Document:

Exhibit 10.2

 

AMENDED, RESTATED AND CONSOLIDATED

POOLING AGREEMENT

 

THIS AMENDED, RESTATED AND CONSOLIDATED POOLING
AGREEMENT (this “Agreement”) is made as of January 1, 2022 (the “Effective Date”), by and among
Sonesta International Hotels Corporation, a Maryland corporation, and the parties listed on Schedule A, as managers (each, a “Manager”
and, collectively, “Managers”), and the parties listed on Schedule B, as owners (each, an “Owner”
and, collectively, “Owners”).

 

RECITALS:

 

WHEREAS, each Owner leases or subleases
from one or more affiliates of such Owner the hotels described on Schedule C opposite such Owner’s name (each, a “Hotel”
and, collectively, the “Hotels”); and

 

WHEREAS, contemporaneously with this Agreement,
each Owner has entered into an Amended and Restated Management Agreement for one or more of the Hotels with a Manager, as listed on Schedule
D (each, a “Management Agreement” and, collectively, the “Management Agreements”); and

 

WHEREAS, each Owner and each Manager have
previously entered into a Pooling Agreement, as listed on Schedule E (as amended, each, a “Prior Pooling Agreement”
and, collectively, the “Prior Pooling Agreements”), pursuant to which the working capital for each of the Hotels and
certain other hotels and all revenues and reserves from operation of each of the Hotels and such other hotels are pooled into two (2)
different pools for purposes of paying operating expenses, fees and other amounts due to Managers and Owners with respect to such Hotels
and such other hotels; and

 

WHEREAS, each Manager and each Owner desires
to amend, restate and consolidate the terms and provisions of the Prior Pooling Agreements with respect to the Hotels in their entirety
and replace them with the terms and provisions of this Agreement effective as of 12.01 a.m. on the Effective Date;

 

NOW, THEREFORE, in consideration of the
mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, each
Owner and each Manager agree as follows:

 

ARTICLE I

DEFINED TERMS

 

1.01.       
Definitions.  Capitalized terms used, but not otherwise defined in this Agreement shall have the meanings given to
such terms in the Management Agreements. The following capitalized terms as used in this Agreement shall have the meanings set forth below:

 

“Additional Hotel” is defined
in Section 7.01.

 

     

     

    

 

“Additional Owner” is defined
in Section 7.01.

 

“Agreement” is defined in the
Preamble.

 

“Aggregate Additional Manager Advances”
means the sum of all Additional Manager Advances for all Hotels under all Management Agreements.

 

“Aggregate Annual Operating Statement”
is defined in Article IV.

 

“Aggregate Base Management Fee”
means an amount equal to 3% of the Aggregate Gross Revenues attributable to full service Hotels and 5% of the Aggregate Gross Revenues
attributable to select service Hotels.

 

“Aggregate Deductions” means
the sum of all Deductions for all Hotels under all Management Agreements.

 

“Aggregate FF&E Reserve Deposit”
means, with respect to each Year or portion thereof, an amount equal to five percent (5%) of Aggregate Gross Revenues.

 

“Aggregate Gross Room Revenues”
means the sum of all Gross Room Revenues for all Hotels under all Management Agreements.

 

“Aggregate Gross Revenues” means
the sum of all Gross Revenues for all Hotels under all Management Agreements.

 

“Aggregate Incentive Management Fee”
means, with respect to each Year or portion thereof, an amount equal to twenty percent (20%) of Aggregate Operating Profit remaining after
deducting amounts paid or payable in respect of Aggregate Owner’s Priority, Aggregate Reimbursable Advances and the Aggregate FF&E
Reserve Deposit for such Year or portion thereof.

  

“Aggregate Monthly Statement”
is defined in Article IV.

 

“Aggregate Operating Profit”
means an amount equal to Aggregate Gross Revenues less Aggregate Deductions.

 

“Aggregate Owner Advances” means
the sum of all Owner Advances for all Hotels under all Management Agreements.

 

“Aggregate Owner’s Priority”
means the sum of all Owner’s Priority for all Hotels under all Management Agreements.

 

“Aggregate Owner’s Priority Threshold”
means the sum of all Owner’s Priority Thresholds for all Hotels under all Management Agreements, as such Owner’s Priority
Thresholds may be adjusted from time to time in accordance with the Management Agreements.

 

    2

     

    

 

“Aggregate Owner’s Residual Payment”
means, with respect to each Year or portion thereof an amount equal to Aggregate Operating Profit remaining after deducting amounts paid
or payable in respect of Aggregate Owner’s Priority, Aggregate Reimbursable Advances, the Aggregate FF&E Reserve Deposit and
the Aggregate Incentive Management Fee for such Year.

 

“Aggregate Reservation Fee”
means for each Year or portion thereof an amount equal to one and one-half percent (1.5%) of Aggregate Gross Room Revenues.

 

“Aggregate Reimbursable Advances”
means the sum of all Reimbursable Advances for all Hotels under all Management Agreements.

 

“Aggregate System Fee” means
with respect to each Year or portion thereof an amount equal to one and one-half percent (1.5%) of Aggregate Gross Revenues.

 

“Effective Date” is defined
in the Preamble.

 

“Hotel” and “Hotels”
are defined in the Recitals.

 

“Landlord(s)” means the owner(s)
of the Hotel(s) set forth on Schedule C.

 

“Management Agreement” and “Management
Agreements” are defined in the Recitals and shall include all amendments and modifications thereto.

 

“Manager” and “Managers”
are defined in the Preamble.

 

“Owner” and “Owners”
are defined in the Preamble.

 

“Pooled FF&E Reserves” is
defined in Section 6.01.B.

 

“Pooled FF&E Reserve Account”
is defined in Section 6.01.B.

 

“Prior Pooling Agreement” and
 “Prior Pooling Agreements” are defined in the Recitals.

 

“Tested Hotels” means for any
Year beginning with the 2023 calendar year, all Hotels other than (i) any Hotel undergoing a Major Renovation in such Year, and (ii) any
Hotel as to which a Major Renovation was substantially completed less than twelve (12) months prior to January 1 of such Year.

 

ARTICLE II

GENERAL

 

The parties agree that so long as a Hotel is
subject to this Agreement, all Working Capital and all Gross Revenues of such Hotel shall be pooled pursuant to this Agreement and
disbursed to pay all Aggregate Deductions, fees and other amounts due to Managers and Owners (not including amounts due pursuant to
Section 11.20 of the Management Agreements) with respect to the Hotels and that the corresponding provisions of each Management
Agreement shall be superseded as provided in Section 3.03. The parties further agree that if any Manager gives a notice
of non-renewal of the Term with respect to any Hotel, it shall be deemed to be a notice of termination or non-renewal with respect
to all Management Agreements and all Hotels.

 

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ARTICLE III

PRIORITIES FOR

DISTRIBUTION OF AGGREGATE GROSS REVENUES

 

3.01.       Priorities
for Distribution of Aggregate Gross Revenues.  Aggregate Gross Revenues shall be distributed in the following order of priority:

 

A.               
First, to pay all Aggregate Deductions (excluding the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate
System Fee);

 

B.                
Second, to Managers, an amount equal to the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System
Fee;

 

C.                
Third, to Owners, an amount equal to Aggregate Owner’s Priority;

 

D.               
Fourth, pari passu, to (i) Owners, in an amount necessary to reimburse Owners for all Aggregate Owner Advances which
have not yet been repaid pursuant to this Section 3.01, and (ii) to Managers, in an amount necessary to reimburse Managers
for all Aggregate Additional Manager Advances which have not yet been repaid pursuant to this Section 3.01. If at any
time the amounts available for distribution to Owners and Managers pursuant to this Section 3.01 are insufficient (a) to
repay all outstanding Aggregate Owner Advances, and (b) all outstanding Aggregate Additional Manager Advances, then Owners and Managers
shall be paid from such amounts the amount obtained by multiplying a number equal to the amount of the funds available for distribution
by a fraction, the numerator of which is the sum of all outstanding Aggregate Owner Advances, or all outstanding Aggregate Additional
Manager Advances, as the case may be, and the denominator of which is the sum of all outstanding Aggregate Owner Advances plus the sum
of all outstanding Aggregate Additional Manager Advances;

 

E.                
Fifth, to the Pooled FF&E Reserve Account, an amount equal to the Aggregate FF&E Reserve Deposit;

 

F.                 
Sixth, to Managers, an amount equal to the Aggregate Incentive Management Fee; and

 

G.               
Finally, to Owners, the Aggregate Owner’s Residual Payment.

 

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3.02.       Timing
of Payments.

 

A.               
Payment of the Aggregate Deductions, excluding the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate
System Fee, shall be made in the ordinary course of business. The Aggregate Base Management Fee, the Aggregate Reservation Fee, the Aggregate
System Fee, the Aggregate Owner’s Priority, the Aggregate FF&E Reserve Deposit, the Aggregate Incentive Management Fee and the
Aggregate Owner’s Residual Payment shall be paid on or before the twentieth (20th) day after the end of each calendar
month, based upon Aggregate Gross Revenues or Aggregate Gross Room Revenues, as the case may, be for such month as reflected in the
Aggregate Monthly Statement for such month. If any installment of the Aggregate Base Management Fee, the Aggregate Reservation Fee, the
Aggregate System Fee or the Aggregate Owner’s Priority is not paid when due, it shall accrue interest at the Interest Rate. Calculations
and payments of the Aggregate FF&E Reserve Deposit, the Aggregate Incentive Management Fee and/or the Aggregate Owner’s Residual
Payment with respect to each calendar month within a calendar year shall be accounted for cumulatively based upon the year-to-date Aggregate
Operating Profit as reflected in the Aggregate Monthly Statement for such calendar month and shall be adjusted to reflect distributions
for prior calendar months in such year. Additional adjustments to all payments will be made on an annual basis based upon the Aggregate
Annual Operating Statement for the Year and any audit conducted pursuant to Section 4.02 of the Management Agreements.

 

B.                
Subject to Section 3.02.C, if the portion of Aggregate Gross Revenues to be distributed to Managers or Owners pursuant to
Section 3.01 is insufficient to pay amounts then due in full, any amounts left unpaid shall be paid from and to the extent
of Aggregate Gross Revenues available therefor at the time distributions are made in successive calendar months until such amounts are
paid in full, together with interest thereon, if applicable, and such payments shall be made from such available Aggregate Gross Revenues
in the same order of priority as other payments made on account of such items in successive calendar months.

 

C.                
Other than with respect to Aggregate Reimbursable Advances, calculations and payments of the fees and other payments in Section 3.01
and distributions of Aggregate Gross Revenues within a Year shall be accounted for cumulatively within a Year but shall not be cumulative
from one Year to the next. Calculations and payments of Aggregate Reimbursable Advances shall be accounted for cumulatively within a Year
and shall be cumulative from one Year to the next.

 

D.               
The Aggregate Owner’s Priority, the Pooled FF&E Reserves and the Aggregate Owner’s Residual Payment shall be allocated
among Owners as Owners shall determine in their sole discretion and Managers shall have no responsibility or liability in connection therewith.
The Aggregate Incentive Management Fee, Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee shall
be allocated among Managers as Managers shall determine in their sole discretion and Owners shall have no responsibility or liability
in connection therewith.

 

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3.03.       Relationship
with Management Agreements.  For as long as this Agreement is in effect with respect to a Hotel, the provisions of Sections 3.01
and 3.02 shall supersede Sections 3.02 and 3.03 of the Management Agreement then in effect with respect to such Hotel.

 

ARTICLE IV

FINANCIAL STATEMENTS

 

Managers shall prepare and deliver the following
financial statements to Owners:

 

(a)              
Within fifteen (15) days after the close of each calendar month, Managers shall deliver an accounting to Owners showing Aggregate
Gross Revenues, Aggregate Gross Room Revenues, occupancy percentage and average daily rate, Aggregate Deductions, Aggregate Operating
Profit, and applications and distributions thereof for the preceding calendar month and year-to-date (each, an “Aggregate Monthly
Statement”).

 

(b)              
Within forty-five (45) days after the end of each Year, Managers shall deliver to Owners and Landlords a statement (each,
an “Aggregate Annual Operating Statement”) in reasonable detail summarizing the operations of the Hotels for the immediately
preceding Year and an Officer’s Certificate setting forth the totals of Aggregate Gross Revenues, Aggregate Deductions, and the
calculation of the Aggregate Incentive Management Fee and Aggregate Owner’s Residual Payment for the preceding Year and certifying
that such Aggregate Annual Operating Statement is true and correct. Managers and Owners shall, within ten (10) Business Days after
Owner’s receipt of such statement, make any adjustments, by cash payment, in the amounts paid or retained for such Year as are required
because of variances between the Aggregate Monthly Statements and the Aggregate Annual Operating Statement. Any payments shall be made
together with interest at the Interest Rate from the date such amounts were due or paid, as the case may be, until paid or repaid. The
Aggregate Annual Operating Statement shall be controlling over the Aggregate Monthly Statements and shall be final, subject to adjustments
required as a result of an audit requested by Owners or Landlords pursuant to Section 4.02.B of the Management Agreements.

 

(c)              
Managers shall also prepare and deliver such other statements or reports as any Owners may, from time to time, reasonably request.

 

The financial statements delivered pursuant to
this Article IV are in addition to any financial statements required to be prepared and delivered pursuant to the Management
Agreements.

 

ARTICLE V

PORTFOLIO PERFORMANCE TEST

 

 5.01       Portfolio
Performance Test. Notwithstanding the provisions of Article II of the Management Agreements:

 

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A.        An
Owner will not be permitted to exercise its right to terminate a Management Agreement for or with respect to any Hotel pursuant to
Section 2.02.A of the Management Agreement for such Hotel unless the aggregate amount paid to Owners as Aggregate Owner’s
Priority pursuant to Section 3.01.C of this Agreement during any three (3) of the four (4) consecutive Years immediately
preceding the January 1st referenced in such Section 2.02.A is less than the Aggregate Owner’s Priority Threshold
for such Years, provided, however, for purposes of this Section 5.01.A, “Aggregate Owner’s
Priority” and “Aggregate Owner’s Priority Threshold” shall not include the Owner’s Priority or
Owner’s Priority Threshold, as applicable, at any Hotel for any Year in which such Hotel does not qualify as a Tested
Hotel.

 

B.        If the
condition set forth in Section 5.01.A. is satisfied, only a Hotel that is otherwise subject to termination pursuant to Section
2.02.A of its Management Agreement may be terminated and for the purposes of determining the amount of Owner’s Priority actually
paid in respect of a Hotel under Section 3.02.C of its Management Agreement for any Year, the applicable Owner will be deemed to have
received the amount that would have been paid to such Owner as the Owner’s Priority in such Year pursuant to Article III of such
Management Agreement if such Hotel had not been subject to this Agreement.

 

C.       If any
Owner exercises its right to terminate a Management Agreement for any Hotel in accordance with Section 5.01.A., then Manager shall
have the right to void such termination by delivering written notice of such election to Owners and paying Owners an amount equal to the
difference between the Aggregate Owner’s Priority Threshold and the Aggregate Owner’s Priority received by Owners in each
of the three (3) Years during which such shortfall occurred, which notice and payment must be received by Owners within thirty (30) days
following any such termination.

 

ARTICLE VI

ACCOUNTS

 

6.01.       Accounts;
Pooled FF&E Reserve Account.

 

A.               
Subject to Section 6.01.B., all Working Capital and all Gross Revenues of each of the Hotels may, until applied in accordance
with this Agreement and the applicable Management Agreements, be pooled and deposited in one or more bank accounts in the name(s) of
Owners designated by Managers, which accounts may, except as required by any Mortgage and related loan documentation or applicable law,
be commingled accounts containing other funds owned by or managed by Managers.

 

B.                
Managers shall establish an interest-bearing account, in the name of Cambridge TRS, Inc., in a bank designated by Manager (and
approved by Owners, such approval not to be unreasonably withheld), into which all FF&E Reserve Deposits and any other amounts to
be deposited into an FF&E Reserve Account under a Management Agreement shall be paid (the “Pooled FF&E Reserve Account”).
Funds on deposit in the Pooled FF&E Reserve Account (the “Pooled FF&E Reserves”) shall not be commingled with
any other funds without Owners’ consent, and the Pooled FF&E Reserves shall be withdrawn from the Pooled FF&E Reserve Account
and applied by Managers only to the extent they are permitted to withdraw and apply FF&E Reserves under a Management Agreement.

 

    7

     

    

 

C.                
 Managers shall be authorized to access the accounts above without the approval of Owners, subject to (i) any limitation on the
maximum amount of any check, if any, established between Managers and Owners as part of the Annual Operating Projections, and (ii) in
the case of the Pooled FF&E Reserve Account, such other limitations as may be set forth in the Management Agreements. One or more
Owners shall be a signatory on all accounts maintained with respect to a Hotel, and Owners shall have the right to require that one or
more Owners’ signature be required on all checks/withdrawals after the occurrence of a Manager Event of Default. Owners shall provide
such instructions to the applicable bank(s) as are necessary to permit Managers to implement Managers’ rights and obligations
under this Agreement. The failure of any Owner to provide such instructions shall relieve any Manager of its obligations hereunder until
such time as such failure is cured.

 

ARTICLE VII

ADDITION AND REMOVAL OF HOTELS

 

7.01.       Addition
of Hotels.  At any time and from time to time, if any Manager or any Affiliate of a Manager (an “Additional Manager”)
and any Owner or any Affiliate of an Owner (an “Additional Owner”) enter into a management agreement for the operation
of an additional Hotel (an “Additional Hotel”), the Additional Manager and Additional Owner (as applicable) may become
a party to this Agreement by signing an accession agreement confirming the applicability of this Agreement to such Additional Hotel, and
the Additional Hotel may be made subject to this Agreement by all Owners (including, without limitation, such Additional Owner) and all
Managers (including, without limitation, such Additional Manager) amending and restating Schedules A, B and/or C, as applicable. If an
Additional Hotel is made subject to this Agreement other than on the first day of a calendar month, the parties shall include such prorated
amounts of the Gross Revenues and Deductions (and other amounts as may be necessary) applicable to the Additional Hotel for such calendar
month, as mutually agreed in their reasonable judgment, in the calculation of Aggregate Gross Revenues and Aggregate Deductions (and other
amounts as may be necessary) for the calendar month in which the Additional Hotel became subject to this Agreement and shall make any
other prorations, adjustments, allocations and changes required. Additionally, any amounts held as Working Capital and FF&E Reserves
for the Additional Hotel shall be held by Managers under this Agreement.

 

7.02.       Removal
of Hotels. From and after the date of termination of any Management Agreement with respect to any Hotel managed thereunder, such
Hotel shall no longer be subject to this Agreement, and such Hotel may be removed from this Agreement by all Owners (including,
without limitation, such Additional Owner) and all Managers (including, without limitation, such Additional Manager) amending and
restating Schedules A, B and/or C, as applicable. If the termination occurs on a day other than the last day of a calendar month,
the parties shall exclude such prorated amounts of the Gross Revenues and Deduction (and other amounts as may be necessary)
applicable to such Hotel for such calendar month, as mutually agreed in their reasonable judgment, in the calculation of Aggregate
Gross Revenues and Aggregate Deductions (and other amounts as may be necessary) for the calendar month in which the termination
occurred. Additionally, Owners and Managers, acting reasonably, shall mutually agree to the portion of the Aggregate Working
Capital, Aggregate Gross Revenues and Pooled FF&E Reserves allocable to the Hotel being removed from this Agreement and the
amount of the Aggregate Working Capital, Aggregate Gross Revenues and Pooled FF&E Reserves so allocated and any amounts held to
fund capital expenditures, shall be remitted to the relevant Owner and the relevant Owner and relevant Manager shall make any other
prorations, adjustments, allocations and changes required.

 

    8

     

    

 

ARTICLE VIII

TERM AND TERMINATION

 

8.01.       Term. 
This Agreement shall continue and remain in effect indefinitely unless terminated pursuant to Section 8.02.

 

8.02.       Termination. 
This Agreement may be terminated as follows:

 

A.               
By the mutual consent of all Managers and all Owners which are parties to this Agreement.

 

B.                
Automatically, if all Management Agreements terminate or expire for any reason.

 

C.                
By Managers, if any or all Owners do not cure a material breach of this Agreement by any Owner or Landlord within thirty (30) days
of written notice of such breach from any Manager and if such breach is not cured, it shall be an Owner Event of Default under the Management
Agreements.

 

D.               
By Owners, if any or all Managers do not cure a material breach of this Agreement by any Manager within thirty (30) days of written
notice of such breach from any Owner and if such breach is not cured, it shall be a Manager Event of Default under the Management Agreements.

 

8.03.       Effect
of Termination.  Upon the termination of this Agreement, except as otherwise provided in Section 9.04.B. of the Management Agreements,
Managers shall be compensated for their services only through the date of termination and all amounts remaining in any accounts maintained
by Managers pursuant to Article VI, after payment of such amounts as may be due to Managers hereunder, shall be distributed to
Owners. Notwithstanding the foregoing, upon the termination of any single Management Agreement with respect to any Hotel, pooled funds
shall be allocated as described in Section 7.02.

 

8.04.       Survival. 
The following Sections of this Agreement shall survive the termination of this Agreement: Section 8.03 and Article IX.

 

ARTICLE IX

MISCELLANEOUS PROVISIONS

 

9.01.       Notices. 
All notices, demands, consents, approvals, and requests given by any party to another party hereunder shall be in writing and shall
be deemed to have been duly given when delivered in person, upon confirmation of transmission when sent by e-mail or when delivery
is received or refused if transmitted by Express Mail service or by nationally recognized overnight courier, to the parties at the
following addresses:

 

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		To Owners:	c/o Cambridge TRS, Inc.

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458

Attn:  President

e-mail: jmurray@rmrgroup.com

 

		To Managers:	c/o Sonesta International Hotels Corporation

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458

Attn:  President

e-mail: cflores@sonesta.com

 

9.02.       Applicable
Law; Arbitration.  This Agreement shall be interpreted, construed, applied and enforced in accordance with the laws of the Commonwealth
of Massachusetts, with regard to its “choice of law” rules. Any “Dispute” (as such term is defined in the Management
Agreements) under this Agreement shall be resolved through final and binding arbitration conducted in accordance with the procedures and
with the effect of, arbitration as provided for in the Management Agreements.

 

9.03.       Severability. 
If any term or provision of this Agreement or the application thereof in any circumstance is held invalid, illegal or unenforceable in
any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair
the benefits of the remaining provisions hereof.

 

9.04.       Gender
and Number.  Whenever the context of this Agreement requires, the gender of all words herein shall include the masculine, feminine,
and neuter, and the number of all words herein shall include the singular and plural.

 

9.05.       Headings
and Interpretation.  The descriptive headings in this Agreement are for convenience of reference only and shall not affect in
any way the meaning or interpretation of this Agreement. References to “Section” in this Agreement shall be a reference to
a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including”
are used in this Agreement they shall be deemed to be followed by “without limitation.” The words “hereof,” “herein,”
 “hereby,” and “hereunder, when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision unless otherwise indicated. The word “or” shall not be exclusive. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting.

 

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9.06.       Confidentiality
of Information.  Any information exchanged between a Manager and each Owner pursuant to the terms and conditions of this Agreement
shall be subject to Section 11.07 of the Management Agreements.

 

9.07.       Assignment. 
Neither any Manager nor any Owner may assign its rights and obligations under this Agreement to any other Person without the prior written
consent of the other parties.

 

9.08.       Entire
Agreement; Construction; Amendment.  With respect to the subject matter hereof, this Agreement supersedes all previous contracts
and understandings between the parties and constitutes the entire Agreement between the parties with respect to the subject matter hereof.
Accordingly, in the event of any conflict between the provisions of this Agreement and the Management Agreements, the provisions of this
Agreement shall control, and the provisions of the Management Agreements are deemed amended and modified, in each case as required to
give effect to the intent of the parties in this Agreement. All other terms and conditions of the Management Agreements shall remain
in full force and effect; provided that, to the extent that compliance with this Agreement shall cause a default, breach or other violation
of the Management Agreement by one party, the other party waives any right of termination, indemnity, arbitration or otherwise under the
Management Agreement related to that specific default, breach or other violations, to the extent caused by compliance with this Agreement.
This Agreement may not be modified, altered or amended in any manner except by an amendment in writing, duly executed by the parties hereto.

 

9.09.       Third
Party Beneficiaries.  The terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective
successors, heirs, legal representatives or permitted assigns of each of the parties hereto and except for Landlord(s) and SVC, which
are intended third party beneficiaries, no Person other than the parties hereto and their successors and permitted assigns is intended
to be a beneficiary of this Agreement.

 

9.10.       Prior
Pooling Agreements. For the avoidance of doubt, the Prior Pooling Agreements shall continue to govern the rights and obligations of
the parties with respect to the Hotels for periods prior to the Effective Date, and this Agreement shall govern the rights and obligations
of the parties with respect to the Hotels for periods from and after the Effective Date.

 

 

[Signatures begin on the following page.]

 

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IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Agreement with the intention of creating an instrument under seal.

 

	 	Owners:
	 	 
		CAMBRIDGE TRS, INC.

HPT CLIFT TRS LLC

HPT CY TRS, INC.

HPT STATE STREET TRS LLC

HPT TRS IHG-2, INC.

HPT TRS MRP, INC.

HPT WACKER DRIVE TRS LLC

SVC GATEHALL DRIVE TRS LLC

SVC JERSEY CITY TRS LLC

SVC MINNEAPOLIS TRS LLC

SVC MORRIS PLAINS TRS LLC

SVC RANDOLPH STREET TRS LLC

SVC REDONDO BEACH TRS LLC

SVC SAN JUAN TRS LLC

	 	 
	 	By:	/s/ John G. Murray
	 	 	John G. Murray
	 	 	President of each of the foregoing entities

 

[Signature Page to Amended, Restated and Consolidated Pooling Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Agreement with the intention of creating an instrument under seal.

 

	 	Managers:
	 	 
	 	SONESTA CANADA ULC

SONESTA CHICAGO LLC

SONESTA CLIFT LLC

SONESTA GATEHALL DRIVE LLC

SONESTA INTERNATIONAL HOTELS CORPORATION

SONESTA JERSEY CITY LLC

SONESTA MINNEAPOLIS LLC

SONESTA MORRIS PLAINS LLC

SONESTA RANDOLPH STREET LLC

SONESTA REDONDO BEACH LLC

SONESTA SAN JUAN LLC

SONESTA STATE STREET LLC

SONESTA TORONTO ULC

	 	 
	 	By:	/s/ Carlos R. Flores
	 	 	Carlos R. Flores
	 	 	President of each of the foregoing entities

 

[Signature Page to Amended, Restated and Consolidated Pooling Agreement]

 

     

     

    

 

Schedule
A

 

Managers

 

Sonesta Canada ULC, a British
Columbian company

Sonesta Chicago LLC, a Maryland
limited liability company

Sonesta Clift LLC, a Maryland
limited liability company

Sonesta Gatehall Drive LLC, a Maryland limited liability company

Sonesta International Hotels Corporation, a Maryland corporation

Sonesta Jersey City LLC, a Maryland limited liability company

Sonesta Minneapolis LLC, a Maryland limited liability company

Sonesta Morris Plains LLC, a Maryland limited liability company

Sonesta Randolph Street LLC, a Maryland limited liability company

Sonesta Redondo Beach LLC, a Maryland limited liability company

Sonesta San Juan LLC, a Puerto Rican limited liability company

Sonesta State Street LLC, a Maryland limited liability company

Sonesta Toronto ULC, a British Columbian company

 

     

     

    

 

Schedule
B

 

Owners

 

Cambridge TRS, Inc., a Maryland
corporation

HPT Clift TRS LLC, a Maryland
limited liability company

HPT CY TRS, Inc., a Maryland corporation

HPT State Street TRS LLC, a Maryland limited liability company

HPT TRS IHG-2, Inc., a Maryland corporation

HPT TRS MRP., Inc., a Maryland corporation

HPT Wacker Drive TRS LLC, a Maryland limited liability company

SVC Gatehall Drive TRS LLC, a Maryland limited liability company

SVC Jersey City TRS LLC, a Maryland limited liability company

SVC Minneapolis TRS LLC, a Maryland limited liability company

SVC Morris Plains TRS LLC, a Maryland limited liability company

SVC Randolph Street TRS LLC, a Maryland limited liability company

SVC Redondo Beach TRS LLC, a Maryland limited liability company

SVC San Juan TRS LLC, a Puerto Rican limited liability company

 

     

     

    

 

 

Schedule
C

 

HOTELS

 

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	1.	
    Sonesta Simply Suites Birmingham

    600 Corporate Ridge Drive

    Birmingham, AL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	2.	
    Sonesta ES Suites Birmingham Homewood

    50 State Farm Parkway

    Homewood, AL
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	3.	
    Sonesta Simply Suites Huntsville

    201 Exchange Place

    Huntsville, AL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	4.	
    Sonesta Select Phoenix Chandler

    920 North 54th Street

    Chandler, AZ
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	5.	
    Sonesta ES Suites Flagstaff

    1400 N. Country Club Drive

    Flagstaff, AZ
	HPTMI Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	6.	
    Sonesta Simply Suites Phoenix

    11411 North Black Canyon Highway

    Phoenix, AZ
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	7.	
    Sonesta Select Phoenix Camelback

    2101 East Camelback Road

    Phoenix, AZ
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	8.	
    Sonesta Suites Scottsdale

    7300 East Gainey Suites Drive

    Scottsdale, AZ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	9.	
    Sonesta ES Suites Scottsdale

    6040 North Scottsdale Road

    Scottsdale, AZ
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	10.	
    Sonesta Simply Suites Scottsdale North

    10740 North 90th Street

    Scottsdale, AZ
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	11.	
    Sonesta Select Scottsdale at Mayo Clinic

    13444 East Shea Boulevard

    Scottsdale, AZ
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	12.	
    Sonesta Simply Suites Phoenix Tempe

    1335 West Baseline Road

    Tempe, AZ
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	13.	
    Sonesta Select Tempe

    601 South Ash Avenue

    Tempe, AZ
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	14.	
    Sonesta ES Suites Tempe

    5075 South Priest Drive

    Tempe, AZ
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	15.	
    Sonesta ES Suites Tucson

    6477 East Speedway Boulevard

    Tucson, AZ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	16.	
    Sonesta Anaheim

    1915 South Manchester Avenue

    Anaheim, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	17.	
    Sonesta ES Suites Anaheim

    1855 South Manchester Ave

    Anaheim, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	18.	
    Sonesta Select Camarillo

    4994 Verdugo Way

    Camarillo, CA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	19.	
    Sonesta ES Suites Chatsworth

    21902 Lassen

    Chatsworth, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	20.	
    Sonesta Select Los Angeles LAX

    2000 East Mariposa Avenue

    El Segundo, CA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	21.	
    Sonesta Emeryville

    5555 Shellmound Street

    Emeryville, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Full
	22.	
    Sonesta ES Suites Huntington Beach

    9930 Slater Avenue

    Fountain Valley, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	23.	
    Sonesta Select Huntington Beach

    9950 Slater Road

    Fountain Valley, CA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	24.	
    Sonesta ES Suites Fresno

    5322 North Diana Avenue

    Fresno, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	25.	
    Sonesta Simply Suites Anaheim

    12901 Garden Grove Blvd

    Garden Grove, CA
	HPTMI Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	26.	
    The Sonesta Irvine

    17941 Von Karman Avenue

    Irvine, CA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	27.	
    Sonesta Simply Suites Orange County Spectrum Center

    16150 Sand Canyon Avenue

    Irvine, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	28.	
    Sonesta Select Laguna Hills

    23175 Avenida de la Carlota

    Laguna Hills, CA
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	29.	
    Sonesta Simply Suites Orange County Irvine

    3 South Pointe Drive

    Lake Forest, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	30.	
    Sonesta Los Angeles Airport

    5985 West Century Boulevard

    Los Angeles, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	31.	
    Sonesta Silicon Valley

    1820 Barber Lane

    Milpitas, CA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	32.	
    Sonesta San Jose

    777 Bellew Drive

    Milpitas, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	33.	
    Sonesta Select Pleasant Hill

    2250 Contra Costa Boulevard

    Pleasant Hill, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	34.	
    Sonesta Redondo Beach & Marina

    300 North Harbor Drive

    Redondo Beach, CA
	HPT IHG-2 Properties Trust	SVC Redondo Beach TRS LLC	Sonesta Redondo Beach LLC	Full
	35.	
    Sonesta ES Suites San Francisco Airport

    1350 Huntington Avenue

    San Bruno, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	36.	
    Sonesta ES Suites San Diego

    1185 Avenue of Industry

    San Diego, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	37.	
    Sonesta ES Suites San Diego - Mira Mesa

    6639 Mira Mesa Boulevard

    San Diego, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	38.	
    Sonesta ES Suites Carmel Mountain

    11002 Rancho Carmel Drive

    San Diego, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	39.	
    The Clift Royal Sonesta Hotel

    495 Geary Street

    San Francisco, CA
	HPT Geary Properties Trust	HPT Clift TRS LLC	Sonesta Clift LLC	Full
	40.	
    Sonesta ES Suites San Jose Airport

    1602 Crane Court

    San Jose, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	41.	
    Sonesta Select San Jose Airport

    1727 Technology Drive

    San Jose, CA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	42.	
    Sonesta Select San Ramon

    18090 San Ramon Valley Boulevard

    San Ramon, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	43.	
    Sonesta Simply Suites Orange County Airport

    2600 Red Hill Avenue

    Santa Ana, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	44.	
    Sonesta Simply Suites -Silicon Valley Santa Clara

    481 El Camino Real

    Santa Clara, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	45.	
    Sonesta Select San Francisco Airport Oyster Point

    1300 Veterans Boulevard

    South San Francisco, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	46.	
    Sonesta ES Suites San Francisco Airport Oyster Point

    1350 Veterans Boulevard

    South San Francisco, CA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	47.	
    Sonesta ES Suites Sunnyvale

    900 Hamlin Court

    Sunnyvale, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

 

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	48.	
    Sonesta ES Suites Torrance Redondo Beach

    19901 Prairie Ave

    Torrance, CA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	49.	
    Sonesta Select Los Angeles Torrance

    1925 West 190th Street

    Torrance, CA
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	50.	
    Sonesta ES Suites Colorado Springs

    3880 North Academy Boulevard

    Colorado Springs, CO
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	51.	
    Sonesta Denver

    1450 Glenarm Place

    Denver, CO
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	52.	
    Sonesta Simply Suites Denver Federal Center

    895 Tabor Street

    Lakewood, CO
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	53.	
    Sonesta ES Suites Denver South

    7820 Park Meadows Drive

    Lonetree, CO
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	54.	
    Royal Sonesta Washington DC

    2121 P Street NW

    Washington, DC
	HPT IHG-3 Properties LLC	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	55.	
    Sonesta ES Suites Wilmington - Newark

    240 Chapman Road

    Newark, DE
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	56.	
    Sonesta Select Boca Raton

    2000 NW Executive Center Cir.

    Boca Raton, FL
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	57.	
    Sonesta Simply Suites Clearwater

    13231 49th Street North

    Clearwater, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	58. 	
    Sonesta Fort Lauderdale

    999 N. Fort Lauderdale Beach Boulevard

    Fort Lauderdale, FL
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	59.	
    Sonesta ES Suites Fort Lauderdale Plantation

    410 North Pine Island Road

    Fort Lauderdale, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	60.	
    Sonesta Simply Suites Jacksonville

    4990 Belfort Road

    Jacksonville, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	61.	
    Sonesta Simply Suites Miami Airport

    8855 NW 27th Street

    Miami, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	62.	
    Sonesta Miami Airport

    950 NW 42nd Avenue

    Miami, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	63.	
    Sonesta Select Miami Lakes

    15700 NW 77th Court

    Miami Lakes, FL
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	64.	
    Sonesta ES Suites Orlando

    8480 International Drive

    Orlando, FL
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	65.	
    Sonesta ES Suites Lake Buena Vista

    8751 Suiteside Drive

    Orlando, FL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	66.	
    Sonesta ES Suites Alpharetta North Point

    3980 North Point Parkway

    Alpharetta, GA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	67.	
    Sonesta ES Suites Atlanta North Point Mall

    1325 North Point Drive

    Alpharetta, GA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	68.	
    Sonesta ES Suites Atlanta Alpharetta Windward

    5465 Windward Parkway

    Alpharetta, GA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	69.	
    Sonesta Atlanta Airport South

    4669 Airport Boulevard

    Atlanta, GA
	HPT IHG GA Properties LLC	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	70.	
    Sonesta ES Suites Atlanta

    760 Mount Vernon Highway

    Atlanta, GA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	71.	
    Sonesta Atlanta Northwest Galleria

    6345 Powers Ferry Road NW

    Atlanta, GA
	HPT IHG-3 Properties LLC	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	72.	
    Sonesta Atlanta Airport North

    1325 Virginia Avenue

    Atlanta, GA
	HPT IHG-3 Properties LLC	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	73.	
    Sonesta Select Atlanta Midtown

    1132 Techwood Drive NW

    Atlanta, GA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	74.	
    Sonesta Select Atlanta Cumberland

    3000 Cumberland Boulevard SE

    Atlanta, GA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	75.	
    Sonesta Simply Suites Atlanta

    3665 Shackleford Road

    Duluth, GA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	76.	
    Sonesta ES Suites Atlanta – Perimeter Center

    4601 Ridgeview Road

    Dunwoody, GA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	77.	
    Sonesta Select Atlanta Airport

    3399 International Boulevard

    Hapeville, GA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	78.	
    Sonesta ES Suites Atlanta Kennesaw Town Center

    3443 Busbee Drive NW

    Kennesaw, GA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	79.	
    Royal Sonesta Kauai Resort

    3160 Rice Street

    Lihue-Kauai, HI
	HPTMI Hawaii, Inc.	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Full
	80.	
    Sonesta Simply Suites Des Moines

    7625 Office Plaza Drive North

    Des Moines, IA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	81.	
    Royal Sonesta Chicago River North

    505 North State Street

    Chicago, IL
	HPT IHG Chicago Property LLC	HPT State Street TRS LLC	Sonesta State Street LLC	Full
	82.	
    Royal Sonesta Chicago Downtown

    71 East Wacker Drive

    Chicago, IL
	HPT IHG-2 Properties Trust	HPT Wacker Drive TRS LLC	Sonesta Chicago LLC	Full
	83.	
    The Allegro Royal Sonesta Hotel

    171 West Randolph Street

    Chicago, IL
	HPT IHG-3 Properties LLC	SVC Randolph Street TRS LLC	Sonesta Randolph Street LLC	Full

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	84.	
    Sonesta ES Suites Chicago Downtown

    201 East Walton Place

    Chicago, IL
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	85.	
    Sonesta Simply Suites Chicago Libertyville

    1100 N US Route 45

    Libertyville, IL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	86.	
    Sonesta Chicago O’Hare Airport

    10233 West Higgins Road

    Rosemont, IL
	HPT IHG-3 Properties LLC	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	87.	
    Sonesta Simply Suites Chicago O’Hare

    4021 North Mannheim Road

    Schiller Park, IL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	88.	
    Sonesta Simply Suites Chicago Naperville

    27 West 300 Warrenville Road

    Warrenville, IL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	89.	
    Sonesta Simply Suites Chicago Waukegan

    1151 South Waukegan Road

    Waukegan, IL
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	90.	
    Sonesta ES Suites Chicago Waukegan

    1440 South White Oak Drive

    Waukegan, IL
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	91.	
    Sonesta Select Indianapolis

    37 W 103rd Street

    Indianapolis, IN
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	92.	
    Sonesta ES Suites Baton Rouge

    4001 Nicholson Drive

    Baton Rouge, LA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	93.	
    Sonesta ES Suites New Orleans Convention Center

    345 St. Joseph Street

    New Orleans, LA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	94.	
    Royal Sonesta New Orleans

    300 Bourbon Street

    New Orleans, LA
	Royal Sonesta, Inc.	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	95.	
    Sonesta ES Suites Andover

    4 Technology Drive

    Andover, MA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	96.	
    Sonesta Simply Suites Boston Braintree

    235 Wood Road

    Braintree, MA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	97.	
    Sonesta Simply Suites Boston Burlington

    130 Middlesex Turnpike

    Burlington, MA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	98.	
    Royal Sonesta Cambridge

    40 Edwin H. Land Boulevard

    Cambridge, MA
	HPT Cambridge LLC	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	99.	
    Sonesta Select Boston Danvers

    275 Independence Way

    Danvers, MA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	100.	
    Sonesta Select Boston Foxborough

    35 Foxborough Boulevard

    Foxborough, MA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	101.	
    Sonesta Select Boston Lowell

    30 Industrial Avenue East

    Lowell, MA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	102.	
    Sonesta Select Boston Milford

    10 Fortune Boulevard

    Milford, MA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	103.	
    Sonesta ES Suites Annapolis

    170 Admiral Cochrane Drive

    Annapolis, MD
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	104.	
    Royal Sonesta Harbor Court Baltimore

    550 Light Street

    Baltimore, MD
	Harbor Court Associates, LLC	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	105.	
    Sonesta Select Columbia

    8910 Stanford Boulevard

    Columbia, MD
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	106.	
    Sonesta Simply Suites Baltimore BWI Airport

    1247 Winterson Road

    Linthicum Heights, MD
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	107.	
    Sonesta ES Suites Baltimore BWI Airport

    1160 Winterson Road

    Linthicum Heights, MD
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	108.	
    Sonesta Simply Suites Detroit Ann Arbor

    701 Waymarket Way

    Ann Arbor, MI
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	109.	
    Sonesta Select Detroit Auburn Hills

    2550 Aimee Lane

    Auburn Hills, MI
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	110.	
    Sonesta Simply Suites Detroit Novi

    42600 Eleven Mile Road

    Novi, MI
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	111.	
    Sonesta Select Detroit Novi

    42700 Eleven Mile Road

    Novi, MI
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	112.	
    Sonesta Simply Suites Detroit Troy

    2550 Troy Center Drive

    Troy, MI
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	113.	
    Sonesta Simply Suites Detroit Warren

    7010 Convention Boulevard

    Warren, MI
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	114.	
    Sonesta ES Suites Detroit Warren

    30120 North Civic Center Blvd.

    Warren, MI
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	115.	
    Sonesta Select Minneapolis

    11391 Viking Drive

    Eden Prairie, MN
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	116.	
    Sonesta Simply Suites Minneapolis Richfield

    351 West 77th Street

    Minneapolis, MN
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	117.	
    Royal Sonesta Minneapolis

    35-45 South Seventh Street

    Minneapolis, MN
	HPTWN Properties Trust	SVC Minneapolis TRS LLC	Sonesta Minneapolis LLC	Full
	118.	
    Sonesta Simply Suites St. Louis Earth City

    3250 Rider Trail South

    Earth City, MO
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	119.	
    Sonesta Select Kansas City South

    500 East 105th Street

    Kansas City, MO
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

 

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	120.	
    Sonesta Select Kansas City Airport

    7901 NW Tiffany Springs Parkway

    Kansas City, MO
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	121.	
    Royal Sonesta Chase Park Plaza

    212-232 N. Kingshighway Boulevard

    St. Louis, MO
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	122.	
    Sonesta ES Suites Raleigh Cary

    2900 Regency Parkway

    Cary, NC
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	123.	
    Sonesta ES Suites Charlotte

    7925 Forest Pine Drive

    Charlotte, NC
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	124.	
    Sonesta Charlotte

    5700 Westpark Drive

    Charlotte, NC
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	125.	
    Sonesta Simply Suites Charlotte University

    8812 University East Drive

    Charlotte, NC
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	126.	
    Sonesta Select Charlotte University

    333 West WT Harris Boulevard

    Charlotte, NC
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	127.	
    Sonesta Select Raleigh Durham Airport

    2001 Hospitality Court

    Morrisville, NC
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	128.	
    Sonesta ES Suites Raleigh Durham Airport

    2020 Hospitality Court

    Morrisville, NC
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	129.	
    Sonesta Simply Suites Jersey City

    21 2nd Street

    Jersey City, NJ
	HPT IHG-2 Properties Trust	SVC Jersey City TRS LLC	Sonesta Jersey City LLC	Select
	130.	
    Sonesta Simply Suites Parsippany Morris Plains

    100 Candlewood Drive

    Morris Plains, NJ
	HPT IHG-2 Properties Trust	SVC Morris Plains TRS LLC	Sonesta Morris Plains LLC	Select
	131.	
    Sonesta ES Suites Parsippany Morris Plains

    3 Gatehall Drive

    Parsippany, NJ
	HPTMI Properties Trust	SVC Gatehall Drive TRS LLC	Sonesta Gatehall Drive LLC	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	132.	
    Sonesta ES Suites Princeton

    4375 US Route 1 South

    Princeton, NJ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	133.	
    Sonesta ES Suites Somerset

    260 Davidson Avenue

    Somerset, NJ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	134.	
    Sonesta Select Tinton Falls

    600 Hope Road

    Tinton Falls, NJ
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	135.	
    Sonesta Select Whippany

    157 Route 10 East

    Whippany, NJ
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	136.	
    Sonesta Simply Suites Albuquerque

    3025 Menaul Boulevard NE

    Albuquerque, NM
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	137.	
    Sonesta ES Suites Albuquerque

    3300 Prospect Avenue, NE

    Albuquerque, NM
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	138.	
    Sonesta Simply Suites Las Vegas

    4034 South Paradise Road

    Las Vegas, NV
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	139.	
    Sonesta Select Las Vegas

    1901 North Rainbow Boulevard

    Las Vegas, NV
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	140.	
    Sonesta ES Suites Reno

    9845 Gateway Drive

    Reno, NV
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	141.	
    Sonesta White Plains

    66 Hale Avenue

    White Plains, NY
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	142.	
    Sonesta ES Suites Cincinnati - Blue Ash

    11401 Reed Hartman Highway

    Blue Ash, OH
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Select
	143.	
    Sonesta Columbus

    33 East Nationwide Boulevard

    Columbus, OH
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	144.	
    Sonesta Simply Suites Columbus Airport

    590 Taylor Road

    Gahanna, OH
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	145.	
    Sonesta Simply Suites Cleveland North Olmstead

    24741 Country Club Boulevard

    North Olmstead, OH
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	146.	
    Sonesta Simply Suites Oklahoma City Airport

    4400 River Park Drive

    Oklahoma City, OK
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	147.	
    Sonesta ES Suites Toronto

    355 South Park Road

    Toronto, ON
	HPT IHG Canada Properties Trust	HPT TRS IHG-2, Inc.	Sonesta Canada ULC	Select
	148.	
    The Yorkville Royal Sonesta Hotel

    220 Bloor Street

    Toronto, ON
	HPT IHG Canada Properties Trust	HPT TRS IHG-2, Inc.	Sonesta Toronto ULC	Full
	149.	
    Royal Sonesta Portland

    506 SW Washington Street

    Portland, OR
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	150.	
    Sonesta Select Allentown Bethlehem

    2160 Motel Drive

    Allentown, PA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	151.	
    Sonesta ES Suites Allentown Bethlehem

    2180 Motel Drive

    Bethlehem, PA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	152.	
    Sonesta Hotel Philadelphia

    1800 Market Street

    Philadelphia, PA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	153. 	
    Sonesta Select Philadelphia Airport

    8900 Bartram Avenue

    Philadelphia, PA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	154.	
    Sonesta Simply Suites Pittsburgh Airport

    100 Chauvet Drive

    Pittsburgh, PA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	155.	
    Royal Sonesta San Juan

    5961 Isla Verde Avenue

    Carolina PR
	HPT IHG PR, Inc.	SVC San Juan TRS LLC	Sonesta San Juan LLC	Full

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	156.	
    Sonesta Select Newport Middletown

    9 Commerce Drive

    Middletown, RI
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	157.	
    Sonesta Hilton Head

    130 Shipyard Drive

    Hilton Head, SC
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	158.	
    Sonesta Simply Suites Nashville Brentwood

    5129 Virginia Way

    Brentwood, TN
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	159.	
    Sonesta ES Suites Nashville Brentwood

    206 Ward Circle

    Brentwood, TN
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	160.	
    Sonesta Select Chattanooga

    2210 Bams Drive

    Chattanooga, TN
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	161.	
    Sonesta Select Nashville Airport Suites

    1100 Airport Center Drive

    Nashville, TN
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	162.	
    Sonesta Nashville Airport

    600 Marriott Drive

    Nashville, TN
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Full
	163.	
    Sonesta Simply Suites Arlington

    2221 Brookhollow Plaza Drive

    Arlington, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	164.	
    Sonesta ES Suites Austin Arboretum

    10201 Stonelake Boulevard

    Austin, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	165.	
    Sonesta Simply Suites Austin South

    4320 IH 35 Frontage Road

    Austin, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	166.	
    The Stephen F. Austin Royal Sonesta Hotel

    701 Congress Avenue

    Austin, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	167.	
    Sonesta Simply Suites Austin Arboretum

    9701 Stonelake Boulevard

    Austin, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	168.	
    Sonesta Simply Suites Dallas Galleria

    13939 Noel Road

    Dallas, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	169.	
    Sonesta ES Suites Dallas Market Center

    6950 North Stemmons Freeway

    Dallas, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	170.	
    Sonesta Select Dallas Central Expressway

    10325 North Central Expressway

    Dallas, TX
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	171.	
    Sonesta ES Suites Fort Worth

    5801 Sandshell Drive

    Fort Worth, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	172.	
    Royal Sonesta Houston Hotel

    2222 West Loop South

    Houston, TX
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	Full
	173.	
    Sonesta Simply Suites Houston Clear Lake

    2737 Bay Area Boulevard

    Houston, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	174.	
    Sonesta Simply Suites Houston City Centre

    10503 Town & Country Way

    Houston, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	175.	
    Sonesta ES Suites Dallas Las Colinas

    1201 Executive Circle

    Irving, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	176.	
    Sonesta Simply Suites Dallas Las Colinas

    5300 Green Park Drive

    Irving, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	177.	
    Sonesta Simply Suites Plano

    4701 Legacy Drive

    Plano, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	178.	
    Sonesta ES Suites San Antonio Northwest

    4320 Spectrum One

    San Antonio, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	179.	
    Sonesta ES Suites San Antonio

    425 Bonham Street

    San Antonio, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

	180.	
    Sonesta Simply Suites Salt Lake City Airport

    2170 West North Temple

    Salt Lake City, UT
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	181.	
    Sonesta Select Arlington

    1533 Clarendon Boulevard

    Arlington, VA
	HPTCY Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	182.	
    Sonesta ES Suites Charlottesville

    1111 Millmont Street

    Charlottesville, VA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	183.	
    Sonesta ES Suites Fairfax

    12815 Fairlakes Parkway

    Fairfax, VA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	184.	
    Sonesta Simply Suites Falls Church

    205 Hillwood Avenue

    Falls Church, VA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	185.	
    Sonesta Simply Suites Hampton

    401 Butler Farm Road

    Hampton, VA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	186.	
    Sonesta ES Suites Dulles Airport

    13700 Coppermine Road

    Herndon, VA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select
	187.	
    Sonesta Select Seattle Belleview

    14615 NE 29th Place

    Bellevue, WA
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	188.	
    Sonesta Select Seattle Renton

    200 SW 19th Street

    Renton, WA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	189.	
    Sonesta Simply Suites Seattle Renton

    300 SW 19th Street

    Renton, WA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select
	190.	
    The Alexis Royal Sonesta Hotel

    1007 First Avenue

    Seattle, WA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	191.	
    Sonesta ES Suites Vancouver - Portland West

    7301 NE 41st Street

    Vancouver, WA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

 

	 	Trade Name and Street Address	Landlord	Owner	Manager	Service 

Level
	192.	
    Sonesta Select Milwaukee Brookfield

    16865 West Bluemound Road

    Brookfield, WI
	Service Properties Trust	HPT CY TRS, Inc.	Sonesta International Hotels Corporation	Select
	193.	
    Sonesta Milwaukee West

    10499 Innovation Drive

    Wauwatosa, WI
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Sonesta International Hotels Corporation	Full
	194.	
    Sonesta ES Suites Charleston

    200 Hotel Circle

    Charleston, WV
	HPT IHG-2 Properties Trust	HPT TRS MRP, Inc.	Sonesta International Hotels Corporation	Select

 

      

     

    

  

Schedule
D

 

MANAGEMENT
AGREEMENTS

 

		1.	Amended, Restated and Consolidated Master Management Agreement for Retained Hotels, dated as of January 1, 2022, by and among Sonesta
International Hotels Corporation, as manager, and Cambridge TRS, Inc., HPT CY TRS, Inc., HPT TRS IHG-2, Inc. and HPT TRS MRP, Inc., as
owners. [180 Hotels]

 

		2.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Redondo Beach LLC and SVC Redondo Beach
TRS LLC. [Sonesta Redondo Beach & Marina]

 

		3.	Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Clift LLC and HPT Clift TRS
LLC. [The Clift Royal Sonesta Hotel]

 

		4.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta State Street LLC and HPT State Street
TRS LLC. [The Royal Sonesta Chicago River North]

 

		5.	Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Chicago LLC and HPT Wacker Drive
TRS LLC. [The Royal Sonesta Chicago Downtown]

 

		6.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Randolph Street LLC and SVC Randolph
Street TRS LLC. [The Allegro Royal Sonesta Chicago River Loop]

 

		7.	Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta International Hotels Corporation
and Cambridge TRS, Inc. [Royal Sonesta Boston]

 

		8.	Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta International Hotels Corporation
and Cambridge TRS, Inc. [Royal Sonesta New Orleans]

 

		9.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Jersey City LLC and SVC Jersey City
TRS LLC. [Sonesta Jersey City]

 

		10.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Morris Plains LLC and SVC Morris Plains
TRS LLC. [Sonesta Simply Suites Parsippany Morris Plains]

 

		11.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Gatehall Drive LLC and SVC Gatehall
Drive TRS LLC. [Sonesta ES Suites Parsippany Morris Plains]

 

      

     

    

  

		12.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Minneapolis LLC and SVC Minneapolis
TRS LLC. [Royal Sonesta Minneapolis]

 

		13.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta San Juan LLC and SVC San Juan TRS LLC.
[Royal Sonesta San Juan]

 

		14.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Canada ULC and HPT TRS IHG-2, Inc.
[Sonesta ES Suites Toronto]

 

		15.	Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Toronto ULC and HPT TRS IHG-2, Inc.
[The Yorkville Royal Sonesta Hotel]

 

      

     

    

  

Schedule
E

 

PRIOR
POOLING Agreements

 

		1.	Amended and Restated Pooling Agreement, dated as of February 27, 2020, by and among Sonesta Chicago LLC, Sonesta Clift LLC, Sonesta
International Hotels Corporation, as managers, and Cambridge TRS, Inc., HPT Clift TRS LLC, and HPT Wacker Drive TRS LLC, as owners.

 

		2.	Pooling Agreement (Conversion Hotels), dated as of December 15, 2020, but made effective as of September 18, 2020, by and among Sonesta
Canada ULC, Sonesta Gatehall Drive LLC, Sonesta International Hotel Corporation, Sonesta Jersey City LLC, Sonesta Morris Plains LLC, Sonesta
Nanuet LLC, Sonesta NJ LLC, Sonesta Randolph Street LLC, Sonesta San Juan LLC, Sonesta State Street LLC and Sonesta Toronto ULC, as managers,
and Cambridge TRS, Inc., HPT CY TRS, Inc., HPT State Street TRS LLC, HPT TRS IHG-2, Inc., HPT TRS MRP, Inc., SVC Gatehall Drive TRS LLC,
SVC Jersey City TRS LLC, SVC Morris Plains TRS LLC, SVC Nanuet TRS LLC, SVC NJ TRS LLC, SVC Randolph Street TRS LLC, SVC Redondo Beach
TRS LLC and SVC San Juan TRS LLC, as owners.Exhibit 10.3

 

  

AMENDED, RESTATED AND CONSOLIDATED

MASTER MANAGEMENT AGREEMENT FOR SALE HOTELS

 

by and AMONG

 

SONESTA INTERNATIONAL
HOTELS CORPORATION

 

as “MANAGER”

AND

 

CAMBRIDGE TRS,
INC.,

HPT CY TRS, INC.,

HPT TRS IHG-2, INC. and

HRP TRS MRP, INC.

 

as “OWNERS”

 

Dated as of JANUARY
1, 2022

 

     

     

    

  

TABLE OF CONTENTS

  

	Article I  APPOINTMENT OF MANAGER	1
	1.01   Appointment	1
	1.02   Management of the Hotels	2
	1.03   Services Provided by Manager	4
	1.04   Employees	5
	1.05   Right to Inspect	6
	Article II  TERM	6
	2.01   Term	6
	2.02   Early Termination	6
	Article III  COMPENSATION OF MANAGER; DISBURSEMENTS	6
	3.01   Fees	6
	3.02   Disbursements	6
	3.03   Timing of Payments	7
	Article IV  ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS; WORKING CAPITAL AND OPERATING LOSSES	8
	4.01   Accounting, Interim Payment and Annual Reconciliation	8
	4.02   Books and Records	9
	4.03   Accounts	9
	4.04   Annual Operating Projection	10
	4.05   Working Capital	10
	4.06   Operating Losses	11
	Article V  REPAIRS, MAINTENANCE AND REPLACEMENTS	11
	5.01   Manager’s Maintenance Obligation	11
	5.02   Repairs and Maintenance to be Paid from Gross Revenues	11
	5.03   [Reserved]	11
	5.04   [Reserved]	11
	5.05   [Reserved]	11
	5.06   [Reserved]	11
	5.07   [Reserved]	11
	5.08   [Reserved]	11
	Article VI  INSURANCE, DAMAGE AND CONDEMNATION	12
	6.01   General Insurance Requirements	12
	6.02   Waiver of Subrogation	12
	6.03   Risk Management	12
	6.04   Damage and Repair	12
	6.05   [Reserved]	12
	6.06   Condemnation	13
	6.07   Partial Condemnation	13
	6.08   Temporary Condemnation	13

  

     

     

    

 

	6.09   Allocation of Award	13
	6.10   Effect of Condemnation	13
	Article VII  TAXES	14
	7.01   Real Estate and Personal Property Taxes	14
	Article VIII  OWNERSHIP OF THE HOTELS	14
	8.01   Ownership of the Hotels	14
	8.02   No Covenants, Conditions or Restrictions	15
	8.03   Liens; Credit	15
	8.04   Financing	16
	Article IX  DEFAULTS	17
	9.01   Manager Events of Default	17
	9.02   Remedies for Manager Events of Default	18
	9.03   Owner Events of Default	19
	9.04   Remedies for Owner Events of Default	20
	Article X  ASSIGNMENT AND SALE	21
	10.01   Assignment	21
	10.02   [Reserved]	22
	10.03   Amendments of the Leases	22
	Article XI  MISCELLANEOUS	22
	11.01   Right to Make Agreement	22
	11.02   Actions By Manager	22
	11.03   Relationship	22
	11.04   Applicable Law	23
	11.05   Notices	23
	11.06   Environmental Matters	23
	11.07   Confidentiality	24
	11.08   Projections	25
	11.09   Actions to be Taken Upon Termination	25
	11.10   Trademarks, Trade Names and Service Marks	27
	11.11   Waiver	28
	11.12   Partial Invalidity	28
	11.13   Survival	28
	11.14   Negotiation of Agreement	28
	11.15   Entire Agreement	28
	11.16   Affiliates	28
	11.17   Disputes	29
	11.18   Permitted Contests	31
	11.19   Estoppel Certificates	32
	11.20   Indemnification	32
	11.21   Remedies Cumulative	33
	11.22   Amendments and Modifications	33
	11.23   Claims; Binding Effect; Time of the Essence; Nonrecourse	33

  

    ii

     

    

 

	11.24   Counterparts; Headings	33
	11.25   No Political Contributions	33
	11.26   REIT Qualification	34
	11.27   Adverse Regulatory Event	34
	11.28   Tax Matters	34
	11.29   Third Party Beneficiaries	35
	Article XII  DEFINITION OF TERMS; CONSTRUCTION	35
	12.01   Definition of Terms	35
	12.02   Construction	45

  

	Schedule 1	Hotels
	Schedule 2	Leases
	Schedule 3 	Prior Management Agreements

 

    iii

     

    

 

THIS AMENDED, RESTATED AND CONSOLIDATED MASTER
MANAGEMENT AGREEMENT FOR SALE HOTELS (this “Agreement”) is executed as of January 1, 2022 (the “Effective
Date”), by and among SONESTA INTERNATIONAL HOTELS CORPORATION, a Maryland corporation, as manager (“Manager”),
and CAMBRIDGE TRS, INC., HPT CY TRS, INC., HPT TRS IHG-2, INC. and HPT TRS MRP, INC., each a Maryland corporation,
as owners (each, an “Owner” and, collectively, “Owners”).

 

R E C I T A L S:

 

WHEREAS, certain affiliates of Owners identified
on Schedule 1 to this Agreement (each, a “Landlord” and, collectively, “Landlords”) own fee
or leasehold title to the real property related to the hotels identified on Schedule 1 to this Agreement (each, a “Hotel”);

 

WHEREAS, each Landlord has leased or subleased
one or more Hotels to one or more Owners pursuant to one or more lease agreements as identified on Schedule 2 to this Agreement
(as amended from time to time, each, a “Lease” and, collectively, the “Leases”);

 

WHEREAS, each Owner engaged Manager to manage
and operate one or more of the Hotels leased or subleased by such Owner pursuant to one or more management agreements as identified on
Schedule 3 to this Agreement (as amended from time to time, each, a “Prior Management Agreement” and, collectively,
the “Prior Management Agreements”); and

 

WHEREAS, Manager and Owners desire to amend,
restate and consolidate the Prior Management Agreements with respect to the Hotels in accordance with terms and provisions of this Agreement
effective as of 12:01 a.m. on the Effective Date;

 

NOW, THEREFORE, in consideration of the
mutual covenants contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, Manager
and Owners agree as follows:

 

Article
I 

APPOINTMENT OF MANAGER

 

1.01         
Appointment.

 

A.               
Subject to the provisions of this Agreement, each Owner hereby continues to engage Manager to supervise, direct and control the
management and operation of each Hotel leased or subleased by such Owner (as indicated on Schedule 1) during the Term. Manager
accepts such continued engagement and agrees to manage and operate each Hotel during the Term in accordance with the terms and conditions
of this Agreement. Each Hotel shall be known as and operated under the Trade Name designated for such Hotel on Schedule 1 (or such
other Trade Name as may be reasonably approved by the applicable Owner for such Hotel). All capitalized terms shall have the meaning ascribed
to them in Article XII.

 

     

     

    

 

 

B.                 Owners
and Manager may terminate the Term of this Agreement with respect to any Hotel or cause additional hotels to become subject to this
Agreement by executing and delivering an amended and restated Schedule 1 to this Agreement, which amended and restated Schedule
1 shall amend, restate and replace the then-current Schedule 1 to this Agreement from and after the date on which it is
executed and delivered by Owners and Manager. If the owner of the fee or leasehold title to any Hotel that is added to this
Agreement after the Effective Date has not already joined this Agreement as a Landlord hereunder, then such owner shall execute a
joinder to this Agreement in form and substance reasonably satisfactory to the parties hereto, and, thereupon, such owner shall
thereafter be considered a Landlord for all purposes of this Agreement.

 

1.02         
Management of the Hotels.

 

A.                 
The management and operation of each Hotel shall be under the exclusive supervision and control of Manager except as otherwise
specifically provided in this Agreement. Manager shall manage and operate each Hotel in an efficient and economical manner consistent
with standards prevailing in other hotels in the System, including all activities in connection therewith which are customary and usual
to such an operation (the “Operating Standards”); provided, however, that if the market area or the physical
peculiarities of any Hotel warrant, in the reasonable judgment of Manager, a deviation from such Operating Standards, the applicable Owner
shall not unreasonably withhold its approval of such deviation.

 

B.                 
Manager shall, with respect to each Hotel, in accordance with the applicable System Standards, the Operating Standards and
the terms of this Agreement:

 

1.                 
Recruit, employ, supervise, direct and (when appropriate) discharge the employees at such Hotel.

 

2.                 
Establish Guest Room rates and charges for services provided in such Hotel.

 

3.                 
Establish administrative policies and procedures for such Hotel, including policies and procedures for employment, control of revenue
and expenditures, maintenance of bank accounts for the purchasing of supplies and services, control of credit, and scheduling of maintenance
and verify that the foregoing procedures are operating in a sound manner.

 

4.                 
Manage expenditures to replenish Inventories and Fixed Asset Supplies at such Hotel, make payments on accounts payable and collect
accounts receivable for such Hotel.

 

5.                 
Arrange for and supervise public relations and advertising and prepare marketing plans or such Hotel.

 

6.                 
Procure all Inventories and replacement Fixed Asset Supplies for such Hotel.

 

7.                 
Prepare and deliver Monthly Statements, Annual Operating Statements, Annual Operating Projections, Capital Estimates, Capital Statements
and such other information required by this Agreement or as the applicable Owner may reasonably request for such Hotel.

 

8.                 
Plan, execute and supervise routine repairs, maintenance, alterations and improvements at such Hotel.

 

    2

     

    

  

9.                 
 Provide, or cause to be provided, risk management services relating to the types of insurance required to be obtained or provided
by Manager under this Agreement and provide such information related to risk management as any Owner may from time to time reasonably
request.

 

10.             
Obtain and keep in full force and effect, either in its own name or in the applicable Owner’s and/or Landlord’s name,
as may be required by applicable law, any and all licenses and permits for such Hotel to the extent within the control of Manager (or,
if not within the control of Manager, Manager shall use commercially reasonable efforts to obtain and keep same in full force and effect).

 

11.             
Reasonably cooperate in a Sale of such Hotel or in obtaining financing for such Hotel.

 

12.             
On behalf of the applicable Owner, negotiate, enter into and administer leases, subleases, licenses and concession agreements for
all public space at such Hotel (including all retail, office and lobby space and antenna leases on rooftop areas) and administer, comply
with and arrange for extensions of any ground lease or common interest realty associations as necessary.

 

13.             
On behalf of the applicable Owner, negotiate, enter into and administer service contracts and licenses for the operation of such
Hotel, including contracts and licenses for health and safety, systems maintenance, electricity, gas, telephone, cleaning, elevator and
boiler maintenance, air conditioning maintenance, laundry and dry cleaning, master television service, internet service, use of copyrighted
materials (such as music and videos), entertainment and other services as Manager deems advisable.

 

14.             
Negotiate, enter into and administer contracts for the use of banquet and meeting facilities and Guest Rooms by groups and individuals
at such Hotel.

 

15.             
Take reasonable action to collect and institute in its own name or in the name of the applicable Owner or such Hotel, in each instance
as Manager in its reasonable discretion deems appropriate, legal actions or proceedings to collect charges, rent or other income derived
from the operation of such Hotel or to oust or dispossess guests, tenants, members or other persons in possession therefrom, or to cancel
or terminate any lease, license or concession agreement for the breach thereof or default thereunder by any tenant, licensee or concessionaire.

 

16.             
Make representatives available to consult with and advise the applicable Owner, at such Owner’s reasonable request, concerning
policies and procedures affecting the conduct of the business of such Hotel.

 

17.             
Collect on behalf of the applicable Owner and account for and remit to governmental authorities all applicable excise, sales, occupancy
and use taxes or similar governmental charges collected by or at such Hotel directly from guests, members or other patrons, or as part
of the sales price of any goods, services or displays, such as gross receipts, admission or similar or equivalent taxes, duties, levies
or charges.

 

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18.             
 Keep the applicable Owner advised of significant events which occur with respect to such Hotel which might reasonably be expected
to have a material adverse effect on the financial performance, reputation or value of such Hotel.

 

19.             
Perform such other tasks with respect to such Hotel as are customary and consistent with the Operating Standards and the System
Standards.

 

C.                
Manager shall use commercially reasonable efforts to comply with all Legal Requirements and Insurance Requirements pertaining to
its operation of each Hotel.

 

D.               
Manager shall use commercially reasonable efforts to obtain and maintain all approvals necessary to use and operate each Hotel
in accordance with the System Standards, Operating Standards and Legal Requirements applicable to such Hotel. Each Owner shall cooperate
with Manager and shall (or cause the applicable Landlord to) execute all applications and consents reasonably required to be executed
by such Owner in order for Manager to obtain and maintain such approvals.

 

E.                
Manager shall not use, and shall exercise commercially reasonable efforts to prevent the use of, any Hotel and/or Owner’s
Personal Property, if any, for any unlawful purpose. Manager shall not commit, and shall use commercially reasonable efforts to prevent
the commission of, any waste at any Hotel. Manager shall not use, and shall use commercially reasonable efforts to prevent the use of,
any Hotel in such a manner as will constitute an unlawful nuisance. Manager shall use commercially reasonable efforts to prevent the use
of any Hotel in such a manner as might reasonably be expected to impair the applicable Owner’s or Landlord’s title thereto
or any portion thereof or might reasonably be expected to give rise for a claim or claims for adverse use or adverse possession by the
public, or of implied dedication of such Hotel or any portion thereof.

 

1.03         
Services Provided by Manager.

 

A.               
Manager shall furnish certain services to each Hotel, from time to time during the Term, which are furnished generally on a central
or regional basis to other hotels in the System which are managed by Manager, and which benefit such Hotel as a participant in the System,
such as: national sales office services; central operational support for rooms, food and beverage and engineering; central training services;
career development; management personnel relocation; central safety and loss prevention services; central advertising and promotion (including
direct and image media and advertising administration); consumer affairs to the extent not charged or allocated directly to any Hotel;
the national reservations system service and inventory and revenue management services; centralized payroll and accounting services; computer
system development, support and operating costs; and central monitoring and management support from “line management” personnel
such as area managers. Other than the charges for the national reservation system services, for which Manager receives the Reservation
Fee, the Loyalty Program Fee and the Marketing Program Fee, the charges for the services listed in this Section 1.03.A. shall not
be separately compensated and are included in the System Fee.

 

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B.                 Notwithstanding
the foregoing, if, after the Effective Date, Manager determines that there are central or regional services which may be furnished
for the benefit of hotels in the System or in substitution for services now performed at individual hotels which may be more
efficiently or effectively performed on a group basis, subject to each applicable Owner’s reasonable prior approval, Manager
shall furnish such services and such Owner(s) and Manager shall reasonably agree on the allocation of the costs thereof to the
affected Hotels, which agreement shall be reflected in an approved Annual Operating Projection. For the avoidance of doubt, the
costs of such services shall be paid to Manager separate and apart from the System Fee.

 

1.04         
Employees.

 

A.                 
All personnel employed at each Hotel shall at all times be the employees of Manager. Subject to the terms of this Agreement,
Manager shall have absolute discretion with respect to all personnel employed at each Hotel, including, without limitation, decisions
regarding hiring, promoting, transferring, compensating, supervising, terminating, directing and training all employees at such Hotel,
and, generally, establishing and maintaining all policies relating to employment; provided Manager shall not enter into any written employment
agreements with any person which purport to bind any Owner and/or purport to be effective regardless of a termination, without obtaining
such Owner’s consent. Manager shall comply with all Legal Requirements regarding labor relations; if either Manager or any Owner
shall be required, pursuant to any such Legal Requirement, to recognize a labor union or to enter into a collective bargaining with a
labor union, the party so required shall promptly notify the other party. Manager shall have the authority to negotiate and settle labor
union contracts with union employees and union representatives and Manager is authorized to settle labor disputes and administrative claims
as may be routinely necessary in the daily management of any Hotel, provided the applicable Owner shall be given prompt notice of any
negotiations which could reasonably be expected to result in contracts which would bind such Owner and shall be provided with any written
materials in connection therewith prior to execution of any contract or amendment. Manager shall indemnify each Owner and Landlord for
all costs and expenses (including reasonable attorneys’ fees) incurred by any of them if any of them is joined in or made party
to any suit or cause of action alleging that Manager has failed to comply with all Legal Requirements or the requirements of any collective
bargaining agreement pertaining to the employment of Manager’s employees at any Hotel.

 

B.                 
Manager shall have the authority to hire, dismiss or transfer each Hotel’s general manager, provided Manager shall
keep each applicable Owner reasonably informed with respect to such actions. Upon any Owner’s request, Manager will provide such
Owner the opportunity to interview general manager candidates before they are hired.

 

C.                 
Manager shall decide which, if any, of the employees of each Hotel shall reside at such Hotel (provided that the applicable
Owner’s prior approval shall be obtained if more than two (2) such employees and their immediate families reside at any Hotel),
and shall be permitted to provide free accommodations and amenities to its employees and representatives living at or visiting any Hotel
in connection with its management or operation consistent with Manager’s usual practices for hotels in the System. No person shall
otherwise be given gratuitous accommodations or services without prior approval of the applicable Owner and Manager, except in accordance
with usual practices of the hotel and travel industry.

 

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1.05         
 Right to Inspect. Manager shall permit each Owner and Landlord
and their respective authorized representatives to inspect or show each Hotel during usual business hours upon not less than twenty-four
(24) hours’ notice and to make such repairs as such Owner and Landlord are permitted or required to make pursuant to the terms of
the applicable Lease, provided that any inspection or repair by such Owner or Landlord or their representatives shall not unreasonably
interfere with the use and operation of such Hotel and further provided that, in the event of an emergency as determined by such Owner
or Landlord in its reasonable discretion, prior notice shall not be required.

 

Article
II 

TERM

 

2.01         
Term. The term of this Agreement with respect to each Hotel
(the “Term”) shall begin on the Effective Date and shall continue until December 31, 2022.

 

2.02         
Early Termination. Without limiting either party’s
right to terminate this Agreement under any other provision of this Agreement, any applicable Owner may terminate this Agreement with
respect to any Hotel upon sixty (60) days’ notice to Manager, and such termination shall be in accordance with the provisions of
Section 11.09.

 

Article
III 

COMPENSATION OF MANAGER; DISBURSEMENTS

 

3.01         
Fees. In consideration of the management services to be
performed during the Term for each Hotel, Manager shall be paid the sum of the following for such Hotel:

 

A.               
The Base Management Fee for such Hotel;

 

B.                
The Reservation Fee for such Hotel;

 

C.                
The System Fee for such Hotel;

 

D.               
Any applicable Procurement and Construction Supervision Fee for such Hotel;

 

E.                
The Loyalty Program Fee for such Hotel; and

 

F.                 
The Marketing Program Fee for such Hotel.

 

3.02         
Disbursements. Gross Revenues for each Hotel shall be distributed
in the following order of priority:

 

A.               
First, to pay all Deductions (excluding the Base Management Fee, the Reservation Fee and the System Fee) for such Hotel;

 

B.                
Second, to Manager, an amount equal to the Base Management Fee, the Reservation Fee and the System Fee for such Hotel;

 

C.                
Third, to Owner, an amount equal to Owner’s Priority for such Hotel;

 

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D.               
 Fourth, pari passu, (i) to Owner, in an amount necessary to reimburse Owner for all Owner Working Capital Advances and
Owner Operating Loss Advances (collectively, “Owner Advances”) for such Hotel which have not yet been repaid pursuant
to this Section 3.02, and (ii) to Manager, in an amount necessary to reimburse Manager for all Additional Manager Advances for
such Hotel which have not yet been repaid pursuant to this Section 3.02. If at any time the amounts available for distribution
to any Owner and Manager pursuant to this Section 3.02 are insufficient (a) to repay all outstanding Owner Advances for such Hotel,
and (b) all outstanding Additional Manager Advances for such Hotel, then such Owner and Manager shall be paid from such amounts the amount
obtained by multiplying a number equal to the amount of the funds available for distribution by a fraction, the numerator of which is
the sum of all such outstanding Owner Advances, or all such outstanding Additional Manager Advances, as the case may be, and the denominator
of which is the sum of all such outstanding Owner Advances plus the sum of all such outstanding Additional Manager Advances;

 

E.                
Finally, to Owner, the Owner’s Residual Payment for such Hotel.

 

3.03         
Timing of Payments.

 

A.               
Payment of the Deductions for each Hotel, excluding the Base Management Fee, the Reservation Fee and the System Fee for such Hotel,
shall be made in the ordinary course of business. The Base Management Fee, the Reservation Fee, the System Fee, the Owner’s Priority
and the Owner’s Residual Payment for each Hotel shall be paid on or before the twentieth (20th) day after close of each
calendar month during the Term, based upon Gross Revenues or Gross Room Revenues for such Hotel, as the case may be, as reflected in the
Monthly Statement for such Hotel for such month. The Owner’s Priority for each Hotel shall be determined in accordance with the
definition thereof based upon the Additional Invested Capital for such Hotel as most recently reported to Manager by the applicable Owner.
If any installment of the Base Management Fee, the Reservation Fee, the System Fee or the Owner’s Priority for any Hotel is not
paid when due, it shall accrue interest at the Interest Rate. Calculations and payments of the Owner’s Residual Payment for each
Hotel with respect to each calendar month within a calendar year shall be accounted for cumulatively based upon the year-to-date Operating
Profit for such Hotel as reflected in the Monthly Statement for such Hotel for such calendar month and shall be adjusted to reflect distributions
for prior calendar months in such year. Additional adjustments to all payments will be made on an annual basis based upon the Annual Operating
Statement for each Hotel for each Year and any audit conducted pursuant to Section 4.02.B.

 

B.                
Subject to Section 3.03.C, if the portion of Gross Revenues for any Hotel to be distributed to Manager or any Owner pursuant
to Section 3.02 is insufficient to pay amounts then due with respect to such Hotel in full, any amounts left unpaid shall be paid
from and to the extent of Gross Revenues available therefor at the time distributions are made in successive calendar months until such
amounts are paid in full, together with interest thereon, if applicable, and such payments shall be made from such available Gross Revenues
in the same order of priority as other payments made on account of such items in successive calendar months.

 

C.                 Other
than with respect to Reimbursable Advances, calculations and payments of the fees and other payments in Section 3.02 and
distributions of Gross Revenues for each Hotel within a Year shall be accounted for cumulatively within a Year but shall not be
cumulative from one Year to the next. Calculations and payments of Reimbursable Advances for each Hotel shall be accounted for
cumulatively within a Year and shall be cumulative from one Year to the next.

 

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Article
IV 

ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS; WORKING CAPITAL AND OPERATING LOSSES

 

4.01         
Accounting, Interim Payment and Annual Reconciliation.

 

A.               
Within fifteen (15) days after the close of each calendar month, Manager shall deliver an accounting (the “Monthly Statement”)
to the applicable Owner showing Gross Revenues, Gross Room Revenues, occupancy percentage and average daily rate, Deductions, Operating
Profit, and applications and distributions thereof for each Hotel for the preceding calendar month and year-to-date.

 

B.                
Within forty-five (45) days after the end of each Year, Manager shall deliver to the applicable Owner and Landlord a statement
(the “Annual Operating Statement”) in reasonable detail summarizing the operations of each Hotel for the immediately
preceding Year and an Officer’s Certificate setting forth the totals of Gross Revenues, Deductions, and the Owner’s Residual
Payment for such Hotel for the preceding Year and certifying that such Annual Operating Statement is true and correct. Manager and each
Owner shall, within ten (10) Business Days after such Owner’s receipt of any such statement, make any adjustments, by cash payment,
in the amounts paid or retained for such Year as are required because of variances between the Monthly Statements and the Annual Operating
Statement. Any payments shall be made together with interest at the Interest Rate from the date such amounts were due or paid, as the
case may be, until paid or repaid. The Annual Operating Statement for each Hotel shall be controlling over the Monthly Statements for
such Hotel and shall be final, subject to adjustments required as a result of an audit requested by any applicable Owner or Landlord pursuant
to Section 4.02.B.

 

C.                
1. In addition, Manager shall provide such information relating to each Hotel and public information relating to Manager and
its Affiliates that (a) may be reasonably required in order for the applicable Landlord, Owner or SVC, to prepare financial statements
in accordance with GAAP or to comply with applicable securities laws and regulations and the SEC’s interpretation thereof, (b) may
be reasonably required for the applicable Landlord, Owner or SVC, as applicable, to prepare federal, state or local tax returns, or (c)
is of the type that Manager customarily prepares for other hotel owners. The foregoing does not constitute an agreement by Manager either
to join any Landlord, Owner or SVC, as applicable, in a filing with or appearance before the SEC or any other regulatory authority or
to take or consent to any other action which would cause Manager to be liable to any third party for any statement or information other
than those statements incorporated by reference pursuant to clause (a) above.

 

2.                 
Any Owner may at any time, and from time to time, provide copies of any of the statements furnished under this Section 4.01
to any Person which has made or is contemplating making a Mortgage or other financing, or a prospective purchaser in connection with a
Sale of a Hotel, subject to such Person entering into a confidentiality agreement reasonably acceptable to Manager.

 

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3.                 
 In addition, any Owner or Landlord shall have the right, from time to time at such Owner’s or Landlord’s, as the case
may be, sole cost and expense, upon reasonable notice, during Manager’s customary business hours, to cause Manager’s books
and records with respect to any Hotel to be audited by auditors selected by such Owner or Landlord, as applicable, at the place or places
where such books and records are customarily kept.

 

4.02         
Books and Records.

 

A.               
Books of control and account pertaining to operations at each Hotel shall be kept on the accrual basis and in all material respects
in accordance with the Uniform System of Accounts and with GAAP (provided that, to the extent of a conflict, GAAP shall control over the
Uniform System of Accounts), or in accordance with such industry standards or such other standards with which Manager is required to comply
from time to time, with the exceptions, if any, provided in this Agreement, to the extent applicable, which will accurately record the
Gross Revenues and the application thereof. Manager shall retain, for at least three (3) years after the expiration of each Year, reasonably
adequate records showing Gross Revenues and the application thereof for such Year. The provisions of this Section 4.02.A shall
survive termination.

 

B.                
Any Owner or Landlord may, at reasonable intervals during Manager’s normal business hours, examine such books and records,
including, without limitation, supporting data and sales and excise tax returns for its Hotels. If any Owner or Landlord desires, at its
own expense, to audit, examine, or review the Annual Operating Statement for any of its Hotels, it shall notify Manager in writing within
one (1) year after receipt of such statement of its intention to audit and begin such audit within such one (1) year after Manager’s
receipt of such notice. The applicable Owner or Landlord, as the case may be, shall use commercially reasonable efforts to complete such
audit as soon as practicable after the commencement thereof, subject to reasonable extension if such Owner’s or Landlord’s
accountant’s inability to complete the audit within such time is caused by Manager. If neither the applicable Owner nor Landlord
makes such an audit, then such statement shall be deemed to be conclusively accepted by the applicable Owner and Landlord as being correct,
and neither such Owner nor such Landlord shall have any right thereafter, except in the event of fraud by Manager, to question or examine
the same. If any audit by any Owner or Landlord discloses an understatement or overpayment of any net amounts due such Owner or Manager,
Manager shall, promptly after completion of the audit, render a statement to such Owner and Landlord setting forth the adjustments required
to be made to the distributions under Section 3.02 for such Year as a result of such audit, and such Owner and Manager, as the
case may be, shall make any additional payments required to comply with such revised statement together with interest at the Interest
Rate from the date when due or overpaid. Any dispute concerning the correctness of an audit shall be settled by arbitration. Manager shall
pay the cost of any audit revealing understatement of Operating Profit for any Hotel by more than three percent (3%), and such amount
shall not be a Deduction. The provisions of this Section 4.02.B shall survive termination.

 

4.03         
Accounts. All funds derived from the operation of each Hotel
shall be deposited by Manager in a bank account(s) in a bank designated by Manager. Withdrawals from such accounts shall be made solely
by representatives of Manager whose signatures have been authorized. Reasonable petty cash shall be maintained at each Hotel.

 

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4.04         
 Annual Operating Projection.

 

A.               
Manager shall furnish to each applicable Owner for its review and comment, at least thirty (30) days prior to the beginning of
each Year, a statement of the estimated financial results of the operation of each Hotel for the forthcoming Year (an “Annual
Operating Projection”). Such projection shall project the estimated Gross Revenues, Deductions, and Operating Profit for such
Hotel. Manager agrees to make qualified personnel from Manager’s staff available to explain such Annual Operating Projections, at
any applicable Owner’s request. Manager will at all times give good faith consideration to each Owner’s suggestions regarding
any Annual Operating Projection. Manager shall thereafter submit to each Owner, by no later than January 2nd of such Year,
a modified Annual Operating Projection for such Hotel if any changes are made following receipt of comments from such Owner. Manager and
each applicable Owner acknowledge and agree that the Annual Operating Projection for each Hotel for the 2022 calendar year has been agreed
upon.

 

B.                
Manager shall endeavor to adhere to the Annual Operating Projection for each Hotel unless otherwise agreed by the applicable Owner
and Manager. It is understood, however, that each Annual Operating Projection is an estimate only and that unforeseen circumstances including
the costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence
to any Annual Operating Projection impracticable, and Manager shall be entitled to depart therefrom due to causes of the foregoing nature;
provided, however, that nothing herein shall be deemed to authorize Manager to take any action prohibited by this Agreement
or to reduce Manager’s other rights or obligations hereunder.

 

4.05         
Working Capital. Prior to the Effective Date and pursuant
to the Prior Management Agreements, each applicable Owner advanced to Manager, as Working Capital, an amount equal to (a) $2,000 multiplied
by the number of Guest Rooms for each Hotel that is a Full Service Hotel and (b) $1,000 multiplied by the number of Guest Rooms for each
Hotel that is a Select Service Hotel. Upon notice from Manager, each Owner shall have the right, without any obligation and in its sole
discretion, to advance additional funds necessary to maintain Working Capital (“Additional Working Capital”) at each
Hotel at levels determined by Manager to be reasonably necessary to satisfy the needs of such Hotel as its operation may from time to
time require within ten (10) Business Days of such request. Any such request by Manager shall be accompanied by a reasonably detailed
explanation of the reasons for the request. If any applicable Owner does not advance such Additional Working Capital, Manager shall have
the right, without any obligation and in its sole discretion, to fund such Additional Working Capital within ten (10) Business Days after
such initial ten (10) day period. All such advances shall be Owner Working Capital Advances or Additional Manager Advances, as applicable.
If neither the applicable Owner nor Manager elects to fund Additional Working Capital, Manager may elect, by notice to such Owner given
within thirty (30) days thereafter, to terminate this Agreement with respect to the affected Hotel, which termination shall be effective
thirty (30) days after the date such notice is given, and such termination shall otherwise be in accordance with the provisions of Section
11.09.

 

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4.06          Operating
Losses. To the extent there is an Operating Loss at any Hotel for any calendar month, the applicable Owner shall have the
right, without any obligation and in its sole discretion, to fund such Operating Loss within twenty (20) days after Manager has
delivered notice thereof to such Owner and any Operating Loss funded by such Owner shall be an “Owner Operating Loss
Advance” for such Hotel. If the applicable Owner does not fund such Operating Loss, Manager shall have the right, without
any obligation and in its sole discretion, to fund such Operating Loss within twenty (20) days after such initial twenty (20) day
period, and any Operating Loss so funded by Manager shall be an Additional Manager Advance. If neither party elects to fund such
Operating Loss, Manager may elect, by notice to the applicable Owner given within thirty (30) days thereafter, to terminate this
Agreement with respect to the affected Hotel, which termination shall be effective thirty (30) days after the date such notice is
given, and such termination shall otherwise be in accordance with the provisions of Section 11.09.

 

Article
V 

REPAIRS, MAINTENANCE AND REPLACEMENTS

 

5.01         
Manager’s Maintenance Obligation. Manager shall implement
a commercially reasonable preventative maintenance program at each Hotel, and, subject to the terms and conditions of this Article
V, Manager shall maintain each Hotel, including all private roadways, sidewalks and curbs located thereon, in good order and repair,
reasonable wear and tear excepted, and in conformity with all applicable Legal Requirements, Insurance Requirements, System Standards
and any Existing CC&Rs or Future CC&Rs. Subject to the terms and conditions of this Article V, Manager shall promptly make
or cause to be made all necessary and appropriate repairs, replacements, renewals, and additions thereto of every kind and nature, whether
interior or exterior, structural or nonstructural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition
existing prior to the commencement of the Term. All repairs, renovations, alterations, improvements, renewals, replacements or additions
shall be made in a good, workmanlike manner, consistent with Manager’s and industry standards for like hotels in like locales, in
accordance with all applicable federal, state and local statutes, ordinances, by-laws, codes, rules and regulations relating to any
such work. Manager shall not take or omit to take any action, with respect to any Hotel the taking or omission of which would materially
and adversely impair the value of such Hotel or any part thereof for its use as a hotel.

 

5.02         
Repairs and Maintenance to be Paid from Gross Revenues.
Manager shall promptly make or cause to be made, such routine maintenance, repairs and minor alterations, the costs of which are normally
expensed under GAAP, as it determines are necessary to comply with Manager’s obligations under Section 5.01 with respect
to each Hotel. The cost of such maintenance, repairs and alterations for each Hotel shall be paid from Gross Revenues or Working Capital
for such Hotel.

 

5.03         
[Reserved].

 

5.04         
[Reserved].

 

5.05         
[Reserved].

 

5.06         
[Reserved].

 

5.07         
[Reserved].

 

5.08         
 [Reserved].

 

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Article
VI 

INSURANCE, DAMAGE AND CONDEMNATION

 

6.01         
General Insurance Requirements. Manager shall, at all times
during the Term, keep (or cause to be kept) each Hotel and all property located therein or thereon, insured against the risks, including
business interruption, and in such amounts as the applicable Owner and Manager shall agree and as may be commercially reasonable. Any
disputes regarding such matters not resolved by the parties within ten (10) Business Days (which period may be extended upon mutual agreement
of the parties) shall be resolved by arbitration.

 

6.02         
Waiver of Subrogation. Each Owner and Manager agree that
(insofar as and to the extent that such agreement may be effective without invalidating or making it impossible to secure insurance coverage
from responsible insurance companies doing business in the applicable State) with respect to any property loss which is covered by insurance
then being carried by such Owner or Manager, the party carrying such insurance and suffering said loss releases the others of and from
any and all claims with respect to such loss; and they further agree that their respective insurance companies (and, if such Owner or
Manager shall self-insure in accordance with the terms hereof, such Owner or Manager, as the case may be) shall have no right of subrogation
against the other on account thereof, even though extra premium may result therefrom. If any extra premium is payable by Manager as a
result of this provision, no Owner shall be liable for reimbursement to Manager for such extra premium.

 

6.03         
Risk Management. Manager shall be responsible for the provision
of risk management oversight at each Hotel during the Term.

 

6.04         
Damage and Repair. If, during the Term, any Hotel shall
be totally or partially destroyed in any material respect, Manager may terminate this Agreement with respect to such Hotel by sixty (60)
days’ notice to the applicable Owner and Landlord, or (2) the applicable Owner may terminate this Agreement with respect to such
Hotel by sixty (60) days’ notice to Manager and the applicable Landlord, whereupon, this Agreement shall terminate with respect
to such Hotel and the applicable Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. If neither
Manager nor the applicable Owner elects to terminate this Agreement as aforesaid, then the applicable Owner and Landlord shall cause such
Hotel to be repaired and restored, in compliance with all Legal Requirements and Insurance Requirements so that such Hotel shall be, to
the extent practicable, substantially equivalent in value and general utility to its general utility and value immediately prior to such
damage or destruction and in compliance with System Standards.

 

6.05         
[Reserved].

 

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6.06          Condemnation.
If, during the Term, either the whole of any Hotel shall be taken by Condemnation, or a partial Condemnation renders such Hotel
Unsuitable for Its Permitted Use, this Agreement shall terminate with respect to such Hotel and the applicable Owner and Landlord
shall seek the Award for their interests in such Hotel as provided in the applicable Lease. In addition, Manager shall have the
right to initiate such proceedings as it deems advisable to recover any damages to which Manager may be entitled; provided, however,
that Manager shall be entitled to retain any Award it may obtain through such proceedings which are conducted separately from those
of the applicable Owner and Landlord only if such Award does not reduce the Award otherwise available to such Owner and Landlord.
Any Award received by any Mortgagee under a Mortgage on a Hotel shall be deemed to be an award of compensation received by the
applicable Landlord.

 

6.07         
Partial Condemnation. If, during the Term, there is a partial
Condemnation of any Hotel but such Hotel is not rendered Unsuitable for Its Permitted Use, this Agreement shall continue in full force
and effect with respect to such Hotel; provided, however, if in the reasonable opinion of the applicable or Manager, any
material repairs or restoration is required to bring such Hotel into compliance with all Legal Requirements and Insurance Requirements
and/or to cause the untaken portion of such Hotel to constitute a complete architectural unit of the same general character and condition,
to the extent practicable, as such Hotel immediately prior to such partial Condemnation and in compliance with System Standards, Manager
may terminate this Agreement with respect to such Hotel by sixty (60) days’ notice to the applicable Owner and Landlord, or (2)
the applicable Owner may terminate this Agreement with respect to such Hotel by sixty (60) days’ notice to Manager and the applicable
Landlord, whereupon, this Agreement shall terminate with respect to such Hotel. If neither Manager nor the applicable Owner elects to
terminate this Agreement as aforesaid, then the applicable Owner and Landlord shall cause such Hotel to be repaired and restored as aforesaid.

 

6.08         
Temporary Condemnation. In the event of any temporary Condemnation of any Hotel or the applicable Owner’s interest
therein, this Agreement shall continue in full force and effect with respect to such Hotel. The entire amount of any Award made for such
temporary Condemnation allocable to the Term, whether paid by way of damages, rent or otherwise, shall be paid to Manager and shall constitute
Gross Revenues for the applicable Hotel. A Condemnation shall be deemed to be temporary if the period of such Condemnation is not expected
to, and does not, exceed the Term of this Agreement.

 

6.09         
Allocation of Award. Except as provided in Section 6.07
and this Section 6.08, the total Award shall be solely the property of and payable to the applicable Landlord. Any portion of the
Award made for the taking of an Owner’s leasehold interest in a Hotel, loss of business, the taking of such Owner’s Personal
Property, or such Owner’s removal and relocation expenses shall be the sole property of, and payable to, such Owner. Any portion
of the Award made for the taking of Manager’s interest in a Hotel or Manager’s loss of business during the remainder of the
Term shall be the sole property of, and payable to, Manager, subject to the provisions of Section 6.06. In any Condemnation proceedings,
the applicable Landlord, the applicable Owner, and Manager shall each seek its own Award in conformity herewith, at its own expense.

 

6.10         
Effect of Condemnation. Any Condemnation which does not
result in a termination of this Agreement in accordance with its terms with respect to a Hotel shall not excuse the payment of sums due
to Owner hereunder with respect to such Hotel and this Agreement shall remain in full force and effect.

 

    13

     

    

 

 

Article
VII

TAXES

 

7.01         
Real Estate and Personal Property Taxes.

 

A.                 
Subject to Section 11.18 relating to permitted contests, Manager shall pay, from Gross Revenues for each Hotel, all
Impositions with respect to such Hotel, before any fine, penalty, interest or cost (other than any opportunity cost as a result of a failure
to take advantage of any discount for early payment) may be added for non-payment, such payments to be made directly to the taxing authorities
where feasible, and shall promptly, upon request, furnish to the applicable Landlord and Owner copies of official receipts or other reasonably
satisfactory proof evidencing such payments. If any such Imposition may, at the option of the taxpayer, lawfully be paid in installments
(whether or not interest shall accrue on the unpaid balance of such Imposition), Manager may exercise the option to pay the same (and
any accrued interest on the unpaid balance of such Imposition) in installments and, in such event, shall pay such installments during
the Term as the same become due and before any fine, penalty, premium, further interest or cost may be added thereto. Manager shall, upon
request, provide such data as is maintained by Manager with respect to any Hotel as may be necessary to prepare any required returns and
reports by the applicable Owner or Landlord.

 

B.                 
Each Owner shall give, and will use reasonable efforts to cause the applicable Landlord to give, copies of official tax
bills and assessments which it may receive with respect to any Hotel and prompt notice to the applicable Owner and Manager of all Impositions
payable by such Owner under the applicable Lease of which such Owner or such Landlord, as the case may be, at any time has knowledge;
provided, however, that any Landlord’s or Owner’s failure to give any such notice shall in no way diminish Manager’s
obligation hereunder to pay such Impositions (except that the applicable Owner or Landlord, as applicable, shall be responsible for any
interest or penalties incurred as a result of such Owner’s or Landlord’s, as applicable, failure promptly to forward the same).

 

C.                 
Notwithstanding anything herein to the contrary, each Owner and Manager shall pay from its own funds (and not from Gross
Revenues of any Hotel) any franchise, corporate, estate, inheritance, succession, capital levy or transfer tax imposed on such Owner or
Manager, as applicable, or any income tax imposed (but not gross receipt or general excise taxes) on any income of such Owner or Manager
(including distributions pursuant to Article III).

 

Article
VIII 

OWNERSHIP OF THE HOTELS

 

8.01         
Ownership of the Hotels.

 

A.                 
Each Owner and Landlord hereby covenants that it will not hereafter impose or consent to the imposition of any liens, encumbrances
or other charges on any Hotel, except as follows:

 

1.                 
easements or other encumbrances that do not adversely affect the operation of such Hotel by Manager and that are not prohibited
pursuant to Section 8.02;

 

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2.                 
 Mortgages and related security instruments;

 

3.                 
liens for taxes, assessments, levies or other public charges not yet due or due but not yet payable; or

 

4.                 
equipment leases for office equipment, telephone, motor vehicles and other property approved by Manager.

 

B.                 
Subject to liens permitted by Section 8.01.A, each Owner and Landlord covenants that, so long as there then exists
no Manager Event of Default, Manager shall quietly hold, occupy and enjoy each Hotel throughout the Term free from hindrance, ejection
or molestation by such Owner or Landlord or other party claiming under, through or by right of any of them. Each Owner agrees to pay and
discharge any payments and charges and, at its expense, to prosecute all appropriate actions, judicial or otherwise, necessary to assure
such free and quiet occupation as set forth in the preceding sentence.

 

8.02         
No Covenants, Conditions or Restrictions.

 

A.               
Each Owner and Landlord agrees that, during the Term, any covenants, conditions or restrictions, including reciprocal easement
agreements or cost-sharing arrangements affecting any Hotel (collectively “Future CC&Rs”) which would (i) prohibit
or limit Manager from operating such Hotel in accordance with System Standards, including related amenities of such Hotel; (ii) allow
such Hotel’s facilities (for example, parking spaces) to be used by persons other than guests, invitees or employees of such Hotel;
(iii) allow such Hotel’s facilities to be used for specified charges or rates that have not been approved by Manager; or (iv) subject
such Hotel to exclusive arrangements regarding food and beverage operation or retail merchandise, will not be entered into unless Manager
has given its prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed. Manager hereby
consents to any easements, covenants, conditions or restrictions, including, without limitation, any reciprocal easement agreements or
cost-sharing agreements existing as of the Effective Date (collectively, the “Existing CC&Rs”).

 

B.                
All financial obligations imposed on any Owner or on any Hotel pursuant to any Future CC&Rs for which Manager’s consent
was required under Section 8.02.A, but not obtained, shall be paid by such Owner.

 

C.                
Manager shall manage, operate, maintain and repair each Hotel in compliance with all obligations imposed on the applicable Owner,
Landlord or Hotel pursuant to any Existing CC&Rs or Future CC&Rs (unless Manager’s consent was required under Section
8.02.A, but not obtained) to the extent such Existing CC&Rs and Future CC&Rs relate to the management, operation, maintenance
and repair of such Hotel.

 

8.03         
Liens; Credit.

 

A.                Manager
and each Owner shall use commercially reasonable efforts to prevent any liens from being filed against any Hotel which arise from
any maintenance, repairs, alterations, improvements, renewals or replacements in or to such Hotel. Manager and each Owner shall
cooperate, and each Owner shall cause the applicable Landlord to cooperate, in obtaining the release of any such liens. In no event
shall any party borrow money in the name of, or pledge the credit of, any other party. Manager shall not allow any lien to exist
with respect to its interest in this Agreement.

 

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B.                
Subject to encumbrances permitted under Section 8.01, Manager shall not, to the extent funds to pay the same are available
or provided on a timely basis as required hereunder, directly or indirectly, create or allow to remain and shall promptly discharge any
lien, encumbrance, attachment, title retention agreement or claim upon any Hotel, except (a) existing liens for those taxes of the applicable
Landlord which Manager is not required to pay hereunder, (b) liens for Impositions or for sums resulting from noncompliance with Legal
Requirements so long as (i) the same are not yet due and payable, or (ii) are being contested in accordance with Section 11.18,
(c) liens of mechanics, laborers, materialmen, suppliers or vendors incurred in the ordinary course of business that are not yet due and
payable or are for sums that are being contested in accordance with Section 11.18 and (d) any Mortgages or other liens which are
the responsibility of the applicable Landlord.

 

8.04         
Financing. Each applicable Landlord shall be entitled to
encumber one or more of its Hotels with a Mortgage on commercially reasonable terms and in such event, such Landlord, the applicable Owner
and Manager shall be required to execute and deliver, and such Landlord agrees to require Mortgagee to execute and deliver, an instrument
(a “Subordination Agreement”) which shall be recorded in the jurisdiction where any such encumbered Hotel is located,
which provides that:

 

A.               
This Agreement and any extensions, renewals, replacements or modifications thereto, and all right and interest of Manager in and
to such Hotel, shall be subject and subordinate to the Mortgage; and

 

B.                 If
there is a foreclosure of a Mortgage in connection with which title or possession of such Hotel is transferred to the Mortgagee (or
its designee) or to a purchaser at foreclosure or to a subsequent purchaser from the Mortgagee (or from its designee) (each of the
foregoing, a “Subsequent Holder”), Manager shall not be disturbed in its rights under this Agreement, so long as
(a) no Manager Event of Default (beyond the applicable notice and cure period, if any) has occurred thereunder which entitles the
applicable Owner to terminate this Agreement, and (b) the applicable Lease has not been terminated as a result of a monetary default
which arises from acts or failure to act by Manager pursuant to this Agreement, provided, however, that such Subsequent Holder shall
not be (a) liable in any way to Manager for any act or omission, neglect or default of the prior Landlord or Owner (b) responsible
for any monies owing or on deposit with any prior Landlord or Owner to the credit of Manager (except to the extent actually paid or
delivered to such Subsequent Holder), (c) subject to any counterclaim or setoff which theretofore accrued to Manager against any
prior Landlord or Owner, (d) bound by any modification of this Agreement subsequent to such Mortgage which was not approved by the
Mortgagee, (e) liable to Manager or beyond such Subsequent Holder’s interest in such Hotel and the rents, income, receipts,
revenues, issues and profits issuing from such Hotel, or (f) required to remove any Person occupying such Hotel or any part thereof,
except if such person claims by, through or under such Subsequent Holder. If a Lease is terminated as a result of a non-monetary
default which was not caused by a Manager Event of Default pursuant to the terms of this Agreement or such Subsequent Holder
succeeds to the interest of the applicable Owner thereunder, the Mortgagee or Subsequent Holder, as applicable, and Manager shall
agree that the applicable Hotel will continue to be subject to this Agreement or a stand-alone agreement with respect to such Hotel
on substantially the same terms and provisions as this Agreement (but neither the Mortgagee nor Subsequent Holder will be
responsible to pay past due amounts hereunder).

 

    16

     

    

 

 

 

Article
IX 

DEFAULTS

 

9.01         
Manager Events of Default. Each of the following shall constitute
a “Manager Event of Default”:

 

A.                 
The filing by Manager of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy
law, or the admission by Manager that it is unable to pay its debts as they become due, or the institution of any proceeding by Manager
for its dissolution or termination.

 

B.                 
The consent by Manager to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from
the date of entry thereof, any order approving an involuntary petition by Manager.

 

C.                 
The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating
Manager as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all
or a substantial part of Manager’s assets, and such order, judgment or decree’s continuing unstayed and in effect for an aggregate
of sixty (60) days (whether or not consecutive).

 

D.                
At any Owner’s election, the failure of Manager to make any payment required to be made in accordance with the terms
of this Agreement on or before the date due, which failure continues for five (5) Business Days after notice from such Owner.

 

E.                 
At any Owner’s election, the failure of Manager to perform, keep or fulfill any of the other covenants, undertakings,
obligations or conditions set forth in this Agreement on or before the date required for the same, which failure continues for thirty
(30) days after notice from such Owner, or, if the Manager Event of Default is susceptible of cure, but such cure cannot be accomplished
within such thirty (30) day period, if Manager fails to commence the cure of such Manager Event of Default within fifteen (15) days of
such notice or thereafter fails to diligently pursue such efforts to completion, provided in no event shall such additional time exceed
ninety (90) days.

 

F.                 
At any Owner’s election, the failure of Manager to maintain insurance coverages required to be maintained by Manager
under Article VI, which failure continues for five (5) Business Days after notice from such Owner (except that no notice shall
be required if any such insurance coverage shall have lapsed).

 

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9.02         
 Remedies for Manager Events of Default.

 

A.               
In the event of a Manager Event of Default, each applicable Owner shall have the right to: (1) terminate this Agreement with
respect to one or more of its Hotels by notice to Manager, which termination shall be effective as of the date set forth in the notice,
which shall be at least thirty (30) days after the date of the notice; (2) institute any and all proceedings permitted by law
or equity, including, without limitation, actions for specific performance and/or damages; or (3) avail itself of any remedy described
in this Section 9.02; provided, however, to the extent a Manager Event of Default pursuant to Section 9.01.D,
9.01.E, or 9.01.F does not affect all of the Hotels, each affected Owner shall only have the right to terminate this Agreement
with respect to one or more of the affected Hotels.

 

B.                
None of (i) the termination of this Agreement in connection with a Manager Event of Default, (ii) the repossession of any Hotel
or any portion thereof, (iii) the failure of any Owner to engage a replacement manager, nor (iv) the engagement of any replacement manager
for all or any portion of any Hotel, shall relieve Manager of its liability and obligations hereunder, all of which shall survive any
such termination, repossession or engagement. In the event of any termination of this Agreement as a result of a Manager Event of Default,
Manager shall forthwith pay to the applicable Owner all amounts due and payable through and including the date of such termination. Thereafter,
Manager shall be liable to such Owner for, and shall pay to such Owner, as current damages, the amounts which such Owner would have received
hereunder for the remainder of the Term with respect to all affected Hotels had such termination not occurred, less the net amounts, if
any, received from a replacement manager, after deducting all reasonable expenses in connection with engaging such replacement, including,
all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, advertising, expenses of employees, alteration costs
and expenses of preparation for such engagement and in the case of Owner’s Priority and Owner’s Residual Payment, calculated
based upon the average of each of such payments made in each of the three (3) calendar years ended prior to the date of termination. Manager
shall pay such current damages to each applicable Owner as soon after the end of each calendar month as practicable to determine the amounts.

 

C.                
At any time after such termination, whether or not any applicable Owner shall have collected any amounts owing and due up to and
including the date of termination of this Agreement, as liquidated final damages and in lieu of such Owner’s right to receive any
other damages due to the termination of this Agreement, at such Owner’s election, Manager shall pay to such Owner an amount equal
to the present value of the payments which have been made to such Owner between the date of termination and the scheduled expiration of
the Term for the affected Hotels as Owner’s Priority and the Owner’s Residual Payment with respect to the affected Hotels
if this Agreement had not been terminated, calculated based upon the average of each of such payments made in each of the three (3) calendar
years ended prior to the date of termination, discounted at an annual rate equal to the Discount Rate. Nothing contained in this Agreement
shall, however, limit or prejudice the right of any Owner to prove and obtain in proceedings for bankruptcy or insolvency an amount equal
to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, the damages are
to be proved, whether or not the amount be greater than, equal to, or less than the amount of the loss or damages referred to above.

 

    18

     

    

 

D.               
 In case of any Manager Event of Default resulting in Manager being obligated to vacate any Hotel, any applicable Owner may (i)
engage a replacement manager for such Hotel or any part or parts thereof, either in the name of such Owner or otherwise, for a term or
terms which may at such Owner’s option, be equal to, less than or exceed the period which would otherwise have constituted the balance
of the Term for the affected Hotels and may grant concessions or other accommodations to the extent that Owner reasonably considers advisable
and necessary to engage such replacement manager(s), and (ii) may make such reasonable alterations, repairs and decorations in the Hotels
or any portion thereof as such Owner, in its sole and absolute discretion, considers advisable and necessary for the purpose of engaging
a replacement manager for any Hotel; and the making of such alterations, repairs and decorations shall not operate or be construed to
release Manager from liability hereunder. Subject to the last sentence of this paragraph, no Owner shall in any event be liable in any
way whatsoever for any failure to engage a replacement manager for any Hotel, or, in the event a replacement manager is engaged, for failure
to collect amounts due such Owner. To the maximum extent permitted by law, Manager hereby expressly waives any and all rights of redemption
granted under any present or future laws in the event of Manager being evicted or dispossessed, or in the event of any Owner obtaining
possession of any Hotel, by reason of the occurrence and continuation of a Manager Event of Default hereunder. Each Owner covenants and
agrees, in the event of any termination of this Agreement as a result of a Manager Event of Default, to use reasonable efforts to mitigate
its damages.

 

E.                
Any payments received by any Owner under any of the provisions of this Agreement during the existence or continuance of a Manager
Event of Default shall be applied to Manager’s current and past due obligations under this Agreement in such order as such Owner
may determine or as may be prescribed by applicable law.

 

F.                 
If a Manager Event of Default shall have occurred and be continuing, any Owner, after notice to Manager (which notice shall not
be required if such Owner shall reasonably determine immediate action is necessary to protect person or property), without waiving or
releasing any obligation of Manager and without waiving or releasing any Manager Event of Default, may (but shall not be obligated to),
at any time thereafter, make such payment or perform such act for the account and at the expense of Manager, and may, to the maximum extent
permitted by law, enter upon any Hotel or any portion thereof for such purpose and take all such action thereon as, in such Owner’s
sole and absolute discretion, may be necessary or appropriate therefor. No such entry shall be deemed an eviction of Manager or result
in the termination hereof. All reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees) incurred
by any Owner in connection therewith, together with interest thereon (to the extent permitted by law) at the Overdue Rate from the date
such sums are paid by such Owner until repaid, shall be paid by Manager to such Owner, on demand.

 

9.03         
Owner Events of Default. Each of the following shall constitute
an “Owner Event of Default” to the extent permitted by applicable law:

 

A.                 
The filing by any Owner or SVC of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under
any bankruptcy law, or the admission by any Owner that it is unable to pay its debts as they become due, or the institution of any proceeding
by any Owner for its dissolution or termination.

 

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B.                 
 The consent by any Owner or SVC to an involuntary petition in bankruptcy or the failure to vacate, within ninety (90)
days from the date of entry thereof, any order approving an involuntary petition by any Owner.

 

C.                 
The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating
any Owner or SVC as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator
of all or a substantial part of any Owner’s or SVC’s assets, and such order, judgment or decree’s continuing unstayed
and in effect for an aggregate of sixty (60) days (whether or not consecutive).

 

D.                
At Manager’s option, the failure of any Owner to make any payment required to be made in accordance with the terms
of this Agreement on or before the due date, which failure continues for five (5) Business Days after notice from Manager.

 

E.                 
At Manager’s option, the failure of any Owner to perform, keep or fulfill any of the other covenants, undertakings,
obligations or conditions set forth in this Agreement, which failure continues for thirty (30) days after notice from Manager, or,
if the Owner Event of Default is susceptible of cure, but such cure cannot be accomplished within such thirty (30) day period, if
the applicable Owner fails to commence the cure of such Owner Event of Default within fifteen (15) days of such notice or thereafter fails
to diligently pursue such efforts to completion, provided that in no event shall such additional time exceed ninety (90) days.

 

F.                 
The occurrence of an event of default beyond any applicable notice and cure period under any obligation, agreement, instrument
or document which is secured in whole or in part by any Owner’s or Landlord’s interest in any Hotel or the acceleration of
the indebtedness secured thereby or the commencement of a foreclosure thereunder.

 

9.04         
Remedies for Owner Events of Default.

 

A.               
In the event of an Owner Event of Default, Manager shall have the right to institute any and all proceedings permitted by law or
equity, including, without limitation, actions for specific performance and/or damages, provided except as expressly provided in this
Agreement, Manager shall have no right to terminate this Agreement by reason of an Owner Event of Default.

 

B.                 Upon
the occurrence of an Owner Event of Default pursuant to any of Sections 9.03.A, 9.03.B or 9.03.C, or which
arises with respect to a violation by any Owner or Landlord of Section 10.02 with respect to a Sale of a Hotel, Manager shall
have, in addition to all other rights and remedies provided for herein, the right to terminate this Agreement with respect to any
affected Hotel (it being acknowledged that any such Owner Event of Default caused by SVC shall be deemed to affect all Hotels) by
notice to the applicable Owner, which termination shall be effective as of the date set forth in the notice, which shall be at least
thirty (30) days after the date of the notice. Nothing contained in this Agreement shall, however, limit or prejudice the right
of Manager to prove and obtain in proceedings for bankruptcy or insolvency an amount equal to the maximum allowed by any statute or
rule of law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether or not the
amount be greater than, equal to, or less than the amount of the loss or damages referred to above.

 

    20

     

    

 

Article
X 

ASSIGNMENT AND SALE

 

10.01     
Assignment.

 

A.               
Except as provided in Section 10.01.B, Manager shall not assign, mortgage, pledge, hypothecate or otherwise transfer
its interest in all or any portion of this Agreement or any rights arising under this Agreement or suffer or permit such interests or
rights to be assigned, transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part, whether voluntarily, involuntarily
or by operation of law, or permit the use or operation of any Hotel by anyone other than Manager or the applicable Owner. For the purposes
of this Section 10.01, an assignment of this Agreement shall be deemed to include a Change of Control.

 

B.               
Notwithstanding Section 10.01.A, Manager shall have the right, without any Owner’s consent, to:

 

1.                 
assign this Agreement (whether directly or pursuant to the direct or indirect transfer of interests in Manager) in connection with
the sale of all or substantially all of the business and assets of Manager to a third party; provided such third party assumes
in writing the obligations of Manager under this Agreement;

 

2.                 
assign this Agreement as a result of a Change of Control arising as a result of a transfer or issuance of capital stock of Sonesta
Holdco permitted by the Stockholders Agreement;

 

3.                 
assign this Agreement to another Subsidiary of Manager; provided such Subsidiary assumes in writing the obligations of Manager
under this Agreement; and

 

4.                 
sublease or grant concessions or licenses to shops or any other space at any Hotel so long as the terms of any such subleases or
concessions do not exceed the Term, provided that (a) such subleases or concessions are for newsstand, gift shop, parking garage, health
club, restaurant, bar, commissary, retail, office or rooftop antenna purposes or similar concessions or uses, (b) such subleases are on
commercially reasonable terms, and (c) such subleases or concessions will not violate or affect any Legal Requirement or Insurance Requirement,
and Manager shall obtain or cause the subtenant to obtain such additional insurance coverage applicable to the activities to be conducted
in such subleased space as the applicable Landlord and any applicable Mortgagee may reasonably require.

 

C.               
Notwithstanding Section 10.01.B, Manager may not assign, mortgage, pledge, hypothecate or otherwise transfer its
interest in all or any portion of this Agreement to any Person (or any Affiliate of any Person) who (a) does not have sufficient experience
to fulfill Manager’s obligations under this Agreement, (b) is known in the community as being of bad moral character, or has
been convicted of a felony in any state or federal court, or is in control of or controlled by Persons who have been convicted of felonies
in any state or federal court; or (c) is, or has an Affiliate that is, a Specially Designated National or Blocked Person.

 

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D.                
 No Owner shall assign or transfer its interest in this Agreement without the prior written consent of Manager; provided,
however, each Owner shall have the right without such consent to assign its interest in this Agreement in whole or in part hereunder
(1) [Intentionally Omitted], (2) to the applicable Landlord or an Affiliate of such Landlord under the terms of the applicable Lease,
(3) to Manager or an Affiliate of Manager, and (4) to an Affiliate of such Owner in a corporate restructuring of such Owner or any of
its Affiliates, provided such Affiliate satisfies the criteria of Section 10.02.A.

 

E.                 
If any Owner or Manager consents to an assignment of this Agreement by the other, no further assignment shall be made without
the express consent in writing of such other party, unless such assignment may otherwise be made without such consent pursuant to the
terms of this Agreement. An assignment by any Owner of its interest in this Agreement approved or permitted pursuant to the terms hereof
shall relieve such Owner from its obligations under this Agreement arising from and after the effective date of such assignment with respect
to any of its obligations so assigned. An assignment by Manager of its interest in this Agreement shall not relieve Manager from its obligations
under this Agreement unless such assignment occurs in the context of a sale of all or substantially all of the business of Manager and
which is otherwise permitted or approved, if required, pursuant to this Agreement, in which event Manager shall be relieved from such
obligations arising from and after the effective date of such assignment.

 

10.02     
[Reserved].

 

10.03     
Amendments of the Leases. No Lease may be amended or modified
in any way which would materially reduce Manager’s rights hereunder or impose any material cost, expense or obligation on Manager.

 

Article
XI 

MISCELLANEOUS

 

11.01     
Right to Make Agreement. Each party warrants, with respect
to itself, that neither the execution of this Agreement nor the finalization of the transactions contemplated hereby shall violate any
provision of law or judgment, writ, injunction, order or decree of any court or governmental authority having jurisdiction over it; result
in or constitute a breach or default under any indenture, contract, other commitment or restriction to which it is a party or by which
it is bound; or require any consent, vote or approval which has not been taken, or at the time of the transaction involved shall not have
been given or taken. Each party covenants that it has and will continue to have throughout the Term, the full right to enter into this
Agreement and perform its obligations hereunder.

 

11.02     
Actions By Manager. Manager covenants and agrees that it
shall not take any action which would be binding upon any Owner or Landlord except to the extent it is permitted to do so pursuant to
the terms of this Agreement.

 

11.03      Relationship.
In the performance of this Agreement, Manager shall act solely as an independent contractor. Neither this Agreement nor any
agreements, instruments, documents or transactions contemplated hereby shall in any respect be interpreted, deemed or construed as
making Manager a partner, joint venturer with, or agent of, any Owner. Each Owner and Manager agrees that neither party will make
any contrary assertion, claim or counterclaim in any action, suit, arbitration or other legal proceedings involving such Owner and
Manager. Nothing contained herein is intended to, nor shall be construed as, creating any landlord-tenant relationship between
Manager and any Owner or between Manager and any Landlord. Each of Manager and each Owner shall prepare and shall cause their
Affiliates to prepare their financial statements and tax returns consistent with the foregoing characterization.

 

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11.04     
Applicable Law. The Agreement shall be construed under and
shall be governed by the laws of the State of Maryland, without regard to its “choice of law” rules.

 

11.05     
Notices. Notices, statements and other communications to
be given under the terms of the Agreement shall be in writing and delivered by hand against receipt or sent by e-mail or by Express Mail
service or by nationally recognized overnight delivery service, addressed to the parties as follows:

 

	 	To any Owner:	c/o Service Properties Trust
	 	 	Two Newton Place
	 	 	255 Washington Street, Suite 300
	 	 	Newton, Massachusetts 02458
	 	 	Attn: President
	 	 	e-mail: jmurray@rmrgroup.com
	 	 	 
	 	To Manager:	Sonesta International Hotels Corporation
	 	 	Two Newton Place
	 	 	255 Washington Street
	 	 	Newton, Massachusetts 02458
	 	 	Attn: President
	 	 	e-mail: cflores@sonesta.com

 

or at such other address as is from time to time designated by the
party receiving the notice. Any such notice that is given in accordance herewith shall be deemed received upon confirmation of transmission
when sent by e-mail or when delivery is otherwise received or refused, as the case may be.

 

11.06     
Environmental Matters.

 

A.           Subject
to Section 11.06.D, during the Term or at any other time while Manager is in possession of any Hotel, (1) Manager shall not
store, spill upon, generate, dispose of or transfer to or from such Hotel any Hazardous Substance, except in compliance with all
Legal Requirements, (2) Manager shall maintain such Hotel at all times free of any Hazardous Substance (except in compliance with
all Legal Requirements), and (3) Manager (a) upon receipt of notice or knowledge shall promptly notify the applicable Owner and
Landlord in writing of any material change in the nature or extent of Hazardous Substances at such Hotel, (b) shall file and
transmit to the applicable Owner and Landlord a copy of any Community Right to Know or similar report or notice which is required to
be filed by Manager with respect to such Hotel pursuant to Title III of the Superfund Amendments and Reauthorization Act of 1986 or
any other Legal Requirements, (c) shall transmit to the applicable Owner and Landlord copies of any citations, orders, notices or
other governmental communications received by Manager with respect to Hazardous Substances or environmental compliance
(collectively, “Environmental Notice”) with respect to such Hotel, which Environmental Notice requires a written
response or any action to be taken and/or if such Environmental Notice gives notice of and/or presents a material risk of any
material violation of any Legal Requirement and/or presents a material risk of any material cost, expense, loss or damage (an
 “Environmental Obligation”), (d) shall observe and comply with all Legal Requirements relating to the use,
maintenance and disposal of Hazardous Substances and all orders or directives from any official, court or agency of competent
jurisdiction relating to the use, maintenance or disposal or requiring the removal, treatment, containment or other disposition of
Hazardous Substances at such Hotel, and (e) shall pay or otherwise dispose of any fine, charge or Imposition related thereto, unless
the applicable Owner or Manager shall contest the same in good faith and by appropriate proceedings and the right to use and the
value of such Hotel are not materially and adversely affected thereby.

 

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B.            
In the event of the discovery of Hazardous Substances other than those maintained in accordance with Legal Requirements on any
portion of any Site or in any Hotel during the Term, Manager shall promptly (i) clean up and remove from and about such Hotel all Hazardous
Substances thereon in accordance with all applicable Environmental Laws (as defined below), (ii) contain and prevent any further release
or threat of release of Hazardous Substances on or about such Hotel, and (iii) use good faith efforts to eliminate any further release
or threat of release of Hazardous Substances on or about such Hotel, and (iv) otherwise effect a remediation of the problem in accordance
with all applicable federal, state and local statutes, laws, rules and regulations (now or hereafter in effect) dealing with the use,
generation, treatment, storage, release, disposal, remediation or abatement of Hazardous Substances (collectively referred to as “Environmental
Laws”).

 

C.            
The actual costs incurred or the estimated costs to be incurred with respect to any matter arising under Section 11.06.B
together with any costs incurred by any Owner with respect to any judgment or settlement approved by Manager (such approval not to be
unreasonably withheld, conditioned or delayed with respect to any third-party claims including, without limitation, claims by the applicable
Landlord arising under the applicable Lease) relating to claims arising from the release or threat of release of Hazardous Substances
on or about any of the Hotels (including reasonable attorneys’ and consultants’ fees incurred with respect to such matters)
are collectively referred to as “Environmental Costs.”

 

D.          
All Environmental Costs shall be deemed repairs and maintenance under Section 5.02 or 5.03 and paid as provided
therein, as applicable, for the applicable Hotel; provided, however, that if any of the foregoing costs arise as a result
of the gross negligence or willful misconduct of Manager or any employee of Manager, such costs shall be paid by Manager at its sole cost
and expense and not as a Deduction, and Manager shall indemnify each Owner for any loss, cost, claim or expense (including reasonable
attorneys’ fees) incurred by any Owner in connection therewith. The provisions of this Section 11.06.D shall survive termination.

 

11.07      Confidentiality.
The parties hereto agree that the matters set forth in this Agreement are strictly confidential and each party will make every
effort to ensure that the information is not disclosed to any outside person or entities (including the press) without the prior
written consent of the other party except as may be appropriate or required by law, including the rules and regulations of the SEC
or any stock exchange applicable to any Owner or its Affiliates, in any report, prospectus or other filing made by any Owner or its
Affiliates with the SEC or any such stock exchange, or in a press release issued by a party or its Affiliates which is consistent
with its investor relations program conducted in the ordinary course, and as may be reasonably necessary to obtain licenses,
permits, and other public approvals necessary for the refurbishment or operation of any Hotel, or, subject to Section
4.01.C(2), in connection with financing or proposed financing of any Hotel, a Sale of a Hotel, or a sale of a Controlling
Interest in any Owner.

 

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11.08     
Projections. Each Owner acknowledges that any written or
oral projections, pro formas, or other similar information that has been, prior to execution of this Agreement, or will, during the
Term, be provided by Manager, or any Affiliate to such Owner is for information purposes only and that Manager and any such Affiliate
do not guarantee that any Hotel will achieve the results set forth in any such projections, pro formas, or other similar information.
Any such projections, pro formas, or other similar information are based on assumptions and estimates, and unanticipated events may
occur subsequent to the date of preparation of such projections, pro formas, and other similar information. Therefore, the actual
results achieved by each Hotel are likely to vary from the estimates contained in any such projections, pro formas, or other similar
information and such variations might be material.

 

11.09     
Actions to be Taken Upon Termination. Upon termination of
this Agreement with respect to any Hotel:

 

A.                 
Manager shall, within ninety (90) days after such termination, prepare and deliver to the applicable Owner a final
accounting statement (a “Final Statement”) with respect to such Hotel, consistent with the Annual Operating Statement,
along with a statement of any sums due Manager as of the date of termination. Within thirty (30) days of the receipt by the applicable
Owner of such Final Statement, the parties will make any adjustments, by cash payment, in the amounts paid or retained as are needed because
of the figures set forth in such Final Statement. Any payments shall be made together with interest at the Interest Rate from the date
such amounts were due or paid, as the case may be, until paid or repaid. If any dispute shall arise with respect to any Final Statement
which cannot be resolved by the parties within the thirty (30) day period, it shall be settled by arbitration; provided, however,
that any cash adjustments relating to items which are not in dispute shall be made within the thirty (30) day period. The cost of preparing
a Final Statement shall be a Deduction, unless the termination occurs as a result of a Manager Event of Default or an Owner Event of Default,
in which case the defaulting party shall pay such cost. Manager and each Owner acknowledge that there may be certain adjustments for which
the information will not be available at the time of a Final Statement and the parties agree to readjust such amounts and make the necessary
cash adjustments when such information becomes available, provided, however, that all accounts shall be deemed final as
of the second (2nd) anniversary of the date of termination.

 

B.                 
Manager shall disburse to the applicable Owner all Working Capital for such Hotel (excluding funds to be held in escrow
pursuant to Section 11.09.I) remaining after payment of all Deductions and all amounts then payable to Manager or such Owner
with respect to such Hotel.

 

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C.                 
 Manager shall make available to the applicable Owner such books and records respecting such Hotel (including those from
prior years, subject to Manager’s reasonable records retention policies) as will be needed by such Owner to prepare the accounting
statements, in accordance with the Uniform System of Accounts, for such Hotel for the Year in which the termination occurs and for any
subsequent Year.

 

D.                
Manager shall (to the extent permitted by law) assign to the applicable Owner or its designee all operating licenses and
permits for such Hotel which have been issued in Manager’s name (including liquor and restaurant licenses, if any).

 

E.                 
If any Owner does not exercise its right under Section 11.09.G and/or a successor manager is not a franchisee of
Manager, Manager shall have the option, to be exercised within thirty (30) days after termination, to purchase at their then book
value, any items of Inventories and Fixed Asset Supplies marked with any Trade Name or other trade name, symbol, logo or design of Manager.
If Manager does not exercise such option, each Owner agrees that any such items not so purchased will be used exclusively at such Hotel
until they are consumed.

 

F.                 
Each Owner or its designee shall have the right to operate the improvements on any Site without modifying the architectural
design, notwithstanding the fact that such design or certain features thereof may be proprietary to Manager and/or protected by trademarks
or service marks held by Manager or an Affiliate, provided that such use shall be confined to such Site. Further, provided that such Hotel
then satisfies the System Standards, Manager shall, at the applicable Owner’s sole cost and expense, use commercially reasonable
efforts to cooperate with such Owner or its designee in connection with the transfer of management of such Hotel including processing
of all applications for licenses, operating permits and other governmental authorizations and the assignment of all contracts entered
into by Manager with respect to the use and operation of such Hotel as then operated, but excluding all insurance contracts and multi-property
contracts not limited in scope to such Hotel (if applicable) and all contracts with Affiliates of Manager.

 

G.                 
Each Owner or its designee shall be entitled (but not obligated) to operate any Hotel under the Trade Names for such Hotel
for a period of one (1) year following termination in consideration for which such Owner or its designee shall pay the then standard franchise
fees of Manager and its Affiliates and shall comply with the other applicable terms and conditions of the form of franchise agreement
then being entered into and Manager will continue to provide services to such Hotel including, reservations and communication services;
provided, however, that all such services shall be provided in accordance with the applicable terms and conditions of the
form of franchise agreement.

 

H.                 Any
computer software (including upgrades and replacements) at any Hotel owned by Manager, an Affiliate, or the licensor of any of them
is proprietary to Manager, such Affiliate, or the licensor of any of them and shall in all events remain the exclusive property of
Manager, the Affiliate or the licensor of any of them, as the case may be, and nothing contained in this Agreement shall confer on
any Owner the right to use any of such software. Manager shall have the right to remove from any Hotel without compensation to the
applicable Owner any computer software (including upgrades and replacements), including, without limitation, the System software,
owned by Manager, any Affiliate or the licensor of any of them and any computer equipment utilized as part of a centralized
reservation system or owned by a party other than such Owner.

 

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I.                   
If this Agreement is terminated with respect to any Hotel for any reason other than by reason of a Manager Event Default,
and excluding a termination as a result of the expiration of the Term, an escrow fund shall be established from Gross Revenues of such
Hotel to reimburse Manager for all reasonable costs and expenses incurred by Manager in terminating its employees at such Hotel, such
as severance pay, unemployment compensation, employment relocation, and other employee liability costs arising out of the termination
of employment of such employees. If such Gross Revenues are insufficient to meet the requirements of such escrow fund, then Manager shall
have the right to withdraw the amount of such expenses from Working Capital or any other funds of Owner with respect to such Hotel held
by or under the control of Manager. Owner or its designee shall have the right to offer employment to any employee whom Manager proposes
to terminate and Manager shall cooperate with Owner in connection therewith.

 

J.                   
Manager shall peacefully vacate and surrender such Hotel to the applicable Owner.

 

The provisions of this Section 11.09
shall survive termination.

 

11.10     
Trademarks, Trade Names and Service Marks. The names “Sonesta,”
 “Royal Sonesta,” “Sonesta Suites,” “Sonesta ES Suites,” “Sonesta Simply
Suites,” “Sonesta Resorts” and “Sonesta Select” (each of the foregoing names, together
with any future brand names that may be developed by Manager or its Affiliates and/or any combination thereof, collectively, the “Trade
Names”) when used alone or in connection with another word or words, and the Sonesta trademarks, service marks, other trade
names, symbols, logos and designs shall in all events remain the exclusive property of Manager and except as provided in Section 11.09.E
and 11.09.G, nothing contained in this Agreement shall confer on any Owner the right to use any of the Trade Names, or the Sonesta
trademarks, service marks, other trade names, symbols, logos or designs affiliated or used therewith. Except as provided in Section 11.09.E
and 11.09.G, upon termination of this Agreement with respect to any Hotel, any use of any of the Trade Names, or any of the Sonesta
trademarks, service marks, other trade names, symbols, logos or designs at such Hotel shall cease and the applicable Owner shall promptly
remove from such Hotel any signs or similar items which contain any of the Trade Names, trademarks, service marks, other trade names,
symbols, logos or designs. If such Owner has not removed such signs or similar items within ten (10) Business Days, Manager shall
have the right to do so. The cost of such removal shall be a Deduction. Included under the terms of this Section 11.10 are all
trademarks, service marks, trade names, symbols, logos or designs used in conjunction with each Hotel, including restaurant names, lounge
names, etc., whether or not the marks contain the “Sonesta” name. The right to use such trademarks, service marks, trade names,
symbols, logos or designs belongs exclusively to Manager, and the use thereof inures to the benefit of Manager whether or not the same
are registered and regardless of the source of the same. The provisions of this Section 11.10 shall survive termination.

 

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11.11     
 Waiver. The failure of either party to insist upon a strict
performance of any of the terms or provisions of the Agreement, or to exercise any option, right or remedy contained in this Agreement,
shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same
shall continue and remain in full force and effect. No waiver by either party of any term or provision hereof shall be deemed to have
been made unless expressed in writing and signed by such party.

 

11.12     
Partial Invalidity. If any portion of this Agreement shall
be declared invalid by order, decree or judgment of a court, or otherwise, this Agreement shall be construed as if such portion had not
been so inserted except when such construction would operate as an undue hardship on Manager or any Owner or constitute a substantial
deviation from the general intent and purpose of the parties as reflected in this Agreement.

 

11.13     
Survival. Except as otherwise specifically provided herein,
the rights and obligations of the parties herein shall not survive any termination of this Agreement.

 

11.14     
Negotiation of Agreement. Manager and each Owner is a business
entity having substantial experience with the subject matter of this Agreement and has fully participated in the negotiation and drafting
of this Agreement. Accordingly, this Agreement shall be construed without regard to the rule that ambiguities in a document are to be
construed against the draftsman. No inferences shall be drawn from the fact that the final, duly executed Agreement differs in any respect
from any previous draft hereof.

 

11.15     
Entire Agreement. This Agreement, together with any other
agreements or writings signed by the parties that expressly state they are supplemental to, or supersede any provision of, this Agreement,
and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the
parties as of the Effective Date and supersedes all prior understandings and writings, and may be changed only by a writing signed by
the parties hereto. For the avoidance of doubt, the Prior Management Agreements shall continue to govern the rights and obligations of
the parties thereto with respect to periods prior to the Effective Date, and this Agreement shall govern the rights and obligations of
the parties hereto with respect to periods from and after the Effective Date.

 

11.16      Affiliates.
Manager shall be entitled to contract with companies that are Affiliates (or companies in which Manager has an ownership interest if
such interest is not sufficient to make such a company an Affiliate) to provide goods and/or services to any Hotel provided that the
prices and/or terms for such goods and/or services are competitive. Additionally, Manager may contract for the purchase of goods and
services for any Hotel with third parties that have other contractual relationships with Manager and its Affiliates, so long as the
prices and terms are competitive. In determining whether such prices and/or terms are competitive, they will be compared to the
prices and/or terms which would be available from reputable and qualified parties for goods and/or services of similar quality, and
the goods and/or services which are being purchased shall be grouped in reasonable categories, rather than being compared item by
item. Any dispute as to whether prices and/or terms are competitive shall be settled by arbitration. The prices paid may include
overhead and the allowance of a reasonable return to Manager’s Affiliates (or companies in which Manager has an ownership
interest if such interest is not sufficient to make such a company an Affiliate), provided that such prices are competitive. Each
Owner acknowledges and agrees that, with respect to any purchases of goods and/or services pursuant to this Section 11.16,
Manager’s Affiliates may retain for their own benefit any allowances, credits, rebates, commissions and discounts received
with respect to any such purchases.

 

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11.17     
Disputes.

 

A.               
Any disputes, claims or controversies arising out of or relating to this Agreement, including any disputes, claims or controversies
brought by or on behalf of a party hereto, a direct or indirect parent of a party, or any holder of equity interests (which, for purposes
of this Section 11.17, shall mean any holder of record or beneficial owner of any equity interests, or any former holder of record
or beneficial owner of equity interests) of a party, either on its own behalf, on behalf of a party or on behalf of any series or class
of equity interests of a party or holders of any equity interests of a party against a party, or any of their respective trustees, directors,
members, officers, managers (including The RMR Group LLC or its parent and their respective successor), agents or employees, including
any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance, application or enforcement
of this Agreement, including the agreements set forth in this Section 11.17 or the governing documents of a party (all of which
are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party
to such Dispute or Disputes be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the
 “Rules”) of the American Arbitration Association (the “AAA”) then in effect, except as those Rules
may be modified in this Section 11.17. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative
actions against the trustees, directors, officers or managers of a party and class actions by a holder of equity interests against those
Persons and a party. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another
party.

 

B.                 There
shall be three (3) arbitrators. If there are only two (2) parties to the Dispute, each party shall select one (1) arbitrator within
fifteen (15) days after receipt by respondent of a copy of a demand for arbitration. Such arbitrators may be affiliated or
interested persons of such parties. If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may
be, one (1) arbitrator within fifteen (15) days after receipt of a demand for arbitration. Such arbitrators may be affiliated or
interested persons of the claimants or the respondents, as the case may be. If either a claimant (or all claimants) or a respondent
(or all respondents) fail(s) to timely select an arbitrator, then the party (or parties) who has selected an arbitrator may request
the AAA to provide a list of three (3) proposed arbitrators in accordance with the Rules (each of whom shall be neutral, impartial
and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days
from the date the AAA provides such list to select one (1) of the three (3) arbitrators proposed by the AAA. If the party (or
parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first
(1st) arbitrator shall then have ten (10) days to select one (1) of the three (3) arbitrators proposed by the AAA to be
the second (2nd) arbitrator; and, if they should fail to select the second (2nd) arbitrator by such time, the
AAA shall select, within fifteen (15) days thereafter, one (1) of the three (3) arbitrators it had proposed as the second
(2nd) arbitrator. The two (2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding
arbitrator (who shall be neutral, impartial and unaffiliated with any party) within fifteen (15) days of the appointment of the
second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed within the time limit specified
herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be
appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of
strikes, excluding strikes for cause.

 

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C.                
Any arbitration hearings shall be held in Boston, Massachusetts, unless otherwise agreed by the parties, but the seat of arbitration
shall be Maryland.

 

D.               
There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by
the arbitrators. For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited
documentary discovery as described in the preceding sentence.

 

E.                
In rendering an award or decision (an “Arbitration Award”), the arbitrators shall be required to follow the
laws of the State of Maryland, without regard to principles of conflicts of law. Any arbitration proceedings or Arbitration Award rendered
hereunder and the validity, effect and interpretation of the agreements set forth in this Section 11.17 shall be governed by the Federal
Arbitration Act, 9 U.S.C. §1 et seq. An Arbitration Award shall be in writing and may, but shall not be required to, briefly state
the findings of fact and conclusions of law on which it is based. Any monetary Arbitration Award shall be made and payable in U.S. dollars
free of any tax, deduction or offset. Subject to Section 11.17.H., each party against which an Arbitration Award assesses a monetary obligation
shall pay that obligation on or before the thirtieth (30th) day following the date of such Arbitration Award or such other date as such
Arbitration Award may provide.

 

F.                 
Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, to the maximum extent
permitted by Maryland law, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and
the arbitrators shall not render an Arbitration Award that would include shifting of any such costs or expenses (including attorneys’
fees) or, in a derivative case or class action, award any portion of a party’s Arbitration Award to the claimant or the claimant’s
attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there
are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear
the costs and expenses of the third (3rd) appointed arbitrator.

 

G.                Notwithstanding
any language to the contrary in this Agreement, any Arbitration Award, including but not limited to any interim Arbitration Award,
may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). An
Arbitration Award shall not be considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules
has expired. Appeals must be initiated within thirty (30) days of receipt of an Arbitration Award by filing a notice of appeal with
any AAA office. Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having
jurisdiction thereof. For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, Section 11.17
shall apply to any appeal pursuant to this Section 11.17 and the appeal tribunal shall not render an Arbitration Award that
would include shifting of any costs or expenses (including attorneys’ fees) of any party.

 

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H.               
Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in Section
11.17, an Arbitration Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between
those parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment
upon an Arbitration Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal
to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with
respect to any Arbitration Award made, except for actions relating to enforcement of the agreements set forth in this Section 11.17
or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings
in any court of competent jurisdiction.

 

I.                   
This Section 11.17 is intended to benefit and be enforceable by the parties hereto and their respective shareholders, stockholders,
members, beneficial interest owners, direct and indirect parents, trustees, directors, officers, managers (including The RMR Group LLC
or its parent and their respective successor), members, agents or employees and their respective successors and assigns and shall be binding
on the parties and such Persons and be in addition to, and not in substitution for, any other rights to indemnification or contribution
that such Persons may have by contract or otherwise.

 

11.18     
Permitted Contests. Manager shall have the right to contest
the amount or validity of any Imposition, Legal Requirement, Insurance Requirement, lien, attachment, levy, encumbrance, charge or claim
(collectively, “Claims”) as to any Hotel, by appropriate legal proceedings, conducted in good faith and with due diligence,
provided that (a) such contest shall not cause the applicable Landlord or Owner to be in default under any Mortgage or reasonably be expected
to result in a lien attaching to such Hotel, unless such lien is fully bonded or otherwise secured to the reasonable satisfaction of such
Landlord, (b) no part of such Hotel nor any Gross Revenues therefrom shall be in any immediate danger of sale, forfeiture, attachment
or loss, and (c) Manager shall indemnify and hold harmless the applicable Owner and Landlord from and against any cost, claim, damage,
penalty or reasonable expense, including reasonable attorneys’ fees, incurred by such Owner or Landlord in connection therewith
or as a result thereof. The applicable Owner and Landlord shall sign all required applications and otherwise cooperate with Manager in
expediting the matter, provided that no Owner or Landlord shall thereby be subjected to any liability therefor (including, without limitation,
for the payment of any costs or expenses in connection therewith), and any such costs or expenses incurred in connection therewith shall
be paid as a Deduction. Each Landlord shall agree to join in any such proceedings if required legally to prosecute such contest, provided
that such Landlord shall not thereby be subjected to any liability therefor (including, without limitation, for the payment of any costs
or expenses in connection therewith) and Manager agrees by agreement in form and substance reasonably satisfactory to such Landlord, to
assume and indemnify such Landlord. Any amounts paid under any such indemnity of Manager to any Owner or Landlord shall be a Deduction.
Any refund of any Claims and such charges and penalties or interest thereon shall be paid to Manager and included in Gross Revenues for
the applicable Hotel.

 

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11.19     
 Estoppel Certificates. Each party to this Agreement shall at any time and from time to time, upon not less than
thirty (30) days’ prior notice from the other party, execute, acknowledge and deliver to such other party, or to any third party
specified by such other party, a statement in writing: (a) certifying that this Agreement is unmodified and in full force and effect (or
if there have been modifications, that the same, as modified, is in full force and effect and stating the modifications); (b) stating
whether or not to the best knowledge of the certifying party (i) there is a continuing default by the non-certifying party in the performance
or observance of any covenant, agreement or condition contained in this Agreement, or (ii) there shall have occurred any event which,
with the giving of notice or passage of time or both, would become such a default, and, if so, specifying each such default or occurrence
of which the certifying party may have knowledge; (c) stating the date to which distributions of Operating Profit for each Hotel have
been made; and (d) stating such other information as the non-certifying party may reasonably request. Such statement shall be binding
upon the certifying party and may be relied upon by the non-certifying party and/or such third party specified by the non-certifying party
as aforesaid, including, without limitation its lenders and any prospective purchaser or mortgagee of any Hotel or the leasehold estate
created by any Lease. Upon termination, each party shall, on request, within the time period described above, execute and deliver to the
non-certifying party and to any such third party a statement certifying that this Agreement has been terminated.

 

11.20      Indemnification.
Notwithstanding the existence of any insurance provided for herein and without regard to the policy limits of any such insurance,
Manager shall protect, indemnify and hold harmless each Owner and Landlord for, from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs and reasonable expenses (including, without limitation, reasonable
attorneys’ fees), to the maximum extent permitted by law, imposed upon or incurred by or asserted against such Owner or
Landlord by reason of: (a) any accident, injury to or death of persons or loss of or damage to property occurring on or about any
Hotel or adjoining sidewalks or rights of way under Manager’s control, (b) any use, misuse, non-use, condition, management,
maintenance or repair by Manager or anyone claiming under Manager of any Hotel or any Owner’s Personal Property or any
litigation, proceeding or claim by governmental entities or other third parties to which such Owner or Landlord is made a party or
participant relating to any Hotel or such Owner’s Personal Property or such use, misuse, non-use, condition, management,
maintenance, or repair thereof including, failure to perform obligations (other than Condemnation proceedings) to which such Owner
or Landlord is made a party, (c) any Impositions that are the obligations of Manager to pay pursuant to the applicable provisions of
this Agreement, and (d) infringement and other claims relating to the propriety marks of Manager or its Affiliates; provided, however,
that Manager’s obligations hereunder shall not apply to any liability, obligation, claim, damage, penalty, cause of action,
cost or expense to the extent the same arises from any negligence or willful misconduct of any Owner or Landlord or their respective
employees, agents or invitees. Manager, at its expense, shall contest, resist and defend any such claim, action or proceeding
asserted or instituted against any Owner or Landlord (but shall not be responsible for any duplicative attorneys’ fees
incurred by any Owner or Landlord) or may compromise or otherwise dispose of the same, with such Owner’s or Landlord’s,
as appropriate, prior written consent (which consent may not be unreasonably withheld or delayed). If any Owner or Landlord
unreasonably delays or withholds consent, Manager shall not be liable under this Section 11.20 for any incremental increase
in costs or expenses resulting therefrom. The obligations of Manager under this Section 11.20 shall not be applicable to
Environmental Costs with respect to which a specific indemnity is provided in Section 11.06.D, to the extent addressed
therein. The obligations under this Section 11.20 shall survive termination.

 

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11.21     
Remedies Cumulative. To the maximum extent permitted by
law, each legal, equitable or contractual right, power and remedy of any Owner or Manager, now or hereafter provided either in this Agreement
or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the
exercise or beginning of the exercise by any Owner or Manager of any one or more of such rights, powers and remedies shall not preclude
the simultaneous or subsequent exercise by any Owner or Manager of any or all of such rights, powers and remedies.

 

11.22     
Amendments and Modifications. This Agreement shall not be
modified or amended except in writing signed by each Owner and Manager.

 

11.23     
Claims; Binding Effect; Time of the Essence; Nonrecourse.
Anything contained in this Agreement to the contrary notwithstanding, all claims against, and liabilities of, Manager or any Owner arising
prior to any date of termination of this Agreement shall survive such termination. All the terms and provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Time is of the essence
with respect to the exercise of any rights of Manager, any Owner or any Landlord under this Agreement. Nothing contained in this Agreement
shall be construed to create or impose any liabilities or obligations and no such liabilities or obligations shall be imposed on any of
the equityholders, beneficial owners, direct or indirect, officers, directors, trustees, employees or agents of any Owner or Landlord
or their respective Affiliates or Manager or its Affiliates for the payment or performance of the obligations or liabilities of any Owner,
Landlord or Manager, as applicable.

 

11.24     
Counterparts; Headings. This Agreement may be executed in
two (2) or more counterparts, each of which shall constitute an original, but which, when taken together, shall constitute but one instrument
and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties
hereto shall have been signed. Headings in this Agreement are for purposes of reference only and shall not limit or affect the meaning
of the provisions hereof.

 

11.25     
No Political Contributions. Notwithstanding any provision
in this Agreement to the contrary, no money or property of any Hotel shall be paid or used or offered, nor shall any Owner or Manager
directly or indirectly use or offer, consent or agree to use or offer, any money or property of any Hotel (a) in aid of any political
party, committee or organization, (b) in aid of any corporation, joint stock or other association organized or maintained for political
purposes, (c) in aid of any candidate for political office or nomination for such office, (d) in connection with any election, (e) for
any political purpose whatever, or (f) for the reimbursement or indemnification of any person for any money or property so used.

 

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11.26     
 REIT Qualification.

 

A.            
Manager shall take all commercially reasonable actions reasonably requested by any Owner or Landlord for the purpose of
qualifying any Landlord’s rental income from such Owner under its Lease as “rents from real property” pursuant to Sections
856(d)(2), 856(d)(8)(B) and 856(d)(9) of the Code, including but not limited to any action requested to maintain: (1) Manager’s
continued qualification as an “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the Code) with respect
to SVC, and (2) each Hotel’s continued treatment as a “qualified lodging facility” (as defined in Section 856(d)(9)(D)
of the Code). Manager shall not be liable if such reasonably requested actions, once implemented, fail to have the desired result of qualifying
any Landlord’s rental income from any Owner under its Lease as “rents from real property” pursuant to Sections 856(d)(2),
856(d)(8)(B) and 856(d)(9) of the Code. This Section 11.26.A shall not apply in situations where an Adverse Regulatory Event has
occurred; instead, Section 11.27 shall apply.

 

B.            
If any Owner or Landlord wishes to invoke the terms of Section 11.26.A., such Owner or Landlord (as appropriate)
shall contact Manager and the parties shall meet with each other to discuss the relevant issues and to develop a mutually-agreed upon
plan for implementing such reasonably requested actions.

 

C.             
Any additional out-of-pocket costs or expenses incurred by Manager in complying with such a request shall be borne by the
applicable Owner (and shall not be a Deduction). Such Owner shall reimburse Manager for such expense or cost promptly, but not later than
five (5) Business Days after such expense or cost is incurred.

 

D.           
Manager shall not authorize any wagering activities to be conducted at or in connection with any Hotel, and Manager shall
use commercially reasonable efforts to achieve the goal of having at least one-half of the Guest Rooms in each Hotel being used on a transient
basis and the goal of having no Hotel amenities and facilities that are not customary for similarly situated properties.

 

11.27     
Adverse Regulatory Event. In the event of an Adverse Regulatory
Event arising from or in connection with this Agreement, each Owner and Manager shall work together in good faith to amend this Agreement
to eliminate the impact of such Adverse Regulatory Event. For purposes of this Agreement, the term “Adverse Regulatory Event”
means any time that a law, statute, ordinance, code, rule or regulation imposes upon any Owner (or could impose upon such Owner in such
Owner’s reasonable opinion), any material threat to any Landlord’s or any Landlord’s Affiliate’s status as a “real
estate investment trust” under the Code or to the treatment of amounts paid to such Landlord as “rents from real property”
under Section 856(d) of the Code. Each of Manager and each Owner shall inform the other of any Adverse Regulatory Event of which it is
aware and which it believes likely to impair compliance of any Hotel with respect to the aforementioned sections of the Code.

 

11.28      Tax
Matters. Manager will prepare or cause to be prepared all tax returns required in the operation of each Hotel, which
include payroll, sales and use tax returns, personal property tax returns and business, professional and occupational license tax
returns. Manager shall timely file or cause to be filed such returns as required by the State; provided that, each applicable Owner
shall promptly provide all relevant information to Manager upon request, and any late fees or penalties resulting from delays caused
by such Owner shall be borne by such Owner. Manager shall not be responsible for the preparation of any Landlord’s or
Owner’s federal or state income tax returns, provided Manager shall cooperate fully with each Owner and Landlord as may be
necessary to enable such Owner or Landlord to file such federal or state income tax returns, including by preparing data reasonably
requested by such Owner or Landlord and submitting it to such Owner or Landlord, as applicable, as soon as reasonably practicable
following such request.

 

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11.29     
Third Party Beneficiaries. The terms and conditions of this
Agreement shall inure to the benefit of, and be binding upon, the respective successors, heirs, legal representatives or permitted assigns
of each of the parties hereto and except for each Landlord and SVC, which are intended third party beneficiaries, no Person other than
the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

 

Article
XII 

DEFINITION OF TERMS; CONSTRUCTION

 

12.01     
Definition of Terms. The following terms when used in this
Agreement and the Addenda attached hereto shall have the meanings indicated:

 

“AAA” has the meaning ascribed to such
term in Section 11.17.

 

“Additional Manager Advances” means
advances by Manager under Sections 4.05 and 5.06, together with simple interest at the rate of nine percent (9%) per annum
on the outstanding balance thereof from time to time.

 

“Additional Invested Capital” means,
with respect to each Hotel, the sum of any amounts paid after the Effective Date by (a) the applicable Landlord pursuant to Sections 5.1.2(b),
10.2.3 or 11.2 of the applicable Lease or, (b) the applicable Owner pursuant to Section 5.04 or Section 5.06 or pursuant
to Section 6.04 or Section 6.07 in excess of the insurance proceeds or Award, as the case may be.

 

“Additional Working Capital” has the
meaning ascribed to such term in Section 4.05.

 

“Adverse Regulatory Event” has the
meaning ascribed to such term in Section 11.27.

 

“Affiliate” means, as to any Person,
any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of
this definition, the term “control” (including the terms “controlling,” “controlled by” and “under
common control with”) of a Person means the possession, directly or indirectly, of the power: (i) to vote fifty percent (50%)
or more of the voting stock or equity interests of such Person; or (ii) to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting stock or equity interests, by contract or otherwise.

 

“Agreement” means this Amended, Restated
and Consolidated Master Management Agreement for Sale Hotels, as it may be amended from time to time,

 

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“Annual Operating Projection” has the
meaning ascribed to such term in Section 4.04.A.

 

“Annual Operating Statement” has the
meaning ascribed to such term in Section 4.01.B.

 

“Appellate Rules” has the meaning ascribed
to such term in Section 11.17.

 

“Arbitration Award” has the meaning
ascribed to such term in Section 11.17.

 

“Award” has the meaning ascribed to
such term in the Leases.

 

“Base Management Fee” means, with respect
to each Hotel, an amount equal to three percent (3%) of Gross Revenues for Full Service Hotels and five percent (5%) of Gross Revenues
for Select Service Hotels.

 

“Building” means, with respect to each
Hotel, the building or buildings in which such Hotel is located, together with any related amenities or facilities.

 

“Business Day” means any day other
than Saturday, Sunday, or any other day on which banking institutions in the Commonwealth of Massachusetts are authorized by law or executive
action to close.

 

“Capital Estimate” has the meaning
ascribed to such term in Section 5.06.A.

 

“Capital Statement” has the meaning
ascribed to such term in Section 5.07.B.

 

“Change of Control” means, the acquisition
by any Person or Persons acting in concert (excluding Persons who are holders, directly or indirectly, of equity interest in Manager as
of the Effective Date or Affiliates or Immediate Family Members of such Persons) of beneficial ownership (within the meaning of Rule 13d-3
under the Securities Exchange Act of 1934, as amended), directly or indirectly, of 50% or more, or rights, options or warrants to acquire
50% or more, of the outstanding shares of voting stock or other voting interests of Manager.

 

“Claims” has the meaning ascribed to
such term in Section 11.18.

 

“Code” means the Internal Revenue Code
of 1986.

 

“Condemnation” means (a) the exercise
of any governmental power with respect to any Hotel or any interest therein, whether by legal proceedings or otherwise, by a Condemnor
of its power of condemnation, (b) a voluntary sale or transfer of any Hotel or any interest therein, to any Condemnor, either under threat
of condemnation or while legal proceedings for condemnation are pending, or (c) a taking or voluntary conveyance of any Hotel or any interest
therein, or right accruing thereto or use thereof, as the result or in settlement of any Condemnation or other eminent domain proceeding
affecting any Hotel or any interest therein, whether or not the same shall have actually been commenced.

 

“Condemnor” means any public or quasi-public
authority, or private corporation or individual, having the power of Condemnation.

 

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“Controlling Interest” means (i) if
the Person is a corporation, the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable
to the shares of such Person (through ownership of such shares or by contract), or (ii) if the Person is not a corporation, the possession,
directly or indirectly, of the power to direct or cause the direction of the business, management or policies of such Person. “Control”,
 “Controlling” and “Controlled” have corrective meanings.

 

“Deduction” has the meaning ascribed
to such term in the definition of Operating Profit.

 

“Discount Rate” means an annual rate
of eight percent (8%).

 

“Disputes” has the meaning ascribed
to such term in Section 11.17.

 

“Effective Date” has the meaning ascribed
to such term in the Preamble.

 

“Environmental Costs” has the meaning
ascribed to such term in Section 11.06.C.

 

“Environmental Laws” has the meaning
ascribed to such term in Section 11.06.B.

 

“Environmental Notice” has the meaning
ascribed to such term in Section 11.06.A.

 

“Environmental Obligation” has the
meaning ascribed to such term in Section 11.06.A.

 

“Existing CC&Rs” has the meaning
ascribed to such term in Section 8.02.A.

 

“FF&E” means, with respect to each
Hotel, collectively, all furniture, fixtures and equipment located on or at such Hotel, including without limitation: furnishings, fixtures,
decorative items, signage, audio-visual equipment, kitchen equipment and appliances, cabinetry, laundry equipment, housekeeping equipment,
telecommunications systems, security systems and front desk and back-of-the house computer equipment; provided, however,
that the term “FF&E” shall not include Fixed Asset Supplies or software.

 

“Final Statement” has the meaning ascribed
to such term in Section 11.09.A.

 

“Fixed Asset Supplies” means, with
respect to each Hotel, collectively, all items included within “Operating Equipment” under the Uniform System of Accounts
that may be consumed in the operation of such Hotel or are not capitalized, including linen, china, glassware, tableware, uniforms, and
similar items used in the operation of such Hotel.

 

“Full Service Hotel” means a Hotel
designated as a Full Service Hotel on Schedule 1.

 

“Future CC&Rs” has the meaning
ascribed to such term in Section 8.02.A.

 

“GAAP” means generally accepted accounting
principles, consistently applied.

 

“Government Agencies” means any
court, agency, authority, board (including, without limitation, environmental protection, planning and zoning), bureau, commission,
department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental unit of the United States
or the State or any county or any political subdivision of any of the foregoing, whether now or hereafter in existence, having
jurisdiction over the applicable Owner, Landlord or Hotel.

 

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“Gross Revenues” means, with respect
to each Hotel, for any period, all revenues and receipts of every kind derived from operating such Hotel and all departments and parts
thereof during such period, including: income (from both cash and credit transactions) after deductions for bad debts and discounts for
prompt cash payments and refunds from rental of Guest Rooms and other spaces at such Hotel, telephone charges, stores, offices, exhibit
or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires);
income from vending machines; income from parking; health club membership fees; food and beverage sales; wholesale and retail sales of
merchandise; service charges; and proceeds, if any, from business interruption or other loss of income insurance; provided, however,
that Gross Revenues shall not include the following: gratuities to employees of such Hotel; federal, state or municipal excise, sales
or use taxes or any other taxes collected directly from patrons or guests or included as part of the sales price of any goods or services;
proceeds from the sale of FF&E; interest received or accrued with respect to the funds in the operating accounts of such Hotel; any
refunds, rebates, discounts and credits of a similar nature, given, paid or returned in the course of obtaining Gross Revenues or components
thereof; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); condemnation proceeds
(other than for a temporary taking); or any proceeds from any Sale of such Hotel or from the refinancing of any debt encumbering such
Hotel but excluding amounts expressly stated in this Agreement not to be included in Gross Revenues.

 

“Gross Room Revenues” means, with respect
to each Hotel, all Gross Revenues attributable to or payable for rental of Guest Rooms at such Hotel, after deductions for bad debts and
discounts for prompt cash payments and refunds from rental of such Guest Rooms, including, without limitation, all credit transactions,
whether or not collected, but excluding (i) any sales or room taxes collected by Manager for transmittal to the appropriate taxing authority,
and (ii) any revenues from sales or rentals of ancillary goods, such as VCR rentals, telephone income and fireplace log sales and sales
from in-room service bars. Gross Room Revenues shall also include the proceeds from any business interruption insurance or other loss
of income insurance. Gross Room Revenues shall be accounted for in accordance with the Uniform System of Accounts.

 

“Guest Room” means a lodging unit in
a Hotel.

 

“Hazardous Substances” means any substance:

 

(i)                
the presence of which requires or may hereafter require notification, investigation or remediation under any federal, state or
local statute, regulation, rule, ordinance, order, action or policy; or

 

(ii)             
which is or becomes defined as a “hazardous waste”, “hazardous material”, or “hazardous substance”,
 “dangerous waste”, “pollutant” or “contaminant” or term of similar import under any present or future
federal, state or local statute, regulation, rule or ordinance or amendments thereto including, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. et seq.) and the Resource Conservation and Recovery Act (42
U.S.C. section 6901 et seq.) and the regulations promulgated thereunder; or

 

(iii)           
which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and is
or becomes regulated by any governmental authority, agency, department, commission, board, agency or instrumentality of the United States,
any state of the United States, or any political subdivision thereof; or

 

(iv)            
the presence of which at any Hotel causes or materially threatens to cause an unlawful nuisance upon such Hotel or to adjacent
properties or poses or materially threatens to pose a hazard to such Hotel or to the health or safety of persons on or about such Hotel;
or

 

(v)              
without limitation, which is or contains gasoline, diesel fuel or other petroleum hydrocarbons or volatile organic compounds; or

 

(vi)            
without limitation, which is or contains polychlorinated biphenyls (PCBs), asbestos or urea formaldehyde foam insulation; or

 

    38

     

    

 

(vii)         
without limitation, which contains or emits radioactive particles, waves or material; or

 

(viii)       
without limitation, constitutes materials which are now or may hereafter be listed as medical waste pursuant to the Medical Waste
Tracking Act of 1988, or analogous state or local laws or regulations or guidelines promulgated thereunder.

 

“Hotel” means any hotel listed on Schedule
1, including the Building and all other improvements constructed or to be constructed on the parcel or parcels of land on which such
Building and improvements is located, and all FF&E installed or located on the Site or in the Building, and all easements or other
Owner rights thereto owned by Landlord together with, for purposes of this Agreement, all office equipment, telephone equipment, motor
vehicles, and other equipment leased by the applicable Owner, Fixed Asset Supplies and Inventories at such hotel.

 

“Immediate Family Member”
of an individual means any lineal descendant of such individual (including descendants by adoption), the spouse of any such lineal descendant,
the estate of such individual or of his or her lineal descendants, or a trust for the principal benefit of one or more of such individual
or of his or her lineal descendants (including a trust the principal beneficiary of which is another trust for the principal benefit of
one or more such Persons).

 

“Impositions” has the meaning ascribed
to such term in the Leases but shall not include:

 

1.       Special
assessments (regardless of when due or whether they are paid as a lump sum or in installments over time) imposed because of
facilities which are constructed by or on behalf of the assessing jurisdiction (for example, roads, sidewalks, sewers, culverts,
etc.) which directly benefit the applicable Hotel (regardless of whether or not they also benefit other buildings), which
assessments shall be treated as capital costs of construction and not as Deductions; and

 

2.       Impact
fees (regardless of when due or whether they are paid as a lump sum or in installments over time) which are required as a condition to
the issuance of site plan approval, zoning variances or building permits, which impact fees shall be treated as capital costs of construction
and not as Deductions.

 

“Initial Owner’s Priority” means,
with respect to each Hotel, the annual amount set forth as the Initial Owner’s Priority for such Hotel on Schedule 1.

 

“Interest Rate” means an annual rate
of 9%, but not higher than the highest rate permitted by law.

 

“Insurance Requirements” means, with
respect to each Hotel, all terms of any insurance policy required by this Agreement and all requirements of the issuer of any such policy
and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising
similar functions) binding upon such Hotel.

 

“Inventories” means, with respect to
each Hotel, “Inventories” as defined in the Uniform System of Accounts, including provisions in storerooms, refrigerators,
pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery;
and other expensed supplies and similar items.

 

“Landlord” means, with respect each
Hotel, the Person identified as the Landlord for such Hotel on Schedule 1.

 

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“Lease” and “Leases” have
the meanings ascribed to such terms in the Recitals.

 

“Legal Requirements” means, with
respect to each Hotel, collectively, all federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions affecting such Hotel or the maintenance, construction, alteration or
operation thereof, whether now or hereafter enacted or in existence, including, without limitation, (a) all permits, licenses,
authorizations, certificates and regulations necessary to operate such Hotel, and (b) all covenants, agreements, restrictions and
encumbrances contained in any instruments at any time in force affecting such Hotel which either (i) do not require the approval of
Manager, or (ii) have been approved by Manager as required hereby, including those which may (A) require material repairs,
modifications or alterations in or to the Hotel or (B) in any way materially and adversely affect the use and enjoyment thereof, but
excluding any requirements under Sections 11.26, 11.27 or 11.28, and (c) all valid and lawful requirements of
Government Agencies or pertaining to reporting, licensing, permitting, investigation, remediation and removal of underground
improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells), or emissions, discharges,
releases or threatened releases of Hazardous Substances, chemical substances, pesticides, petroleum or petroleum products,
pollutants, contaminants or hazardous or toxic substances, materials or wastes whether solid, liquid or gaseous in nature, into the
environment, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Substances, underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil
wells), or pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid of gaseous in
nature.

 

“Loyalty Program” means the Sonesta
Travel Pass loyalty program or such replacement or successor guest loyalty program as Manager may employ in the future for the hotels
in the System.

 

“Loyalty Program Fee” means an amount
per Hotel assessed based on defined costs associated with the Loyalty Program, not greater than one percent (1%) of Gross Room Revenues
for such Hotel or such greater amount otherwise mutually agreed upon between the applicable Owner and Manager.

 

“Manager” has the meaning ascribed
to such term in the Preamble hereto or shall mean any successor or permitted assign, as applicable.

 

“Manager Event of Default” has the
meaning ascribed to such term in Section 9.01.

 

“Marketing Programs” means advertising,
marketing, promotional and public relations programs and campaigns including so-called “frequent stay” rewards program which
are intended for the benefit of all hotels in the System.

 

“Marketing Program Fee” means an amount
equal to one percent (1%) of Gross Revenues or an amount otherwise mutually agreed upon between Owner and Manager.

 

“Monthly Statement” has the meaning
ascribed to such term in Section 4.01.A.

 

“Mortgage” means any mortgage indebtedness
obtained by a Landlord to finance one or more of its Hotels, and may take the form of a mortgage, deed of trust or security document customarily
in use in the State in which the encumbered Hotel is located.

 

“Mortgagee” means the holder of any
Mortgage.

 

“Officer’s Certificate” means
a certificate executed by an officer of Manager which certifies that with respect to any Annual Operating Statement delivered under Section
4.01.B, the accompanying statement has been properly prepared in accordance with GAAP and fairly presents the financial operations
of the applicable Hotel.

 

    40

     

    

 

“Operating Loss” means, with respect
to each Hotel, a negative Operating Profit for such Hotel.

 

“Operating Profit” means, with respect
to each Hotel, the excess of Gross Revenues for such Hotel over the following expenses incurred by Manager in accordance with the Operating
Standards and the terms of this Agreement, on behalf of Owner, in operating such Hotel:

 

1.                  the
cost of sales, including, without limitation, compensation, fringe benefits, payroll taxes and other costs related to Hotel
employees (the foregoing costs shall not include salaries and other employee costs of executive personnel of Manager who do not work
at such Hotel on a regular basis; except that the foregoing costs shall include the allocable portion of the salary and other
employee costs of any general manager or other supervisory personnel assigned to a “cluster” of hotels which includes
such Hotel);

 

2.                 
departmental expenses incurred at departments within such Hotel; administrative and general expenses incurred for such Hotel; the
cost of marketing incurred by such Hotel; advertising and business promotion incurred by such Hotel;

 

3.                 
routine repairs, maintenance and minor alterations for such Hotel under Section 5.02;

 

4.                 
all charges for electricity, power, gas, oil, water and other utilities consumed in the operation of such Hotel;

 

5.                 
the cost of Inventories and Fixed Asset Supplies consumed in the operation of such Hotel;

 

6.                 
lease payments for equipment and other personal property reasonably necessary for the operation of such Hotel and any ground lease
payments;

 

7.                 
a reasonable reserve for uncollectible accounts receivable for such Hotel as determined by Manager;

 

8.                 
all costs and fees of independent professionals or other third parties who are retained by Manager to perform services required
or permitted hereunder at such Hotel;

 

9.                 
all costs and fees of technical consultants and operational experts who are retained or employed by Manager and/or Affiliates of
Manager for specialized services (including, without limitation, quality assurance inspectors) and the cost of attendance by employees
of the Hotel at training and manpower development programs sponsored by Manager;

 

10.             
the Base Management Fee, Reservations Fee and Systems Fee for such Hotel;

 

11.             
insurance costs and expenses for coverage required to be maintained under Section 6.01;

 

12.             
taxes, if any, payable by or assessed against Manager related to this Agreement or to Manager’s operation of such Hotel (exclusive
of Manager’s income taxes) and all Impositions for such Hotel;

 

13.             
the Marketing Program Fee and the Loyalty Program Fee for such Hotel;

 

14.             
such Hotel’s share of the costs and expenses of participating in programs and activities prescribed for members of the System
(including those central or regional services set forth in Section 1.03) to the extent such costs are not paid pursuant to a Marketing
Program;

 

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15.             
 the costs of commercially reasonable efforts of causing such Hotel to be in compliance with each and every provision of the applicable
Lease (regardless of whether or not such compliance is a requirement of this Agreement);

 

16.             
such other costs and expenses incurred by Manager to comply with Legal Requirements and Insurance Requirements or are otherwise
reasonably necessary for the proper and efficient operation of such Hotel; and

 

17.             
such other costs and expenses paid to the applicable Owner or Landlord pursuant to the Lease or this Agreement, if such costs and
expenses would have been a Deduction if paid directly by Manager to a third person in respect of such Hotel (the items above collectively,
 “Deductions”).

 

Deductions shall not include (a) payments with
respect to items for which Manager has agreed to be liable at its own cost and expense in this Agreement or under any other agreement
between Manager and any Owner including indemnities, (b) debt service payments pursuant to any Mortgage, (c) payments pursuant to
equipment leases or other forms of financing obtained by any Owner for the FF&E located in or connected with the applicable Hotel,
both of which shall be paid or caused to be paid by the applicable Owner, (d) rent payable under the applicable Lease, (e) any reimbursement
to Manager for advances Manager makes with respect to the applicable Hotel as permitted hereunder, or (f) any item specifically stated
not to be a Deduction.

 

“Operating Standards” has the meaning
ascribed to such term in Section 1.02.A.

 

“Overdue Rate” means an annual rate
of 12% but not higher than the highest rate permitted by law.

 

“Owner” and “Owners” have
the meaning ascribed to such terms in the Preamble or shall mean any successor or permitted assignee of any such Person, as applicable.

 

“Owner Advances” has the meaning ascribed
to such term in Section 3.02.D.

 

“Owner Event of Default” has the meaning
ascribed to such term in Section 9.03.

 

“Owner Operating Loss Advance(s)” has
the meaning ascribed to such term in Section 4.06.

 

“Owner’s Personal Property” means,
with respect to each Hotel, collectively, all motor vehicles, consumable inventories and supplies, furniture, furnishings, movable walls
and partitions, equipment and machinery and all other tangible personal property of the applicable Owner, if any, acquired by such Owner
on and after the Effective Date for such Hotel and located at such Hotel or used in such Owner’s business at such Hotel, and all
modifications, replacements, alterations and additions to such personal property.

 

“Owner’s Priority” means,
with respect to each Hotel, for each Year or portion thereof during the Term, an annual amount equal to the sum of (a) the Initial
Owner’s Priority for such Hotel, plus (b) from and after the date of any disbursement of any Additional Invested Capital by
the applicable Owner and/or Landlord for such Hotel, an amount equal to six percent (6%) of such Additional Invested Capital so
disbursed.

 

“Owner’s Residual Payment” means,
with respect to each Hotel, with respect to each Year or portion thereof, an amount equal to Operating Profit for such Hotel remaining
after deducting amounts paid or payable in respect of Owner’s Priority and Reimbursable Advances for such Hotel for such Year.

 

“Owner Working Capital Advances” means,
with respect to each Hotel, the aggregate of all funds remitted by the applicable Owner to Manager as Additional Working Capital for such
Hotel.

 

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“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company partnership or other entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person where the context so permits.

 

“Prior Management Agreement” has the
meaning ascribed to such term in the Recitals.

 

“Reimbursable Advances” means, with
respect to each Hotel, the amounts paid or payable in respect of Section 3.02.D with respect to such Hotel.

 

“Renewal Term(s)” has the meaning ascribed
to such term in Section 2.01.A.

 

“Reservation Fee” means, with respect
to each Hotel, one and one-half percent (1.5%) of Gross Room Revenues for such Hotel.

 

“Rules” has the meaning ascribed to
such term in Section 11.17.

 

“Sale of a Hotel” means any sale, assignment,
transfer or other disposition, for value or otherwise, voluntary or involuntary, of the applicable Owner’s leasehold or subleasehold
title to a Hotel or the applicable Landlord’s fee or leasehold title to a Hotel, as the case may be. For purposes of this Agreement,
a Sale of a Hotel shall also include a lease (or sublease) of all or substantially all of the applicable Owner’s leasehold interest
in such Hotel and any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or involuntary, in a single transaction
or a series of transactions, of the Controlling Interest in the applicable Owner or Landlord, but shall not include any conveyance which
results in SVC continuing to hold a Controlling Interest in the transferee.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Select Service Hotel” means a Hotel
designated as a Select Service Hotel on Schedule 1.

 

“Site” means, with respect to each
Hotel, the land on which such Hotel is located, together with any related appurtenances.

 

“Sonesta” means Sonesta International
Hotels Corporation, a Maryland corporation.

 

“Sonesta Holdco” means Sonesta Holdco
Corporation, a Maryland corporation, Sonesta’s parent.

 

“Specially Designated National or Blocked
Person” means (a) a person designated by the U.S. Department of Treasury’s Office of Foreign Assets Control, or other
governmental entity, from time to time as a “specially designated national or blocked person” or similar status, (b) a
person described in Section 1 of U.S. Executive Order 13224 issued on September 23, 2001, or (c) a person otherwise
identified by government or legal authority as a person with whom Manager or its Affiliates are prohibited from transacting business.
Currently, a listing of such designations and the text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac.

 

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“State” means, with respect to each
Hotel, the commonwealth or state in which such Hotel is located.

 

“Stockholders Agreement” means that
certain Stockholders Agreement dated as of February 27, 2020 by and among Sonesta Holdco, SVC and certain other stockholders of Sonesta
Holdco.

 

“Subordination Agreement” has the meaning
ascribed to such term in Section 8.04.

 

“Subsequent Holder” has
the meaning ascribed to such term in Section 8.04.

 

“SVC” means Service Properties Trust,
a Maryland real estate investment trust.

 

“System” means all hotels which are
operated under the Trade Names.

 

“System Fee” means, with respect to
each Hotel, during any Year, an amount equal to one and one-half percent (1.5%) of Gross Revenues for such Hotel.

 

“System Standards” means the physical
standards (for example, quality of the Building, FF&E, and Fixed Asset Supplies, frequency of FF&E replacements, etc.); each of
such standards shall be the standard which is generally prevailing or in the process of being implemented at other hotels in the System,
on a fair and consistent basis with other hotels in the System; provided, however, that if the market area or the physical peculiarities
of the applicable Hotel warrant, in the reasonable judgment of Manager, a deviation from such standards shall be permitted.

 

“Term” has the meaning ascribed to
such term in Section 2.01.A.

 

“Trade Names” has the meaning ascribed
to such term in Section 11.10.

 

“Uniform System of Accounts” mean,
at any time, the then-current edition of the “Uniform System of Accounts for the Lodging Industry”, as adopted by the Hotel
Lodging Association of New York City, Inc., and the American Hotel & Lodging Association, as revised from time to time to the extent
such revision has been or is in the process of being generally implemented within the System.

 

“Unsuitable for Its Permitted Use”
means, with respect to any Hotel, a state or condition of such Hotel such that (a) following any damage or destruction involving such
Hotel, such Hotel cannot be operated in the good faith judgment of Manager on a commercially practicable basis and it cannot reasonably
be expected to be restored to substantially the same condition as existed immediately before such damage or destruction, within nine (9)
months following such damage or destruction or such shorter period of time as to which business interruption insurance is available to
cover rent and other costs related to such Hotel following such damage or destruction, or (b) as the result of a partial Condemnation,
such Hotel cannot be operated, in the good faith judgment of Manager on a commercially practicable basis in light of then existing circumstances.

 

“Working Capital” means, with respect
to each Hotel, collectively, funds that are used in the day-to-day operation of the business of such Hotel.

 

“Year” means the calendar year.

 

    44

     

    

 

12.02     
Construction. The definitions of terms herein shall apply
equally to the singular, plural, past, present and future forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii)
the words “herein,” “hereof” and “hereunder,” and words of similar import when used in this Agreement
shall be construed to refer to this Agreement in its entirety and not to any particular provision thereof, (iv) all references in this
Agreement to Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and Exhibits to, this Agreement,
and (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time. Any titles or captions contained in this Agreement are for convenience only and shall not be deemed
part of the text of this Agreement.

 

[SIGNATURES BEGIN
ON THE FOLLOWING PAGE]

 

    45

     

    

 

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

 

	 	MANAGER:
	 	 
	 	SONESTA INTERNATIONAL HOTELS
	 	CORPORATION, a Maryland corporation
	 	 
	 	By:	       /s/ Carlos R. Flores
	 	 	Carlos R. Flores
	 	 	President and Chief Executive Officer
	 	 
	 	OWNERS:
	 	 
	 	CAMBRIDGE TRS, INC.,
	 	HPT CY TRS, INC.,
	 	HPT TRS IHG-2, INC. and
	 	HRP TRS MRP, INC.,
	 	each a Maryland corporation
	 	 
	 	By:	       /s/ John G. Murray
	 	 	John G. Murray
	 	 	President and Chief Executive Officer of each of the foregoing entities

 

[Signature Page to Amended, Restated and Consolidated
Master Management Agreement for Sale Hotels]

 

     

     

    

 

Each Landlord, in consideration of the obligations of Manager and each
Owner under the within Agreement, joins to evidence its agreement to be bound by the terms of Sections 4.01.C, 4.02.B, 5.04,
5.06, 5.07.C, Article VI, 8.01, 8.02, 8.04, 10.02, 10.03, 11.07, 11.17,
11.18 and 11.20, to the extent applicable to it.

 

	 	LANDLORDS:
	 	 
	 	HPT IHG-2 PROPERTIES TRUST,
	 	HPT IHG-3 PROPERTIES LLC,
	 	HPT SUITE PROPERTIES TRUST,
	 	HPTCY PROPERTIES TRUST,
	 	HPTMI PROPERTIES TRUST and
	 	SERVICE PROPERTIES TRUST
	 	 
	 	By:	       /s/ John G. Murray
	 	 	John G. Murray
	 	 	President and Chief Executive Officer of each of the foregoing entities

 

[Signature Page to Amended, Restated and Consolidated
Master Management Agreement] 

 

     

     

    

 

 

SCHEDULE 1

 

HOTELS

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	1.	
    Sonesta ES Suites Birmingham

    3 Greenhill Parkway

    Birmingham, AL
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$568,462
	2.	
    Sonesta Select Birmingham

    4300 Colonnade Parkway

    Birmingham, AL
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,177,451
	3.	
    Sonesta ES Suites Montgomery

    1200 Hilmar Court

    Montgomery, AL
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$684,303
	4.	
    Sonesta Select Tucson Airport

    6885 South Tucson Boulevard

    Tucson, AZ
	HPT Suite Properties Trust	Cambridge TRS, Inc.	Select	$1,026,473
	5.	
    Sonesta Select Newark Christiana Mall

    48 Geoffrey Drive

    Newark, DE
	HPTCY Properties Trust	HPT CY TRS, Inc.	Select	$1,612,012
	6.	
    Sonesta ES Suites Jacksonville

    8365 Dix Ellis Trail

    Jacksonville, FL
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$968,373
	7.	
    Sonesta ES Suites Atlanta Perimeter Center

    1901 Savoy Drive

    Atlanta, GA
	HPT IHG-3 Properties LLC	Cambridge TRS, Inc.	Select	$1,204,962
	8.	
    Sonesta Select Atlanta Duluth

    3530 Venture Parkway

    Duluth, GA
	HPT Suite Properties Trust	Cambridge TRS, Inc.	Select	$1,121,365
	9.	
    Sonesta Select Atlanta Norcross I-85

    6235 McDonough Drive NW

    Norcross, GA
	Service Properties Trust	HPT CY TRS, Inc.	Select	$704,113
	10.	
    Sonesta Select Bettendorf

    895 Golden Valley Drive

    Bettendorf, IA
	HPTCY Properties Trust	HPT CY TRS, Inc.	Select	$1,147,610
	11.	
    Sonesta Select Arlington Heights

    3700 North Wilke Road

    Arlington Heights, IL
	HPTCY Properties Trust	HPT CY TRS, Inc.	Select	$1,271,010

 

    

     

    

 

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	12.	
    Sonesta ES Suites Chicago - Lombard

    2001 South Highland Avenue

    Lombard, IL
	HPT IHG-3 Properties LLC	Cambridge TRS, Inc.	Select	$1,125,983
	13.	
    Sonesta Select Chicago Elgin

    2175 Marriott Drive

    West Dundee, IL
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,491,875
	14.	
    Sonesta Select Fort Wayne

    111 West Washington Center Road

    Fort Wayne, IN
	HPT Suite Properties Trust	Cambridge TRS, Inc.	Select	$889,477
	15.	
    Sonesta Simply Suites Kansas City Overland Park

    11001 Oakmont

    Overland Park, KS
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$743,372
	16.	
    Sonesta Simply Suites Witchita Airport

    570 South Julia

    Wichita, KS
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$658,300
	17.	
    Sonesta Simply Suites Witchita Northeast

    3141 North Webb Road

    Wichita, KS
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$644,884
	18.	
    Sonesta ES Suites Burlington

    11 Old Concord Road

    Burlington, MA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$2,031,420
	19.	
    Sonesta Select Boston Stoughton

    200 Technology Center Drive

    Stoughton, MA
	Service Properties Trust	HPT CY TRS, Inc.	Select	$1,637,325
	20.	
    Sonesta ES Suites Boston Westborough

    25 Connector Road

    Westborough, MA
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,558,214
	21.	
    Sonesta Select Boston Woburn

    240 Mishawum Road

    Woburn, MA
	Service Properties Trust	HPT CY TRS, Inc.	Select	$1,271,717
	22.	
    Sonesta ES Suites Columbia

    8844 Columbia 100 Pkwy

    Columbia, MD
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,551,859
	23.	
    Sonesta Select Greenbelt

    6301 Golden Triangle Drive

    Greenbelt, MD
	HPTCY Properties Trust	HPT CY TRS, Inc.	Select	$1,720,179

 

    

     

    

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	24.	Sonesta ES Suites Ann Arbor

800 Victors Way

Ann Arbor, MI	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,549,543
	
    25.

     
	
    Sonesta Simply Suites Detroit Southfield

    1 Corporate Drive

    Southfield, MI
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,069,073
	26.	
    Sonesta ES Suites Minneapolis

    3040 Eagandale Place

    Eagan, MN
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,366,788
	27.	
    Sonesta ES Suites St. Louis - Chesterfield

    15431 Conway Road

    Chesterfield, MO
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$985,956
	28.	
    Sonesta Select Kansas City Airport Prarie View

    7600 North West 97th Terrace

    Kansas City, MO
	HPT Suite Properties Trust	Cambridge TRS, Inc.	Select	$898,045
	29.	
    Sonesta ES Suites St. Louis

    1855 Craigshire Road

    St. Louis, MO
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,028,575
	30.	
    Sonesta Select Durham Highway 54 East

    301 Residence Inn Blvd

    Durham, NC
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,205,707
	31.	
    Sonesta ES Suites Omaha

    6990 Dodge Street

    Omaha, NE
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$743,529
	32.	
    Sonesta Select Mahwah

    140 Route 17 South

    Mahwah, NJ
	Service Properties Trust	HPT CY TRS, Inc.	Select	$1,759,302
	33.	
    Sonesta ES Suites South Brunswick - Princeton

    4225 US Highway 1

    Monmouth Junction, NJ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,583,093
	34.	
    Sonesta Simply Suites Philadelphia Mount Laurel

    4000 Crawford Place

    Mount Laurel, NJ
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$883,884
	35.	
    Sonesta ES Suites Parsippany

    61 Interpace Pkwy

    Parsippany, NJ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$2,285,680

 

    

     

    

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	36.	
    Sonesta ES Suites Somers Point

    900 Mays Landing Road

    Somers Point, NJ
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,029,960
	37.	
    Sonesta Simply Suites Somerset

    41 World's Fair Drive

    Somerset, NJ
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$1,027,245
	38.	
    Sonesta ES Suites Cincinnati – Sharonville West

    11689 Chester Road

    Cincinnati, OH
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,100,713
	39.	
    Sonesta ES Suites Dublin

    435 Metro Place South

    Dublin, OH
	HPTMI Properties Trust	Cambridge TRS, Inc.	Select	$1,065,036
	40.	
    Sonesta ES Suites Cleveland Airport

    17525 Rosbough Drive

    Middleburg Heights, OH
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,008,667
	41.	
    Sonesta ES Suites Cincinnati

    2670 East Kemper Road

    Sharonville, OH
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,050,761
	42.	
    Sonesta ES Suites Westlake

    30100 Clemens Road

    Westlake, OH
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$697,854
	43.	
    Sonesta ES Suites Oklahoma City

    4361 West Reno Avenue

    Oklahoma City, OK
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,411,407
	44.	
    Sonesta Simply Suites Philadelphia Willow Grove

    250 Business Center Drive

    Horsham, PA
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$927,162
	45.	
    Sonesta ES Suites Malvern

    20 Morehall Road

    Malvern, PA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$2,218,649
	46.	
    Sonesta ES Suites Providence - Airport

    500 Kilvert Street

    Warwick, RI
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,070,072
	47.	
    Sonesta Select Spartanburg

    110 Mobile Drive

    Spartanburg, SC
	HPTCY Properties Trust	HPT CY TRS, Inc.	Select	$774,733

 

    

     

    

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	48.	
    Sonesta Simply Suites Knoxville

    10206 Parkside Drive

    Knoxville, TN
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$574,279
	49.	
    Sonesta ES Suites Memphis

    6141 Old Poplar Pike

    Memphis, TN
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$977,101
	50.	
    Sonesta Select Austin North

    7522 North IH-35

    Austin, TX
	HPT Suite Properties Trust	Cambridge TRS, Inc.	Select	$994,074
	51.	
    Sonesta ES Suites Dallas Park Central

    7880 Alpha Road (Blossomheath Lane)

    Dallas, TX
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$747,048
	52.	
    Sonesta Dallas Park Central

    7800 Alpha Road

    Dallas, TX
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Full	$1,973,367
	53.	
    Sonesta Simply Suites Dallas Richardson

    12525 Greenville Avenue

    Dallas, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$855,881
	54.	
    Sonesta ES Suites Dallas Central Expressway

    10333 North Central Expressway

    Dallas, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,112,883
	55.	
    Sonesta Simply Suites Fort Worth

    5201 Endicott Avenue

    Fort Worth, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$640,456
	56.	
    Sonesta Select Fort Worth

    3751 NE Loop 820

    Fort Worth, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,625,182
	57.	
    Sonesta ES Suites Houston NASA Clear Lake

    525 Bay Area Boulevard

    Houston, TX
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,282,124
	58.	
    Sonesta Simply Suites Houston Westchase

    4033 W Sam Houston Parkway

    Houston, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$982,367
	59.	
    Sonesta Simply Suites Houston Galleria

    4900 Loop Central Drive

    Houston, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$854,661

 

    

     

    

 

	 	
    Trade Name and

    Street Address
	Landlord	Owner	
    Service

    Level
	
    Initial 

    Owner’s Priority

	60.	
    Sonesta ES Suites Dallas Richardson

    1040 Waterwood Drive

    Richardson, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,313,131
	61.	
    Sonesta Select Dallas Richardson

    2191 North Greenville Avenue

    Richardson, TX
	HPTMI Properties Trust	HPT TRS MRP, Inc.	Select	$1,340,661
	62.	
    Sonesta Simply Suites San Antonio Northwest

    9350 IH 10 West

    San Antonio, TX
	HPT IHG-2 Properties Trust	HPT TRS IHG-2, Inc.	Select	$645,516
	63.	
    Sonesta ES Suites Burlington

    35 Hurricane Lane

    Williston, VT
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,238,689
	64.	
    Sonesta ES Suites Portland Vancouver

    8005 NE Parkway Drive

    Vancouver, WA
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Select	$1,670,402

 

    

     

    

 

SCHEDULE 2

LEASES

 

		1.	Amended, Restated and Consolidated Master Lease Agreement, dated as of January 1, 2011, between HPTMI Properties Trust, as landlord,
and HPT TRS MRP, Inc. as tenant, as amended.

 

		2.	Amended and Restated Lease Agreement, dated as of January 1, 2012, between John G. Murray, as Trustee of HPT CW MA Realty Trust, HPT
IHG Canada Properties Trust, HPT IHG GA Properties LLC, HPT IHG-2 Properties Trust and HPT IHG-3 Properties LLC, as landlord, HPT IHG
Canada Corporation, a New Brunswick corporation, as Canadian agent, and HPT TRS IHG-2, Inc., as tenant, as amended.

 

		3.	Master Lease Agreement, dated as of July 31, 2012, between HPT IHG-2 Properties Trust and HPT IHG-3 Properties LLC, as landlord, and
HPT TRS WYN, Inc., as tenant, as amended.

 

		4.	Master Lease Agreement, dated as of December 31, 2012, between Service Properties Trust and HPTCY Properties Trust, as landlord, and
HPT CY TRS, Inc., as tenant, as amended.

 

		5.	Lease Agreement, dated as of February 27, 2020, among Harbor Court Associates, LLC, HPT Cambridge LLC, HPT IHG-2 Properties Trust,
HPT IHG-3 Properties LLC, HPTMI Properties Trust, and Royal Sonesta, Inc., as landlord, and Cambridge TRS, Inc., as tenant, as amended.

 

		6.	Master Lease Agreement, dated as of September 25, 2020, between HPT IHG-3 Properties LLC and Cambridge TRS, Inc.

 

		7.	Lease Agreement, dated as of June 1, 2021, between HPT Suite Properties Trust and Cambridge TRS, Inc., as amended.

 

    

     

    

 

SCHEDULE 3

PRIOR MANAGEMENT AGREEMENTS

 

		1.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta International Hotels Corporation (“Sonesta”)
and Cambridge TRS, Inc. (“Cambridge TRS”). [Sonesta ES Suites Birmingham]

 

		2.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Montgomery]

 

		3.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Jacksonville]

 

		4.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Atlanta
Perimeter Center]

 

		5.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Gwinnett Place]

 

		6.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Chicago
- Lombard]

 

		7.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Burlington]

 

		8.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Columbia]

 

		9.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Ann
Arbor]

 

		10.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Minneapolis]

 

		11.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites St.
Louis Chesterfield]

 

		12.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Omaha]

 

		13.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites South
Brunswick, Princeton]

 

		14.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Parsippany]

 

    

     

    

 

		15.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Somers
Point]

 

		16.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Cincinnati
 – Sharonville West]

 

		17.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Dublin]

 

		18.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Cleveland
Airport]

 

		19.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Cincinnati]

 

		20.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Westlake]

 

		21.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Oklahoma
City]

 

		22.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Malvern]

 

		23.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Providence
- Airport]

 

		24.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Memphis]

 

		25.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Houston
- NASA Clear Lake]

 

		26.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Houston]

 

		27.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Burlington]

 

		28.	Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Portland
- Vancouver]

 

		29.	Master Management Agreement, dated as of September 25, 2020, between Sonesta and Cambridge. [Converted Wyndham Hotels]

 

		30.	Master Management Agreement, executed on November 25, 2020 but effective as of December 1, 2020, between Sonesta and HPT TRS IHG-2,
Inc. [Converted IHG Hotels]

 

    

     

    

 

		31.	Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT TRS MRP, Inc. [Converted Marriott Hotels]

 

		32.	Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT CY TRS, Inc. [Converted Marriott Courtyard Hotels]

 

		33.	Master Management Agreement, dated as of June 2, 2021, between Sonesta and Cambridge TRS. [Converted Hyatt Hotels]

 

     

     

    

 

Schedule to Exhibit 10.3

 

There are 4 management agreements with subsidiaries of Sonesta Holdco
Corporation, or Sonesta, for hotels which we and Sonesta have designated as sale hotels, a representative form of which is filed as Exhibit
10.3 to our Current Report on Form 8-K dated January 7, 2022 and which is incorporated herein by reference. The other 3 management agreements
for sale hotels, with the respective parties and applicable to the respective hotels listed below, are substantially identical in all
material respects to the representative form of management agreement.

 

	
    Trade Name and

    Street Address
	Landlord	Owner	Manager	Effective

 Date	
    Service

    Level
	
    Initial

    Owner’s

 Priority

	
    Sonesta Gwinnett Place

    1775 Pleasant Hill Road

    Duluth, Georgia
	HPT Cambridge LLC	Cambridge TRS, Inc.	Sonesta International Hotels Corporation	January 1, 2022	Full and Select	$3,024,996
	
    Sonesta
    Hamilton Park

 Morristown

    175 Park Avenue

    Florham Park, New Jersey 07932
	HPT IHG-2 Properties Trust	Cambridge TRS, Inc.	Sonesta NJ LLC	January 1, 2022	Full	$5,507,235
	
    Sonesta
    Simply Suites Nanuet

    20 Overlook Boulevard

    Nanuet, New York 10954
	HPT IHG-2 Properties Trust	SVC Nanuet TRS LLC	Sonesta Nanuet LLC	January 1, 2022	Select	$1,104,553

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