Document:

Guaranty and Indemnity Agreement

 Exhibit 10.25.4.11 

GUARANTY AND INDEMNITY AGREEMENT 
 THIS GUARANTY AND INDEMNITY AGREEMENT (this “Guaranty”) is executed as of March 10, 2011, by ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
(“Ashford Guarantor”), and PRISA III REIT OPERATING LP, a Delaware limited partnership (“Prudential Guarantor”; Prudential Guarantor and Ashford Guarantor, whether one or more, collectively, together with their
successors and assigns, referred to as “Guarantor”), for the benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells”), successor by merger to Wachovia Bank, National Association
(“Wachovia”) and BARCLAYS CAPITAL REAL ESTATE INC., a Delaware corporation (“Barclays”) (each of Wells and Barclays, a “Co-Lender” and, Wells and Barclays, collectively, together with their
respective successors and assigns, “Lender”). 
 WITNESSETH: 

WHEREAS, Wachovia and Barclays (collectively, “Original Lenders”), made a loan in the original principal amount
of Seven Hundred Million and No/100 Dollars ($700,000,000.00) (the “Original Loan”) to each of the entities set forth on Schedule 1 hereto (each, an “Individual Borrower” and, collectively,
“Borrower”); 
 WHEREAS, the Original Loan was memorialized in that certain Mortgage Loan Agreement by
and among Original Lenders, Borrower and certain other parties party thereto, dated July 17, 2007 (as amended by that certain First Omnibus Amendment to the Mortgage Loan Agreement, dated as of December 4, 2007 and that certain Second
Omnibus Amendment to the Mortgage Loan Agreement and the Mortgage Loan Documents, dated as of December 28, 2007, collectively, the “Original Loan Agreement”); 

WHEREAS, Borrower and Lender desire to amend and restate the terms of the Original Loan Agreement in connection with a
restructuring of the ownership of Borrower and certain direct and indirect owners of Borrower (collectively, the “Restructuring”) pursuant to that certain Amended and Restated Mortgage Loan Agreement by and among Borrower, Lender
and certain other parties thereto, dated as of the date hereof (as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Loan Agreement”); 

WHEREAS, Lender is not willing to enter into the Loan Agreement unless Guarantor unconditionally guarantees payment and
performance to Lender of the Guaranteed Obligations (as herein defined); and  
 WHEREAS, Guarantor is the owner
of an indirect interest in each Individual Borrower comprising Borrower and Guarantor will directly benefit from the modification of the terms of the Original Loan on the terms set forth in the Loan Agreement. 

NOW, THEREFORE, as an inducement to Lender to agree to the Restructuring and enter into the Loan Agreement with Borrower, and for
other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 

  
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 ARTICLE I 
 NATURE AND SCOPE OF GUARANTY 
 1.1 Guaranty of Obligations.
Guarantor hereby irrevocably and unconditionally guarantees to each Co-Lender and their respective successors and assigns the payment and performance of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse
of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor. 

1.2 Definition of Guaranteed Obligations. As used herein, the term “Guaranteed Obligations” means, collectively:

 (a) the obligations or liabilities of Borrower to Lender for any loss, damage, cost, expense, liability, claim or other
obligation to the extent actually incurred by either Co-Lender (including reasonable attorneys’ fees and costs reasonably incurred) arising out of or incurred with respect to any of the following: 

(i) fraud or intentional misrepresentation by any Borrower Entity (as hereinafter defined) or Guarantor in connection
with (A) the Loan or (B) the execution and delivery of any Loan Documents; 
 (ii) willful misconduct
by any Borrower Entity or Guarantor that results in physical damage or waste to any Property; 
 (iii) removal
or disposal by any Borrower Entity or Guarantor of any portion of any Individual Property or any other collateral security for the Loan (collectively, the “Collateral”) after the occurrence and during the continuance of an Event of
Default; 
 (iv) misapplication, misappropriation or conversion by any Borrower Entity or Guarantor of
(A) Net Proceeds or other amounts due to Lender, (B) Net Sales Proceeds, or (C) any Rents following the occurrence and during the continuance of an Event of Default or any distributions or other payments received by any Borrower
Entity deriving, directly or indirectly, from the Collateral following the occurrence and during the continuance of an Event of Default; 
 (v) Intentionally Omitted; 
 (vi) failure by any Borrower Entity
or Guarantor to obtain Lender’s prior written consent to (A) any subordinate financing, mortgage, deed of trust or other voluntary Lien encumbering all or any portion of the Collateral, as and to the extent required under the terms of the
Loan Documents, (B) any sale, transfer or conveyance of all or any portion of the Collateral, or any interest therein or any direct or indirect interest in any Borrower Entity, in each case, as and to the extent required under the terms of the
Loan Documents; 
 (vii) Intentionally Omitted; 

  
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 (viii) failure by Borrower to comply with Article X of the Loan Agreement;

 (ix) (A) any Borrower Entity filing a voluntary petition under the Bankruptcy Code or any other
Creditors’ Rights Laws; (B) any Borrower Entity filing an answer consenting to, or otherwise acquiescing in or joining in any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Creditors’
Rights Laws or soliciting or causing directly or indirectly to be solicited petitioning creditors for any involuntary petition from any Person; (C) any Borrower Entity consenting to or otherwise acquiescing in or joining in an application for
the appointment of a custodian, receiver, trustee, or examiner for any Borrower Entity or any portion of the Collateral; or (D) any Borrower Entity making an assignment for the benefit of creditors, or admitting, in writing or in any legal
proceeding, its insolvency or inability to pay its debts as they become due; 
 (x) the breach of any
representation, warranty, covenant or indemnification provision in the Environmental Indemnity, or Article XII of the Loan Agreement concerning Environmental Laws, Hazardous Materials and asbestos and any indemnification of Lender with respect
thereto in the Environmental Indemnity or the Loan Agreement; 
 (xi) any breach of Section 5.35 of
the Loan Agreement; 
 (xii) any breach by Borrower of any covenant or representation in
Section 6.1, Section 6.4 or Section 6.5 of the Loan Agreement (except with respect to Borrower’s obligation to remain solvent, maintain adequate capital and pay its debts as they become due); and/or

 (xiii) any surrender, amendment, modification or voluntary termination of any Ground Lease without
Lender’s prior written consent other than as expressly permitted under the Loan Agreement; and 
 (b) in addition to, and
not in limitation of, the foregoing Section 1.2(a) hereof, the entire amount of the Debt, in the event of the occurrence of any of the following: 
 (i) any action, omission, event or occurrence described in Section 1.2(a)(vi) hereof, 
 (ii) any action, omission, event or occurrence described in Section 1.2(a)(ix) hereof, and/or 
 (iii) a breach of a covenant set forth in Section 5.29 or Section 20.12(b)(i) of the Loan Agreement or a breach of any of the following covenants by any Loan Party or any Related
Party (as hereinafter defined) of any Loan Party, as applicable, at a time when such breaching entity (if not Guarantor) is owned in whole or in part (directly or indirectly, including through the ownership of preferred equity interests, options,
warrants or other similar contingent interests) by Guarantor or a Related Party of Guarantor: 

  
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 A. To the extent permitted by applicable law and not inconsistent with
Guarantor’s discharge of compliance with its fiduciary duties, as advised by counsel, Guarantor shall not, nor shall it cause or permit, any Related Party of Guarantor or any Loan Party to seek substantive consolidation of any Loan Party with
any other Person in connection with a proceeding under the Bankruptcy Code or any other Creditors’ Rights Laws involving Guarantor or any Loan Party (other than the substantive consolidation of an Affiliated Manager with any other Person which
is not a Loan Party); 
 B. To the extent permitted by applicable law and not inconsistent with
Guarantor’s discharge of compliance with its fiduciary duties, as advised by counsel, Guarantor shall not, nor shall it cause or permit, any Related Party of Guarantor or any Loan Party, to contest, oppose or object to any motion made by Lender
to obtain relief from the automatic stay or seek to reinstate the automatic stay in the event of a future proceeding under the Bankruptcy Code or any other Creditors’ Rights Laws involving any Loan Party (other than a proceeding involving an
Affiliated Manager and no other Loan Party); and/or 
 C. Guarantor shall not, nor shall it cause or permit,
any Loan Party or any Related Party of Guarantor, to provide, originate or acquire directly or through a Related Party of Guarantor an interest in or solicit (in writing) or accept from Guarantor or any Related Party of Guarantor, any
debtor-in-possession financing to or on behalf of any Loan Party in the event that Guarantor or any Loan Party is the subject of a proceeding under the Bankruptcy Code or any other Creditors’ Rights Laws (other than debtor-in-possession
financing provided to or on behalf of an Affiliated Manager by a Person which is not a Loan Party in a proceeding of such Affiliated Manager which involves no other Loan Party). 

For purposes of this Guaranty, the term “Borrower Entity” shall mean, collectively, each Borrower, Maryland Owner, and
SPE Component Entity; the term “Loan Party” shall mean, collectively, each Borrower Entity, Borrower Principal, PRISA Investments and any Affiliated Manager; and the term “Related Party” shall mean, as to any Person, any
other Person (a) that is an Affiliate of such Person or (b) in which such Person owns, directly or indirectly, in the aggregate more than fifty percent (50%) of the beneficial ownership interests in such Person. Notwithstanding
anything to the contrary in this Guaranty or any of the other Loan Documents, the aggregate liability of Guarantor with respect to the Guaranteed Obligations set forth in (y) Section 1.2(a)(ix), Section 1.2(b)(ii) and
Section 1.2(b)(iii) above (collectively, the “Bankruptcy Recourse Events”), and (z) under Section 1.2(a)(ix), Section 1.2(b)(ii) and Section 1.2(b)(iii) of the Mezzanine 1 Guaranty (as hereinafter defined),
Mezzanine 2 Guaranty (as hereinafter defined), and the Mezzanine 3 Guaranty (as hereinafter defined) shall not exceed $200,000,000 (the “Guaranty Cap”). The Guaranty Cap shall not be reduced as a result of any prepayments of the
Loan or any Mezzanine Loan. For purposes of this Guaranty, the term “Mezzanine 1 Guaranty” shall mean the “Guaranty” as defined in the Mezzanine 1 Loan Agreement; the term “Mezzanine 2 Guaranty” shall mean
the “Guaranty” as defined in the Mezzanine 2 Loan Agreement; and the term “Mezzanine 3 Guaranty” shall mean the “Guaranty” as defined in the Mezzanine 3 Loan Agreement. 

  
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 1.3 Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing
guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by
Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The fact that at any time or from time
to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the
Note and shall not be discharged by the assignment or negotiation of all or part of the Note. 
 1.4 Guaranteed
Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or
defense of Borrower, or any other Person, against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed
Obligations) or otherwise. 
 1.5 Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not
be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate
the maturity, notice of acceleration of the maturity, or any other notice whatsoever, pay in lawful money of the United States of America the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such
demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall
be deemed made, given and received in accordance with the notice provisions hereof. 
 1.6 No Duty To Pursue Others.
It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (a) institute suit or exhaust its remedies
against Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (b) enforce Lender’s rights against the Collateral or any other collateral which shall ever have been given to secure the Loan,
(c) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (d) join Borrower or any other Person liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (e) exhaust any
remedies available to Lender against the Collateral or any other collateral which shall ever have been given to secure the Loan, or (f) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required
to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations. 
 1.7 Waivers.
Guarantor agrees to the provisions of the Loan Documents and hereby waives notice of (a) any loans or advances made by Lender to Borrower, (b) acceptance of this Guaranty, (c) any amendment or extension of the Note, the Loan
Agreement or any other Loan Documents, (d) the execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes or other 

  
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 documents arising under the Loan Documents or in connection with the Collateral, (e) the occurrence of
any breach by Borrower or an Event of Default, (f) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (g) sale or foreclosure (or posting or advertising for sale or foreclosure) of any of the
Individual Properties and/or any other Collateral, (h) protest, proof of non-payment or default by Borrower, or (i) any other action at any time taken or omitted by Lender, and, generally, all demands and notices of every kind in
connection with this Guaranty, the Loan Documents, any other documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed. 

1.8 Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this
Guaranty, Guarantor shall, immediately upon demand by either Co-Lender, pay each Co-Lender all costs and expenses (including court costs and reasonable attorneys’ fees) incurred by each Co-Lender in the enforcement hereof or the preservation of
Lender’s rights hereunder. The covenant contained in this Section 1.8 shall survive the payment and performance of the Guaranteed Obligations. 
 1.9 Effect of Bankruptcy. In the event that, pursuant to the Bankruptcy Code or any other Creditors’ Rights Laws, or any judgment, order or decision thereunder, Lender must rescind or
restore any payment, or any part thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and
this Guaranty shall remain in full force and effect. It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the
extent of such performance. 
 1.10 Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding
anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, any law
subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower, any other Restricted Entity (as hereinafter defined) or any other Person liable for
payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise. “Restricted Entity” shall mean each Loan Party, and any shareholder, partner, member or
non-member manager of any such Loan Party, and any direct or indirect legal or beneficial owner of any Loan Party, regardless of the number of tiers of ownership. 
 1.11 Release. Guarantor shall be released from its obligations under this Guaranty as of the date on which Lender has received notice and evidence reasonably satisfactory to Lender that the
Debt has been paid in full and all obligations with respect thereto which are not expressly stated to survive have been satisfied. 
 1.12 Borrower. The term “Borrower”, “Individual Borrower” and “Maryland Owner” as used herein (including within the definition of
“Borrower Entity”, as applicable) shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization,
sale, transfer, devise, gift or bequest of Borrower or Maryland Owner. 

  
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 1.13 Limitation on Liability. 

(a) Notwithstanding anything herein to the contrary, Guarantor shall have no liability with respect to any Guaranteed Obligations to the
extent incurred as a result of (i) the exercise of remedies by Lender or any Mezzanine Lender, or any deed or assignment in lieu thereof, or (ii) any action or omission of (A) Lender from and after a foreclosure on all or any portion
of the Collateral (or any purchaser at foreclosure or any transferee of Lender or such purchaser, unless such purchaser at foreclosure or transferee of Lender or such purchaser is Guarantor or a Related Party of Guarantor) or (B) any Mezzanine
Lender from and after a foreclosure on all or any portion of the collateral securing the applicable Mezzanine Loan (or any purchaser at foreclosure or any transferee of any Mezzanine Lender or such purchaser, unless such purchaser at foreclosure or
any transferee of such Mezzanine Lender or such purchaser is Guarantor or a Related Party of Guarantor). 
 (b) The liabilities
and recourse obligations of Guarantor hereunder shall be limited to such liabilities or obligations arising or incurred at a time when the Person whose actions or omissions triggers the liability is owned in whole or in part (directly or indirectly,
including through the ownership of preferred equity interests or options, warrants or other similar contingent interests) by either Ashford Guarantor or Prudential Guarantor or a Related Party of Ashford Guarantor or Prudential Guarantor.
Notwithstanding the foregoing, in the event Prudential Guarantor shall no longer have any direct or indirect interest in Borrower as a result of the transfer to Ashford Guarantor or an Affiliate of Ashford Guarantor of all of its direct and/or
indirect interests in PIMHH, then upon the satisfaction of each of the following conditions, Lender shall deliver to Prudential Guarantor a written release from liability under this Guaranty with respect to matters which arise after the date of such
transfer (the “Prudential Release”): 
 (i) On the date of the Prudential Release, no Event of
Default shall have occurred and be continuing; 
 (ii) Prudential Guarantor shall have provided Lender with not
less than sixty (60) days’ written notice prior to the date of the proposed transfer; 
 (iii) On the
date of the Prudential Release, 
 A. Ashford Guarantor shall have shareholder’s equity of not less than
$500,000,000, determined in accordance with GAAP; 
 B. Ashford Guarantor shall have not less than $50,000,000
in liquid assets of which not less than $25,000,000 shall consist of cash and the balance shall consist of undrawn and available commitments under credit facilities; and 

C. There shall not be any default under (1) the Ashford Credit Agreement, or any amendment, restatement or
replacement thereof or (2) any other indebtedness (including guaranty obligations) in excess of $50,000,000; and 

  
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 (iv) On the date of the Prudential Release, Ashford Guarantor shall execute
and deliver to Lender a reaffirmation and acknowledgment of its obligations under this Guaranty, including its sole liability for any Guaranteed Obligations which arise after the date of the Prudential Release. 

(c) Prudential Guarantor shall have no liability under this Guaranty for any Guaranteed Obligations which arise out of an event or
circumstance described in Section 1.2(b)(iii)(A)-(C) above to the extent such event or circumstance is caused by or results from the actions of Remington or any Related Party of Remington so long as such Related Party is not also a Related
Party of Borrower or Guarantor, provided that Ashford Guarantor shall remain liable for 100% of any such Guaranteed Obligations. 
 1.14 Senior Recovery Lender. Guarantor agrees that if, during the continuation of an Event of Default or a Mezzanine Loan Default, including following delivery of a deed in lieu of
foreclosure (or equivalent transfer), Guarantor or a Related Party of Guarantor receives, directly or indirectly, any cash distributions fees, property or payments from or relating to any collateral securing the Loan or any Mezzanine Loan, as
applicable (the “Defaulted Loan”) which is not paid over or transferred to either (i) Lender (if a Default is outstanding) or (ii) if no Default shall be outstanding, the most senior Senior Mezzanine Lender for which a
Mezzanine Loan Default shall then be outstanding (“Senior Recovery Lender”), then the amounts or property so received by such Guarantor or Related Party of Guarantor shall be paid over to Senior Recovery Lender. The Guaranty Cap
shall not be reduced as a result of any amounts paid under this Section 1.14 and the obligations under this Section 1.14 shall constitute a component of the “Guaranteed Obligations” hereunder. 

1.15 Impaired Loans. In the event that the Loan or any Senior Mezzanine Loan is “Impaired” (as defined below;
Lender or any Senior Lender so Impaired, an “Impaired Lender”) as a result of a voluntary bankruptcy filing by any Loan Party or any Related Party of any Loan Party or the filing of an answer by any such Person consenting to or
otherwise acquiescing in, colluding in or joining in any involuntary petition filed against any Loan Party, in each case at a time when any such Person is owned in whole or in part (directly or indirectly) by Guarantor or a Related Party of
Guarantor, then neither Guarantor nor any Related Party of Guarantor shall receive or retain any common, preferred or other equity interest in any such Loan Party or other financial benefit (including fees for services) of any kind (including as a
result of a so-called “new value” plan or equity contribution) (a “Bankruptcy Retained Interest”) without the consent of at least ninety percent (90%) of all lenders (calculated by amount of interest held) comprising
such Impaired Lender. In the event that Lender or any Senior Mezzanine Lender receives a deed in lieu of foreclosure or an equivalent of all or any portion (other than a de minimis portion) of the Collateral or any collateral securing any of the
Senior Mezzanine Loans, then neither Guarantor nor any Related Party of Guarantor may receive or retain any Bankruptcy Retained Interest and any such Bankruptcy Retained Interest shall be paid promptly over to Senior Recovery Lender. Notwithstanding
the foregoing, in the event that Guarantor or any Related Party of Guarantor receives and/or retains any Bankruptcy Retained Interest in violation of this Section 1.15, it shall immediately sell to Senior Recovery Lender all such Bankruptcy

  
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 Retained Interest for an aggregate purchase price equal to ten dollars ($10.00). “Impaired” shall
mean a claim of interest of such Lender or Senior Mezzanine Lender, as applicable, is “impaired” as defined in Section 1124 of the Bankruptcy Code, provided that Lender or Senior Mezzanine Lender shall be deemed impaired for this
purpose whether or not Borrower, Maryland Owner, or the related Senior Mezzanine Borrower is bankrupt or proposes a plan that would leave such lender so “impaired” as long as a debtor that is a direct or indirect subsidiary of such
borrower becomes subject to a proceeding under the Bankruptcy Code or under any Creditors’ Rights Laws and a plan is proposed in such proceeding that would adversely affect such lender, the value of the Collateral or the “Collateral”
as defined in each Senior Mezzanine Loan Agreement or the ability of the related borrower to repay such lender. 
 ARTICLE II

 EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING GUARANTOR’S OBLIGATIONS 
 Guarantor hereby consents and
agrees to each of the following, and agrees that Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or
other rights (including rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following:  
 2.1 Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of the Note, the Loan Agreement, the Mortgage, the other Loan Documents, or any other document,
instrument, contract or understanding between or among Borrower and/or Maryland Owner on the one hand and Lender on the other, or any failure of Lender to notify Guarantor of any such action. 

2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower
or Guarantor. 
 2.3 Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment,
composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other party at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale,
lease or transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor. 

2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including the fact that (a) the Guaranteed Obligations, or any part thereof, exceeds the amount permitted by
law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers or representatives executing the Note, the Loan Agreement, the Mortgage or the other Loan Documents or otherwise creating the
Guaranteed Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable usury laws, (e) Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the
Guaranteed Obligations wholly or partially uncollectible from Borrower, (f) the creation, 

  
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 performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any
document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or
(g) the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower
or any other Person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 
 2.5 Release
of Obligors. Any full or partial release of the liability of Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed
Obligations in full without assistance or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or
perform the Guaranteed Obligations, or that Lender will look to other parties to pay or perform the Guaranteed Obligations. 

2.6 Other Collateral. The taking or accepting of any other security, collateral, guaranty, or other assurance or security
of payment, for all or any part of the Guaranteed Obligations. 
 2.7 Release of Collateral. Any release,
surrender, exchange, subordination, deterioration, waste, loss or impairment (including negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations. 
 2.8 Care and Diligence. The failure of
Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security, including any neglect, delay, omission,
failure or refusal of Lender (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations, (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to
foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

2.9 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be
given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for the Guaranteed
Obligations. 

  
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 2.10 Offset. The Note, the Loan Agreement, the Guaranteed Obligations and the
liabilities and obligations of Guarantor to Lender hereunder shall not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense of Borrower against Lender, or any other party, or against
payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

2.11 Merger. The reorganization, merger or consolidation of Borrower into or with any other corporation or entity.

 2.12 Preference. Any payment by Borrower to Lender is held to constitute a preference under the Bankruptcy Code
or any other Creditors’ Rights Laws, or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else. 
 2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the security and collateral therefor,
whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof. It is the unambiguous and unequivocal intention of Guarantor that
Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 
 2.14 Reallocation of Proceeds Among Lenders. Guarantor acknowledges and agrees that, in the event Lender receives an amount under this Guaranty as a result of a Bankruptcy Recourse Event, or
any Senior Mezzanine Lender receives an amount under its Senior Mezzanine Loan Guaranty as a result of a Bankruptcy Recourse Event (as defined therein) (any such recovering lender, a “Recovering Lender”), under the terms of the
Intercreditor Agreement, such Recovering Lender may be required to deliver all or a portion of the amount received to Lender or Senior Mezzanine Lenders, as applicable (in such capacity, an “Other Recovering Lender”). Any amounts
received by a Recovering Lender from Guarantor and paid to one or more Other Recovering Lenders pursuant to the terms of the Intercreditor Agreement shall be deemed to (i) reduce, dollar for dollar, the amount recovered by such Recovering
Lender in respect of this Guaranty, the Mezzanine 1 Guaranty, the Mezzanine 2 Guaranty or the Mezzanine 3 Guaranty, as applicable, and (ii) be applied by the Other Recovering Lenders pursuant to the terms of the Loan Documents or the Senior
Mezzanine Loan Documents, as applicable. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 To induce Lender to enter into the Loan Agreement and the other Loan Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as follows: 

  
 Guaranty & Indemnity
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 -11-

 3.1 Benefit. Guarantor is an Affiliate of Borrower, is the owner of a direct
or indirect interest in each Individual Borrower, and has received, and/or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

3.2 Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the
financial condition of Borrower, and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition or such
collateral as an inducement to enter into this Guaranty. 
 3.3 No Representation By Lender. Neither Lender nor
any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 
 3.4 Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent,
and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and assets sufficient to satisfy and repay its obligations and liabilities.

 3.5 Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the
transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would
constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a
legal and binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by any Creditors’ Rights Laws. 
 3.6 Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof. 
 3.7 No Plan Assets. Guarantor is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of Guarantor
constitutes or will, during any period when the Loan remains outstanding, constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Guarantor is not a
“governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental
plans similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Guaranty. 

3.8 ERISA. Guarantor shall not engage in any transaction, other than a transaction contemplated hereunder, which would
cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, the Loan Agreement, the Mortgage or the other Loan Documents) to be a non-exempt (under a statutory or administrative
class exemption) prohibited transaction under ERISA. 

  
 Guaranty & Indemnity
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 -12-

 ARTICLE IV 
 SUBORDINATION OF CERTAIN INDEBTEDNESS 
 4.1 Subordination of All
Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of any Individual Borrower, any Maryland Owner and/or any other Related Party to Guarantor, whether such debts and liabilities now
exist or are hereafter incurred or arise, or whether the obligations of such entities thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by
note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be
acquired by Guarantor. The Guarantor Claims shall include all rights and claims of Guarantor against any Individual Borrower, any Maryland Owner, any Mezzanine Borrower, and/or any other Restricted Entity (arising as a result of subrogation or
otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Until repayment in full of the Debt, the Loan and the Mezzanine Loans, no Guarantor shall receive or collect, directly or indirectly, from Borrower
or any other Person any amount upon the Guarantor Claims. 
 4.2 Claims in Bankruptcy. In the event of any
proceeding under the Bankruptcy Code or any other Creditors’ Rights Laws involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the
receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application upon the Guaranteed
Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower, Maryland Owner, Mezzanine Borrowers, any other Restricted Entity and/or Guarantor, shall constitute a credit upon the Guarantor
Claims, then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the
Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims, provided, however, that
Guarantor shall have no such subrogation rights until repayment in full of the Debt, the Mezzanine Loans and the Loan. 
 4.3
Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in
trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to
pay them promptly to Lender, and Guarantor covenants promptly to pay the same to Lender. 

  
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 4.4 Liens Subordinate. Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon any Individual Borrower’s, any Maryland Owner’s, any Mezzanine Borrower’s and/or any other Related Party’s assets securing payment of the Guarantor Claims shall be and remain
inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such entities’ assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or
Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor’s right it may have against any Individual Borrower any Maryland Owner, any
Mezzanine Borrower or any other Related Party, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including the commencement of, or joinder in, any proceeding under the
Bankruptcy Code or any other Creditors’ Rights Laws) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of any Individual Borrower, any Maryland Owner, any Mezzanine
Borrower or any other Related Party held by Guarantor. 
 ARTICLE V 

MISCELLANEOUS 
 5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right. The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor consent to
departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action
in the same, similar or other instances without such notice or demand. 
 5.2 Notices. Any notice, demand,
statement, request or consent made hereunder shall be in writing and shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt
requested, (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and
Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 5.2): 

Ashford Guarantor: 
 c/o Ashford Hospitality Trust 
 14185 Dallas Parkway 

Suite 1100 

Dallas, Texas 75254 
 Attention: David Brooks 
 Facsimile No.: (972) 490-9605 

  
 Guaranty & Indemnity
Agreement 

  
 -14-

 With a copy to: 
 Goodwin Procter LLP 
 Exchange Place 

53 State Street 

Boston, Massachusetts 02109 
 Attention: Minta Kay 
 Facsimile No.: (617) 523-1231 

Prudential Guarantor: 
 c/o Prudential Real Estate Investors 
 8 Campus Drive 

Parsippany, New Jersey 07054 
 Attention: Soultana Reigle 
 Facsimile No.: (973) 734-1550 

With a copy to: 
 c/o PREI Law Department 
 8 Campus Drive 

Parsippany, New Jersey 07054 
 Attention: Law Department 
 Facsimile No.: (973) 734-1550 

and 
 Goodwin
Procter LLP 
 Exchange Place 
 53 State Street 
 Boston, Massachusetts 02109 

Attention: Minta Kay 
 Facsimile No.: (617) 523-1231 
 Lender: 

Wells Fargo Bank, National Association 
 375 Park Ave, 5th Floor 
 New York, New York 10022 

Attention: Jan LaChapelle 
 Facsimile No.: (212) 214-8955 

  
 Guaranty & Indemnity
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 -15-

 With a copy to: 
 Sidley Austin LLP 
 One South Dearborn Street 

Chicago, Illinois 60603 
 Attention: John M. Rafkin 
 Facsimile No.: (312) 853-7036 

and 

Barclays Capital Real Estate Inc. 
 745 Seventh Avenue 
 New York, New York 10019 

Attention: Lori Rung/CMBS Servicing 
 Facsimile No.: (212) 412-1664 
 With a copy to: 

Davis Polk & Wardwell LLP 
 450 Lexington Avenue 
 New York, New York 10017 

Attention: Thomas Patrick Dore, Jr. 
 Facsimile No.: (212) 701-5136 
 5.3 Governing Law. This
Guaranty shall be governed in accordance with the laws of the State of New York and the applicable law of the United States of America. 
 5.4 Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such
provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in
full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic
understandings and intentions of the parties as expressed herein. 
 5.5 Amendments. This Guaranty may be amended
only by an instrument in writing executed by the parties hereto. 
 5.6 Parties Bound; Assignment; Joint and Several.
This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Lender, assign
any of its rights, powers, duties or obligations hereunder. Ashford Guarantor and Prudential Guarantor shall be jointly and severally liable for all obligations and liabilities of Guarantor under this Guaranty. All references to
“Guarantor” herein shall mean Ashford Guarantor and Prudential Guarantor, both individually and collectively, as the context may require. 

  
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 -16-

 5.7 Headings. Section headings are for convenience of reference only and shall
in no way affect the interpretation of this Guaranty. 
 5.8 Recitals. The recital and introductory paragraphs
hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 
 5.9 Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on
behalf of, each party, or that the signature of all Persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to
produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal
effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 
 5.10 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not
be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other
instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

5.11 Other Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Loan Agreement,
unless such term is otherwise specifically defined herein. The words “include” and “including” and words of similar import shall be deemed to be followed by the words “without limitation”. 

5.12 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO
GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY
GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. 

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

5.14 Reinstatement in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or
any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, Guarantor’s obligations hereunder with respect to
such payment shall be reinstated as though such payment has been due but not made at such time. 
 [NO FURTHER TEXT ON THIS
PAGE] 

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

					
	 ASHFORD GUARANTOR:
  

ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership

		
	By:	 	Ashford OP General Partner LLC Its General Partner
			
		 	By:	 	 /s/ David A. Brooks

		 		 	 Name: David A. Brooks

Title: Vice President

 [SIGNATURES CONTINUE ON NEXT PAGE] 

  
 Guaranty & Indemnity
Agreement 

  

 PRUDENTIAL GUARANTOR: 

PRISA III REIT OPERATING LP, 
 a Delaware limited partnership, its sole member 
 By: PRISA III OP GP, LLC,

 a Delaware limited liability company, its general partner 

By: PRISA III Fund LP, 
 a Delaware limited partnership, its manager 
 By: PRISA III Fund GP, LLC,

 a Delaware limited liability company, its general partner 

By: PRISA III Fund PIM, LLC, a Delaware limited 
 liability company, its sole member 
 By: Prudential Investment Management, Inc.,

 a Delaware corporation, its sole member 

 

			
	BY:	 	/s/ James P. Walker
		 	 Name: James P. Walker

Title: Vice President

  
 Guaranty & Indemnity
AgreementNonrecourse Exception Guaranty Renaissance Nashville Hotel

 Exhibit 10.25.4.12 

NONRECOURSE EXCEPTIONS GUARANTY 
 Renaissance Nashville Hotel 
 Nashville, Tennessee 

This NONRECOURSE EXCEPTIONS GUARANTY (this “Guaranty”) is made and entered into as of March 10,2011 by ASHFORD
HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (“Ashford”), and PRISA III REIT OPERATING LP, a Delaware limited partnership (“PRISA III”; together with Ashford, “Guarantor,” whether
one or more), for the benefit of CONNECTICUT GENERAL LIFE INSURANCE COMPANY, a Connecticut corporation (together with its successors and assigns, “Lender”). 
 RECITALS 
 A. Lender made a loan (the “Loan”) to HH
Nashville LLC, a Delaware limited liability company (“Borrower”) in the outstanding principal amount of FIFTY-TWO MILLION AND NO/IOO DOLLARS ($52,000,000.00), which Loan is evidenced by that certain Promissory Note dated as of
March 13, 2006 executed by Borrower in favor of Lender (as the same may be extended, modified, renewed and/or replaced, the “Note”), which Note is secured by, inter alia, that certain Leasehold Deed of Trust and
Security Agreement dated as of March 13, 2006 executed by Borrower and HHC TRS Nashville LLC, a Delaware limited liability company (“Operating Tenant”), for the benefit of Lender, as amended by that certain First Amendment to
Leasehold Deed of Trust and Security Agreement among Borrower, Operating Tenant and CGLIC, dated as of July 17, 2007 (as amended, the “Deed of Trust”), encumbering Borrower’s interest in that certain real property and all
of the improvements thereon located in the City of Nashville, County of Davidson, and State of Tennessee, together with the improvements now or hereafter located thereon (the “Property”). The Note, the Deed of Trust and any other
documents evidencing, securing or pertaining to the Loan are collectively referred to herein as the “Loan Documents.” 
 B. Simultaneously herewith, Guarantor intends to consummate the Transaction (as defined and more particularly described in that certain Omnibus Agreement dated of even date herewith among Borrower,
Operating Tenant and Lender (the “Omnibus Agreement”)) whereby as a result of the Transaction, on the date hereof, Guarantor will acquire, 100% of the legal and beneficial economic ownership interests of Borrower and Operating
Tenant. 
 C. Without the consent of Lender, the Transaction would constitute an Event of Default under Section 24(f) of
the Deed of Trust and so Borrower has requested that Lender consent to the Transaction. 
 D. Lender is willing to consent to
the Transaction on certain terms and conditions more particularly described in the Omnibus Agreement, including, without limitation, that Guarantor guaranty for the benefit of Lender, and its successors and assigns, all obligations and liabilities
of Borrower with respect to the Loan for which Borrower is personally liable as described herein. 

 NOW, THEREFORE, to induce Lender to consent to the Transaction, and in consideration of the
substantial benefit Guarantor will derive from the Loan, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Guarantor hereby agrees as follows:

 ARTICLE I 
 INCORPORATION; DEFINED TERMS 
 1.1 Incorporation of Recitals. The
recitals of fact as set forth above are hereby agreed to be true and are incorporated into the body of this Guaranty by reference. 
 1.2 Defined Terms. Certain capitalized terms used in this Guaranty and not defined herein are defined in the Deed of Trust and the other Loan Documents, and when used in this Guaranty such
capitalized terms shall have the meanings given to them by the language employed in the Deed of Trust and the other Loan Documents unless otherwise defined herein. 
 ARTICLE II 
 OBLIGATIONS GUARANTEED 

2.1 Guaranty of Loan Obligations. Guarantor irrevocably and unconditionally guarantees to Lender the prompt payment when due,
whether at stated maturity, by acceleration or otherwise, of all obligations and liabilities of Borrower for which Borrower is, or shall become, personally liable pursuant to the Note and other Loan Documents, but only as and to the extent provided
in Section 41 of the Deed of Trust and Section 16 of the Note (the “Guaranteed Obligations”). By way of clarification, with reference to Section 41 (vi) of the Deed of Trust, as of the date hereof, the only
guarantees andlor indemnification agreements to which Borrower is a party are that certain Environmental Indemnification Agreement by Borrower and Guarantor for the benefit of Lender dated as of the date hereof and that certain Letter Agreement
regarding Waiver of Insurance Requirements by and between Lender and Borrower dated as of March 13, 2006. 
 2.2
Continuing Obligation. This Guaranty is a continuing guaranty and in full force and effect and will be discharged only if and when the Loan has been paid in full, and all obligations under the Note and other Loan Documents have been fully
performed; provided, however, that notwithstanding any of the foregoing to the contrary, this Guaranty shall remain in full force and effect for so long as any payment hereunder may be voided in bankruptcy proceedings as a preference or for any
other reason. 
 2.3 Direct Action against Guarantor. Guarantor’s liability under this Guaranty is a guaranty of
payment and performance and not of collection. Lender has the right to require Guarantor to pay, comply with and satisfy its obligations and liabilities under this Guaranty, and 

  
 2 

 
shall have the right to proceed immediately against Guarantor with respect thereto, without being required to attempt recovery first from Borrower or any other party, without first suing on the
Note or any other Loan Document and without demonstrating that the collateral for the Loan is inadequate security or that Lender has exercised (to any degree) or exhausted any of Lender’s other rights and remedies with respect to Borrower or
any collateral for the Loan. 
 ARTICLE III 
 GENERAL TERMS AND CONDITIONS 
 3.1 Payments; Interest on Amounts Payable
Hereunder. Amounts payable to Lender under this Guaranty shall be immediately due and payable on Lender’s written demand and shall be paid without reduction by set-off, defense, counterclaim or cross-claim. Amounts not paid within ten
(10) Business Days (hereinafter defined) after Lender’s written demand shall, at Lender’s option and without prejudice to Lender’s rights for failure to pay, bear interest at the Default Rate from the date of Lender’s demand
notice until paid in full. Interest at the Default Rate also shall accrue on any judgment obtained by Lender in connection with the enforcement or collection of amounts due under this Guaranty until such judgment is paid in full. If interest paid or
payable hereunder is deemed to exceed the maximum rate permitted by law, then the amount to be paid immediately shall be reduced to such maximum rate and thereafter computed at such maximum rate. Lender may apply all money received by Lender to
payment or reduction of the Loan or reimbursement of Lender’s expenses, in such priority and proportions, and at such time or times as Lender may elect. 
 3.2 Events of Default. Guarantor shall be in default of this Guaranty at Lender’s option if any of the following (each, an “Event of Default”) shall occur:
(a) Guarantor fails to make a payment required hereunder within ten (10) Business Days after Lender’s written demand for payment, (b) any representation or warranty made herein or in any financial statement required to be
furnished to Lender under this Guaranty is untrue or materially misleading as of the date made, or (c) the breach of any covenant by Guarantor made herein or in any other Loan Document, including, without limitation, the covenants in
Section 3.14 hereof. 
 3.3 Remedies. Following an Event of Default (which has not been waived in writing by
Lender), Lender shall be entitled to accelerate the Loan and exercise all other rights and remedies as have been provided to Lender hereunder, under the other Loan Documents, by law or in equity. Such rights and remedies are cumulative and may be
exercised independently, concurrently or successively in Lender’s sole discretion and as often as occasion therefor shall arise. Lender’s delay or failure to accelerate the Loan or exercise any other remedy upon the occurrence of an Event
of Default shall not be deemed a waiver of such right or remedy. No partial exercise by Lender of any right or remedy will preclude further exercise thereof. Notice or demand given to Guarantor in any instance will not entitle Guarantor to notice or
demand in similar or other circumstances nor constitute Lender’s waiver of its right to take any future action in any circumstance without notice or demand (except where expressly required by this Guaranty to be given). Lender may release other
security for the Loan, may release any party liable for the Loan, may grant extensions, renewals or forbearances with respect thereto, may accept a partial or past due payment or grant other indulgences, or may apply any other security held by it to

  
 3 

 
payment of the Loan, in each case without prejudice to its rights under this Guaranty and without such action being deemed an accord and satisfaction or a reinstatement of the Loan. Lender will
not be deemed as a consequence of its delay or failure to act, or any forbearances granted, to have waived or be estopped from exercising any of its rights or remedies. 
 3.4 Enforcement Costs. Guarantor hereby agrees to pay, on written demand by Lender, all costs incurred by Lender in collecting any amount payable under this Guaranty or enforcing or protecting its
rights under this Guaranty in each case whether or not legal proceedings are commenced. Such fees and expenses include, .without limitation, Attorneys’ Fees, court fees, costs incurred in connection with pre-trial, trial and appellate level
proceedings (including discovery and expert witnesses) and costs incurred in post-judgment collection efforts or in any bankruptcy proceeding. Amounts incurred by Lender shall be immediately due and payable, and shall bear interest at the Default
Rate from the date of disbursement until paid in full, if not paid in full within ten (10) Business Days after Lender’s written demand for payment. 
 3.5 Unimpaired Liability. Guarantor acknowledges and agrees that all obligations hereunder are and shall be absolute and unconditional under any and all circumstances without regard to the
validity, regularity or enforceability of any or all of the Loan Documents or the existence of any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Without limiting the
foregoing, Guarantor acknowledges and agrees that its liability hereunder shall in no way be released, terminated, discharged, limited or impaired by reason of any of the following (whether or not Guarantor has any knowledge or notice thereof):
(a) Borrower’s lack of authority or lawful right to enter into any of the Loan Documents; (b) any modification, supplement, extension, consolidation, restatement, waiver or consent provided by Lender with respect to any of the Loan
Documents including, without limitation, the grant of extensions of time for payment or performance; (c) failure to record any Loan Document or to perfect any security interest intended to be provided thereby or otherwise to protect, secure or
insure any collateral for the Loan; (d) Lender’s failure to exercise, or delay in exercising, any rights or remedies Lender may have under the Loan Documents or under this Guaranty; (e) the release or substitution, in whole or in
part, of any collateral for the Loan or acceptance of additional collateral for the Loan; (f) the release of Borrower from performance, in whole or in part, under any of the Loan Documents, in each case whether by operation of law,
Lender’s voluntary act, or otherwise; (g) any bankruptcy, insolvency, reorganization, adjustment, dissolution, liquidation or other like proceeding involving or affecting Borrower, any other guarantor or Lender; (h) the termination or
discharge of the Deed of Trust or the exercise of any power of sale or any foreclosure Qudicial or otherwise) or delivery or acceptance of a deed-in-lieu of foreclosure; (i) the existence of any claim, setoff, counterclaim, defense or other
rights which Guarantor may have against Borrower, any other guarantor or Lender, whether in connection with the Loan or any other transaction; or G) the accuracy or inaccuracy of the representations and warranties made by Borrower in any of the Loan
Documents. 
 3.6 Waivers. 
 (a) Guarantor absolutely, unconditionally, knowingly, and expressly waives: 

  
 4 

 (i) (1) notice of acceptance hereof; (2) notice of any loans or other financial
accommodations made or extended under the Loan Documents or the creation or existence of any Guaranteed Obligations; (3) notice of the amount of the Guaranteed Obligations, subject, however, to Guarantor’s right to make inquiry of Lender
to ascertain the amount of the Guaranteed Obligations at any reasonable time; (4) notice of any adverse change in the financial condition of Borrower or of any other fact that might increase Guarantor’s risk hereunder; (5) notice of
presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (6) notice of any default or event of default under the Loan Documents; and (7) all other notices (except if such notice is
specifically required to be given to Guarantor hereunder or under any Loan Document to which Guarantor is a party) and demands to which Guarantor might otherwise be entitled. 
 (ii) any right to require Lender to institute suit against, or to exhaust any rights and remedies which Lender has or may have against, Borrower or any third party, or against any collateral for the
Guaranteed Obligations provided by Borrower, Guarantor, or any third party. In this regard, Guarantor agrees that they are bound to the payment of all Guaranteed Obligations, whether now existing or hereafter accruing, as fully as if such Guaranteed
Obligations were directly owing to Lender by Guarantor. Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and
indefeasibly paid) of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower in respect thereof. 
 (iii) (1) any rights to assert against Lender any defense (legal or equitable), set-off, counterclaim, or claim which Guarantor may now or at any time hereafter have against Borrower or any other
party liable to Lender; (2) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed
Obligations or any security therefor; (3) any defense Guarantor has to performance hereunder, and any right Guarantor has to be exonerated, provided by any applicable law, or otherwise, arising by reason of: the impairment or suspension of
Lender’s rights or remedies against Borrower; the alteration by Lender of the Guaranteed Obligations; any discharge of Borrower’s obligations to Lender by operation of law as a result of Lender’s intervention or omission; or the
acceptance by Lender of anything in partial satisfaction of the Guaranteed Obligations; and (4) the benefit of any statute of limitations affecting Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer
or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to Guarantor’s liability hereunder. 

(b) Guarantor absolutely, unconditionally, knowingly, and expressly waives any defense arising by reason of or deriving from (i) any
claim or defense based upon an election of remedies by Lender including any defense based upon an election of remedies by Lender under the provisions of any law of the State of Tennessee or any other jurisdiction; or (ii) any election by Lender
under Bankruptcy Code Section 1111 (b) to limit the amount of, or any collateral securing, its claim against Borrower. 

  
 5 

 If any of the Guaranteed Obligations at any time are secured by a mortgage or deed of trust
upon real property, Lender may elect, in its sole discretion, upon an Event of Default with respect to the Guaranteed Obligations, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or
after enforcing this Guaranty, without diminishing or affecting the liability of Guarantor hereunder except to the extent the Guaranteed Obligations are repaid in full with the proceeds of such foreclosure; provided, however, that Guarantor’s
liability hereunder shall not be reduced by amounts received by Lender in connection with the foreclosure or sale of any collateral securing the Loan or any other enforced collection, other than amounts received directly from Guarantor after the
acceleration of the Loan or until the total of such amounts received are sufficient to pay the Guaranteed Obligations and all other obligations secured by such mortgage in full. Guarantor understands that (a) by virtue of the operation of any
antideficiency law applicable to nonjudicial foreclosures, an election by Lender non judicially to foreclose such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement,
contribution, or indemnity of Guarantor against Borrower or other guarantors or sureties, and (b) absent the waiver given by Guarantor herein, such an election would prevent Lender from enforcing this Guaranty against Guarantor. Understanding
the foregoing, and understanding that Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, Guarantor hereby waives any right to assert against Lender any defense to the enforcement of this Guaranty, whether denominated
“estoppel” or otherwise, based on or arising from an election by Lender nonjudicially to foreclose any such mortgage or deed of trust. Guarantor understands that the effect of the foregoing waiver may be that Guarantor may have liability
hereunder for amounts with respect to which Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against Borrower or other guarantors or sureties. Guarantor hereby waives and relinquish any right to have the
fair market value of the property determined by a judge or jury in any action on the obligations secured hereby, including, without limitation, a hearing to determine fair market value pursuant to Tennessee State law, if any such right exists now or
in the future, which shall have no applicability with respect to the determination of Guarantor’s liability under this Guaranty. 
 (c) Until such time as all of the Guaranteed Obligations have been fully, finally, and indefeasibly paid in full in cash: (i) Guarantor hereby postpones any right of subrogation Guarantor has or may
have as against Borrower with respect to the Guaranteed Obligations; (ii) Guarantor hereby postpones any right to proceed against Borrower or any other person, now or hereafter, for contribution, indemnity, reimbursement, or any other
suretyship rights and claims, whether direct or indirect, liquidated or contingent, whether arising under express or implied contract or by operation of law, which Guarantor may now have or hereafter has as against Borrower with respect to the
Guaranteed Obligations; and (iii) Guarantor also hereby postpones any right to proceed or seek recourse against or with respect to any property or asset of Borrower. 
 3.7 No Election. Lender shall have the right to seek recourse against Guarantor to the fullest extent provided for herein, and no election by Lender to proceed in one form of action or proceeding,
or against any party, or on any obligation, shall constitute a waiver of Lender’s right to proceed in any other form of action or proceeding or against other parties unless Lender has expressly waived such right in writing. Specifically, but
without limiting the generality of the 

  
 6 

 foregoing, no action or proceeding by Lender under any document or instrument evidencing the Guaranteed
Obligations shall serve to diminish the liability of Guarantor under this Guaranty except to the extent that Lender finally and unconditionally shall have realized indefeasible payment by such action or proceeding. 

3.8 Guarantor Bound by Judgment Against Borrower. Guarantor agrees that they shall be bound conclusively, in any jurisdiction, by
the judgment in any action by Lender against Borrower in connection with the Loan Documents (wherever instituted) as if Guarantor were a party to such action even if not so joined as a party. 

3.9 Certain Consequences of Borrower’s Bankruptcy. 
 (a) If Borrower shall be subject to a progeeding under Title 11 of the United States Code (the “Bankruptcy Code”) or any insolvency law the effect of which is to prevent or delay Lender
from taking any remedial action against Borrower, including the exercise of any option Lender has to accelerate and declare the Loan immediately due and payable, Lender may, as against Guarantor, nevertheless declare the Loan due and payable and
enforce any or all of its rights and remedies against Guarantor as provided herein. 
 (b) Any payment made on the Loan, whether
made by Borrower or Guarantor or any other person, that is required to be refunded or recovered from Lender as a preference or a fraudulent transfer or is otherwise set-aside pursuant to the Bankruptcy Code or any insolvency or other debtor relief
law shall not be considered as a payment made on the Loan or under this Guaranty. Guarantor’s liability under this Guaranty shall continue with respect to any such payment, or be deemed reinstated, with the same effect as if such payment had
not been received by Lender, notwithstanding any notice of revocation of this Guaranty prior to such avoidance or recovery or payment in full of the Loan, until such time as all periods have expired within which Lender could be required to return
any amount paid at any time on account of the Guaranteed Obligations. 
 (c) Until payment in full of the Loan (including
interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code or other insolvency law, which interest the parties agree remains a claim that is prior and superior to any claim of Guarantor
notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness of Borrower to Guarantor and hereby assigns such
indebtedness to Lender, including the right (but not the obligation) to file proof of claim and to vote in any other bankruptcy or insolvency action, including the right to vote on any plan of reorganization, liquidation or other proposal for debt
adjustment under federal, state or foreign law. 
 3.10 Subrogation and Contribution. Guarantor agrees that no payment by
Guarantor under this Guaranty shall give rise to (a) any rights of subrogation against Borrower or the collateral for the Loan, or (b) any rights of contribution against Borrower, any partner of Borrower or any other guarantor, in each
case unless and until Lender has received full and indefeasible payment of the Loan. If the deferral of such rights shall be unenforceable for any reason, Guarantor agrees that (a) its rights of subrogation shall be junior and subordinate to

  
 7 

 
Lender’s rights against Borrower and the collateral for the Loan, and (b) its rights of contribution against Borrower, any partner of Borrower or any other guarantor shall be junior and
subordinate to Lender’s rights against such parties. 
 3.11 Subordination of Borrower’s Obligations to
Guarantor. Any indebtedness of Borrower to Guarantor, now or hereafter existing, together with any interest thereon, shall be and hereby is deferred, postponed and subordinated to the prior payment in full of the Loan. Further, Guarantor agrees
that should Guarantor receive any payment, satisfaction or security for any indebtedness owed by Borrower to it, the same shall be delivered to Lender in the form received (endorsed or assigned as may be appropriate) for application on account of,
or as security for, the Loan and until so delivered to Lender, shall be held in trust for Lender as security for the Loan. 

3.12 Lender Transferees; Secondary Market Activities. Guarantor acknowledges and agrees that Lender, without notice to Guarantor
or Guarantor’s prior consent, may assign all or any portion of its rights hereunder in connection with any sale or assignment of the Loan or servicing rights related to the Loan, each grant of participations in the Loan, a transfer of the Loan
as part of a securitization in which Lender assigns its rights to a securitization trustee, or a contract for the servicing of the Loan, and that each such assignee, participant or servicer shall be entitled to exercise all of Lender’s rights
and remedies hereunder. Guarantor further acknowledges that Lender may provide to third parties with an existing or prospective interest in the servicing, enforcement, ownership, purchase, participation or securitization of the Loan, including,
without limitation, any rating agency rating the securities issued in respect of a securitization or participation of the Loan, and any entity maintaining databases on the underwriting and performance of commercial mortgage loans, any and all
information which Lender now has or may hereafter acquire relating to the Loan, the Security or with respect to Borrower or Guarantor, as Lender determines necessary or desirable. Guarantor irrevocably waives all rights they may have under
applicable law, if any, to prohibit such disclosure, including, without limitation, any right of privacy. 
 3.13 Financial
Reports. Each Guarantor agrees to furnish to Lender (i) quarterly financial statements within forty-five (45) days after the end of each calendar quarter and (ii) annual financial statements within ninety (90) days after the
end of each fiscal year (in the case of Ashford consolidated financial statements of Ashford Hospitality Trust, Inc., and in the case of PRlSA III consolidated financial statements of PRISA III Fund LP), and each statement shall include a
balance sheet, in each case audited (where available) or, if unaudited, then certified by each Guarantor that such financial statements are true, complete and correct in all material respects as of the end of the related period. The financial
statements shall be in the form of the financial statements provided as of the date hereof or such other form reasonably acceptable to Lender and, in each case, prepared in accordance with consistently applied accounting methods reasonably
acceptable to Lender. So long as this Agreement shall remain in effect, Guarantor, with reasonable promptness, will deliver to Lender such other information with respect to Guarantor as Lender may from time to time reasonably request. 

With respect to Ashford, the financial statements required to be delivered hereunder shall include the information necessary for Lender
to determine whether or not the following covenants under the Senior Revolving Credit Facility (as hereinafter defined) are being met: (a) 

  
 8 

 
that the ratio of Total Net Indebtedness to Total Asset Value shall not exceed 0.65 to 1.00 at any time, (b) that the ratio of Adjusted EBITDA for the previous four (4) consecutive
fiscal quarters to Fixed Charges shall not be less than 1.250 to 1.0 (on or prior to 3/31/2011) and 1.350 to 1.0 (thereafter), (c) that Tangible Net Worth shall not at any time be less than $915,000,000 plus 75% of the net proceeds of all
equity issuances of Ashford or any subsidiary (other than Ashford or any subsidiary) and (d) that the ratio of Floating Rate Indebtedness on a consolidated basis to Total Indebtedness shall not exceed .50 to 1.00. Capitalized terms used in this
paragraph and not otherwise defined in this Agreement shall have the meanings ascribed to them in that certain Credit Agreement dated April 10, 2007 by and among Ashford and certain of its affiliates and certain financial institutions a party
thereto, including Bank of America, N.A., as Agent 
 3.14 Gross Asset Value, Liquidity Covenants. At all times until the
Guaranteed Obligations have been fully satisfied, Guarantor, collectively, shall maintain a combined net asset value and tangible net worth of not less than Five Hundred Million and 00/100 Dollars ($500,000,000.00). 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 4.1 Guarantor Due Diligence and Benefit. Guarantor represents and warrants to Lender that (a) the Loan and this Guaranty are for commercial purposes, (b) it has had adequate opportunity
to review the Loan Documents, (c) it is fully aware of obligations of Borrower thereunder and of the financial condition, assets and prospects of Borrower, and (d) it is executing and delivering this Guaranty based solely upon its own
independent investigation of the matters contemplated by clauses (a)-(c) and in no part upon any representation, warranty or statement of Lender with respect thereto. 
 4.2 General. Guarantor represents and warrants that: 
 (a)
Authority. Guarantor has the power and authority to execute and deliver this Guaranty and to perform its obligations hereunder. If Guarantor is not an individual: (i) Guarantor is duly organized, validly existing and in good standing
under the laws of the state of its formation, and (ii) the execution, delivery and performance of this Guaranty by Guarantor has been duly and validly authorized by all necessary action of Guarantor and the person signing this Guaranty on
Guarantor’s behalf has been validly authorized and directed to sign this Guaranty by all necessary action of Guarantor. 

(b) Valid and Binding Obligation. This Guaranty constitutes Guarantor’s legal, valid and binding obligation, enforceable
against it in accordance with its terms, except to the extent enforceability may be limited under applicable bankruptcy and insolvency laws and similar laws affecting creditors’ rights generally and to general principles of equity. 

(c) No Conflict with Other Agreement. Guarantor’s execution, delivery and performance of this Guaranty will not
(i) violate Guarantor’s organizational documents if Guarantor is not an individual, (ii) result in the breach of, or conflict with, or result in the 

  
 9 

 
acceleration of, any obligation under any material guaranty, indenture, credit facility or other instrument to which Guarantor or any of its assets may be subject, or (iii) violate any
order, judgment or decree to which Guarantor or any of its assets is subject. 
 (d) No Pending Litigation. As of the
date hereof, no action, suit, proceeding or investigation currently is pending or, to the best of Guarantor’s knowledge, threatened against Guarantor which, either in anyone instance or in the aggregate, may have a material, adverse effect on
Guarantor’s ability to perform its obligations under this Guaranty. 
 (e) Consideration. Guarantor will derive
substantial benefit from the Loan to Borrower. 
 (f) No Security Interests Granted. Guarantor has not granted a security
interest in any of Guarantor’s real or personal property which, either in anyone instance or in the aggregate, may have a material, adverse effect on Guarantor’s ability to perform its obligations under this Guaranty. 

(g) No Tax Liens. As of the date hereof, no federal or state tax lien has been filed against any of the Guarantor or any of its
assets. 
 (h) Bankruptcy. Guarantor has not filed any voluntary petition for bankruptcy, assignment for the benefit of
its creditors, receivership or any other similar action seeking relief from or rearrangement of its respective debts, nor has Guarantor received service or other notice of any proceeding seeking to have Guarantor declared involuntarily bankrupt, or
insolvent, or seeking to have a receiver for Guarantor appointed, under the laws of the United States or any state thereof, nor, to Guarantor’s actual knowledge, has any such action been threatened. As of the date hereof, Guarantor is solvent
and is not contemplating any such proceedings. 
 4.3 Senior Revolving Credit Facility. 

(a) Ashford hereby represents that Bank of America, N.A., as agent (together with its successors and assigns, “Senior Revolving
Credit Facility Lender”), has made available to Ashford, as borrower, a $250,000,000 senior revolving credit facility (the “Senior Revolving Credit Facility”). 

(b) Ashford represents and warrants to and for the benefit of Lender that, as of the date hereof, Ashford has a Maximum Leverage Ratio
(as defined in that certain Credit Agreement (the “Credit Agreement”) dated April 10, 2007 by and among Ashford and certain of its affiliates and certain financial institutions a party thereto, including Bank of America, N .A.,
as Agent) of no greater than 62.5% and a Minimum Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.50 to 1.00. 
 (c) Ashford represents and warrants to and for the benefit of Lender that, as of the date hereof, (i) PIM Highland Holding LLC, a Delaware limited liability company (“Newco”), is an
“Unpledgable Subsidiary” under the Credit Facility and (ii) pursuant to Section 7.12(b) of the Credit Facility, Borrower and Newco are not required to subject any of the Equity Interests (as defined in the Credit Facility) in
Newco to the Lien of the Pledge Agreement (as defined in the Credit Facility) and (iii) no direct or indirect interest in Borrower has been pledged as security for the Senior Revolving Credit Facility in violation of the Loan Documents.

  
 10 

 ARTICLE V 
 MISCELLANEOUS 
 5.1 Notices. Any notice, request, demand, statement,
consent or other communication (“Notice”) made hereunder shall be in writing signed by the party giving such Notice, and shall be deemed to have been properly given when (a) delivered personally or such personal delivery is
refused, (b) delivered to a reputable overnight delivery service providing a receipt, or ( c) deposited in the United States Mail, postage prepaid and registered or certified mail return receipt requested, at the address set forth below, or at
such other address within the continental United States of America as may have theretofore been designated in writing. The effective date of any Notice given as aforesaid shall be respectively, (i) the date of personal service or refusal to
accept delivery, (ii) one (1) Business Day after delivery to such overnight delivery service, or (iii) three (3) Business Days after being deposited in the United States Mail, whichever is applicable. 

For purposes hereof, the addresses are as follows: 
  

			
	 If to Lender:
	  	Connecticut General Life Insurance Company
		  	c/o CIGNA Investments, Inc.
		  	900 Cottage Grove Road, Wilde Building
		  	Bloomfield, Connecticut 06002
		  	Attn: Debt Asset Management, A4CRI
		
	 with a copy to:
	  	CIGNA Corporation
		  	900 Cottage Grove Road, Wilde Building
		  	Hartford, Connecticut 06152
		  	Attn: Real Estate Law, A5LGL
		
	 If to Guarantor:
	  	c/o Ashford Hospitality Trust
		  	14185 Dallas Parkway
		  	Suite 1100
		  	Dallas, Texas 75254
		  	Attention: Douglas A. Kessler
		
	 with a copy to:
	  	c /o Ashford Hospitality Trust
		  	14185 Dallas Parkway
		  	Suite 1100
		  	Dallas, Texas 75254
		  	Attention: David A. Brooks
		
	 with a copy to:
	  	c/o Prudential Investment Management, Inc.
		  	8 Campus Drive
		  	Parsippany, New Jersey 07054
		  	Attention: Jim Walker

  
 11 

			
	with a copy to:	  	c/o PREI Law Department
		  	8 Campus Drive
		  	Parsippany, New Jersey 07054
		  	Attention: Joan N. Hayden, Esq.

 5.2 Entire Agreement; Modification. This Guaranty is the entire agreement between the parties
hereto with respect to the subject matter hereof, and supersedes and replaces all prior discussions, representations, communications and agreements (oral or written). This Guaranty shall not be modified, supplemented, or terminated, nor any
provision hereof waived, except by a written instrument signed by the party against whom enforcement thereof is sought, and then only to the extent expressly set forth in such writing. 

5.3 Binding Effect; Joint and Several Obligations. This Guaranty is binding upon and inures to the benefit of Guarantor, Lender
and their respective heirs, executors, legal representatives, successors, and assigns, whether by voluntary action, or death if Guarantor is a natural person, of the parties or by operation of law. Guarantor may not delegate or transfer its
obligations under this Guaranty. If there is more than one Guarantor, each Guarantor shall be jointly and severally liable hereunder. 
 5.4 Unenforceable Provisions. Any provision of this Guaranty which is determined by a court of competent jurisdiction or government body to be invalid, unenforceable or illegal shall be ineffective
only to the extent of such determination and shall not affect the validity, enforceability or legality of any other provision, nor shall such determination apply in any circumstance or to any party not controlled by such determination. 

5.5 Duplicate Originals; Counterparts. This Guaranty may be executed in any number of duplicate originals, and each duplicate
original shall be deemed to be an original. This Guaranty (and each duplicate original) also may be executed in any number of counterparts, each of which shall be deemed an original and all of which together constitute a fully executed Guaranty even
though all signatures do not appear on the same document. 
 5.6 Construction of Certain Terms. Defined terms used in
this Guaranty may be used interchangeably in singular or plural form, and pronouns shall be construed to cover all genders. Article and section headings are for convenience only and shall not be used in interpretation of this Guaranty. The words
“herein,” “hereof’ and “hereunder” and other words of similar import refer to this Guaranty as a whole and not to any particular section, paragraph or other subdivision; and the word “section” refers to the
entire section and not to any particular subsection, paragraph of other subdivision; and “Guaranty” and each of the Loan Documents referred to herein mean the agreement as originally executed and as hereafter modified, supplemented,
extended, consolidated, or restated from time to time. 
 5.7 Governing Law. This Guaranty shall be interpreted and
enforced according to the laws of the State of Tennessee (without giving effect to its rules governing conflict of laws). 

  
 12 

 5.8 Consent to Jurisdiction. Guarantor irrevocably consents and submits to the
exclusive jurisdiction and venue of any state or federal court sitting in the county and state where the Security is located with respect to any legal action arising with respect to this Guaranty and waives all objections which it may have to such
jurisdiction and venue. 
 5.9 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, LENDER AND
GUARANTOR EACH HEREBY WAIVES THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY. 
 5.10
Business Day/Business Days. The term “Business Day” or “Business Days” as used in this Guaranty shall mean any calendar day other than Saturday, Sunday or a federal holiday on which the U.S. Postal Service
offices are closed for business in one or more of Nashville, Tennessee or Bloomfield, Connecticut. 
 [Remainder of Page
Intentionally Left Blank; Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty, as a sealed instrument, as of
the day and year first above written. 
  

													
	GUARANTOR:
	
	ASHFORD:
	
	 ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a

Delaware limited partnership

			
	By:	 		 	 Ashford OP General Partner LLC, its
 general partner

			
		 	By:	 	 /s/ David Brooks

		 		 	 Name: David Brooks

Title: Vice President

		 		 		 		 		 		 	
	PRISA III:
	
	 PRISA III REIT OPERATING LP, a
 Delaware limited partnership

		
	By:	 	PRISA III OP GP, LLC, its general partner
			
		 	By:	 	PRISA III Fund LP, its manager
				
		 		 	By:	 	PRISA III Fund GP, LLC, its general partner
					
		 		 		 	By:	 	PRISA III Fund PIM, LLC, its sole member
						
		 		 		 		 	By:	 	Prudential Investment Management, Inc., its sole member
							
		 		 		 		 		 	By:	 	 /s/ James P. Walker

		 		 		 		 		 		 	 Name: James P. Walker

Title: Vice President

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