Document:

EX-10.4

 Exhibit 10.4 

FIRST AMENDMENT TO MUTUAL EXCLUSIVITY AGREEMENT 

THIS FIRST AMENDMENT TO MUTUAL EXCLUSIVITY AGREEMENT (this “Amendment”) is made this 19th day of November, 2013, by
and among Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), Ashford Hospitality Trust, Inc., a Maryland corporation (the “REIT”), and Remington Lodging &
Hospitality, LLC, a Delaware limited liability company (successor-in-interest to Remington Hotel Corporation and Remington Lodging & Hospitality, L.P. under the Agreement) (“Manager”), and is consented and agreed to by
Monty J. Bennett, on behalf of the Remington Affiliates. 
 RECITALS: 

WHEREAS, on August 29, 2003, the Partnership, the REIT, Remington Hotel Corporation and Remington Lodging & Hospitality,
L.P. entered into that certain Mutual Exclusivity Agreement (the “Agreement”); 
 WHEREAS, Manager is the
successor-in-interest to Remington Hotel Corporation and Remington Lodging & Hospitality, L.P. under the Agreement; 

WHEREAS, on the date hereof, the REIT has distributed to its shareholders all of the shares it held in Ashford Hospitality Prime, Inc.
(“Prime REIT”); 
 WHEREAS, Ashford Hospitality Advisors, LLC (“Ashford Advisor”) is a wholly-owned
subsidiary of the REIT and provides advisory services to Prime REIT pursuant to that certain Advisory Agreement of even date herewith by and among Ashford Advisor, Prime REIT and Ashford Hospitality Prime Limited Partnership (“Prime
Partnership”) (the “Prime Advisory Agreement”); 
 WHEREAS, the Advisory Agreement provides that Prime REIT
must identify the asset type that such party intends to select as its principal investment focus and to set parameters for its investments, including parameters relating to financial metrics and targeted markets (the “Investment
Guidelines”); 
 WHEREAS, Prime REIT, Prime Partnership and Manager entered into that certain Ashford Prime Mutual
Exclusivity Agreement of even date herewith (the “Prime Exclusivity Agreement”) whereby Manager and its Affiliates agree, among other things, to grant to Prime REIT and Prime Partnership an exclusive first right of refusal to
purchase and assume from Manager any opportunity identified by Manager to develop and construct, acquire all or a portion of, or invest in, a Hotel Property that meets the Initial Investment Guidelines of Prime REIT and Prime Partnership
(collectively, the “Prime Parties”), as defined in the Prime Exclusivity Agreement; 
 WHEREAS, the rights granted
by Manager to the Prime Parties under the Prime Exclusivity Agreement conflict with the AHT Exclusivity Rights under the Agreement; 

WHEREAS, in order to resolve such conflict, the Partnership, the REIT, Manager and the Remington Affiliates desire to amend the
Agreement as expressly provided herein; 

  
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 WHEREAS, capitalized terms appearing but not defined herein shall have the meanings
ascribed thereto as set forth in the Agreement; 
 NOW, THEREFORE, in consideration of the covenants and mutual promises contained
herein and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties intending to be legally bound, hereby agree as follows: 

1. Remington Transaction Subordination. The REIT and the Partnership (the “REIT Parties”) consent to the Prime
Exclusivity Agreement. With respect to any Remington Transaction involving a Hotel Property that meets the Initial Investment Guidelines of the Prime Parties, the REIT Parties hereby agree that its right to accept such Remington Transaction pursuant
to the Agreement shall be subordinate to the rights of the Prime Parties to accept such Remington Transaction pursuant to the Prime Exclusivity Agreement (the “Subordination”). 

If the Prime Parties materially modify their Initial Investment Guidelines without the written consent of Manager (on behalf of the Remington
Parties) and the REIT Parties, which consent may be withheld in their sole and absolute discretion, the Subordination agreed to by the REIT Parties shall terminate and be of no further force and effect. Instead, the rights of the REIT Parties to
accept any Remington Transaction pursuant to the Agreement shall be superior to the rights of the Prime Parties to accept such Remington Transaction pursuant to the Prime Exclusivity Agreement, unless otherwise agreed by the REIT Parties. For
purposes hereof, a “material” modification of the Prime Parties’ Initial Investment Guidelines shall mean any modification of the Initial Investment Guidelines which cause the Prime Parties’ Investment Guidelines to be
competitive with the REIT’s investment guidelines, which the parties acknowledge includes all segments of the hospitality industry (including direct, joint ventures and debt investments in hotels, condo-hotels, time-shares and all other
hospitality related assets), with RevPAR criteria less than two (2) times the then current U.S. average RevPAR. 
 2. Ashford
Advisor. Upon Manager identifying a Remington Transaction that meets the Initial Investment Guidelines of the Prime Parties, Manager will submit the Remington Notice to both the REIT Parties pursuant to the Agreement and the Prime Parties
pursuant to the Prime Exclusivity Agreement. If both the REIT Parties and the Prime Parties accept the Remington Transaction in accordance with the terms of the Agreement and Prime Exclusivity Agreement, respectively, (a) the Remington
Transaction shall be deemed accepted by the Prime Parties, and (b) if the Remington Transaction is deemed accepted by the Prime Parties and the right of the Prime Parties to assume and purchase the Remington Transaction shall subsequently lapse
or fail to close pursuant to the terms of the Prime Exclusivity Agreement, Manager shall send a new Remington Notice to the REIT Parties and the REIT Parties shall have the right to accept the Remington Transaction in accordance with the terms of
the Agreement. The procedures set forth in this Section 2 shall apply with respect to any new Remington Notice issued pursuant to Section 4(d) of the Agreement. 

3. Section 3(a)(i) of the Agreement is hereby amended and restated in its entirety to read as follows: 

  
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 “Monty J. Bennett (1) is removed without Cause, (2) is not re-appointed as chief
executive officer or chairman of the board of directors of the REIT, (3) resigns as chief executive officer or chairman of the board of directors of the REIT for Good Reason or as a result of a Change in Control (within 12 months of the
occurrence of such event), or (4) the Employment Agreement is not renewed; but with respect to all of the foregoing, excluding in connection with the death of Monty J. Bennett;” 

4. Section 3(a)(ii) of the Agreement is hereby amended and restated in its entirety to read as follows: 

“Archie Bennett, Jr. (1) is removed as Chairman Emeritus, or (2) the REIT breaches that certain Chairman Emeritus Agreement
dated January 7, 2013, among the REIT, the Partnership and Archie Bennett, Jr.; but with respect to all of the foregoing, excluding in connection with the death of Archie Bennett, Jr.;” 

5. Section 3(b)(ii) of the Agreement is hereby amended and restated in its entirety to read as follows: 

“If Monty J. Bennett resigns as chief executive officer and chairman of the board of directors of the REIT without Good Reason; provided,
however, the retirement of Monty J. Bennett as chief executive officer or chairman of the REIT shall not constitute a REIT Termination Event unless and until a REIT Termination Event described in Section 3(b)(iv) shall occur;” 

6. Section 9(c) of the Agreement is hereby modified by adding the following sentence at the end of such section: 

“Notwithstanding the foregoing, Manager shall have the right, without such consent, to assign its interest in this Agreement to any
Manager Affiliate Entity (as defined in the Master Management Agreement), provided such Manager Affiliate Entity qualifies as an Eligible Independent Contractor (as defined in the Master Management Agreement) as of the date of such transfer. 

7. Exhibit “B” of the Agreement is hereby amended and restated in its entirety with Exhibit “A” attached hereto and
incorporated herein by reference for all purposes. 
 8. Miscellaneous. 

(a) In the event of any inconsistencies between the terms and conditions of this Amendment and the terms and conditions of the Agreement, the
terms and conditions of this Amendment shall control. 
 (b) Except as modified pursuant hereto, no other changes or modifications to the
Agreement are intended or implied and in all other respects the Agreement is hereby specifically ratified and confirmed by all parties hereto effective as of the date hereof. The Agreement and this Amendment shall be read and construed as one
Agreement. 

  
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 (c) This Amendment shall be binding upon and inure to the benefit of each of the parties hereto
and their respective successors and assigns. 
 (d) This Amendment may be executed in two or more counterparts each of which shall deemed to
be an original, but all of which taken together shall constitute one and the same instrument. When counterparts have been executed by all parties, they shall have the same effect as if the signatures to each counterpart or copy were upon the same
document and copies of such documents shall be deemed valid as originals. The parties agree that all such signatures may be transferred to a single document upon the request of any party. 

[Signature Pages to Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have
executed this Amendment as of the date first above written. 
  

									
		 	PARTNERSHIP:	  		  	
			
		 		  	ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
				
		 		  	By:	  	 Ashford OP General Partner LLC, a Delaware

limited liability company, its general partner

					
		 		  		  	By:	  	 /s/ David A. Brooks

		 		  		  	Name:	  	David A. Brooks
		 		  		  	Title:	  	Vice President
				
		 	REIT:	  		  	
			
		 		  	 ASHFORD HOSPITALITY TRUST, INC., a

Maryland corporation

				
		 		  	By:	  	 /s/ David Brooks

		 		  	Name:	  	David Brooks
		 		  	Title:	  	Chief Operating Officer and General Counsel
				
		 	MANAGER:	  		  	
			
		 		  	 REMINGTON LODGING & HOSPITALITY, LLC,

a Delaware limited liability company

				
		 		  	By:	  	 /s/ Monty J. Bennett

		 		  	Name:	  	Monty J. Bennett
		 		  	Title:	  	CEO

 CONSENTED AND AGREED TO THIS 19 

DAY OF November, 2013: 
 /s/ Monty J.
Bennett         
 MONTY J. BENNETT 

  
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 EXHIBIT A 

 EXHIBIT “B” 

DEVELOPMENT AGREEMENT 

THIS DEVELOPMENT AGREEMENT (the “Agreement”) dated as of
            , 2013 (the “Effective Date”), by and between ASHFORD HOSPITALITY TRUST LIMITED PARTNERSHIP, a Delaware limited partnership
(“Owner”) and REMINGTON LODGING & HOSPITALITY LLC, a Delaware limited liability company [OR REMINGTON AFFILIATE] (“Developer”). 

R E C I T A L S: 

A. Owner owns that certain tract or parcel of land situated in
            County,             , as more particularly described on Exhibit “A” attached hereto and made
a part hereof for all purposes (the “Land”). 
 B. Owner desires to engage Developer to develop an
approximate             room             hotel and to furnish and perform the functions and services hereinafter prescribed, and
Developer desires to accept such engagement, all for the term and subject to the covenants, agreements, and stipulations hereinafter set forth. 

A G R E E M E N T S: 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

 

	1.	Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

1.1. Affiliate. The term “Affiliate” shall mean with respect to any entity, any firm, corporation, partnership, association,
trust or other entity which, directly or indirectly, controls, is controlled by, or is under common control with, the subject entity, or any family member or trust for the benefit of a family member of a person having control of such entity. For
purposes hereof, the term “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any such person or entity, whether through the ownership of voting
securities, by contract, or otherwise. 
 1.2. Agreement. The term “Agreement” shall mean this Development Agreement. 

1.3. Ashford TRS. The term “Ashford TRS” shall mean Ashford TRS Corporation, a Delaware corporation. 

1.4. Commencement Date. The term “Commencement Date” shall mean the date on which Developer certifies to Owner in writing that
construction has commenced for the development of the Project by the primary contractor after (i) the issuance of the building permit and other permits necessary for the commencement of construction issued under applicable Legal Requirements,
(ii) the execution and delivery of the Construction Loan Documents, if applicable, (iii) the approval of the proposed platting, if applicable, for the Land under applicable Legal Requirements, and (iv) the approval of the applicable
site plan for the Project under applicable Legal Requirements. 

 1.5. Completion Date. The term “Completion Date” shall mean the first day by
which (i) the Project Architect has certified that the construction, equipping and furnishing of the Project has been substantially completed in accordance with the Plans and Specifications, (ii) the applicable governmental authorities
have issued all necessary certificates of occupancy and other consents and approvals in respect of or necessary for the operation of the Project as an operating Hotel, (iii) the Franchisor has authorized the opening of the Hotel and the
operation thereof under the terms of the Franchise Agreement, and (iv) the Project is opened to the public for business as [a] [an]             Hotel. 

1.6. Conceptual Plan Phase. The term “Conceptual Plan Phase” shall have the meaning given such term in Section 2.2
hereof. 
 1.7. [Construction Loan Agreement. The term “Construction Loan Agreement” shall mean that certain loan agreement
part of the Construction Loan Documents.] [IF APPLICABLE] 
 1.8. [Construction Loan Documents. The term “Construction
Loan Documents” shall mean each and every document or instrument executed in connection with or as security for the construction loan for the Project.] [IF APPLICABLE] 

1.9. Design Phase. The term “Design Phase” shall have the meaning given such term in Section 2.2 hereof. 

1.10. Developer. The term “Developer” shall have the meaning attributed to it in the preamble to this Agreement. 

1.11. Developer Default. The term “Developer Default” shall have the meaning attributed to it in Section 3.3.1. 

1.12. Developer’s Fee. The term “Developer’s Fee” shall have the meaning attributed to it in Section 5.1. 

1.13. Development Budget. The term “Development Budget” shall mean the development budget for the Project approved by Owner
and Lender, if applicable, in the form attached hereto as Exhibit “B” and made a part hereof for all purposes, to be proposed by Developer pursuant to Section 2.2 hereof, and as updated and revised, from time to
time, with Owner’s approval. 
 1.14. Development Plan. The term “Development Plan” shall mean the plan for the
development and construction of an approximate             room             hotel and all related amenities, parking areas and
other improvements, to be approved by Owner pursuant to Section 2.2 below. 
 1.15. Force Majeure. The term “Force
Majeure” shall mean any act of God (including adverse weather conditions); act of the state or federal government in its sovereign or contractual capacity; war; civil disturbance, riot or mob violence; terrorism; earthquake; flood; fire or
other casualty; epidemic; quarantine restrictions; labor strikes or lockout; freight embargo; materials 

  
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shortages or unusual unavailability of specified materials, or similar causes beyond the reasonable control of Developer. 

1.16. Franchisor. The term “Franchisor” shall mean             .

 1.17. Franchise Agreement. The term “Franchise Agreement” shall mean the contract entered into between Owner and
Franchisor pertaining to the name and operating procedures, systems and standards for the Hotel. 
 1.18. Franchisor Requirements. The
term “Franchisor Requirements” shall mean the conditions, guidelines and requirements of Franchisor applicable to the Project and the operation of the Hotel for the issuance of the Franchise Agreement by Franchisor. 

1.19. Hotel. The term “Hotel” shall mean the proposed improvements to be constructed on the Land comprised of an approximate
            -story Hotel with not less than             guest [rooms][suites] to be operated under the Franchise Agreement
and to be constructed in accordance with the Plans and Specifications. 
 1.20. Land. The term “Land” shall have the meaning
attributed to it in the first recital hereof. 
 1.21. Legal Requirements. The term “Legal Requirements” shall mean all
laws, statutes, ordinances, orders, rules, regulations, permits, licenses, authorizations, directions and requirements of all governments and governmental authorities, which now or hereafter may be applicable to the Project and the operation of the
Hotel. 
 1.22. Lender. The term “Lender” shall mean
            . 
 1.23. Management Agreement. The term “Management
Agreement” shall mean that certain Hotel Master Management Agreement between Ashford TRS, an affiliate of Owner and Manager, an affiliate of Developer. 

1.24. Manager. The term “Manager” shall mean Remington Lodging & Hospitality LLC, a Delaware limited liability
company. 
 1.25. Objection Notice. The term “Objection Notice” shall have the meaning given such term in Section 2.2.
hereof. 
 1.26. Outside Completion Date. The term “Outside Completion Date” shall [have the meaning as set forth in the
Construction Loan Agreement entered into or to be entered into between Lender and Owner][mean             ]. 

1.27. Owner. The term “Owner” shall have the meaning attributed to it in the preamble to this Agreement. 

1.28. Owner Delays. The term “Owner Delays” shall mean delays caused by actions or inactions of Owner with respect to any
review, approval, funding, and other requirements and rights of Owner under this Agreement. 

  
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 1.29. Owner Default. The term “Owner Default” shall have the meaning attributed
to it in Section 3.2.2. 
 1.30. Person. The term “Person” shall mean an individual, partnership, corporation, trust,
unincorporated association, or other entity or association. 
 1.31. Plans and Specifications. The term “Plans and
Specifications” shall mean the architectural plans and specifications for the Project prepared by the Project Architect and approved by Owner and Lender. 

1.32. Project. The term “Project” shall mean the Hotel, together with other related improvements, to be constructed on the
Land. 
 1.33. Project Architect. The term “Project Architect” shall mean
[            ] [the architect recommended by Developer and approved by Owner]. 

1.34. State. The term “State” shall mean             . 

 

	2.	Engagement of Developer. 

 2.1. Engagement. Owner hereby engages the services of
Developer, as Owner’s developer for the Project, with the powers and duties of arranging, supervising, coordinating, and carrying out the development of the Project, and Developer undertakes and accepts such engagement, subject to the terms and
provisions of this Agreement. 
 2.2. Development Plan. During the first
            days after the Effective Date (the “Conceptual Plan Phase”), Developer shall work with Owner and Franchisor to develop a conceptual Development Plan for
the Project which shall include (i) a schematic representation of the Hotel and proposed improvements (with exterior elevation), (ii) a preliminary Development Budget, (iii) recommended contractors, (iv) recommended architects,
(v) listing of major construction materials, (vi) listing of recommended interior selections, and (vii) other matters, all of sufficient scope to establish a basis for performance of the development on the Project. Upon Owner’s
and Franchisor’s, as applicable, approval of the Conceptual Development Plan, Manager shall then engage, on behalf of Owner, the Project Architect to prepare plans and specifications for completion within
            days after the expiration of the Conceptual Plan Phase and engagement of the Project Architect (the “Design Phase”). During the Design Phase, Manager
shall supervise and direct, on behalf of Owner, the completion of the Plans and Specifications for Owner’s review and approval. Manager shall consult with and coordinate the preparation of the Plans and Specifications with the Franchisor at
50%, 75% and 100% completion. A preliminary Development Budget has been prepared by Developer and delivered to Owner. Consistent with the terms set forth in the preliminary Development Budget, Developer shall further refine and provide more detail
during the Design Phase with the intent that upon conclusion of all Plans and Specifications for the intended and approved Development Plan, Developer shall submit a complete Development Budget to Owner for Owner’s approval. Upon receipt
thereof, with appropriate supporting information including trade costs breakdowns, construction schedules and other items reasonably requested by Owner after all appropriate bidding has concluded, Owner shall reasonably cooperate with Developer in
developing the final and approved Development Budget. The Development Budget and the Development Plan shall 

  
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not be deemed accepted by Owner in the absence of its express written approval. Not later than thirty (30) days after receipt by Owner of the proposed Development Budget and the
Development Plan (or such longer period as Owner may reasonably request on notice to Developer), Owner may deliver a notice (an “Objection Notice”) to Developer stating that Owner objects to any information contained in or
omitted from such proposed Development Budget and Development Plan, and setting forth the nature of such objections with reasonable specificity. Failure of Owner to timely deliver an Objection Notice shall be deemed a rejection of the
Developer’s proposed Development Budget in its entirety. Upon receipt of any Objection Notice, the Developer shall, after consultation with Owner, modify the proposed Development Budget and the Development Plan, taking into account Owner’s
objections, and shall resubmit the same to Owner for Owner’s approval within fifteen (15) days thereafter (or such additional time as may be reasonably required with the reasonable approval of Owner), and Owner may deliver further
Objection Notices (if any) within fifteen (15) days thereafter (in which event, the resubmission and review process described above in this sentence shall continue until the proposed Development Budget and Development Plan in question is
accepted and consented to by Owner). 
 Notwithstanding anything to the contrary set forth herein, Owner shall have the right
at any time subsequent to the acceptance and consent with respect to any Development Budget or the Development Plan, on notice to Developer, to revise such Development Budget and Development Plan or to request that Developer prepare for Owner’s
reasonable approval a revised Development Budget or Development Plan, taking into account such circumstances as Owner deems reasonably appropriate; provided, however, the revision of a Development Budget or Development Plan shall not be deemed a
revocation of the Developer’s authority with respect to such actions as the Developer may have already taken (including, without limitation, construction contracts, architectural agreements, professional services contracts, and other contracts
executed in connection with the authority granted herein) prior to receipt of such revision notice in implementing a previously approved Development Budget or Development Plan. 

2.3. Delegation of Authority. The development of the Project shall be under the supervision and control of Developer who, except as
otherwise specifically provided herein, shall be responsible for the completion of the Project prior to the Outside Completion Date, subject to Force Majeure and/or Owner Delays, materially in accordance with the Plans and Specifications, [the
Construction Loan Documents,] applicable Legal Requirements, and the Franchisor Requirements. Accordingly, subject to the terms of this Agreement, the Plans and Specifications, the Development Plan and the Development Budget, Developer shall have
the authority to: 
 (a) Negotiate, execute and effect the administration of, in the name of and on behalf of Owner, any
agreements for architectural, engineering, testing, and/or professional or skilled consultant’s services, and any agreements for the construction of any and all improvements, including, but not limited to, the furnishing of any supplies,
materials, machinery or equipment therefor, and any amendments of the foregoing. 

  
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 (b) Consult with architects, engineers, and others referred to in
Section 2.2(a) above so that the design and Plans and Specifications for the Hotel will be prepared, developed and finalized to the reasonable satisfaction of Owner. 

(c) Secure or cause the appropriate parties engaged by the Owner to secure all required permits, licenses, and approvals from
applicable authorities in connection with: (i) the demolition of any existing structure on the Land; (ii) the construction, completion and occupancy of the Hotel; and (iii) the development and operation of the Hotel, regardless of
when and from what source they are to be obtained. 
 (d) Cause the appropriate parties engaged by the Developer to prepare a
project time construction schedule for reasonable approval by Owner and effect coordination and integration of the various services required for the construction and completion of the Hotel in conformity with such schedules, subject to delay due to
Force Majeure and Owner Delays. 
 (e) Recommend the Project general contractor for approval by Owner (not to be unreasonably
withheld) and then select other professional consultants and engineers necessary to complete the development of the Project and supervise the negotiation and execution of all construction and professional service contracts and any revisions,
amendments or supplements thereto. 
 (f) If required by Owner [or Lender], require the Project general contractor to provide
at its expense a payment bond and a performance bond, each in an amount equal to 100% of the respective contracts issued by a financially responsible surety company licensed by the State in which the Project is located, insuring to Owner’s [and
Lender’s] reasonable satisfaction that the services called for in the Project general contractor’s contract will be completed and fully paid. 

(g) Advise and assist Owner in the preparation of the Development Plan and Development Budget and make revisions to same as
necessary, subject to the approval of Owner, and to keep Owner advised of changes in cost estimates included in the Development Budget from time to time so as to provide Owner at all times with current information as to Project costs. 

(h) Cooperate with and assist with the Project general contractor in the preparation of: (i) bid documents and procedures;
(ii) the selection of lists of bidders; and (iii) in the negotiations, finalization and award of all major subcontracts and material purchase orders. 

(i) Provide supervision over the performance of the Project general contractor of its services in an effort to expedite
completion of the Hotel in accordance with approved Plans and Specifications and contract documents, the Development Budget, the Construction Loan Documents and the critical path progress schedule prepared by the Project general contractor under the
supervision of Developer. 

  
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 (j) Establish a procedure for the review and processing of applications by the
Project general contractor and subcontractors of progress and final payments [in compliance with the Construction Loan Documents]. 

(k) Inspect the progress of the course of construction of the Hotel, including verification, through the Project Architect, of
the materials and labor being furnished to and on such construction, and in addition, verify based on such inspection that construction is being carried out in accordance with the Plans and Specifications, the Construction Loan Documents, Legal
Requirements and the Franchisor Requirements. 
 (l) Manage and consult with and direct all persons or firms engaged for the
responsibility of designing the Project. 
 (m) Except as otherwise provided in the Management Agreement, at Owner’s
expense, obtain and maintain insurance coverage for the Project, Owner (and any of its partners if deemed necessary by Owner), at all times until construction of the Hotel is fully completed, such policies to be in compliance with the insurance
requirements set forth in Exhibit C attached hereto and made a part hereof for all purposes and [with the Construction Loan Documents]. 

(n) Provide administration of all contracts and the enforcement thereof and of all appropriate records. 

(o) Use reasonable commercial efforts to accomplish the timely completion of the development of the Hotel subject to Force
Majeure and Owner Delays. 
 (p) Secure such cross easements, reciprocal operating agreements, cross use agreements, and
other similar access agreements between the Hotel and adjoining landowners and appropriate parties as are necessary to develop and operate the Hotel. 

(q) Provide as a liaison between Owner and any federal, state, county or local government boards, statutory bodies or other
agencies having jurisdiction over the Land of the development of the Hotel in order to provide a relationship between the Owner and such parties, and to permit the development of the Hotel to proceed in a cost efficient and expeditious manner. 

(r) Maintain all office and accounting facilities and equipment necessary for Developer to carry out the foregoing functions,
and in connection with accounting functions, if Owner so directs, receive and disburse loan proceeds and other funds for and on behalf of the Owner and subject to Owner’s approval. 

(s) Prepare and furnish to Owner monthly budget updates, progress reports and other reports reasonably required by Owner and
provide necessary and appropriate computer and related services in the performance of the above functions. 
 (t) Arrange for
and supervise the preparation of, and deliver to Owner and Lender promptly when available, all documentation relevant to the Project, in proposed and final forms, including, without limitation, surveys, title reports, site plans,

  
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engineering and environmental reports, soil reports, Plans and Specifications, construction contracts, consultants’ contracts, construction schedules and trade breakdowns, and purchase
orders and contracts. 
 2.4. Project Related Services. Developer and Owner agree that the duties of Developer hereunder shall not
extend to providing any of the services defined as “Project Related Services” in the Management Agreement, unless and until it has been determined that the Market Service Fees (as defined in the Management Agreement) with respect to such
Project Related Services has been determined in accordance with the terms and procedures set forth in Section 8.02(G), (H) and (I) of the Management Agreement, the terms and provisions of which are incorporated herein by this
reference. 
 2.5. Approvals by Owner. Developer covenants and agrees that in addition to any Owner approval requirements otherwise
set forth herein, Developer shall obtain the prior written approval by Owner for each of the following: 
 (a) Plans and
Specifications for the Project and any material changes thereto; 
 (b) Any material deviation from the approved Plans and
Specifications, as same may have been amended or modified; 
 (c) Approval of the Development Pans and the Development Budget
(if not heretofore approved in writing by Owner) and any material changes thereto; 
 (d) The making of, or the agreement to
incur, expenditures in connection with the development of the Project which cause total expenditures for the development of the Project to exceed the total construction costs for the entire Project as set forth in the then approved Development
Budget [or any variance exceeding             % of any major line item in the Development Budget]; 

(e) Approval of the General Contractor (including the applicable construction contract or any material amendments or
modifications thereto or any change order thereunder which would cause total expenditures for the development of the Project to exceed the total construction cost for the entire Project as set forth in the then approval Development Budget or would
cause a variance in any major line item in the Development Budget of             %); and 

(f) Approval of the Project Architect and all major professional consultants and engineers engaged for the implementation of
the Development Budget (including applicable contracts for the engagement of such professionals or material amendments or modifications thereto). 

2.6. Emergencies. Notwithstanding Section 2.5 to the contrary, in any emergency affecting the safety of persons or property, which
is likely to result in a substantial construction work stoppage or a substantial delay of the Completion Date, Developer shall be authorized to act in a manner intended to mitigate or prevent threatened damage, injury or loss, and shall be entitled
to make expenditures in connection therewith. However, Developer shall authorize only such acts and shall make only such expenditures reasonably required to stabilize the emergency. 

  
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In addition, Developer shall authorize such acts and make such expenditures only after Developer has made a reasonable attempt (if circumstances permit) to inform Owner of (a) the cause of
such emergency, (b) the prepared course of action in connection therewith, and (c) the likely amount of such expenditures. 
 2.7.
Cooperation by Owner. Owner agrees to cooperate with Developer as may be requested by Developer in furtherance of the development and construction of the Project as specified in this Agreement and to execute such documents as shall be
submitted to it with a favorable recommendation by Developer, provided that the same shall be consistent with and in implementation of the matters approved by Owner as required hereunder. 

2.8. Performance of Duties; Guaranty of Completion. Developer accepts as aforesaid the engagement under this Agreement and agrees to act
with reasonable prudence and diligence in the performance of its duties and responsibilities hereunder and in good faith and in the best interest of Owner. Subject to the continuing obligation of Owner to provide funds necessary for the development
of the Project, Developer hereby covenants and agrees, subject to Force Majeure and Owner Delays, to cause the commencement of the construction of the Project and thereafter cause the prosecution of same with diligence and continuity to completion
on or before the Outside Completion Date, all in a good and workmanlike manner and (i) in accordance with the then approved Development Budget, (ii) in substantial accordance with the Plans and Specifications (as same may be changed
pursuant to Section 2.5(a) and (b) hereof , (iii) all Legal Requirements in all material respects, (iv) the Construction Loan Documents, and (v) the Franchisor Requirements, free and clear of any liens or claims of liens for
materials supplied or worked performed in connection therewith, except for permitted liens and encumbrances [pursuant to the terms of the Construction Loan Documents]. 
  

	3.	Term, Default, Termination and Remedies. 

 3.1. Term. Unless earlier terminated
pursuant to the provisions hereof, this Agreement shall be for a term commencing as of the Commencement Date and terminating upon a date thirty (30) days following the Completion Date. Termination hereof shall not relieve either Owner or
Developer of obligations to each other that accrue on or before such termination nor the continuing and surviving obligation of Owner to pay, to the extent required hereunder, the Developer’s Fee or reimburse Developer for overages pursuant to
Section 5 hereof. 
 3.2. Default. 

3.2.1. Developer Default. Each of the following shall constitute a “Developer Default”: 

(a) The filing of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law by
Developer; 
 (b) The consent to any involuntary petition in bankruptcy or the failure to vacate, within ninety
(90) days from the date of entry thereof, any order approving an involuntary petition by Developer; 

  
 9 

 (c) The entering of an order, judgment or decree by any court of competent
jurisdiction, on the application of a creditor, adjudicating Developer as bankrupt or an insolvent, or approving a petition seeking reorganization or appointing a receiver, trustee, or liquidator of all or a substantial part of Developer assets, and
such order, judgment or decree continues unstayed and in effect for any period of ninety (90) days or more; 
 (d) The
appointment of a receiver for all or any substantial portion of the property of Developer; 
 (e) The failure of Developer to
make any payment in accordance with the terms of this Agreement within ten (10) days after receipt of written notice specifying said default from Owner, that such payment is due and payable; and 

(f) The failure of Developer to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions
set forth in this Agreement, and the continuance of such failure for a period of thirty (30) days after written notice of such failure; provided, however, if such default cannot be cured within such thirty (30) day period and Developer
shall have commenced to cure such default within such thirty (30) day period and thereafter diligently, continuously and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended so long as it shall require
Developer to cure such default. 
 3.2.2. Owner Default. Each of the following shall constitute an “Owner
Default” if (but only if) and to the extent the failure in question is not attributable to the action or breach by the Developer or any Affiliate of Developer: 

(a) The failure of Owner to make any payment in accordance with the terms of this Agreement within ten (10) days after
receipt of written notice specifying said default from Developer, that such payment is due and payable; or 
 (b) The failure
of Owner to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions set forth in this Agreement to be performed, kept or fulfilled by it, and the continuance of such failure for a period of thirty (30) days
after written notice of such failure from Developer; provided, however, if such default cannot be cured within such thirty (30) day period and Owner shall have commenced to cure such default within such thirty (30) day period and
thereafter diligently, continuously and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended so long as it shall require Owner to cure such default. 

3.3. Consequence of Default. 

3.3.1. Developer Default. Upon the occurrence of any Developer Default, Owner may, at its option, give Developer written
notice of termination of this Agreement (after the expiration of any applicable grace or cure period provided above), and upon the expiration of fifteen (15) days from the date of such written notice, this Agreement shall terminate. 

  
 10 

 3.3.2. Owner Default. Upon the occurrence of any Owner Default, Developer
may give Owner written notice of its intention to terminate this Agreement (after the expiration of any applicable grace or cure period provided above), and upon the expiration of fifteen (15) days from the date of such written notice, this
Agreement shall terminate. 
 3.4. Other Remedies Cumulative. In the event of the occurrence of either a Developer Default or Owner
Default hereunder, the aggrieved party (Developer or Owner, as the case may be) shall, in addition to its rights and remedies hereunder and at law or in equity, have the right to recover from the party in default damages suffered and all reasonable
costs and expenses incurred by the aggrieved party in enforcing its rights and remedies hereunder, including reasonable attorneys’ fees. The termination of this Agreement by either Developer or Owner by reason of default by the other party, as
aforesaid, shall not relieve either party of any of its obligations theretofore accrued under this Agreement prior to the effective date of such termination. 

3.5. Duties Flowing From Termination. Upon termination of this Agreement, Owner shall: 

(a) Indemnify and hold Developer harmless from and against any and all claims, obligations and liabilities by reason of
anything done or required to be done after the effective date of such termination under any contract entered into by Owner in connection with or relating to the development of the Project; and 

(b) Pay for the cost of all services (including, without limitation, the Development Fee earned through the date of such
termination), materials, and supplies, if any, which may have been ordered or incurred by Developer as a result of its obligations arising under this Agreement but which may not have been charged to or paid by Developer and reimbursed under this
Agreement at the time of termination, if such services, materials, and supplies have been ordered or incurred in accordance with the provisions of this Agreement; provided, however, that in the event of a termination of this Agreement as a result of
a Developer Default, Owner shall have the right to offset against any amounts due to Developer under this Section 3.5 any amounts to which Owner is entitled hereunder, under Section 3.4 or otherwise. 

Upon such termination, Developer shall execute and deliver to Owner such documents of transfer and assignment as may be
required to vest in Owner all of Developer’s rights, if any, under any and all contracts referenced in Section 3.5(a) above, and Developer shall cooperate in good faith to effect an orderly transition of its duties to Owner (or a new
development manager), and use reasonable efforts to minimize costs and delays associated with such transition. 
  

	4.	Insurance and Indemnity. 

 4.1. Insurance. 

(a) Developer, on behalf of Owner shall purchase and maintain in effect “all-risk” builder’s risk property
insurance upon all work and materials to be an integral part 

  
 11 

 
of the Hotel which are situated at the construction site of the Hotel and/or Project, during inland transit and while in storage elsewhere, in an amount, subject to such deductibles and otherwise
in form and substance as shall be agreed upon by Developer and Owner, and as otherwise required by the Construction Loan Documents. Such insurance shall include the interests of Developer, Owner (including its partners), Manager, Lender, the
contractor and sub-contractors involved in the construction of the Project, and shall contain the insurer’s waiver of subrogation rights against Developer. 

(b) Developer, on behalf of Owner, shall purchase and maintain or cause the contractor to purchase and maintain comprehensive
liability and property damage insurance against claims for personal and bodily injury or death and property damage occurring upon, in or about the construction site of the Hotel and upon, in or about the adjoining streets and passageways thereof, or
otherwise, arising under the contracts for the construction of the Project and/or this Agreement, such public liability insurance to include Developer, Owner Manager and Lender as an additional insureds and be in form and substance satisfactory to
Owner and as otherwise required under the Construction Loan Documents. 
 (c) Developer, on behalf of Owner and at
Owner’s cost, shall purchase and maintain such other insurance, in such forms and amounts, as shall be required under the Construction Loan Documents or as Owner may otherwise require. Developer shall provide to Owner and Lender
(i) certified copies of policies of all insurance provided for in this Section 4.1 prior to the commencement of construction of the Project, and thirty (30) days or other minimum periods under the applicable law of the State prior to
the expiration date of all such policies, certified copies of renewal policies. All such policies shall provide that the same may not be cancelled or materially modified without at least thirty (30) days prior written notice to all insureds.

 (d) Developer shall provide Owner with evidence that the general contractor, all major subcontractors, the Project
Architect and other consultants, designers and engineers have obtained liability insurance and errors and omissions insurance coverage in a nature and to an extent customarily obtained by said entities in the metropolitan area of the city in which
the Project of located, and as may be required by the Construction Loan Documents. 
 (e) Developer shall provide evidence to
Owner of workmen’s compensation insurance with employer liability insurance covering all persons employed by Developer, the general contractor and consultants hired by Developer in connection with the Project, at the statutory limits as
provided by the laws of the State in which the workmen are employed, and require general contract to require that all major subcontractors maintain the statutory minimum. 

(f) Promptly after the Completion Date, Developer shall coordinate with Manager the transfer of all policies of insurance and
benefits related thereto to the extent required under the terms of the Management Agreement. 

  
 12 

 (g) All insurance required hereunder shall be issued by companies satisfactory to
Owner qualified or licensed, as the case may be, to issue insurance in the State and otherwise in compliance with the Construction Loan Documents. 

4.2. Indemnities. 

(a) Notwithstanding anything herein contained to the contrary, Developer shall indemnify and save Owner harmless in respect of
any action, cause of action, suit, debt, loss, cost, expense (including, without limitation, reasonable attorneys’ fees), claim or demand whatsoever, at law or in equity (collectively, “Damages”), arising
by way of any breach during term of this Agreement by Developer, its employees, servants, agents or subcontractors, of any of the provisions of this Agreement or by reason of the grossly negligent or willful misconduct of the Developer, its
employees, servants, agents or subcontractors, which indemnity shall continue notwithstanding the termination of this Agreement with respect to any act or occurrence preceding such termination. 

(b) Owner agrees to indemnify and save Developer completely harmless in respect of any Damages in connection with the
performance by Developer of any and all of its obligations in accordance with this Agreement, including, without limitation, any damage or injury whatsoever to any employees or other Person or property arising out of the use, administration, or
control of the Project or any other asset of Owner relating to the Project during the term of this Agreement, which indemnity shall continue notwithstanding the termination of this Agreement with respect to any act or occurrence preceding such
termination; provided, however, in no event shall the indemnity provided under this Subsection 4.2(b) extend to any action, cause of action, suit, debt, cost, expense, claim or demand (i) against which Owner is indemnified under
Section 4.2(a) above, or (ii) which is covered by insurance pursuant to Section 4.1 hereof. 
  

	5.	Compensation of Developer. 

 5.1. Fees. For services performed
hereunder, Developer shall be paid as its compensation a fee of four percent (4%) of the total Project costs (both hard and soft costs) associated with the development of the Project pursuant to the Development Budget payable on the first
business day of each month in arrears based upon the prior calendar month’s total expenditures under the Development Budget (“Developer’s Fee”). 

Notwithstanding the foregoing, (i) Developer shall not be entitled to receive any portion of the Developer’s Fee not yet payable at
the time this Agreement is terminated by Owner due to a Developer Default, (ii) any of the Developer’s Fee that would otherwise be due in a month in which construction of the Project has been suspended by reason of a Developer Default,
shall be postponed by the number of months for which construction is suspended, and (iii) Developer’s right to receive the Developer’s Fee is subject to the provisions of Section 3.3.1. 

5.2. Reimbursement. In addition to the foregoing, Owner shall reimburse Developer for all third party, out of pocket costs and expenses,
such as, but without limitation, (a) costs of reproductions of Plans and Specifications, (b) accountants fees and attorneys’ fees, fees paid to computer services for preparation of critical path method studies and other work, and
similar 

  
 13 

 
charges, (c) fees paid to design consultants and other outside consultants, (d) all costs of an on-site project office and of office supplies, rent, repair and maintenance of office
machines and postage incurred for or in connection with the Project office, and (e) long distance air travel and similar expenses incurred during the Conceptual Plan Phase, the Design Phase and implementation, administration and completion of
the Development Plan; provided that such costs are incurred with the scope of the authority granted to Developer hereunder and consistent with the Development Budget or as otherwise approved in writing by Owner. 

 

	6.	Miscellaneous. 

 6.1. Governing Law; Venue. Developer and Owner agree that all
disputes relating to the performance and/or interpretation of any term or provision of this Agreement shall be governed by the laws of the State of Texas. The parties hereto agree that venue for any action in connection herewith may be in Dallas
County, Texas. Each party hereto consents to the jurisdiction of any local, state or federal court situated in Dallas, Texas, and waive any objection which they may have pertaining to improper venue or forum non conviens to the conduct of any
proceeding in any such court. 
 6.2. No Waiver of Breach, etc. No failure by Developer or Owner to insist upon the strict performance
of any covenant, agreement, term or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any subsequent breach of such covenant, agreement, term or
condition. No waiver of any breach shall affect or alter this Agreement, but each and every covenant, agreement, term and condition of this Agreement shall continue in full force and effect with respect to any other then existing or subsequent
breach thereof. 
 6.3. Severability of Provisions. If any term or provision of this Agreement or the application thereof to any
person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such term of provision to persons or circumstances other than those as to which it is held invalid or unenforceable, as
the case may be, shall not be effected thereof, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

6.4. Notices. All notices, requests, approvals, demands, and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed given and received three (3) days after being deposited in the United States mail as registered or certified matter, postage prepaid, return receipt requested, or deemed given and received one
(1) day after being delivered by any reputable overnight air courier service, addressed as follows: 

  
 14 

			
	If to Developer:                    	  	Remington Lodging & Hospitality LLC
		  	14185 Dallas Parkway, Suite 1150
		  	Dallas, Texas 75240
		  	Attn: Monty Bennett
		
	If to Owner:	  	Ashford Hospitality Trust Limited Partnership
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75240
		  	Attn: General Counsel

 or at such other address as the party to whom the notice is sent shall have designated in accordance with the provisions of
this Section 6.4. 
 6.5. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof. 
 6.6. Counterparts. This Agreement may be executed in several counterparts, each of which
shall be an original, but all of which shall constitute but one and the same instrument. 
 6.7. Changes, Waivers, etc. Neither this
Agreement nor any term or provision hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which the enforcement of the change, waiver, discharge or termination is sought.

 6.8. Captions. The captions to the Articles and Sections of this Agreement are for convenience of reference only and in no way
define, limit or describe the scope or intent of this Agreement or in any part hereof, nor in any way affect this Agreement or any part hereof. 

6.9. No Partnership or Joint Venture. Nothing contained in this Agreement shall constitute or be construed to be or create a
partnership, joint venture or similar relationship between Owner and Developer. 
 6.10. No Assignment. Developer may not assign this
Agreement of any of its rights hereunder, and may not delegate or sub-contract any of its duties hereunder; except that Developer may delegate some or all of the duties hereunder to any Affiliate, provided such Affiliate is controlled by Monty
Bennett and/or Archie Bennett, Jr., but no such delegation shall relieve Developer from liability for the performance of all obligations to be performed by it hereunder, and Developer shall remain responsible and liable for such obligations, and for
any breach thereof by any such delegate. 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above
written. 
  

					
	OWNER:
	
	ASHFORD HOSPITALITY TRUST LIMITED PARTNERSHIP, a Maryland limited partnership 
		
	By:	 	 Ashford OP General Partner LLC, a

Delaware limited liability company,
 its general
partner

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	DEVELOPER:
	
	REMINGTON LODGING & HOSPITALITY LLC, a Delaware limited liability company
	
	[OR REMINGTON AFFILIATE]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 16 

 List of Exhibits 

Exhibit A – Legal Description 
 Exhibit B –
Development Budget 
 Exhibit C – Insurance Requirements 

  
 17 

 Exhibit A 

Legal Description 

 Exhibit B 

Development Budget 

 Exhibit C 

Insurance RequirementsEX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

ADVISORY AGREEMENT 
 THIS
ADVISORY AGREEMENT (this “Agreement”), is dated and effective as of November 19, 2013 (the “Effective Date”), by and between ASHFORD HOSPITALITY PRIME, INC., a Maryland corporation (“Ashford
Prime”), ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”), and ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company (the
“Advisor”). 
 WHEREAS, Ashford Prime, through its interest in the Operating Partnership, is in the business of investing
in the hospitality industry including, the acquiring, developing, owning, asset managing and disposing of hotels (for purposes hereof, unless the context otherwise requires, the term “Company” shall collectively include Ashford
Prime and the Operating Partnership); 
 WHEREAS, Ashford Prime is a newly formed corporation that intends to qualify as a Real
Estate Investment Trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”);  

WHEREAS, the Company desires to avail itself of the experience, brand relationships, lender and capital provider sources and
relationships, asset management expertise, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor provide the services hereinafter set forth, on behalf of, and subject to the supervision of, the
board of directors of Ashford Prime (the “Board of Directors”), all as provided herein; and 
 WHEREAS, the Advisor
is willing to provide such services to the Company on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual
covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

1. APPOINTMENT OF ADVISOR. The Company hereby appoints the Advisor to serve as its exclusive advisor and asset manager to provide the
management and real estate services specified herein on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

2. DUTIES OF ADVISOR. Subject to the supervision of the Board of Directors, the Advisor will be responsible for the day-to-day operations of
the Company (and all subsidiaries and joint ventures of the Company) and shall perform (or cause to be performed) all services relating to the acquisition and disposition of hotels, asset management, financing and operations of the Company as may be
reasonably required, which shall include the following related to the Company’s hotel assets: 
 (a) source, investigate and evaluate
acquisitions and dispositions consistent with the Company’s Investment Guidelines (as defined in Section 9.2(a) below) and make recommendations to the Board of Directors; 

 (b) engage and supervise, on the Company’s behalf and at the Company’s expense, third
parties to provide development management, property management, project management, design and construction services, investment banking services, financial services, property disposition brokerage services, independent accounting and auditing
services and tax reviews and advice, transfer agent and registrar services, feasibility studies, appraisals, engineering studies, environmental property inspections and due diligence services, underwriting review services, consulting services and
all other services reasonably necessary for Advisor to perform its duties hereunder; 
 (c) negotiate, on the Company’s behalf, any
acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives; 

(d) coordinate and manage joint ventures with the Company, including monitoring and enforcing compliance with applicable joint venture or
partnership governing documents; 
 (e) negotiate, on behalf of the Company, terms of hotel management agreements, franchise agreements and
other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof including, without limitation, the negotiation and approval of annual operating and capital budgets thereunder; 

(f) on behalf of the Company, enforce, monitor and manage compliance of hotel management agreements, franchise agreements and other contracts
or agreements of the Company, and modifications, extensions, waivers or terminations thereof; 
 (g) negotiate, on behalf of the Company,
terms of loan documents for the Company’s financings; 
 (h) enforce, monitor and manage compliance, on behalf of the Company, loan
documents to which the Company is a party; 
 (i) administer bookkeeping and accounting functions as are required for the management and
operation of the Company, contract for audits and prepare or cause to be prepared such periodic reports and filings as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business, and
otherwise advise and assist the Company with its compliance with applicable legal and regulatory requirements, including without limitation, periodic reports, returns or statements required under the Securities Exchange Act of 1934, as amended, the
Code and any regulations or rulings thereunder, the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing; 

(j) advise and assist in the preparation and filing of all offering documents, registration statements, prospectuses, proxies, and other forms
or documents filed with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933, as amended, or any state securities regulators (it being understood that the Company shall be

  
 2 

 
responsible for the content of any and all of its offering documents, SEC filings or state regulatory filings, including, without limitation, those filings referred to in subparagraph 2(i) above,
and Advisor shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents, SEC filings, state regulatory filings or other filings referred to in subparagraphs 2(i) and
(j), whether or not material, and the Company shall promptly indemnify Advisor for such costs and liabilities); 
 (k) retain counsel,
consultants and other third party professionals on behalf of the Company, coordinate, supervise and manage all consultants, third party professionals and counsel, and investigate, evaluate, negotiate and oversee the processing of claims by or
against the Company; 
 (l) advise and assist with the Company’s risk management and oversight function; 

(m) provide office space, office equipment and personnel necessary for the performance of services; 

(n) perform or supervise the performance of such administrative functions reasonably necessary for the establishment of bank accounts, related
controls, collection of revenues and the payment of Company debts and obligations; 
 (o) communicate with the Company’s investors and
analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company’s securities are traded and to maintain effective relations with such investors; 

(p) advise and assist the Company with respect to the Company’s public relations, preparation of marketing materials, website and
investor relation services; 
 (q) counsel the Company regarding qualifying, and maintaining Ashford Prime’s qualification as a REIT;

 (r) assist the Company in complying with all regulatory requirements applicable to the Company; 

(s) counsel the Company in connection with policy decisions to be made by the Board of Directors; 

(t) furnish reports and statistical and economic research to the Company regarding the Company’s activities, investments, financing and
capital market activities and services performed for the Company by the Advisor; 
 (u) asset manage and monitor the operating performance
of the Company’s real estate investments, including the management and implementation of capital improvement programs, pursue property tax appeals (as appropriate), and provide periodic reports with respect to the Company’s investments to
the Board of Directors, including comparative 

  
 3 

 
information with respect to such operating performance and budgeted or projected operating results; 

(v) maintain cash in U.S. Treasuries or bank accounts (with the understanding that Advisor’s duties shall not include providing or
assisting in proactive investment management strategies or investment in securities other than U.S. Treasuries), and make payment of fees, costs and expenses, or the payment of distributions to stockholders of the Company; 

(w) advise the Company as to its capital structure and capital raising; 

(x) take all actions reasonably necessary to enable the Company to comply with and abide by all applicable laws and regulations in all
material respects subject to the Company providing appropriate, necessary and timely funding of capital; 
 (y) provide the Company with an
internal audit staff with the ability to satisfy any applicable regulatory requirements, including, requirements of the New York Stock Exchange and the SEC, and any additional duties that are determined reasonably necessary or appropriate by the
Company’s audit committee; and 
 (z) take such other actions and render such other services as may reasonably be requested by the
Company consistent with the purpose of this Agreement and the aforementioned services. 
 The Advisor shall make available sufficient
experienced and appropriate personnel to perform the services and functions specified including, without limitation, the initial positions of the chief executive officer, president, chief financial officer, chief accounting officer, executive vice
president-asset management, senior vice president-corporate strategy and senior vice president-finance (collectively, “Executives”) or such positions as Advisor deems reasonably necessary. The Advisor shall not be obligated to
dedicate any of its officers or other personnel exclusively to the Company nor is the Advisor, its Affiliates or any of its officers or other employees obligated to dedicate any specific portion of its or their time to the Company or its business,
except as necessary to perform the services provided above. The Advisor shall be entitled to rely on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by
the Advisor at the Company’s sole cost and expense. The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of any individual, corporation, partnership, limited liability company, joint
venture, association, trust, unincorporated organization or other entity (each, a “Person”) as the Advisor deems necessary or advisable in connection with the management and operations of the Company. 

Any waiver, consent, approval, modification, enforcement matter or election required to be made by the Company under the Mutual Exclusivity
Agreement between the Company, Remington Lodging and Hospitality LLC (“Remington”) and Monty J. Bennett, dated the date hereof, as the same may be amended from time to time, or the Master Management Agreement between the Company and
Remington, dated the date hereof, as the same may be amended or 

  
 4 

 
supplemented from time to time, shall be within the exclusive discretion and control of a majority of the Independent Directors (or higher vote thresholds specifically set forth in such
agreements) unless specifically delegated to the Advisor by a majority of the Independent Directors. For purposes of this Agreement, “Independent Director” shall mean any director of Ashford Prime who, on the date at issue, is
currently serving on the Board of Directors and is “independent” as determined by application of the current rules and regulations of the New York Stock Exchange in effect as of the Effective Date of this Agreement. For purposes of this
Agreement, “Affiliate” shall mean a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the Person in question and any officer, director, trustee, key
decision-making employee, stockholder or partner of any Person referred to in the preceding clause, except that for purposes of this Agreement, the Company shall not be considered an Affiliate of the Advisor. 

Any increase in the scope of duties or services to be provided by the Advisor must be jointly approved by the Company and the Advisor and will
be subject to additional compensation determined in accordance with the provisions of Section 6.4 and the process set forth in Section 9.3 below. 

3. AUTHORITY OF ADVISOR. Subject to the express limitations set forth in this Agreement and the continuing authority of the Board of Directors
over the management of the Company, the power to direct the management, operation and policies of the Company shall be vested in the Advisor. Notwithstanding the foregoing, all material decisions with respect to annual capital plans, brand
conversions, the commencement or settlement of litigation matters, investment decisions, capital market transactions, annual budgets and management and franchise options recommended by the Advisor, including the acquisition, sale, financing and
refinancing of assets, shall be subject to the prior authorization of the Board of Directors, except to the extent such authority is expressly delegated by the Board of Directors to the Advisor. Additionally, if the charter or Maryland General
Corporation Law require the prior approval of the Board of Directors, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of Directors or duly authorized committees thereof. In such cases where prior
approval is required, the Advisor will deliver to the Board of Directors such documents and supporting information as may be reasonably requested by the Board of Directors to evaluate a proposed investment (and any related financing) or other matter
requiring the Board of Directors’ authorization. 
 4. BANK ACCOUNTS. The Advisor may establish and maintain, subject to any applicable
conditions or limitations of loan documents applicable to the Company, one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be comingled with the funds of the Advisor. The Advisor shall from time to time
render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 
 5. PAYMENT OF
EXPENSES. In addition to the compensation paid to the Advisor pursuant to Section 6 hereof, the Company shall pay directly or reimburse the Advisor, on a 

  
 5 

 
monthly basis, for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this
Agreement, including, but not limited to, tax, legal, accounting, advisory, investment banking and other third party professional fees, Board of Directors’ fees, debt service, taxes, insurance (including errors and omissions insurance and any
additional insurance required by Section 8.2), underwriting, brokerage, reporting, registration, listing fees and charges, travel and entertainment expenses, conference sponsorships, transaction diligence and closing costs, dead deal
costs, dividends, office space, the cost of all equity awards or compensation plans established by the Company, including the value of awards made by the Company to the employees, officers, Affiliates and representatives of the Advisor, and any
other costs which are reasonably necessary for the performance by the Advisor of its duties and functions under this Agreement and also including any expenses incurred by Advisor to comply with new or revised laws or governmental rules or
regulations that impose additional duties on the Company or the Advisor in its capacity as advisor to the Company, including any personnel costs incurred to satisfy such additional duties. In addition, the Company shall pay its pro rata share of the
office overhead and administrative expenses of the Advisor incurred in providing its duties pursuant to this Agreement. 
 The Advisor shall be responsible
for all wages, salaries, cash bonus payments and benefits related to all employees of the Advisor providing services to the Company (including any officers of the Company who are also officers of the Advisor), excluding expenses related to
(i) the provision of internal audit services as described in the next sentence and (ii) equity compensation awarded by the Company to employees, officers, Affiliates and representatives of the Advisor pursuant to Section 6(c)
below. The Company shall reimburse the Advisor, on a monthly basis, the Company’s pro-rata portion (as reasonably agreed to between the Advisor and a majority of the Company’s Independent Directors or Ashford Prime’s audit committee,
chairman of the audit committee or lead director) of all expenses related to (i) employment of the Advisor’s internal audit managers and other employees of the Advisor who are actively engaged in providing internal audit services to the
Company, (ii) the reasonable travel and other out-of-pocket costs of the Advisor relating to the activities of the Advisor’s internal audit employees and the reasonable third party expenses which the Advisor incurs, in each case, in
connection with providing internal audit services, and (iii) all reasonable international office expenses, overhead, personnel costs, travel and other costs directly related to Advisor’s non-Executive personnel that are located
internationally. Such expenses shall include, but are not limited to, salary, wages, payroll taxes and the cost of employee benefit plans. 

6. COMPENSATION. 
 6.1 Base
Fee. The Company shall pay to the Advisor a quarterly base fee (the “Base Fee”) payable in arrears in cash, for services provided by the Advisor in the preceding quarter. 

For purposes of this Agreement, the “Base Fee” will be equal to 0.70% per annum of the Total Enterprise Value of the Company, subject to the
payment of a minimum quarterly base fee (“Minimum Base Fee”), if applicable. For purposes of this Agreement, “Total Enterprise Value” shall be calculated on a quarterly basis as (i) the average of the
volume-weighted average price 

  
 6 

 
per share of Ashford Prime’s common stock for each trading day of the preceding quarter multiplied by the average number of shares of Ashford Prime’s common stock outstanding during
such quarter, on a fully-diluted basis (assuming all common units and long term incentive partnership units in the Operating Partnership which have achieved economic parity with common units in the Operating Partnership have been converted to common
stock in the Company), plus (ii) the quarterly average of the aggregate principal amount of the Company’s consolidated indebtedness (including the Company’s proportionate share of debt of any entity that is not consolidated but
excluding the Company’s joint venture partners’ proportionate share of consolidated debt), plus (iii) the quarterly average of the liquidation value of the Company’s outstanding preferred equity. The Minimum Base Fee for each
quarter will be equal to the greater of (i) 90% of the Base Fee paid for the same quarter in the prior year and (ii) the G&A Ratio multiplied by the Company’s Total Enterprise Value. For purposes of this Agreement, the
“G&A Ratio” will be calculated as the simple average of the ratios of total general and administrative expenses, less any non-cash expenses but including any dead deal costs, paid in the applicable quarter by each member of a
select peer group set forth in Exhibit A (each, a “Peer Group Member” and collectively, the “Peer Group”), divided by the total enterprise value of such Peer Group Member (calculated in the same manner
as the Company’s Total Enterprise Value). The G&A Ratio for each Peer Group Member will be calculated based on the financial information presented in such Peer Group Member’s Form 10-Q or 10-K periodic filings with the SEC following
the end of each quarter. The Peer Group may be modified from time to time by mutual written agreement of the Advisor and a majority of the Independent Directors, negotiating in good faith. 

The Base Fee, as calculated above, shall be payable in arrears no later than the 15th day following the end of each quarter (i.e., one-fourth of 0.70% of the
Total Enterprise Value of the Company). The Minimum Base Fee shall be calculated as soon as practicable following the end of the quarter, and to the extent the Minimum Base Fee exceeds the Base Fee paid to the Advisor with respect to any quarter,
the Company will pay the Advisor the difference between Minimum Base Fee and the Base Fee within 5 business days of final calculation of the Minimum Base Fee. 

For purposes of payment of the Base Fee for a partial quarter relating to the first quarter in which this Agreement is effective or for the last quarter in
which this Agreement is terminated, the Base Fee shall be calculated as 0.70% of the Total Enterprise Value of the Company, calculated using each trading day of such partial quarter prior to termination, multiplied by the number of days in the
applicable quarter in which this Agreement is in effect divided by 365 or 366 days, as applicable. The Minimum Base Fee shall be similarly reduced proportionately based on the number of days in the applicable quarter in which this Agreement is in
effect divided by 365 or 366 days, as applicable. 
 6.2 Incentive Fee. In each year that the Company’s total shareholder return
exceeds the average total shareholder return for the Peer Group (the “Incentive Fee Threshold”), the Company shall pay to the Advisor an incentive fee (the “Incentive Fee”), calculated as set forth in the following
paragraph. For purposes of this Agreement, beginning with the calendar year ending December 31, 2013, the Company’s total shareholder return will be calculated using the year-end stock price equal to the closing price of Ashford
Prime’s common stock on the last 

  
 7 

 
trading day of the year, assuming all dividends on the common stock are reinvested into additional shares of Ashford Prime common stock as compared to the closing stock price of Ashford
Prime’s common stock on the last trading day of the prior year. The average total shareholder return for each Peer Group Member will be calculated in the same manner, and the average for the Peer Group will be the simple average of the total
shareholder return for each Peer Group Member. For the purposes of calculating the Company’s total shareholder return for the year ending December 31, 2013, the starting price of the Company’s common stock will be based on the closing
price of the Company’s common stock on the first trading day on which the Company’s common stock is listed and available for trading on the New York Stock Exchange or other national securities exchange, and for each Peer Group Member, the
starting price will be based on the closing price of such company’s common stock on the same day. 
 If the Company’s total shareholder return
exceeds the Incentive Fee Threshold with respect to any calendar year (or stub period), the annual Incentive Fee payable to the Advisor for such calendar year (or stub period) shall be calculated, for each year (or stub period) beginning with the
stub period ending December 31, 2013, as (i) 10% of the amount (expressed as a percentage) by which the Company’s annual total shareholder return exceeds the Incentive Fee Threshold, multiplied by (ii) the Fully Diluted Equity
Value (defined below) of the Company at December 31 of such calendar year; provided, for the stub period ending December 31, 2013, the product from the preceding calculation shall be reduced proportionately based on the number of days in
which this Agreement is in effect for the calendar year 2013 divided by 365 days. The Company’s “Fully Diluted Equity Value” shall be calculated by assuming that all units in the Operating Partnership, including long term
incentive partnership units of the Operating Partnership that have achieved economic parity with the common units of the Operating Partnership, if any, are converted into common stock and that the per share value of each share of our common stock is
equal to the closing price of the Company’s common stock on the last trading day of the year. 
 If this Agreement is terminated on a day other than
the last trading day of a calendar year, then the Company’s total shareholder return, the Incentive Fee Threshold and the total shareholder return for each Peer Group Member will be calculated using the stock price of Ashford Prime’s
common stock and each Peer Group Member’s common stock closing price on the last trading day immediately preceding the date of termination of this Agreement. 

The Incentive Fee, if any, shall be payable in arrears on an annual basis, on or before January 15 following each year or on the date of termination of
this Agreement, if applicable. Except in the case when the Incentive Fee is payable on the date of termination of this Agreement, up to 50% of the Incentive Fee may be paid by the Company, at the option of the Company, in shares of common stock of
Ashford Prime or common units of the Operating Partnership, with the balance payable in cash, unless at the time for payment of the Incentive Fee, the Advisor (or its Affiliates) owns common stock or common units in an amount (determined with
reference to the closing price of the Company’s common stock on the last trading day of the year or stub period) greater than or equal to three times the Base Fee for the preceding four quarters (the “Base Fee Limitation”). If
the Advisor owns common stock or common units in an amount more than the Base Fee Limitation, then the entire Incentive Fee shall be paid by the Company in cash. 

  
 8 

 6.3 Equity Compensation. To incentivize employees, officers, consultants, non-employee
directors, Affiliates or representatives of the Advisor to achieve goals and business objectives of the Company, as established by the Board of Directors, in addition to the Base Fee and the Incentive Fee set forth above, the Board of Directors will
have the authority to and shall make recommendations of annual equity awards to the Advisor or directly to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, based on the achievement by the
Company of certain financial or other objectives established by the Board of Directors. 
 The Company, at its option, may choose to issue
such compensation in the form of equity awards in Ashford Prime or the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the Company’s status as a REIT, in which case, the equity awards
shall be limited to equity awards in the Operating Partnership. For a period of one year from the date of issuance, any such equity awards in the Operating Partnership shall not be transferable, except by operation of law, without the written
consent of the General Partner which consent may be withheld in the sole and absolute discretion of the General Partner; provided, however, the Advisor may assign, without the consent of the General Partner, such equity awards to employees,
officers, consultants, non-employees, directors, Affiliates or representatives of Advisor provided the one-year restriction on transfer shall remain applicable to such assignee. In addition, except as expressly provided above, any transfer of such
equity awards at any time must comply with the transfer restrictions of Ashford Prime OP’s partnership agreement or the Company’s charter and bylaws, as applicable. 

6.4 Additional Services. If, and to the extent that, the Company requests the Advisor to render services on behalf of the Company other
than those required to be rendered by the Advisor under this Agreement, such additional services shall be compensated separately at Market Rates as determined in accordance with the process set forth in Section 9.3 below. 

7. LIMITATION ON ACTIVITIES. Notwithstanding anything in this Agreement to the contrary, the Advisor shall not take any action (unless
directed by the Board of Directors, in which case the Company shall indemnify and hold harmless Advisor and each of its officers, directors, employees, members, managers, agents and representatives, from and against any and all claims, liabilities,
costs and expenses threatened or incurred by Advisor or any other indemnified person, which, directly or indirectly, results from the Advisor following the directive of the Board of Directors), which would (a) adversely affect the status of the
Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) knowingly and intentionally violate any law, rule or regulation of any governmental body or agency having jurisdiction over
the Company (provided that without adequate assurance of funding by the Company necessary for compliance, Advisor shall not be responsible for such violations and the Company shall indemnify and hold harmless Advisor and each of its officers,
directors, employees, members, managers, agents and representatives, from and against all claims, liabilities, costs and expenses threatened or incurred by Advisor, directly or indirectly, as a result of the Company’s failure to timely fund
adequate capital to comply with any applicable law, rule or regulation), (d) violate any of the rules or regulations of any 

  
 9 

 
exchange on which the Company’s securities are listed or (e) violate the Company’s charter, bylaws or resolutions of the Board of Directors, all as in effect from time to time.

 The Advisor acknowledges receipt of the Company’s Code of Business Conduct and Ethics, Code of Conduct for CEO, CFO and CAO, and
Policy on Insider Training, and agrees to require its employees who provide services to the Company to comply with such codes and policies. 

8. LIMITATION OF LIABILITY AND INDEMNIFICATION. 

8.1 Limitation on Liability. The Advisor shall have no responsibility other than to render the services and take the actions described
herein in good faith and with the exercise of due care and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation of the Advisor. The Advisor (including its officers,
directors, managers, employees and members) will not be liable for any act or omission by the Advisor (or its officers, directors, managers, employees and members) performed in accordance with and pursuant to this Agreement, except by reason of acts
constituting gross negligence, bad faith, willful misconduct or reckless disregard of its duties under this Agreement. 
 8.2 Insurance
Coverage of the Advisor. The Advisor shall maintain errors and omissions insurance coverage and other insurance coverage in amounts which are customarily carried by asset managers performing functions similar to those of the Advisor under this
Agreement. No fidelity bond shall be required. 
 8.3 Indemnification. 

(a) The Company shall reimburse, indemnify and hold harmless the Advisor and its partners, directors, officers, stockholders, managers,
members, agents, employees and each other Person, if any, controlling the Advisor (each, an “Advisor Indemnified Party”), to the full extent lawful, from and against any and all losses, claims, damages or liabilities of any nature
whatsoever (“Losses”) with respect to or arising from any acts or omission of the Advisor (including ordinary negligence) in its capacity as such, except with respect to losses, claims, damages or liabilities with respect to or
arising out of such Advisor Indemnified Party’s gross negligence, bad faith or willful misconduct, or reckless disregard of its duties under this Agreement. 

(b) The Advisor shall reimburse, indemnify and hold harmless the Company, and its partners, directors, officers, stockholders, managers,
members, agents, employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”; Advisor Indemnified Party and Company Indemnified Party are each sometimes hereinafter referred to as an
“Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Advisor constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of the
Advisor under this Agreement or (ii) any claims by the Advisor’s employees relating to the terms and conditions of their employment by the Advisor. 

  
 10 

 (c) Notwithstanding the indemnification provisions in Section 8.3(a) and
Section 8.3(b) above, indemnification will not be allowed for any liability arising from or out of a violation of state or federal securities laws by an Indemnified Party. Indemnification will be allowed for settlements and related
expenses of lawsuits alleging securities law violations, and for expenses incurred in successfully defending such lawsuits, provided that a court either (i) approves the settlement and finds that indemnification of the settlement and related
costs should be made, or (ii) approves indemnification of litigation costs if a successful defense is made. If indemnification is unavailable as a result of this Section 8.3(c), the indemnifying party shall contribute to the
aggregate losses, claims, damages or liabilities to which the Indemnified Party may be subject in such amount as is appropriate to reflect the relative benefits received by each of the indemnifying party and the party seeking contribution on the one
hand and the relative faults of the indemnifying party and the party seeking contribution on the other, as well as any other relevant equitable considerations. 

(d) Promptly after receipt by an Indemnified Party of notice of the commencement of any action, such Indemnified Party shall, if a claim in
respect thereof is to be made pursuant hereto, notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any Indemnified
Party pursuant to this Section 8.3. In case any such action shall be brought against an Indemnified Party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such Indemnified Party and, after notice from the indemnifying party to such Indemnified Party of its election to assume the defense thereof,
the indemnifying party shall not be liable to such Indemnified Party under Section 8.3(a) or (b) hereof, as applicable, for any legal expenses of other counsel or any of the expenses, in each case subsequently incurred by such
Indemnified Party, unless (i) the indemnifying party and the Indemnified Party shall have mutually agreed to the retention of such counsel, or (ii) the named parties to any such proceeding (including any impleaded parties) include both the
indemnifying party and Indemnified Party and representation of both parties by the same counsel would be inappropriate in the reasonable opinion of the Indemnified Party, due to actual or potential differing interests between them. The obligations
of the indemnifying party under this Section 8.3 shall be in addition to any liability which the indemnifying party otherwise may have. 

(e) The Company shall be required to advance funds to an Indemnified Party for legal expenses and other costs incurred as a result of any
legal action or proceeding if a claim in respect thereof is to be made pursuant hereto and if requested by such Indemnified Party if (i) such suit, action or proceeding relates to or arises out of, or is alleged to relate to or arise out of or
has been caused or alleged to have been caused in whole or in part by, any action or inaction on the part of the Indemnified Party in the performance of its duties or provision of its services on behalf of the Company; and (ii) the Indemnified
Party undertakes to repay any funds advanced pursuant to this Section 8.3(3) in cases in which such Indemnified Party would not be entitled to indemnification under Section 8.3(a). If advances are required under this
Section 8.3(3), the Indemnified Party shall furnish the Company with an undertaking as set forth in clause (ii) of the preceding sentence and shall thereafter have the right to bill the Company

  
 11 

 
for, or otherwise require the Company to pay, at any time and from time to time after such Indemnified Party shall become obligated to make payment therefor, any and all reasonable amounts for
which such Indemnified Party is entitled to indemnification under Section 8.3, and the Company shall pay the same within thirty (30) days after request for payment. In the event that a determination is made by a court of competent
jurisdiction or an arbitrator that the Company is not so obligated in respect of any amount paid by it to a particular Indemnified Party, such Indemnified Party will refund such amount within sixty (60) days of such determination, and in the
event that a determination by a court of competent jurisdiction or an arbitrator is made that the Company is so obligated in respect to any amount not paid by the Company to a particular Indemnified Party, the Company will pay such amount to such
Indemnified Party within thirty (30) days of such final determination, in either case together with interest at the current prime rate plus two percent (2%) from the date paid until repaid or the date it was obligated to be paid until the
date actually paid. 
 9. RELATIONSHIP OF ADVISOR AND COMPANY. 

9.1 Relationship. 
 (a)
The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in
other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and to the management of Ashford Hospitality Trust, Inc. (“Ashford Trust”), the Advisor’s parent, or other
programs advised, sponsored or organized by the Advisor or its Affiliates. Notwithstanding the preceding sentence, the Advisor may not act as an external advisor for an entity with Investment Guidelines substantially similar to the Company’s
Initial Investment Guidelines (as set forth in Section 9.2(a) below); provided, however, that if the Company revises its Investment Guidelines, the Advisor will not be restricted from advising other Persons with Investment Guidelines
that conflict with the Investment Guidelines of the Company. The Company shall not revise its Investment Guidelines to be directly competitive with all or any portion of the Investment Guidelines of Ashford Trust as of the date hereof. The Company
acknowledges that Ashford Trust’s investment guidelines as of the date hereof include all segments of the hospitality industry (including, without limitation, direct, joint venture and debt investments in hotels, condo-hotels, time-shares and
other hospitality related assets), with RevPAR criteria less than two times the then-current U.S. average RevPAR, and the Company further acknowledges that any subsequent change to Ashford Trust’s Investment Guidelines, including in connection
with any future spin-off, carve-out, split-off or other consummation of a transfer of a division or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly traded company will not have any
impact on or change the “Investment Guidelines of Ashford Trust as of the date hereof” for purposes of enforcing this Section 9. Except as described in this Section 9.1, this Agreement shall not limit or restrict
the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which
the Company is a participant, also render advice and service to each and every other participant therein. While the 

  
 12 

 
information and recommendations provided to the Company shall, in the Advisor’s reasonable and good faith judgment, be appropriate under the circumstances, they may be different from those
supplied to other persons. 
 (b) To the extent the Advisor deems an investment opportunity suitable for recommendation, the Advisor must
present any such individual investment opportunity that satisfies the Company’s Initial Investment Guidelines (as set forth and subject to the limitations in Section 9.2 below) to the Company, and the Board of Directors will have 10
business days to accept such opportunity prior to it being available to Ashford Trust or any other Person advised by the Advisor. Except as set forth in the preceding sentence, the Company recognizes that it is not entitled to preferential treatment
and is only entitled to equitable treatment in receiving information, recommendations and other services. The Company shall have the benefit of the Advisor’s best judgment and effort, and the Advisor shall not undertake any activities that, in
its good faith judgment, will materially and adversely affect the performance of its obligations under this Agreement. 
 (c) The parties
hereto agree and acknowledge that each of the Company, the Advisor and Ashford Trust, as well as other companies that the Advisor may advise in the future, may benefit from the strategic relationships between such companies and accordingly intend to
cooperate to achieve results that are in the best interests of each such entities’ respective shareholders. From time to time, as may be determined by the independent directors of the Advisor, the Company, Ashford Trust and any other company
subsequently advised by the Advisor, each such entity may provide financial accommodations, guaranties, back-stop guaranties, and other forms of financial assistance to the other entities on terms that the respective Independent Directors determine
to be fair and reasonable. 
 9.2 Conflicts of Interest. 

(a) To minimize conflicts with Ashford Trust and the Company, both of which are advised by the Advisor, Ashford Trust and the Company have
identified the asset type that such party intends to select as its principal investment focus and to set parameters for its real estate investments, including parameters primarily relating to RevPAR, segments, markets and other factors or financial
metrics. The asset type, together with the relevant parameters for investments are referred to as such Person’s “Investment Guidelines,” and the “Initial Investment Guidelines” of the Company are the Investment
Guidelines of the Company as set forth below. The Board of Directors may modify or supplement, after consultation with Advisor, the Company’s Investment Guidelines upon written notice to the Advisor from time to time (subject, however, to the
prohibition in Section 9.1(a) restricting the Company from changing its Initial Investment Guidelines to be directly competitive with all or any portion of Ashford Trust’s Investment Guidelines as of the date hereof). As of the
Effective Date, the Advisor is a subsidiary of Ashford Trust and advises Ashford Trust, and also, commencing on the Effective Date, advises the Company. The Advisor may enter into an advising relationship with additional companies in the future,
subject to the restrictions set forth in Section 9.1(a). The Company hereby declares its Initial Investment Guidelines to be hotel real estate assets primarily consisting of equity or ownership interests, as well as debt investments when
such debt is acquired with the intent of obtaining an equity or ownership interest, in: 

  
 13 

	 	(i)	full service and urban select service hotels with trailing twelve (12) month average RevPAR or anticipated twelve (12) month average RevPAR of at least twice the then-current U.S. national average RevPAR for
all hotels as determined with reference to the most current Smith Travel Research reports, generally in the 20 most populous metropolitan statistical areas, as estimated by the United States Census Bureau and delineated by the U.S. Office of
Management and Budget; 

  

	 	(ii)	upscale, upper-upscale and luxury hotels meeting the RevPAR criteria set forth in clause (i) above and situated in markets that may be generally recognized as resort markets; and 

 

	 	(iii)	international hospitality assets predominantly focused in areas that are general destinations or in close proximity to major transportation hubs or business centers, such that the area serves as a significant entry or
departure point to a foreign country or region of a foreign country for business or leisure travelers and meet the RevPAR criteria set forth in clause (i) above (after any applicable currency conversion to U.S. dollars). 

When determining whether an asset satisfies the Company’s Investment Guidelines, the Advisor shall make a good faith determination of projected RevPAR,
taking into account historical RevPAR as well as such additional considerations as conversions or reposition of assets, capital plans, brand changes and other factors that may reasonably be forecasted to raise RevPAR after stabilization of such
initiative. 
 (b) If the Company materially modifies its Initial Investment Guidelines set forth in Section 9.2(a) above
without the written consent of the Advisor, the Advisor will not have an obligation to present investment opportunities to the Company as set forth in Section 9.1(b) above at any time thereafter, regardless of any subsequent
modifications by the Company to its Investment Guidelines. Instead, the Adviser shall use its best judgment in determining how to allocate investment opportunities to Persons (including Ashford Trust and the Company) which Advisor advises, taking
into account such factors as the Advisor deems relevant, in its discretion, subject to any then existing or future obligations that the Advisor may have to other Persons. The Company acknowledges that if it materially modifies its Initial Investment
Guidelines, it will not be entitled to preferential treatment from the Advisor and only will be entitled to the Advisor’s best judgment in allocating investment opportunities. 

(c) In the event that the Advisor obtains a portfolio acquisition opportunity composed of asset types that satisfies the Initial Investment
Guidelines of the Company and Ashford Trust or, as applicable, one or more other Persons managed by the Advisor, the Advisor will endeavor in its good faith judgment to present such opportunity to the Board of Directors, Ashford Trust and, if
applicable, such other Person(s) to the extent the portfolio can be reasonably divided by asset type and acquired on the basis of such asset types in satisfaction of each Person’s Investment Guidelines. If the board of directors of Ashford
Trust, the Board of Directors and, if applicable, such other Person(s) approve its portion of such acquisition, Ashford Trust, the Company and, if applicable, such other Person(s) will cooperate in good

  
 14 

 
faith in completing the acquisition of the portfolio. If the portfolio cannot be reasonably separated by asset type, the Advisor shall allocate portfolio investment opportunities between the
Company, Ashford Trust and, if applicable, other Persons advised by the Advisor, in a fair and equitable manner consistent with the investment objectives of the Company, Ashford Trust and, if applicable, other Persons advised by the Advisor. In
making this determination, the Advisor will consider, in its sole discretion, the Investment Guidelines and investment strategy of each entity with respect to the acquisition of properties, portfolio concentrations, tax consequences, regulatory
restrictions, liquidity requirements, leverage and other factors deemed appropriate by the Advisor. Notwithstanding the foregoing, if the Company materially modifies its Initial Investment Guidelines set forth in Section 9.2(a) above
without the written consent of the Advisor, the Advisor will not have an obligation to present portfolio acquisition opportunities to the Company as set forth in this Section 9.2(c) at any time thereafter, regardless of any subsequent
modifications by the Company to its Investment Guidelines. Instead, the Adviser shall use its best judgment in determining how to allocate such portfolio investment opportunities to Persons (including Ashford Trust and the Company) which Advisor
advises, taking into account such factors as the Advisor deems relevant, in its discretion, subject to any then existing or future obligations that the Advisor may have to other Persons. In making the allocation determination with respect to any
portfolio opportunity, the Advisor will have no obligation to make any such portfolio investment opportunity available to the Company. 

9.3 Exclusive Provider of Products or Services. At any time the Company desires to engage a third party for the performance of services
or delivery of products and provided that the Company has the right to control the decision on the award of the applicable contract, the Advisor shall have the exclusive right to provide such service or product at market rates for the provision of
such services (“Market Rates”). For purposes of this Agreement, Market Rates shall be determined by reference to fees charged by third party providers who are not discounting such fees as a result of fees generated from other
sources. 
 If the Company, after consultation with the Advisor, intends to solicit bids or enter the market for a particular service or
product, the Company shall afford the Advisor the opportunity to provide such service or product. In any event, the Advisor shall be provided at least 20 days to elect to provide such service or product at Market Rates. If a majority of the
Independent Directors of the Company affirmatively vote that the proposed pricing of the Advisor is not at Market Rates, then the Company and Advisor shall engage a consultant acceptable to the parties to determine the Market Rate for such services.
If the consultant’s opinion reflects fees lower than the pricing proposed by the Advisor, the Advisor will pay the expenses of the Consultant and shall have the option to provide the services or product at the Market Rate as determined by the
consultant. If the Consultant determines that the proposed pricing by the Advisor is at or below Market Rates, then the Company shall pay the expenses of the Consultant and shall engage Advisor at the Market Rate as determined by the consultant.

 9.4 The Ashford Name. The Advisor and its Affiliates have a proprietary interest in the trademarked “Ashford” name and
logo. The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the “Ashford” name and logo during the term of this Agreement. Accordingly, and in recognition

  
 15 

 
of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, within 60 days after receipt of
written request from the Advisor, cease to conduct business under or use the name “Ashford” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name
“Ashford” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company
will also make any changes to any trademarks, servicemarks, logos, or other marks necessary to remove any references to the word “Ashford.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its
Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Ashford” as a part
of their name and using the “Ashford” logo, all without the need for any consent (and without the right to object thereto) by the Company. 

10. BOOKS AND RECORDS. All books and records compiled by the Advisor in the course of discharging its responsibilities under this Agreement
shall be the property of the Company and shall be delivered by the Advisor to the Company immediately upon any termination of this Agreement regardless of the grounds for such termination (including, but not limited to, a breach by the Company of
this Agreement); provided, however, that the Advisor shall have reasonable access to such books and records to the extent reasonably necessary in connection with the conduct of its services hereunder. The Advisor shall not maintain or assert any
lien against or upon any of the books and records. During the term of this Agreement, the books and records of the Company maintained by the Advisor shall be accessible for inspection by any designated representative of the Company upon reasonable
advance notice and during normal business hours. 
 11. CONFIDENTIALITY. The Advisor shall keep confidential any and all non-public
information (“Confidential Information”), written or oral, obtained by it in connection with the performance of services to the Company except that the Advisor may share such Confidential Information (i) with Affiliates,
officers, directors, employees, agents and other parties who need such Confidential Information for the Advisor to be able to perform its duties hereunder, (ii) with appraisers, lenders, bankers and other parties as necessary in the ordinary
course of the Company’s business, (iii) in connection with any governmental or regulatory filings of the Company, filings with the New York Stock Exchange or other applicable securities exchanges or markets, or disclosure or presentations
to Company investors (subject to compliance with Regulation FD), (iv) with governmental officials having jurisdiction over the Company and (v) as required by law. 

Nothing will prevent the Advisor from disclosing Confidential Information (i) upon the order of any court or administrative agency,
(ii) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy under this Agreement, or (iv) to
the Advisor’s legal counsel or independent auditors; provided, however that with respect to (i) and 

  
 16 

 
(ii), so long as legally permissible, the Advisor will give notice to the Company so that the Company may seek, at its sole expense, an appropriate protective order or waiver. 

For purposes of this Agreement, Confidential Information shall not include (i) information that is available to the public from a source
other than the Advisor, (ii) information that is released in writing by the Company to the public or to persons who are not under similar obligations of confidentiality to the Company, or (iii) information that is obtained by the Advisor
from a third-party which, to the best of the Advisor’s knowledge, does not constitute a breach by such third-party of an obligation of confidence. 

12. TERM AND TERMINATION. 
 (a)
This Agreement shall have an initial term of five (5) years from the Effective Date and shall be automatically extended for successive one year terms thereafter without further action by either the Company or the Advisor unless earlier
terminated, as provided herein. This Agreement shall be automatically renewed for additional one (1) year terms commencing on the 5th anniversary of the Effective Date unless: 

 

	 	(i)	the Advisor gives written notice to the Company of termination at least 180 days prior to the expiration of the then current term; or 

 

	 	(ii)	the Company gives written notice to the Advisor of termination (a “Termination Notice”) at least 180 days prior to the expiration of the then current term; provided, however, that any such termination
must receive the affirmative vote of at least two-thirds of the Independent Directors of the Company based on a good faith finding that either (A) there has been unsatisfactory performance by the Advisor that is materially detrimental to the
Company and its subsidiaries taken as a whole, or (B) the Base Fee and/or Incentive Fee is not fair (and the Advisor does not offer to negotiate a lower fee that at least two-thirds of the Independent Directors of the Company determines is
fair.) 

 If the reason for non-renewal specified by the Company in its Termination Notice is (ii)(B) above, then the Advisor
may, at its option, provide a notice of proposal to renegotiate the Base Fee and Incentive Fees (a “Renegotiation Proposal”) not less than 150 days prior to the pending termination date. Thereupon, each party shall use its
commercially reasonable efforts to negotiate in good faith to find a resolution on fees within 120 days following the Company’s receipt of the Renegotiation Proposal. If a resolution is achieved between the Advisor and at least two-thirds of
the Independent Directors of the Company within the 120 day period, then the Advisory Agreement shall continue in full force and effect with modification only to the agreed upon Base Fee and/or Incentive Fee. 

(b) The Advisor may also, at any time, terminate this Agreement upon a default by the Company in the performance or observance of any material
term, condition or 

  
 17 

 
covenant under this Agreement; provided, however, that the Advisor must, before terminating this Agreement, give written notice of the default to the Company and provide the Company with an
opportunity to cure the default within 45 days, or if such cure is not reasonably susceptible to cure within 45 days, such additional cure period as is necessary to cure the default so long as the Company is diligently and in good faith pursuing
such cure and the additional cure period does not exceed 90 days. 
 (c) The Company may also, at any time, terminate this Agreement: 

 

	 	(i)	upon a default by the Advisor in the performance or observance of any material term, condition or covenant under this Agreement; provided, however, that the Company must, before terminating this Agreement, give written
notice of the default to the Advisor and provide the Advisor with an opportunity to cure the default within 45 days, or if such cure is not reasonably susceptible to cure within 45 days, such additional cure period as is reasonably necessary to cure
the default so long as the Advisor is diligently and in good faith pursuing such cure and the additional cure period does not exceed 90 days. 

  

	 	(ii)	immediately upon providing written notice to the Advisor following an event rendering the Advisor insolvent (an “Insolvency Event”); provided the Advisor shall notify the Company no later than 30 days
following the Advisor’s knowledge of an Insolvency Event. For purposes of this Agreement, an Insolvency Event is any occurrence in which the Advisor shall (A) authorize or agree to the commencement of a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership or other similar law now or hereafter in effect or the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, (B) make a general assignment for the benefit of its creditors, (C) have an involuntary or other proceeding commenced against it seeking liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or thereafter in effect, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period exceeding sixty
(60) days or (D) commence an action for dissolution. 

  

	 	(iii)	immediately upon providing written notice to the Advisor, following the advisor’s conviction (including a plea or nolo contendere) of a felony; 

 

	 	(iv)	 immediately upon providing written notice to the Advisor, if the Advisor commits an act of fraud against the Company, misappropriates the funds of the
Company or acts in a manner constituting willful misconduct, gross negligence or reckless disregard in the performance of its material duties under this Agreement (including a failure to act); provided, however, that if any such actions or omissions
described in this Section 12(c)(iv) are 

  
 18 

	 	
caused by an employee and/or an officer of the Advisor (or an Affiliate of the Advisor) and the Advisor takes all reasonable necessary and appropriate action against such person and cures the
damage caused by such actions or omissions within 45 days of the Advisor’s actual knowledge of its commission or omission, the Company will not have the right to terminate this Agreement pursuant to this Section 12(c)(iv); and

  

	 	(v)	immediately upon providing written notice to the Advisor following an Advisor Change of Control unless such Advisor Change of Control constitutes a permissible assignment under Section 14 hereof.

 “Advisor Change of Control” shall be deemed to have occurred upon any of the following events affecting
Ashford Trust or Advisor; provided, however, if Advisor is no longer a subsidiary of Ashford Trust as a result of a permitted assignment under Section 14 hereof or otherwise through a transaction not constituting an Advisor Change of
Control, then an Advisor Change of Control shall be deemed to have occurred upon any of the following events that affect Advisor only (and no Advisor Change of Control shall be deemed to have occurred if such event affects Ashford Trust): 

 

	 	A.	 any “person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (A) Ashford Trust, the Advisor or any of their respective subsidiaries, (B) any employee benefit plan of Ashford Trust, the Advisor or any of their
respective subsidiaries, (C) Remington or any Affiliate of Remington, (D) a company owned, directly or indirectly, by stockholders of Ashford Trust or the Advisor in substantially the same proportions as their ownership of Ashford Trust or
the Advisor, as applicable, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of Ashford Trust or the Advisor representing 35% or more of the shares of voting stock of Ashford Trust or the Advisor, as applicable, then outstanding; provided, however, if any of the Chief Executive Officer, President, Chief Operating
Officer, or Chief Financial Officer of the Advisor or Ashford Trust, as applicable, immediately before the event (collectively, the “Advisor Key Officers”) remain in such capacity or similar capacity with the Advisor or Ashford
Trust, as applicable, immediately after the event, or if a majority of the board of directors of Advisor or Ashford Trust, as applicable, immediately before the event remain on the board of directors of Advisor or

  
 19 

	 	
Ashford Trust, as applicable, immediately after the event, then no Advisor Change of Control shall be deemed to have occurred; 

 

	 	B.	the consummation of any merger, organization, business combination or consolidation of Ashford Trust or the Advisor, as applicable, or one of its respective subsidiaries, as applicable, with or into any other company,
other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of Ashford Trust or the Advisor, as applicable, outstanding immediately prior thereto holding securities which
represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of Ashford Trust or the Advisor, as applicable, or the surviving company or the parent
of such surviving company, provided, however, if any of the Advisor Key Officers remain in such capacity or similar capacity with the Advisor, Ashford Trust or surviving entity immediately after the event, or if a majority of the board of directors
of Advisor or Ashford Trust, as applicable, immediately before the event remain on the board of directors of Advisor, Ashford Trust or surviving entity immediately after the event, then no Advisor Change of Control shall be deemed to have occurred;
or 

  

	 	C.	the consummation of a sale or disposition by Ashford Trust or the Advisor, as applicable, of all or substantially all of such entity’s assets, other than a sale or disposition if the holders of the voting
securities of such entity outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets
provided, however, if any of the Advisor Key Officers remain in such capacity or similar capacity with the Advisor, Ashford Trust or acquiring entity immediately after the event, or if a majority of the board of directors of Advisor, Ashford Trust
or acquiring entity immediately before the event remain on the board of directors of Advisor or Ashford Trust, as applicable, immediately after the event, then no Advisor Change of Control shall be deemed to have occurred. 

(d) Upon any termination of this Agreement (including a termination pursuant to Section 16 hereof), the parties shall have the
following obligations (“Termination Obligations”): 

  
 20 

	 	(i)	The Company shall pay all Base Fees, Incentive Fees and expense reimbursements due and owing through the date of termination (collectively, “Accrued Fees”). 

 

	 	(ii)	Upon any termination pursuant to Section 12(a)(ii), based on unsatisfactory performance by the Advisor or unfair fees with no resolution within the time period set forth in Section 12(a)(ii), the
Company shall pay a termination fee equal to three (3) times the sum of the average annual Base Fee and average annual Incentive Fee over the 24 calendar months preceding termination (a “Termination Fee”). The Termination Fee,
if any, shall be payable to the Advisor on or before the termination date of this Agreement. 

  

	 	(iii)	In the event of any termination of this Agreement, the Company (and any of its Affiliates) shall not, without the consent of the Advisor, solicit for employment, employ or otherwise retain (directly or indirectly) any
employee of the Advisor (or any of its Affiliates) for a period of two years. 

  

	 	(iv)	Immediately upon termination, the Advisor shall promptly (a) pay over all money collected and held for the account of the Company, provided that the Advisor shall be permitted to deduct any Accrued Fees in lieu of
receiving payment for such Accrued Fees pursuant to Section 12(d)(i); (b) deliver a full accounting of all accounts held by the Advisor in the name of or on behalf of the Company; (c) deliver all property, documents, files,
contracts and assets of the Company to the Company; and (d) cooperate with and assist the Company in executing an orderly transition of the management of the company’s assets to a new advisor. 

(e) The following Sections, including the rights and obligations contained therein, shall survive the termination of this Agreement: 

 

	 	(i)	The parties’ Termination Obligations pursuant to Section 12(d) and the obligations pursuant to Section 16; 

 

	 	(ii)	The Advisor’s confidentiality obligations pursuant to Section 11; 

  

	 	(iii)	The limitation of the Advisor’s liability pursuant to Section 8.1; 

  

	 	(iv)	The parties’ indemnification obligations pursuant to Section 8.3; and 

  

	 	(v)	The Company’s obligations to cease using the trademarked name “Ashford” and other obligations pursuant to Section 9.4. 

13. NOTICES. Any notices, instructions or other communications required or contemplated by this Agreement shall be deemed to have been
properly given and to be effective 

  
 21 

 
upon delivery if delivered in person, sent electronically or upon receipt if sent by courier service. All such communications to the Company shall be addressed as follows: 

Ashford Hospitality Prime, Inc. 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: Chief
Executive Officer 
 With a copy to: 

Ashford Hospitality Prime, Inc. 

14185 Dallas Parkway, Suite 110 

Dallas, TX 75254 
 Attn: General
Counsel 
 All such communications to the Advisor shall be addressed as follows: 

Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: Chief
Executive Officer 
 With a copy to: 

Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: General
Counsel 
 Either party hereto may designate a different address by written notice to the other party delivered in accordance with this
Section 13. 
 14. DELEGATION OF RESPONSIBILITY AND ASSIGNMENT. 

(a) Notwithstanding anything in this Agreement, the Advisor shall have the power to delegate all or any part of its rights and powers to
manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other person shall
be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the charter of the Company. 

The Advisor may assign this Agreement to any Affiliate that remains under the control of Ashford Trust without the consent of the Company. The
Advisor may also assign this Agreement to a newly formed publicly traded company without Company approval in connection with a spin-off, carve-out, split-off or distribution to the Advisor’s or Ashford Trust’s stockholders. 

  
 22 

 (b) The Company may not assign this Agreement without the prior written consent of the Advisor,
except in the case of assignment by the Company to another REIT or other organization that is a successor, by merger, consolidation, purchase of assets, or other similar transaction, to the Company. 

15. FUTURE SPIN-OFF BY THE COMPANY. If the Company elects to spin-off, carve-out, split-off or otherwise consummate a transfer of a division
or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly traded company to hold such division or subset of assets constituting a distinct asset type and/or Investment Guidelines
(collectively, a “Spin-Off Company”), the Company and Advisor agree that such Spin-Off Company shall be externally advised by the Advisor pursuant to an advisory agreement containing substantially the same material terms set forth
in this Agreement. 
 16. TERMINATION FOR CONVENIENCE UPON CHANGE OF CONTROL OF COMPANY. Upon a Company Change of Control (defined below),
the Company shall have the right, at its election, to terminate this Agreement upon the payment of the COC Termination Fee (defined below) and subject to the conditions and terms of this Section 16. 

(a) “Company Change of Control” shall mean any of the following events: 

 

	 	(i)	any “person” (as defined in Section 3(a)(9) of the Exchange Act , and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (A) the Company or any of its subsidiaries,
(B) any employee benefit plan of the Company or any of its subsidiaries, (C) a company owned, directly or indirectly, by stockholders of Ashford Prime in substantially the same proportions as the ownership of Ashford Prime, or (D) an
underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of Ashford Prime representing 35%
or more of the shares of voting stock of Ashford Prime then outstanding; 

  

	 	(ii)	the consummation of any merger, reorganization, business combination or consolidation of the Company, or one of its respective subsidiaries, as applicable, with or into any other company, other than a merger,
reorganization, business combination or consolidation which would result in the holders of the voting securities of Ashford Prime outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization,
business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving company or the parent of such surviving company; 

 

	 	(iii)	 the consummation of a sale or disposition by the Company of all or substantially all of its assets, other than a sale or disposition if the holders of
the voting securities of Ashford Prime outstanding immediately prior 

  
 23 

	 	
thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquirer, or parent of the acquirer, of such assets.

 (b) If the Company desires to enter into a transaction which constitutes a Company Change of Control and the Board of
Directors approves (subject to diligence, shareholder approval, conditions or otherwise) such proposed transaction, the Company shall promptly notify the Advisor in writing (the “Transaction Notice”), or in any event within five
(5) business days following the Board approval. The Transaction Notice shall set forth in reasonable detail the material terms of the proposed Company Change of Control transaction, the proposed timing, pricing, identity of the acquirer(s), and
all material conditions including, without limitation, whether or not the proposed transaction is conditioned upon the termination of this Agreement. If the proposed Company Change in Control transaction is not conditioned upon a termination of this
Agreement, this Agreement shall continue in full force and effect following the closing of the Company Change of Control transaction with the Company, the acquirer or successor, as the case may be. If the proposed Company Change in Control
transaction is conditioned upon the termination of this Agreement, then subject to the payment of the COC Termination Fee, together will all other Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of
termination of this Agreement required to be paid to Advisor pursuant to the terms of this Agreement, the Company may elect to terminate this Agreement by setting forth its election in the Transaction Notice or by written notice to Advisor, which
notice must be delivered at least sixty (60) days prior to the closing of the Company Change of Control transaction. As a condition to the effectiveness of a termination of this Agreement, the Company shall pay to Advisor the COC Termination
Fee (together with all other Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of termination of this Agreement) on the closing of the Company Change of Control transaction. If an election to terminate
this Agreement is not timely made by the Company, this Agreement shall continue in full force and effect with the Company, acquirer or successor, as the case may be. 

(c) If a Company Change in Control occurs by reason of an action not taken by the Board but through an involuntary action, then, within ten
(10) days following the occurrence of such Company Change in Control, the Company may elect by delivering written notice thereof to Advisor, subject to the payment of the COC Termination Fee (together with all Base Fees, Incentive Fees, and
other charges, costs and reimbursements accrued through the date of termination of this Agreement required to be paid to Advisor pursuant to the terms of this Agreement), to terminate this Agreement, which such termination may occur no earlier than
thirty (30) days or greater than sixty (60) days following the date such written election is received by Advisor. If such election is timely made by the Company, the Company shall pay to Advisor, on the termination date of this Agreement,
the COC Termination Fee and all Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of termination of this Agreement required to be paid pursuant to the terms of this Agreement. If an election to terminate
this Agreement is not timely made by the Company, this Agreement shall continue in full force and effect with the Company, acquirer or successor, as the case may be. 

  
 24 

 (d) The “COC Termination Fee” payable to the Advisor in cash, for purposes of a
termination of this Agreement shall be calculated as follows: 
  

	 	(i)	So long as Advisor’s common stock is not publicly traded: 

 (A) 14
multiplied by the earnings of the Advisor attributable to this Agreement, after costs and expenses (including taxes) of the Advisor attributable to the performance of its duties under this Agreement (“Net Earnings”) for the 12-month
period preceding the termination date of this Agreement; plus 
 (B) an additional amount such that the total net
amount received by Advisor after the reduction by assumed state and federal income taxes at an assumed combined rate of 40% on the amounts described in (A) and (B) shall equal the amount described in (A). 

 

	 	(ii)	If at the time the Transaction Notice is given to Advisor, Advisor’s common stock is publicly traded separate from the common stock of Ashford Trust: 

(A) 1.1 times the greater of: 

(I) 12 multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement;
or 
 (II) the earnings multiple (based on net earnings after taxes) for the Advisor’s common stock for the 12-month
period preceding the termination date of this Agreement multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement; or 

(III) the simple average of the earnings multiples (based on net earnings after taxes) for the Advisor’s common stock for
each of the three fiscal years preceding the termination date of this Agreement, multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement, plus 

(B) an additional amount such that the total net amount received by Advisor after the reduction by assumed state and federal
income taxes at an assumed combined rate of 40% on the amounts described in (A) and (B) shall equal the amount described in (A). 

(e) Following the closing of a Company Change in Control Transaction and termination of this Agreement pursuant to this
Section 16, the Advisor will reasonably 

  
 25 

 
cooperate in an orderly transition of management for a period of up to thirty (30) days for the payment of Base and Incentive Fees based on the average monthly amounts for the three
(3) months prior to the Transaction Notice, or in the case of a termination pursuant to Section 16(c) above, based on the average monthly amounts for the three (3) months prior to the public announcement of the Company Change
in Control. 
 17. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE ADVISOR. The Advisor represents and warrants to, and covenants and
agrees with, the Company as follows: 
 (a) The Advisor, taking into account its own personnel and the personnel available to it through its
Affiliates, has access to personnel trained and experienced in the business of acquisitions, leasing of hotels, asset management, financing, the ownership and dispositions of hotels and such other areas as may be necessary and sufficient to enable
the Advisor to perform its obligations under this Agreement. 
 (b) The Advisor shall comply with all laws, rules, regulations and
ordinances applicable to the performance of its obligations under this Agreement. 
 Neither the Advisor nor any of its Affiliates is party
to or otherwise bound by or, during the term of this Agreement (including any extension thereof), will become party to or otherwise bound by, any agreement that would restrict or prevent (i) the Advisor from performing any obligation
contemplated by this Agreement or (ii) the Company from operating its business as proposed to be conducted, including, without limitation, acquiring any hotel in any geographic market in the United States or any foreign country. 

18. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the
conflict of laws principals thereof. 
 19. ENTIRE AGREEMENT. This Agreement reflects the entire understanding of the parties hereto with
respect to the subject matter hereof and supersedes and replaces all agreements between the Company and the Advisor with respect to the subject matter hereof. 

20. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of and be binding upon the parties to this Agreement and their
respective successors and permitted assigns, and no other Person shall acquire or have any right under, or by virtue of, this Agreement. The Company shall be entitled to assign this Agreement to any successor to all or substantially all of its
assets, rights and/or obligations; the Advisor shall have the right to assign this Agreement to any Affiliate (as such term is defined in Section 2). 

21. AMENDMENT, MODIFICATIONS AND WAIVER. This Agreement hereto shall not be altered or otherwise amended in any respect, except pursuant to an
instrument in writing signed by the parties hereto; provided, that any additions to or deletions from the Peer Group Members identified in Exhibit A shall only be made with the approval of a majority of the Independent Directors of the Company and a
majority of the Independent Directors of Ashford 

  
 26 

 
Trust, the indirect parent of the Advisor. The waiver by a party of a breach of any provisions of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 

22. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of
which shall constitute one and the same agreement. 
 (SIGNATURES BEGIN ON NEXT PAGE) 

* * * * * 

  
 27 

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

			
	ASHFORD PRIME:
	
	Ashford Hospitality Prime, Inc.
		
	By:	 	 /s/ David A. Brooks

	Name:	 	David A. Brooks
	Title:	 	Chief Operating Officer
	
	OPERATING PARTNERSHIP:
	
	Ashford Hospitality Prime Limited Partnership
		
	By:	 	Ashford Prime OP General Partner LLC,
its general partner

 
					
			
		 	By:	 	 /s/ David A. Brooks

		 	Name:	 	David A. Brooks
		 	Title:	 	Vice President

 
			
	
	ADVISOR:
	
	Ashford Hospitality Advisors LLC
		
	By:	 	 /s/ David A. Brooks

	Name:	 	David A. Brooks
	Title:	 	Vice President

 [Signature page to the Advisory Agreement] 

 Exhibit A 

Peer Group Members 
 Strategic
Hotels and Resorts, Inc. 
 Chesapeake Lodging Trust 

DiamondRock Hospitality Co. 
 Lasalle Hotel Properties 

Pebblebrook Hotel Trust 
 Sunstone Hotel Investors, Inc. 

  
 A-1

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