8, the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the
Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by the third sentence of this paragraph, the Indemnifying Party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 Business Days after receipt by such Indemnifying Party of the aforesaid request and (ii) such Indemnifying Party shall
not have reimbursed the Indemnified Party in accordance with such request prior to the date of such settlement. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such proceeding. 
 Section 2.10 Contribution. If the indemnification
provided for in Section 2.7 or 2.8 hereof is unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (i) as between the Company and the Selling Holders on the one hand and the Underwriters on
the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other from the offering of the securities, or if such allocation is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other in connection with
the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations and (ii) between the Company on the one hand and each Selling Holder on the other, in such
proportion as is appropriate to reflect the relative fault of the Company and of each Selling Holder in connection with such statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of
underwriting discounts and commissions but 
  
 Exhibit H 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 11 

 
before deducting expenses) received by the Company and the Selling Holders bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the
table on the cover page of the prospectus. The relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Selling Holders or by the Underwriters. The relative fault of the Company on the one hand and of each
Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.10 were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.10, no Underwriter shall be required to contribute any amount in excess of the amount by which the total commissions
and discounts received by such Underwriter in connection with the sale of the securities underwritten by it and distributed to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission, and no Selling Holder shall be required to contribute any amount in excess of the amount by which the net proceeds from the sale of the securities of such Selling Holder to the
public exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute pursuant to this
Section 2.10 are several in proportion to the net proceeds of the offering received by such Selling Holder bears to the total net proceeds of the offering received by all the Selling Holders and not joint. 

Section 2.11 Participation in Underwritten Registrations. No Person may participate in any underwritten registration
hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and these registration rights provided for in this Article II. 

 
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 12 

 Section 2.12 Rule 144. The Company covenants that it will file any
reports required to be filed by it under the Securities Act and the Exchange Act and that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (b) any similar rule or regulation
hereafter adopted by the Commission. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

Section 2.13 Holdback Agreements.  
 (a) Restrictions on Public Sale by Holder of Registrable Securities. To the extent not inconsistent with applicable law and except with respect to a shelf registration (including the Shelf
Registration Statement), each Holder whose securities are included in a registration statement agrees not to effect any sale or distribution of the issue being registered or a similar security of the Company, or any securities convertible into or
exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and during the 90-day period beginning on, the effective date of such registration statement (except as
part of such registration), if and to the extent requested in writing by the Company in the case of a non-underwritten public offering or if and to the extent requested in writing by the managing Underwriter or Underwriters in the case of an
underwritten public offering. 
 (b) Restrictions on Public Sale by the Company and Others. The Company agrees that any
agreement entered into after the date of this Agreement pursuant to which the Company issues or agrees to issue any privately placed securities shall contain a provision under which holders of such securities agree not to effect any sale or
distribution of any securities similar to those being registered in accordance with Section 2.2 or Section 2.3 hereof, or any securities convertible into or exchangeable or exercisable for such securities, during the 14 days
prior to, and during the 90-day period beginning on, the effective date of any registration statement (except as part of such registration statement where the Holders of a majority of the Registrable Securities to be included in such registration
statement consent or as part of registration statements filed as set forth in Section 2.3(i) or (iii)), if and to the extent requested in writing by the Company in the case of a non-underwritten public offering or if and to the extent
requested in writing by the managing Underwriter or Underwriters in the case of an underwritten public offering, in each case including a sale pursuant to Rule 144 under the Securities Act (except as part of any such registration, if permitted);
provided, however, that the provisions of this paragraph (b) shall not prevent the conversion or exchange of any securities pursuant to their terms into or for other securities. 

(c) Temporary Suspension of Rights to Sell Based on Confidential Information. If the Company determines in its good faith judgment
that the filing of the Shelf Registration Statement under Section 2.1 or a Demand Registration under Section 2.2 hereof or the use of any related prospectus would require the disclosure of material information that the
Company has a bona fide business purpose for preserving as confidential or the disclosure of which would impede the Company’s ability to consummate a significant transaction (the “Confidential 

 
 Exhibit H 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 13 

 
Information”), and that the Company is not otherwise required by applicable securities laws or regulations to disclose, upon written notice of such determination by the Company, the
rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to the Shelf Registration Statement or a Demand Registration or to require the Company to take action with respect to the registration or sale of any Registrable
Securities pursuant to the Shelf Registration Statement or a Demand Registration shall be suspended until the earlier of (i) the date upon which the Company notifies the Holders in writing that suspension of such rights for the grounds set
forth in this Section 2.12(c) is no longer necessary and (ii) 180 days; provided, however, no such 180-day period shall be successive with respect to the same Confidential Information. The Company agrees to give such notice as
promptly as practicable following the date that such suspension of rights is no longer necessary. Nothing in this Section 2.12(c) shall prevent a Holder from offering, selling or distributing pursuant to Rule 144 at any time. 

(d) Temporary Suspension of Rights to Sell Based on Exchange Act Reports not yet Filed or Regulation S-X. If all reports required
to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without regard to any extension, or if the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05
or Article 11 of Regulation S-X under the Act, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to the Shelf Registration Statement or a Demand
Registration or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to the Shelf Registration Statement or a Demand Registration shall be suspended until the date on which the Company
has filed such reports or obtained and filed the financial information required by Rule 3-05 or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in the Shelf Registration Statement, and the Company shall
notify the Holders as promptly as practicable when such suspension is no longer required. Nothing in this Section 2.12(d) shall prevent a Holder from offering, selling or distributing pursuant to Rule 144 at any time. 

ARTICLE III 

MISCELLANEOUS 
 Section 3.1 New York Stock Exchange Listing. In the event that the Company shall issue any Common Stock in exchange for OP Units pursuant to Section 7.4 of the Partnership
Agreement, then in any such case the Company agrees to cause any such shares of Common Stock to be listed on the New York Stock Exchange prior to or concurrently with the issuance thereof by the Company. 

Section 3.2 Remedies. In addition to being entitled to exercise all rights provided herein and granted by law,
including recovery of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of
the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
  

Exhibit H 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 14 

 Section 3.3 Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders of a
majority of the Registrable Securities. No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof
shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 Section 3.4
Notices. All notices and other communications in connection with this Agreement shall be made in writing by hand delivery, registered first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery to the address set
forth on the signature page hereto, or to such other address and to such other Persons as any party hereto may hereafter specify in writing. 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when received if deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Section 3.5 Successors and Assigns. Except as expressly provided in this Agreement the rights and obligations of the Initial Holders under this Agreement shall not be assignable by any
Initial Holder to any Person that is not an Initial Holder. This Agreement shall be binding upon the parties hereto and their respective successors and assigns. 
 Section 3.6 Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 

Section 3.7 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of Texas without regard to the choice of law provisions thereof. 
 Section 3.8 Severability. In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions contained herein shall not be affected or impaired thereby. 
 Section 3.9 Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

Exhibit H 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 15 

 Section 3.10 Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.11 No Third Party
Beneficiaries. Nothing express or implied herein is intended or shall be construed to confer upon any person or entity, other than the parties hereto and their respective successors and assigns, any rights, remedies or other benefits under
or by reason of this Agreement. 
  
 Exhibit H 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 16 

 [Registration Rights Agreement Signature Page] 

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

 

					
		 	 COMPANY: 
  

ASHFORD HOSPITALITY TRUST, INC.

		 		 	
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
		 		 	
		 	 Address:

14185 Dallas Parkway, Suite 1100
 Dallas, Texas
75254

		 		 	
		 	 UNIT HOLDER: 
  

                        
                                         
                                         
      ,

a                         
                                         
  

		 		 	
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
		 	
		 	Address:
		 	
		 	  

		 	  

		 	  

  
 Exhibit H 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 17 

 EXHIBIT I 

PARTNERSHIP AMENDMENT 
 AMENDMENT NO. 5 
 TO 

SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 

ASHFORD HOSPITALITY LIMITED PARTNERSHIP 
                         , 2006 

This Amendment No. 5 to the Second Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership
(this “Amendment”) is made as of , 2006 by Ashford OP General Partner, LLC, a Delaware limited liability corporation, as general partner (the “General Partner”) of Ashford Hospitality Limited
Partnership, a Delaware limited partnership (the “Partnership”), pursuant to the authority granted to the General Partner in the Second Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited
Partnership, dated as of April 6, 2004 (as subsequently amended September 2, 2004, September 22, 2004, December 30, 2004 and March 16, 2005, the “Partnership Agreement”), for the purpose of
issuing additional Partnership Units in the form of Class B Common Partnership Units. Capitalized terms used and not defined herein shall have the meanings set forth in the Partnership Agreement. 

WHEREAS, the General Partner has determined that it is necessary and desirable to amend the Partnership Agreement to create and issue
additional Partnership Units in the form of Class B Common Partnership Units. 
 NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows: 

1. Article 1 of the Partnership Agreement is hereby amended to amend and restate the following definitions in their entirety: 

“Class B Common Partnership Interest” shall mean an ownership interest in the Partnership, other than a Preferred Partnership
Interest or a Common Partnership Interest, and shall include any and all benefits to which the holder of such an ownership interest may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with
the terms and provisions of this Agreement and the Act. 
 “Class B Common Partnership Unit” shall mean a fractional,
undivided share of the Class B Common Partnership Interests of all Partners issued hereunder, each of which Class B Common Partnership Unit shall be treated as a Common Partnership Unit for all purposes of this Agreement and shall be subject to the
same rights, privileges, qualifications, limitations and other characteristics as a Common Partnership Unit and all references to Class B Common 

 
Partnership Units in this Agreement shall be deemed to be references to Common Partnership Units as well as Class B Common Partnership Units, except, in each case, (i) in lieu of receiving
distributions by the Partnership to holders of Common Partnership Units, each holder of a ClassB Common Partnership Unit shall be entitled to the payment of the Class B Common Partnership Unit Return; (ii) the Class B Common Partnership Unit
Return shall have priority over the payment of any cash distribution with respect to a Common Partnership Unit pursuant to Section 8.1(a) of the Partnership Agreement (while still being junior in priority to the payment of any cash distribution
with respect to a Preferred Unit); and the Partnership or a holder of the Class B Common Partnership Unit shall have the right to redeem the Class B Common Partnership Units, in whole or in part, from time to time, at any time after the tenth
(10th) anniversary of the date of this Amendment, in exchange for an equivalent number of Common Units. 
 “Class B
Common Partnership Unit Return” shall mean, as to each Class B Common Partnership Unit that has not yet then been redeemed by the Partnership: (i) for the period commencing on the date of this Amendment and ending on the last day of the
calendar quarter in which the date of this Amendment shall occur (the “Initial Period”), a cash distribution equal to $ , divided by the number of days in such calendar quarter, times the number of days in the Initial Period,
divided by the number of Class B Common Partnership Units issued on the date of this Amendment, (ii) for the three-year period commencing on first day of the calendar quarter following the Initial Period and ending on the third anniversary of
such date, a cumulative quarterly cash distribution equal to $ divided by the number of Class B Common Partnership Units issued on the date of this Amendment, and (iii) thereafter, a cumulative quarterly cash distribution equal to $
divided by the number of Class B Common Partnership Units issued on the date of this Amendment. 
 2. Section 5.1(a) of
the Partnership Agreement is hereby amended as follows: 
 (a) Section 5.1(a)(iii) is hereby amended and restated in its
entirety as follows: 
 Third, to the holders of Common Partnership Units in accordance with their Common Percentage Interests
until the holders of Class B Common Partnership Units have been allocated an amount equal to the total amount distributed to such holders pursuant to Section 8.1(a) for such year. 

(b) Section 5.1(a)(iv) is hereby amended and restated in its entirety as follows: 

Fourth, any remaining profits shall be allocated to the holders of Common Partnership Units, other than holders of Class B Common
Partnership Units, in accordance with their Common Percentage Interests (calculated without giving effect to the Class B Partnership Units then outstanding). 
 3. Section 7.1(d) of the Partnership Agreement is hereby deleted in its entirety. 

  
 2 

 4. Section 8.1(a) of the Partnership Agreement is hereby amended and restated in its
entirety as follows: 
 (a) The General Partner shall cause the Partnership to distribute on a quarterly basis such portion of
the Cash Flow of the Partnership as the General Partner shall determine in its sole discretion. Except as provided in Section 10.4, such distributions shall be made to the Partners who are Partners on the applicable record date as follows:

 first, to the holders of the Preferred Partnership Units, an amount equal to the unpaid portion of the Preferred Return
due to the holder of the Preferred Partnership Units on the applicable Partnership Record Date, as determined pursuant to the applicable exhibit hereto setting forth the terms of such Preferred Partnership Units; 

second, to all Partners who are Partners on the applicable Partnership Record Date and who beneficially own Class B Common
Partnership Units, the Class B Common Partnership Unit Return, including any accrued accumulated but previously unpaid Class B Common Partnership Unit Return, if any; and 
 third, to all Partners who are Partners on the applicable Partnership Record Date and who beneficially own Common Partnership Units (other than Class B Common Partnership Units), in accordance with
their respective Common Percentage Interests; 
 provided, however, if for any Common Unit Distribution Period, a Newly Issued
Common Unit is outstanding on the Partnership Record Date for such period, there shall not be distributed in respect of such Newly Issued Common Unit the amount (the “Full Distribution Amount”) that would otherwise be distributed in
respect of such Unit in accordance with its respective Common Percentage Interest, but rather, the General Partner shall cause to be distributed with respect to each such Newly Issued Common Unit an amount equal to the Full Distribution Amount
multiplied by a fraction, the numerator of which equals the number of days such Newly Issued Common Unit has been outstanding during the Distribution Period and the denominator of which equals the total number of days in such Common Unit
Distribution Period. 
 Any Cash Flow not distributed to the holders of Units by operation of this provision shall be retained by
the Partnership and applied toward future distributions or payment of Partnership expenses. 

  
 3 

 5. Section A.10. of Exhibit B of the Partnership Agreement is hereby amended and restated in
its entirety as follows: 
 Notwithstanding any provision of the Partnership Agreement to the contrary, Nonrecourse Deductions
for any fiscal or other period shall be specially allocated to the Partners in the manner set forth in Section 5.1(b)(iii) of the Partnership Agreement. 
 6. In accordance with Section 4.3 of the Partnership Agreement, set forth in Exhibit J hereto are the terms and conditions of the Class B Common Partnership Units established and issued on the date
of this Amendment, in consideration of certain contributions to the Partnership, and the Partnership Agreement is amended to incorporate such Exhibit J as Exhibit J thereto. Also in accordance with Section 4.3 of the Partnership Agreement, the
Partnership Agreement is hereby amended to replace Exhibit A thereto with a revised Exhibit A, attached hereto, to reflect the issuance of such Class B Common Partnership Units. 

7. Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms
and conditions the General Partner hereby ratifies and confirms. 
 8. This Amendment shall be construed and enforced in
accordance with and governed by the laws of the State of Delaware, without regard to conflicts of law. 
 9. If any provision of
this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

  
 4 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set
forth above. 
  

							
		  	 
 
 	ASHFORD OP GENERAL PARTNER, LLC, a Delaware limited
liability corporation, as General Partner of Ashford Hospitality
Limited Partnership
		  				  	
		  	 	By:	  	  	  

		  				  	David A. Brooks, Vice President

  
 Exhibit I 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 5 

 EXHIBIT J TO PARTNERSHIP AGREEMENT 

DESIGNATION OF INTERESTS ISSUED TO CRYSTAL CITY LIMITED PARTNERS 

Pursuant to Section 4.3(a)(i) of the Second Amended and Restated Agreement of Limited Partnership of Ashford Hospitality
Limited Partnership (the “Agreement”), to which this Exhibit J is attached, the General Partner has caused the Partnership to issue additional Partnership Interests in the form of Class B Common Partnership Units in the number and
to the respective Persons set forth below (collectively, the “Crystal City Limited Partners”). The Class B Common Partnership Units issued to the Crystal City Limited Partners shall be governed by the terms of the Agreement subject
to the following: 
  

	1.	Definitions. The following terms are hereby defined as follows for purposes of Amendment No. 5 to the Agreement with respect to the Crystal City Limited
Partners, any transferees of such Crystal City Limited Partners in a Crystal City Permitted Disposal and the Class B Common Partnership Units acquired by such persons on , 2006: 

“Crystal City Limited Partners” means: 
  

			
	 Name of Crystal City Limited Partner
	  	 Class B Common

Partnership
 Units
Issued

 “Crystal City Permitted Disposal” means a transfer by a Crystal City Limited Partner
of Class B Common Partnership Units: 
 (i) to any Person who, on the date of such proposed transfer is either a
partner, member or shareholder of such Crystal City Limited Partner, provided that such transferee satisfies all criteria for transfer applicable to such transferee, as set forth in the Partnership Agreement or that certain Contribution Agreement
between the Partnership and Eads Associates Limited Partnership, dated as of            , 2006 and agrees in writing to be bound by all of the terms and conditions of the Partnership
Agreement; or 
  
 Exhibit I 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 6 

 (ii) in connection with a pledge, delivery or other grant of a security
interest in the Class B Common Partnership Units held by a Crystal City Limited Partner or a transfer under clause (i) for the purpose of securing a bona fide lending transaction. 

“Lock-Up Agreement” shall mean the Lock-Up Agreement dated as
of            , 2006, executed by the Crystal City Limited Partners in favor of the Company. 
 “Lock-Up Period” shall mean (i) a period of one (1) year from the date of this Amendment with respect to all of the Class B Common Partnership Units issued to the Crystal City
Limited Partners on such date, (ii) for a period of eighteen (18) months from the date of this Amendment with respect to two-third of the Class B Common Partnership Units issued to each of the Crystal City Limited Partners on such date,
and (iii) for a period of twenty-four (24) months from the date of this Amendment with respect to one-third of the Class B Common Partnership Units issued to each of the Crystal City Limited Partners on such date. 

 

	2.	Amendment with respect to Section 9.5: 

 The consent required by Section 9.5(a) shall not be required in the event of a Crystal City Permitted Disposal. 
  

	3.	Amendment with respect to Section 9.6(a)(i): 

 Section 9.6(a)(i) shall not apply in the case of an assignee resulting from a Crystal City Permitted Disposal. 
  

	4.	Amendment to Exhibit A: 

 Exhibit A shall be and is revised as of the date hereof to reflect the Crystal City Limited Partners and their respective ownership of Class B Common Partnership Units, as set forth in Item No. 1
above, as well as the agreed values and percentages attributable thereto. 
  

	5.	Amendment to Exhibit B: The following sentence is added as the final sentence of Section A.3. of Exhibit B of the Partnership Agreement:

 Notwithstanding the foregoing, the Book-Tax Difference with respect to the “Property”
as defined in the Contribution Agreement between the Partnership and Eads Associates Limited Partnership, dated as of            , 2006, shall be accounted for as provided in Article 6 of
the Tax Protection Reporting Agreement between the Partnership and Eads Associates Limited Partnership, dated as of            , 2006. 

6. This Exhibit J is incorporated into and has become a part of the Agreement effective as
of            , 2006. 
  
 Exhibit I 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 7 

 EXHIBIT J 

Name:
                             
 PROSPECTIVE SUBSCRIBER QUESTIONNAIRE 
  

 
 Ashford
Hospitality Limited Partnership 
 14185 Dallas Parkway 

Suite 1100 
 Dallas, Texas 75254 
  

 
 The units of
limited partnership interest (the “Units”) of Ashford Hospitality Limited Partnership (the “Operating Partnership”) are being offered without registration under the Securities Act of 1933, as amended (the
“Securities Act”), and the securities laws of certain states. The Units are being offered in reliance on an exemption from registration under Regulation D of the Securities Act (“Regulation D”) and similar state law
exemptions. To satisfy the requirements of Regulation D and applicable state law exemptions, the Operating Partnership must determine whether a prospective unitholder meets that Regulation D and state law definitions of “accredited
investor” before selling (or, in some states, offering) securities to such person. This Questionnaire is intended to assist the Operating Partnership in making this determination. 

Please complete, execute and date this Prospective Subscriber Questionnaire and deliver it to the address set forth above. Your answers
will, at all times, be kept confidential except as necessary to establish that the offering and sale of the Units will not result in a violation of the registration provisions of the Securities Act or a violation of the securities laws of any state.

 1) To establish the basis of the Subscriber’s status as an accredited investor, please answer the questions set forth
below. 
 2) Is the Subscriber an individual with a net worth (or net worth with his or her spouse) in excess of $1 million:

 Yes  ̈ No  ̈ 

 

	 	a)	Is the Subscriber an individual with net income (without including any net income of the Subscriber’s spouse) in excess of $200,000, or joint income with the
Subscriber’s spouse, in excess of $300,000, in each of the two most recent years, and does the Subscriber reasonably expect to reach the same income level in the current year? 

Yes  ̈ No  ̈ 

 
 Exhibit J 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 1 

	 	b)	Is the Subscriber an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (hereinafter “ERISA”) whose
decision to invest in the Operating Partnership is being made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment adviser or, alternatively, does the employee benefit plan have total
assets in excess of $5,000,000 or is the employee benefit plan “self-directed” with investment decisions made solely by person(s) who answered “Yes” to item 1(a) or 1(b) above? 

Yes  ̈ No  ̈ 

 

	 	c)	Is the Subscriber a retirement plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees with total assets in excess of $5,000,000? 

 Yes  ̈ No  ̈ 
  

	 	d)	Is the Subscriber a trust (including an individual retirement arrangement formed as a trust or a tax-qualified pension and profit sharing plan (e.g., a Keogh Plan)
formed as a trust but not subject to ERISA) with total assets in excess of $5,000,000 that was not formed for the specific purpose of acquiring the Units and whose purchase is directed by a person with such knowledge and experience in financial and
business matters that such person is capable of evaluating the merits and risks of the prospective investment? 

Yes  ̈ No  ̈ 

 

	 	e)	Is the Subscriber a corporation, partnership, Massachusetts or similar business trust or an organization described in Section 501(c)(3) of the Internal Revenue
Code that was not formed for the specific purpose of acquiring the Units and whose total assets exceed $5,000,000? 

Yes  ̈ No  ̈ 

 

	 	f)	Is the Subscriber one of the following entities: 

  

	 	(i)	A “bank” as defined in Section 3(a)(2) of the Securities Act or any “savings and loan association” or other institution as
defined in Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or fiduciary capacity; 

  

	 	(ii)	A “broker/dealer” registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended; 

 
 Exhibit J 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 2 

	 	(iii)	An “insurance company,” as defined in Section 2(13) of the Securities Act; 

 

	 	(iv)	An “investment company” registered under the Investment Company Act of 1940 or a “business development company” as defined in
Section 2(a)(48) of the Investment Company Act of 1940; 

  

	 	(v)	A “Small Business Investment Company” licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958; or 

  

	 	vi)	A “Private Business Development Company” as defined in Section 202(a)(2) of the Investment Advisers Act of 1940? 

Yes  ̈ No  ̈ 

 

	 	    	If yes, then which entity (i.e., (g)(i) through (vi) above)? 

  

	 	g)	Is the Subscriber an entity (other than a trust, but including a grantor trust) in which all of the equity owners can answer “Yes” to any one question set
forth in Sections 1(a) through 1(g) immediately above? 

 Yes  ̈ No  ̈ 
 3) Is the Subscriber acquiring the Units of the Operating Partnership as a
principal for the purposes of investment and not with a view to resale or distribution? 
 Yes
 ̈ No  ̈ 
 4) By signing this
Questionnaire, the Subscriber hereby confirms the following statements: 
  

	 	a)	The Subscriber is aware that the offering of the Units will involve securities for which no market exists, thereby possibly requiring an investment to be held for an
indefinite period of time. 

  

	 	b)	The Subscriber shall immediately provide the Operating Partnership with corrected information in the event any information given herein was untrue.

  

	 	c)	The Subscriber acknowledges that any delivery of information relating to the Operating Partnership prior to the determination by the Operating Partnership of the
suitability of the Subscriber as a Unitholder shall not constitute an offer of Units until such determination of suitability shall be made. 

  

Exhibit J 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 3 

	 	d)	The Subscriber acknowledges that the Operating Partnership will rely on the Subscriber’s representations contained herein as a basis for exemption from
registration. 

  

	 	e)	The Subscriber, either alone or with his or her purchase representative, has such knowledge and experience in financial and business matters as to be capable of
evaluating the risks and merits of the prospective investment in the Units. 

  

	 	f)	The answers of the Subscriber to the foregoing questions are true and complete to the best of the information and belief of the undersigned, and the Operating
Partnership shall be notified promptly (and, in particular, upon the acquisition of additional Units by the Subscriber) of any changes in the foregoing answers. 

 

			
		 	  

		 	Signature of Subscriber
		 	 (or duly authorized agent)

		 	
		 	  

		 	 Title

		 	
		 	  

		 	 Print Name Signed Above

		 	
		 	  

		 	 Date

  
 Exhibit J 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 4 

 EXHIBIT K 

POWER OF ATTORNEY AND 
 LIMITED PARTNER SIGNATURE PAGE 
 The undersigned, desiring to become one of
the Limited Partners of Ashford Hospitality Limited Partnership (the “Partnership”), hereby becomes a party to the Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, as amended (the “Partnership
Agreement”). The undersigned agrees to be bound by all the terms and conditions of the Partnership Agreement and hereby grants to the general partner of the Partnership the “Power of Attorney,” as provided and upon the terms as
set forth in Article XII of the Partnership Agreement, and further agrees that this signature page may be attached to any counterpart of the Partnership Agreement. 

By:
                                         
                                

 
 Exhibit K 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 1 

 EXHIBIT L 

LETTER OF INVESTOR REPRESENTATIONS 
 [Date] 
 Ashford Hospitality Limited Partnership 

14185 Dallas Parkway 
 Suite 1100 

Dallas, Texas 75254 
 Attn: David A. Brooks and

          Christopher A. Peckham 

 

	 	 Re:	Ashford Hospitality Limited Partnership (the “Partnership”) 

	 	Common	Partnership Units (the “Units”) 

Ladies and Gentlemen: 

Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Agreement of Purchase and Sale
between the Partnership and         , dated         , 20        , as amended by that certain First Amendment Agreement of
Purchase and Sale (the “Purchase Agreement”). 
 The undersigned (“Investor”) represents,
warrants and covenants as follows: 
 (a) Investor is an “accredited investor” within the meaning of Rule
501(a) promulgated under the Securities Act. Investor understands the risks of, and other considerations relating to, the purchase of the Units. Investor, by reason of its business and financial experience, together with the business and financial
experience of those persons, if any, retained by it to represent or advise it with respect to its investment in the Units, (i) has such knowledge, sophistication and experience in financial and business matters and in making investment
decisions of this type, (ii) is capable of evaluating the merits and risks of an investment in the Partnership and of making an informed investment decision, (iii) is capable of protecting its own interest or has engaged representatives or
advisors to assist it in protecting its interests and (iv) is capable of bearing the economic risk of such investment. 

(b) The Units to be issued to Investor will be acquired by Investor for its own account for investment only and not with a view to, or
with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein. 
 (c)
Investor acknowledges that (i) the Units to be issued to Investor have not been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and
applicable state securities laws, (ii) the Partnership’s reliance on such exemptions is predicated in part on the accuracy and completeness 
  

Exhibit L 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 of the representations and warranties of Investor contained herein, (iii) such Units, therefore, cannot
be resold unless registered under the Securities Act and applicable state securities laws (unless an exemption from registration is available), (iv) there is no public market for such Units, and (v) the Partnership has no obligation or
intention to register such Units for resale under the Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws. Investor hereby acknowledges that
because of the restrictions on transfer or assignment of such Units to be issued hereunder (such restrictions on transfer or assignment being set forth in the Partnership Agreement), Investor may have to bear the economic risk of the investment
commitment with respect to any Units purchased hereby for an indefinite period of time, although Units may be redeemed at the request of the holder thereof for cash or (at the option of the general partner of the Partnership) for Common Stock of
Company pursuant to the terms of the Partnership Agreement (which redemption rights may be limited or modified pursuant to the terms of the Partnership Agreement). Investor and Company will execute and deliver a Registration Rights Agreement in the
form attached as Exhibit I to the Purchase Agreement. 
 (d) The address set forth for Investor below is the address of
Investor’s principal place of business or residence, as applicable, and Investor has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which principal place of business or
residence, as applicable, is sited.” 
  

					
		  	Very truly yours,
		  	
		  	 [Investor]

		  	Name:	 	  

		  	Address:	 	  

			
		  		 	  

			
		  		 	  

			
		  		 	  

  
 Exhibit L 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 2 

 EXHIBIT M 

LOCK-UP AGREEMENT 
 [Date] 
 Ashford Hospitality Limited Partnership 

14185 Dallas Parkway, Suite 1100 
 Dallas, Texas
75254 
 Attn: David A. Brooks and 

         Christopher A. Peckham 
 Ladies and Gentlemen: 
 In consideration of the Agreement of Purchase and Sale
between Ashford Hospitality Limited Partnership (the “Partnership”), and          (“Contributor”), dated         , as amended (the
“Agreement”), pursuant to which the Partnership agreed to acquire certain assets of Contributor for consideration which includes certain units of limited partnership interest (the “Units”) in the Partnership, the
undersigned hereby agrees that the undersigned will not assign, pledge, sell or otherwise transfer in whole or in part, or subject to any claim, lien, pledge, voting agreement, option, charge, security interest, mortgage, deed of trust, encumbrance,
rights of assignment, purchase rights or rights of any nature whatsoever of any third party (excluding that certain Pledge and Security Agreement executed by Contributor in favor of the Partnership and except as expressly provided in
Section 4.6(c) of the Agreement), 1/3 of the Units until the date that is one (1) year from the date of the issuance of the Units, 1/3 of the Units until the date that is 18 months from the date of issuance of the Units and the remaining
1/3 of the Units until the date that is two (2) years from the date of issuance of the Units. Any such transaction prior to the dates set forth in the preceding sentence shall be null and void and shall not be binding on or recognized by the
Partnership. 
  

									
		  	Very truly yours,
		  	 ,

		  	 a

			
		  	By:	  	 ,

		  		  	its General Partner	  	
				
		  		  	By:	  	  

		  		  	Name:	  	  

		  		  	Title:	  	  

  
 Exhibit M 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 EXHIBIT N 

PLEDGE AND SECURITY AGREEMENT 
 THIS PLEDGE AND SECURITY AGREEMENT [PARTNERSHIP INTEREST UNITS] (this “Agreement”) dated effective as of             ,
20            , is made by [            ], a [            ] (the
“Pledgor”), in favor of ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (“Ashford”). 
 RECITALS 
 A. The Pledgor and Ashford have entered into an Agreement of
Purchase and Sale, dated as of             , 20            (as amended or otherwise modified from time to time, the
“Purchase Agreement”), wherein the Pledgor has agreed to sell, among other things, that certain hotel property as described therein and identified on Exhibit A attached hereto and fully incorporated herein by reference for
all purposes, in consideration for, among other things, Ashford’s issuance to the Pledgor of the units of limited partnership interest in Ashford as described on Exhibit A attached hereto (the “Ashford Units”).

 B. Pursuant to the terms of the Purchase Agreement, including Section 5.1(h), Section 6.7 and Article IX,
and the Closing Documents, the Pledgor has agreed, among other things, to indemnify and hold Ashford harmless from certain claims, costs and liabilities as provided therein (the “Indemnity Obligations”). 

C. In order to secure the Indemnity Obligations, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Pledgor has agreed to pledge and grant a security interest in             of the Ashford Units (collectively, the “Pledged Units”) as security for
the Indemnity Obligations upon the terms and conditions and for the time period as set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of TEN DOLLARS ($10.00) paid by Ashford to the Pledgor, the mutual agreements, covenants
and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor and Ashford agree as follows: 
 SECTION 1. Defined Terms: Interpretation. 
 1.01 Defined Terms.

 (a) The capitalized terms used herein which are not defined herein, shall have the meaning as set forth in the Purchase
Agreement. 
  
 Exhibit N 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 (b) Unless otherwise defined herein or in the Purchase Agreement, terms defined in Articles
8 and 9 of the UCC are used herein as therein defined. 
 (c) As used in this Agreement, the following terms shall have the
following meanings: 
 “Agreement” has the meaning specified in the Introduction hereof. 

“Ashford” has the meaning specified in the Introduction hereof. 

“Ashford Units” has the meaning specified in the Recitals. 

“Collateral” has the meaning specified in Section 3. 

“Event of Default” means the failure to timely satisfy a claim arising under or pursuant to the Indemnity Obligations,
which failure continues for 30 days after written notice thereof to Pledgor. 
 “Indemnity Obligations” shall
have the meaning specified in the Recitals. 
 “Lien” shall mean any mortgage, lien, pledge, charge, security
interest or other encumbrance. 
 “Partnership” shall mean Ashford. 

“Pledged Units” has the meaning specified in the Recitals. 

“Pledgor” has the meaning specified in the Introduction hereof. 

“Proceeds” has the meaning specified in Section 9.102 of the UCC. 

“Purchase Agreement” has the meaning specified in the Recitals. 

“Termination Date” has the meaning specified in Section 6.08. 

“UCC” means the Uniform Commercial Code in effect from time to time in the State of
            ; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interests granted hereby in any
Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of             , “UCC” means the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection. 
 1.02 Interpretation. 
 (a) In this Agreement, unless a clear contrary
intention appears: 
 (i) the singular number includes the plural number and vice versa; 

 
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 2 

 (ii) reference to any gender includes each other gender; 

(iii) the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Agreement as a whole and not to any particular Section or other subdivision; 
 (iv) reference to any
Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or
individually, provided that nothing in this clause (iv) is intended to authorize any assignment not otherwise permitted by this Agreement; 
 (v) reference to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in
accordance with the terms thereof and, if applicable, the terms hereof; 
 (vi) unless the context indicates
otherwise, reference to any Section, Schedule or Exhibit means such Section hereof or such Schedule or Exhibit hereto; 
 (vii) the word “including” (and with correlative meaning “include”) means including, without limiting the generality of any description preceding such term; 

(viii) with respect to the determination of any period of time, the word “from” means “from and
including” and the word “to” means “to but excluding”; and 
 (ix) reference to any law,
ordinance, statute, code, rule, regulation, interpretation or judgment means such law, ordinance, statute, code, rule, regulation, interpretation or judgment as amended, modified, codified or reenacted, in whole or in part, and in effect from time
to time. 
 (b) The Section headings herein are for convenience only and shall not affect the construction hereof. 

(c) No provision of this Agreement shall be interpreted or construed against any Person solely because that Person or its legal
representative drafted such provision. 
 SECTION 2. Representations and Warranties of the Pledgor. 

The Pledgor represents and warrants as follows: 
 (a) The Pledgor is the sole beneficial owner of the Collateral. No Lien exists or will exist upon the Pledged Units at any time (and no right or option to acquire the same exists in favor of any other
Person), except for the pledge and security interest in favor of Ashford created or provided for herein, which pledge and security interest constitutes a first priority pledge and security interest in and to all of the Pledged Units. 

 
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 3 

 (b) The Pledged Units are duly authorized, validly existing, fully paid and non-assessable
and are not nor will be subject to any contractual restriction, or any restriction pursuant to the partnership agreement of the Partnership, upon the transfer of the Pledged Units (except for any such restriction contained herein or in the Purchase
Agreement). 
 (c) No authorization, approval, or other action by, and no notice to or filing with, any governmental authority is
required either (i) for the pledge by the Pledgor of the Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by the Pledgor, or (ii) for the exercise by Ashford of the voting or other
rights provided for in this Agreement or the remedies in respect of such Collateral pursuant to this Agreement (except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally).

 (d) This Agreement creates a valid and first priority security interest in the Collateral, securing the payment of the
Indemnity Obligations. 
 (e) Upon the filing of a financing statement in the office of the Secretary of State of the State of
            , Ashford will have a perfected first priority security interest in the Pledged Units. 
 SECTION 3. Pledge of the Collateral. 
 (a) In order to secure the full and
punctual payment, when due, of the Indemnity Obligations in accordance with the terms thereof, the Pledgor hereby hypothecates, transfers and grants to Ashford a continuing security interest in and to all right, title and interest of the Pledgor in
the following property, whether now owned or existing or hereafter acquired or arising and regardless of where located (all being collectively referred to as the “Collateral”): 

(i) the Pledged Units; 
 (ii) all securities, moneys or other property representing a distribution in respect of any of the Pledged Units, or representing a return of capital upon or in respect of the Pledged Units, or resulting
from a split-up, revision, reclassification or other like change of the Pledged Units or otherwise received in exchange therefor, and any subscriptions, warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged
Units; and 
 (iii) all Proceeds of and to any of the property of the Pledgor described in the preceding clauses
of this Section 3 (including all causes of action, claims and warranties now or hereafter held by the Pledgor in respect of any of the items listed above) and, to the extent related to any property described in said clauses or such
Proceeds, all books, correspondence, credit files, records, invoices and other papers. 
 Ashford shall have the right, at any
time after an Event of Default in its sole discretion and without notice to the Pledgor, to transfer to or to register in the name of Ashford or any of its nominees any or all of the Collateral, subject only to the rights of the Pledgor specified in
Section 4.03 hereof. 
  
 Exhibit N 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 4 

 (b) The inclusion of Proceeds in this Agreement does not authorize the Pledgor to sell,
dispose of or otherwise use the Collateral in any manner not specifically authorized hereby or by the Purchase Agreement. 
 SECTION 4.
Delivery; Further Assurances; Remedies. 
 4.01 Delivery and Other Perfection. Until the Termination Date: the
Pledgor shall 
 (a) if any of the securities, instruments, moneys or property required to be pledged by the Pledgor under
Section 3(a) are received by the Pledgor, forthwith either (x) transfer and deliver to Ashford such securities or instruments so received by the Pledgor duly endorsed in blank or accompanied by undated powers duly executed in
blank), all of which thereafter shall be held by Ashford pursuant to the terms of this Agreement as part of the Collateral or (y) take such other action as Ashford shall deem necessary or appropriate to duly record the Lien created hereunder in
such securities, instruments, moneys or other property in Section 3(a), clauses (i), (ii) and (iii); and 
 (b)
give, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be reasonably requested by Ashford in order to create, preserve, perfect or validate the security interest granted
pursuant hereto or to enable Ashford to exercise and enforce its rights hereunder with respect to such pledge and security interest, including causing any or all of the Collateral to be transferred of record into the name of Ashford or its nominee
(and Ashford agrees that if any Collateral is transferred into its name or the name of its nominee, Ashford will thereafter promptly give to the Pledgor copies of any notices and communications received by it with respect to the Collateral). The
Pledgor hereby authorizes Ashford to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the signature of the Pledgor where permitted by law. A carbon, photographic or
other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. 

4.02 Other Financing Statements and Liens. Until the Termination Date, 

(a) without the prior written consent of Ashford, the Pledgor shall not file or suffer to be on file, or authorize or permit to be filed
or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which Ashford is not named as the sole secured party. 
 (b) Pledgor agrees that, from time to time upon the written request of Ashford, the Pledgor will execute and deliver such further documents and do such other acts and things as Ashford may reasonably
request in order fully to effect the purposes of this Agreement. 
 4.03 Rights of the Pledgor. 

(a) Unless an Event of Default shall have occurred and be continuing and Ashford has notified the Pledgor to the contrary, the Pledgor
shall have the right to exercise all voting, consensual and other powers of ownership pertaining to the Collateral for all purposes 
  

Exhibit N 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 5 

 
not inconsistent with the terms of this Agreement, the Purchase Agreement, or any other instrument or agreement referred to herein or therein, provided that the Pledgor agrees that it will not
vote the Collateral in any manner that is inconsistent with the terms of this Agreement, the Purchase Agreement, or any such other instrument or agreement; and Ashford shall execute and deliver to the Pledgor or cause to be executed and delivered to
the Pledgor all such proxies, powers of attorney, dividend and other orders, and all such instruments, without recourse, as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise the rights and powers that it is
entitled to exercise pursuant to this Section 4.03(a). 
 (b) The Pledgor shall be entitled to receive and retain any
and all distributions paid in respect of the Collateral, provided, however, that any and all (i) distributions paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in
respect of, or in exchange for, any Collateral, (ii) distributions paid or payable in cash in respect of any Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital
surplus or paid-in-surplus, and (iii) cash paid, payable or otherwise distributed in redemption of, or in exchange for any Collateral, shall be, and shall be forthwith delivered to Ashford to hold as, Collateral and shall, if received by the
Pledgor, be received in trust for the benefit of Ashford, be segregated from the other property or funds of the Pledgor, and be forthwith delivered to Ashford as Collateral in the same form as so received (with any necessary endorsement).

 (c) If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not
Ashford exercises any available right to declare any Indemnity Obligations due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under this Agreement, the Purchase Agreement, or any other agreement
relating to such Indemnity Obligations, and Ashford so requires by notice to the Pledgor, all distributions received by the Pledgor on the Collateral shall be paid directly by the Pledgor to Ashford and retained by it as part of the Collateral,
subject to the terms of this Agreement, and, if Ashford shall so request in writing, the Pledgor agrees to execute and deliver to Ashford appropriate additional distribution and other orders and documents to that end, provided that if such Event of
Default is cured, any such distribution theretofore paid to Ashford shall, upon request of the Pledgor (except to the extent theretofore applied to the Indemnity Obligations), be returned by Ashford to the Pledgor. 

4.04 Events of Default, Etc. 
 (a) During the period during which an Event of Default shall have occurred and be continuing: 
 (i) Ashford shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (to the extent permitted by law whether or not the UCC is in effect in the
jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction including if Ashford has notified the Pledgor that it intends to
exercise such right, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if Ashford were the sole and absolute owner thereof (and the Pledgor agrees to
take all such action as may be appropriate to give effect to such right); 
  
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 6 

 (ii) Upon and during the continuance of an Event of Default, Ashford in its
discretion may, in its name or in the name of the Pledgor or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no
obligation to do so; and 
 (iii) Ashford may, upon not less than ten (10) Business Days’ prior
authenticated written notice to the Pledgor of the time and place, with respect to the Collateral or any part thereof that shall then be or shall thereafter come into the possession, custody or control of Ashford or any of their respective agents,
sell, assign or otherwise dispose of all or any part of such Collateral, at such place or places as Ashford deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, and
Ashford or any lender or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same
absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Pledgor, any such demand, notice and right or equity being hereby expressly waived and released. The Pledgor
agrees that such ten (10) Business Days’ notice constitutes “reasonable notification” within the meaning of Section 9.612 of the UCC. Ashford may, without notice or publication, adjourn any public or private sale or cause
the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. 

(b) The proceeds of each collection, sale or other disposition under this Section 4.04 shall be applied in accordance with
Section 4.07 hereof. 
 (c) The Pledgor recognizes that, by reason of certain prohibitions contained in the
Securities Act of 1933, as amended, and applicable state securities laws, Ashford may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the
Collateral for their own account, for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges that any such private sales may be at prices lower than at a public sale without such restrictions, and
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that Ashford shall have no obligation to engage in public sales and no obligation to delay the sale of
any Collateral for the period of time necessary to permit the Partnership thereof to register it for public sale. 
 4.05
Removals, Etc. Without at least 30 days’ prior written notice to Ashford, the Pledgor shall not (a) maintain any of its books and records with respect to the Collateral at any office or maintain its principal place of business at
any place other than at the address indicated for the Pledgor in the Purchase Agreement, or (b) change its name, or the name under which it does business, from the name shown on the signature pages hereto. 

 
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 7 

 4.06 Private Sale. Ashford shall incur no liability as a result of the sale of the
Collateral, or any part thereof, at any private sale pursuant to Section 4.04 hereof conducted in a commercially reasonable manner and in compliance with all applicable securities laws. The Pledgor hereby waives any claims against
Ashford arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Indemnity
Obligations. 
 4.07 Application of Proceeds. Except as otherwise herein expressly provided or as otherwise required by
law, the proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant hereto, and any other cash at the time held by Ashford under this Section 4, shall be applied by Ashford in accordance with the
Purchase Agreement. Ashford may make distributions hereunder in cash or in kind or on a ratable basis or in any combination thereof. 
 4.08 Attorney-in-Fact. Without limiting any rights or powers granted by this Agreement to Ashford, upon the occurrence and during the continuance of any Event of Default, Ashford is hereby
appointed the attorney-in-fact of the Pledgor for the purpose of carrying out the provisions of this Section 4 and taking any action and executing any instruments that Ashford may deem necessary or advisable to accomplish the purposes
hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, so long as Ashford shall be entitled under this Section 4 to make collections in respect of the
Collateral, to the extent permitted by law, Ashford shall have the right and power to receive, endorse and collect all checks made payable to the order of the Pledgor representing any distribution or other payment in respect of the Collateral or any
part thereof and to give full discharge for the same. 
 SECTION 5. Ashford. 

5.01 Limitation on Duty of Ashford in Respect of Collateral. The powers conferred on Ashford hereunder are solely to protect its
interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Ashford
shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. Ashford shall be deemed to have exercised reasonable care in the custody
and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which Ashford accords its own property, it being understood that Ashford shall not have any responsibility for
(a) ascertaining or taking action with respect to calls, conversions, exchanges, tenders or other matters relative to any Collateral, whether or not Ashford has or is deemed to have knowledge of such matters, or (b) taking any necessary
steps to preserve rights against any parties with respect to any Collateral. 
  
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 8 

 5.02 Appointment of Agents and Attorneys-in-Fact. Ashford may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for the negligence or misconduct (except for gross negligence, willful misconduct or unlawful conduct) of any such agents or attorneys-in-fact selected by it in good faith.
Without limiting the foregoing, at any time or times, in order to comply with any legal requirement in any jurisdiction, Ashford may appoint another bank or trust company or one or more other Persons, either to act as co-agent or co-agents, jointly
with Ashford with such power and authority as may be necessary for the effective operation of the provisions hereof and may be specified in the instrument of appointment. 
 SECTION 6. Miscellaneous. 
 6.01 No Waiver. No failure on the part of
Ashford to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by Ashford of any right, power or remedy
hereunder operate as a waiver thereof; nor shall any single or partial exercise by Ashford of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies
herein are cumulative and are not exclusive of any remedies provided by law. 
 6.02 Notices. All notices, requests,
consents and demands hereunder shall be in writing, authenticated if necessary, and telecopied or delivered to the intended recipient pursuant to Section 10.9 of the Purchase Agreement and shall be deemed to have been given at the times
specified in that Section 10.9. 
 6.03 Expenses. Without duplication of the obligations of Pledgor set forth
in the Purchase Agreement, the Pledgor agrees to reimburse Ashford for all reasonable costs and expenses of Ashford (including the reasonable fees and expenses of legal counsel) in connection with (a) any Event of Default and any enforcement or
collection proceeding resulting therefrom, including, without limitation, all manner of participation in or other involvement with (i) performance by Ashford of any obligations of the Pledgor in respect of the Collateral that the Pledgor has
failed or refused to perform, (ii) bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation proceedings, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any
of the Collateral, and for the care of the Collateral and defending or asserting rights and claims of Ashford in respect thereof, by litigation or otherwise, (iii) judicial or regulatory proceedings and (iv) workout, restructuring or other
negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (b) the enforcement of this Section 6.03, and all such costs and expenses shall be Indemnity Obligations
entitled to the benefits of the collateral security provided pursuant to Section 3 hereof. 
 6.04 Amendments,
Etc. The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by the Pledgor and Ashford. Any such amendment or waiver shall be binding upon Ashford, each holder of any of the Indemnity
Obligations and the Pledgor. 
 6.05 Certain Documents. If any agreement, certificate or other writing, or any action
taken or to be taken, is by the terms of this Agreement required to be satisfactory to Ashford, the determination of such satisfaction shall be made by Ashford in its sole and exclusive judgment. 

 
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 9 

 6.06 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the Pledgor, Ashford, and each holder of any of the Indemnity Obligations, provided, however, that the Pledgor shall not assign or transfer its rights hereunder without the prior written consent of
Ashford. In the event of a permitted assignment of all or any of the Indemnity Obligations, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Agreement shall be binding on
the Pledgor and its successors and assigns. 
 6.07 Marshaling of Assets. All rights to marshaling of assets of the
Pledgor, including any such right with respect to the Collateral, are hereby waived by the Pledgor. 
 6.08 Termination.
This Agreement shall terminate upon the earlier to occur of: 
 (a) Payment in full, satisfaction and/or release of the Indemnity
Obligations, or 
 (b) One (1) year from the date hereof (the “Termination Date”). 

Upon termination as provided herein, Ashford shall forthwith cause to be assigned, transferred and delivered, against receipt but without
any recourse, warranty or representation whatsoever, any remaining Collateral and money received in respect thereof, to or upon the order of the Pledgor and shall cause all previously filed financing statements to be terminated of record.

 6.09 Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest
extent permitted by law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of Ashford in order to carry out the intentions of the parties hereto as nearly as may
be possible, and (b) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 

6.10 Waivers. The Pledgor hereby expressly waives, to the extent permitted by applicable law (a) notice of the acceptance by
Ashford of this Agreement, (b) notice of the existence or creation or non-payment of all or any of the Indemnity Obligations, (c) presentment, demand, notice of dishonor, protest, intent to accelerate, acceleration and all other notices
whatsoever, and (d) all diligence in collection or protection of or realization upon the Indemnity Obligations or any thereof, any obligation hereunder, or any security for or guaranty of any of the foregoing. 

6.11 Rescission. The Pledgor agrees that, if at any time all or any part of any payment theretofore applied by Ashford to any of
the Indemnity Obligations is or must be rescinded or returned by Ashford for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Pledgor or any of its Affiliates), such Indemnity Obligations shall, for the purposes
of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence, notwithstanding such application by Ashford, and the security interests granted hereunder shall continue to be
effective or be reinstated, as the case may be, as to such Indemnity Obligations, all as though such application by Ashford had not been made. 
  

Exhibit N 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 10 

 6.12 Limitation by Law. All rights, remedies and powers provided in this Agreement
may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law which may be
controlling and which may not be effectively waived by the Pledgor and to be limited to the extent necessary so that they will not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed
under the provisions of any applicable law. 
 6.13 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and either of the parties hereto may execute this Agreement by signing any such counterpart. 

6.14 Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of Texas except as
required by mandatory provisions of law and except to the extent that the validity or perfection of the security interests or remedies provided hereunder in respect of any particular Collateral are governed by the laws of a jurisdiction other than
the State of Texas. 
 [Signature Page to Follow] 

 
 Exhibit N 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 11 

 IN WITNESS WHEREOF, the Pledgor has caused this Agreement to be duly executed by its
authorized officer as of the day and year first above written. 
  

					
		 	 PLEDGOR:
  

                        
                                         
                                         
      ,

a                        
                                         
   

		 		 	
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

							
	 AGREED TO AND ACCEPTED
 BY ASHFORD THIS             DAY
 OF
            , 20            :
  

ASHFORD HOSPITALITY
 LIMITED
PARTNERSHIP,
 a Delaware limited partnership
	  	
		 		 		  	
	 By:
	 	Ashford OP General Partner LLC,	  	
		 	a Delaware limited liability company,
 as its general
partner
	  	
				
		 	By:	 	  
	  	
		 		 	 David A. Brooks
 Vice
President
	  	

  
 Exhibit N 

Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 12 

 EXHIBIT O 

TAX REPORTING AND PROTECTION AGREEMENT 
  

Exhibit O 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 SCHEDULE 1 

INTENTIONALLY OMITTED 
  

Schedule 1 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 SCHEDULE 2 

OPERATING AGREEMENTS AND LEASED PROPERTY AGREEMENTS AND 

OFF-SITE FACILITY AGREEMENTS 
 1. Agreement dated May 14, 1981, by and between Eads Associates and Commonwealth of Virginia pertaining to the pedestrian underpass at the Hotel. 

2. Starbucks License 
 3. Parking Service
Management Agreement dated June 20, 2005, as amended, by and between Town Park, Ld., and Eads Partnership Limited pertaining to valet parking and parking services management. 

 
 Schedule 2 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 1 

 SCHEDULE 3 

EMPLOYMENT AGREEMENTS 
 None 
  

Schedule 3 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 SCHEDULE 4 

OCCUPANCY AGREEMENTS 
 None 
  

Schedule 4 
 Ashford Hospitality Limited
Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and Sale 

  
 1 

 SCHEDULE 5 

ADDITIONAL DEFINED TERMS 
  

	(a)	“Adjusted EBITDA” means, with respect to any fiscal period with respect to which EBITDA is being determined, EBITDA for such period less the FF&E
Reserve Amount. 

  

	(b)	“Capitalized Lease Obligation” means the obligation to pay rent or other amounts under any lease of (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP. 

  

	(c)	“Consolidated” (or “consolidated”) means, when used with reference to financial statements or financial statement items of a Person,
such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

  

	(d)	“Consolidated Subsidiaries” means, as to any Person, Subsidiaries of such Person with respect to which such Person’s financial statements are
prepared on a Consolidated basis. As used in the Senior Credit Facility, any reference to financial statement items of Consolidated Subsidiaries of Ashford Hospitality Trust, Inc. shall mean such items as determined on a Consolidated basis with
Ashford Hospitality Trust, Inc. Without limiting the foregoing, the Partnership shall be deemed to be a Consolidated Subsidiary of Ashford Hospitality Trust, Inc. 

 

	(e)	“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

 

	(f)	“EBIDTA” means, with respect to any fiscal period as applicable to the Ashford Hospitality Trust, Inc. and its Consolidated Subsidiaries, Net Income,
excluding gains (or losses) from debt restructuring and sales of property and other extraordinary items, plus to the extent deducted in the determination of Net Income for such fiscal period (i) interest expense, (ii) federal, state
and local income taxes, (iii) depreciation, (iv) amortization, and (v) non-cash deferred compensation paid to officers and employees of Ashford Hospitality Trust, Inc. or its Consolidated Subsidiaries during such fiscal period, and
(vi) other non-cash expenses and after adjustments for unconsolidated partnerships, joint ventures or other entities. (Adjustments for such unconsolidated entities will be calculated to reflect Net Income on a basis acceptable to the
administrative agent). Note: Ashford Hospitality Trust, Inc. does not have any unconsolidated entities as of the Effective Date. 

  

	(g)	“FF&E Reserve Amount” means, as applied to any Hotel with respect to any fiscal period of the Partnership, an amount equal to four percent
(4%) of the aggregate gross revenue derived from such Hotel. 

  
 Schedule 4 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 2 

	(h)	“Fixed Charge Coverage Ratio” means, for any fiscal period of Ashford Hospitality Trust, Inc., the ratio of (a) Adjusted EBITDA for such fiscal
period to (b) the sum of (i) Interest Expense for such fiscal period, (ii) Principal Expense for such fiscal period and (iii) the aggregate amount of all dividend payments that become due and payable by Ashford Hospitality Trust,
Inc. and its Consolidated Subsidiaries during such fiscal period to the holders of preferred shares (excluding Security Capital convertible preferred dividends). 

 

	(i)	“GAAP” means generally accepted accounting principles in the United States of America which are recognized as such by the American Institute of
Certified Public Accountants or by the financial Accounting Standards Board or through appropriate boards or committees thereof after the Effective Date, and which are consistently applied for all periods, so as to properly reflect the financial
position of a Person. 

  

	(j)	“Hotel” means a hotel, including any retail, convention, parking and restaurant space contained therein or operated by the owner of such hotel in
connection therewith and any office space in the same real estate parcel as the hotel (specifically including land, building, improvements, FF&E, and all related personal property used in connection with such hotel operations) owned or leased by
the Partnership or any of its wholly-owned Subsidiaries. 

  

	(k)	“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrower money or with respect to deposits or
advances of any kind; (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations of
such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts
payable incurred in the ordinary course of business which are not more than sixty (60) days past due), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (vii) all guarantees by such Person of Indebtedness of others, (viii) all Capital Lease Obligations
of such Person and obligations in respect of synthetic leases, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (x) all obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances, and (xi) all obligations of such Person in respect of any Swap Agreements; provided, that the amount of Indebtedness under a Swap Agreement shall be determined based upon the
Swap Termination Value of such Swap Agreement. 

  

	(l)	“Interest Expense” means, with respect to any fiscal period as applicable to Ashford Hospitality Trust, Inc. or its Consolidated Subsidiaries, the
interest expense of Ashford Hospitality Trust, Inc. or its Consolidated Subsidiaries for such fiscal period determined on a Consolidated basis in accordance with GAAP, and shall in any event include (i) the amortization of debt discounts,
(ii) the amortization of all fees payable in connection with the incurrence of Indebtedness to the extent included in interest expense, (iii) the portion 

 
 Schedule 4 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 
 Agreement of Purchase and
Sale 

  
 3 

	 	
of any Capitalized Lease Obligation allocated to interest expense, (iv) payments of interest expense in kind and (v) any sums payable by Ashford Hospitality Trust, Inc. or its
Consolidated Subsidiaries on account of any “net payments” made to a counterparty under any Rate Agreement, but shall in any event exclude non-recurring interest expenses which may be defined as interest expense under GAAP, including
prepayment fees and premiums, exit fees, defeasance costs and charges and sums similar in nature. 

  

	(m)	“Lien” means with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in,
on or of such asset, (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing)
relating to such asset and (iii) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

 

	(n)	“Net Income” means with respect to any Person and any period, the net income (or loss) for the period at issue, of such Person for the period at issue,
as determined on a consolidated basis in accordance with GAAP. 

  

	(o)	“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority (i.e., the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to the government) or other entity. 

  

	(p)	“Principal Expense” means, with respect to any fiscal period as applicable to Ashford Hospitality Trust, Inc. and its Consolidated Subsidiaries, the
aggregate amount of all regularly scheduled principal payments that become due and payable by Ashford Hospitality Trust, Inc. and its Consolidated Subsidiaries during such fiscal period, determined on a Consolidated basis in accordance with GAAP,
and including in any event the portion of any Capitalized Lease Obligation allocable to principal and payments of principal in kind, provided, that, in clarification of the foregoing, no non-regularly scheduled payments, such as balloon payments,
shall constitute a “Principal Expense”. 

  

	(q)	“Rate Agreement” means an interest rate swap (including any Swap Agreement), cap or other interest rate protection product. 

 

	(r)	“Senior Credit Facility” means that certain Credit Agreement dated as of February 5, 2004 among the Partnership, Calyon New York Branch
(“Calyon”), Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services, Inc. (“Merrill Lynch”) and Wachovia Bank, National Association as the lenders, the guarantors from time to time party thereto, Merrill
Lynch, as syndication agent, and Calyon, as administrative agent, as heretofore and/or hereafter amended from time to time, and any facility that at any time hereafter replaces or refinances same. 

 

	(s)	“Subsidiaries” (or “subsidiary”) means, with respect to any Person (the “parent”) at any date, any corporation,
limited liability company, partnership, association or other entity 

  
 Schedule 4 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 4 

	 	
the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as
of such date, as well as any other corporation, limited liability company, partnership, association or other entity (i) of which securities or other ownership interests representing more than fifty percent (50%) of the ordinary voting
power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise Controlled, by the parent or one or
more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

  

	(t)	“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any
combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Ashford Hospitality Trust, Inc. or
any of its Subsidiaries shall be a Swap Agreement. 

  

	(u)	“Swap Termination Value” means, with respect to any one or more Swap Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Agreements, (i) for any date on or after the date such Swap Agreements have been closed out and termination values determined in accordance therewith, such termination values, and (ii) for any date
prior to the date referenced in clause (i), the amounts determined as the mark-to-market values for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by an recognized dealer in such
Swap Agreements (which may include a lender or any affiliate of a lender). 

  
 Schedule 4 
 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway 

Agreement of Purchase and Sale 

  
 5

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