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                                                                   EXHIBIT 10.22

                          MUTUAL EXCLUSIVITY AGREEMENT

         THIS MUTUAL EXCLUSIVITY AGREEMENT (this "AGREEMENT") is entered as of
the ____ day of __________, 2003 (the "EFFECTIVE DATE") by and between ASHFORD
HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (the
"Partnership"), ASHFORD HOSPITALITY TRUST, INC., a Maryland corporation (the
"REIT"), REMINGTON HOTEL CORPORATION, a Texas corporation ("RHC"), and REMINGTON
LODGING & HOSPITALITY, L.P., a Delaware limited partnership ("MANAGER"), and is
consented and agreed to by ARCHIE BENNETT, JR. and MONTGOMERY J. BENNETT as
Remington Affiliates.

         THE PARTIES HERETO ENTER THIS AGREEMENT on the basis of the following
facts, understandings and intentions:

         A. Prior to the date hereof, the Remington Parties have been actively
engaged in various aspects of acquisition, development, renovation, management
and operation of Hotel Properties, including, without limitation, the hotel
properties described on EXHIBIT A attached hereto (the "INITIAL HOTELS").

         B. The Remington Parties plan to continue to engage in various aspects
of development, renovation, management and operation of Hotel Properties.

         C. The REIT has undertaken, or will concurrently with its initial
public offering, undertake to acquire, develop, invest in, or purchase or make
loans with respect to Hotel Properties that meet the REIT's investment criteria.

         D. The REIT Parties desire to benefit from the hotel development and
management experience of the Remington Parties and have agreed to engage Manager
in connection with certain investment opportunities (subject to an Independent
Director Election); provided, the Remington Parties agree to grant the REIT
Parties a first right of refusal with respect to any Remington Transaction that
any of the Remington Parties resource or identify.

         NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises
of the parties hereto, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         1. DEFINITIONS. All terms used in this Agreement but not defined herein
shall have the meanings as set forth on EXHIBIT B attached hereto and
incorporated herein for all purposes (applicable to both the singular and plural
forms of the terms defined).

         2. TERM OF AGREEMENT. This Agreement shall commence as of the Effective
Date and shall terminate ten (10) years thereafter (the "INITIAL TERM"), unless
earlier terminated in whole or in part (with respect to the Remington
Exclusivity Rights or the REIT Exclusivity Rights, or both, as applicable), due
to (a) an Event of Default under this Agreement and the non-defaulting party
elects to terminate this Agreement, (b) the occurrence of a Remington
Termination Event, (c) the occurrence of a REIT Termination Event, or (d)
termination of the Master Management Agreement with respect to all of the
properties covered thereby pursuant to

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an Event of Default (as defined therein) applicable to all of the properties
then covered by the Master Management Agreement as set forth in Section 19.02
thereof and the non-defaulting party thereunder elects in writing to terminate
this Agreement (the events in subparagraphs (a) through (d) herein each called,
a "TERMINATION EVENT"). Notwithstanding the foregoing, the Initial Term shall
automatically be extended at the expiration of the Initial Term (with respect to
the Remington Exclusivity Rights or the REIT Exclusivity Rights, or both, as
applicable), on the same terms and conditions contained herein, for each of
three (3) successive periods of seven (7) Fiscal Years each and one final period
of four (4) years; provided, however, that at the time of the expiration of the
Initial Term or extension term, as applicable, a Termination Event with respect
to the entirety of this Agreement does not then exist. The Initial Term as
extended by any extension terms, if any, shall herein be called the "TERM." Upon
the occurrence of a Termination Event (except where such Termination Event is
due to an Event of Default by any of the Remington Parties under this
Agreement), the Remington Parties shall be entitled to receive the Reimbursement
Amount payable under this Agreement. Subject to SECTION 8(b) below, upon
termination of the entirety of this Agreement, the Remington Parties and the
REIT Parties shall have no further obligations to one another pursuant to this
Agreement, except for any indemnification obligations contained herein, which
shall survive such termination. Any termination of this Agreement in whole or in
part shall not terminate any existing management and/or development agreements
or any other agreements executed between the parties hereto that are then
continuing and in full force and effect.

         3. EARLY TERMINATION EVENTS.

         (a) REMINGTON TERMINATION EVENT. Upon the occurrence of any of the
following events, the Remington Parties acting through Manager may, at their
election exercised in their sole and absolute discretion and upon written notice
to the REIT Parties, terminate the REIT Exclusivity Rights:

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

         (ii)     Archie Bennett, Jr. (1) is removed as a director of the REIT
                  without Cause, (2) is not renominated to serve as Chairman of
                  the board of directors of the REIT, or (3) resigns from the
                  board of directors for Good Reason or as a result of a Change
                  in Control (within 12 months of the occurrence of such event);
                  but with respect to all of the foregoing, excluding in
                  connection with the death of Archie Bennett, Jr.;

         (iii)    Upon expiration of the non-compete restrictions contained in
                  the Employment Agreement of Montgomery J. Bennett, if the REIT
                  Parties have not already terminated the Remington Exclusivity
                  Rights with respect to the REIT Termination Events set forth
                  in SECTION 3(b)(ii) OR (iii) below; and

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         (iv)     Subject to each party's obligation to act in good faith, if
                  Montgomery J. Bennett is then no longer chief executive
                  officer of the REIT and subject to the non-compete
                  restrictions in his Employment Agreement, and three times in
                  any Fiscal Year during the Term hereof, in any combination set
                  forth below:

                  (a)      the Independent Directors elect not to pursue a
                           Remington Transaction presented to the REIT
                           Affiliates by the Remington Affiliates pursuant to
                           SECTION 4(a);

                  (b)      the Independent Directors elect not to engage Manager
                           with respect to the management or development
                           opportunities part of a Remington Transaction which
                           the REIT Parties have elected to pursue pursuant to
                           SECTION 4(a); and/or

                  (c)      the REIT Parties fail to close on a Remington
                           Transaction presented to the REIT Affiliates by the
                           Remington Affiliates, and the failure to close is
                           caused by a REIT Affiliate and not the third party
                           selling the Remington Transaction (it being
                           understood that a failure to close shall not be
                           "caused" by a REIT Affiliate if a REIT Party elects
                           not to close because of the third party's breach of
                           an applicable agreement);

         (v)      If the REIT Parties terminate the Remington Exclusivity Rights
                  based upon a REIT Termination Event set forth in SECTIONS
                  3(b)(ii) THROUGH (v).

         Upon the REIT Parties' receipt of written notice of termination of the
REIT Exclusivity Rights from the Remington Parties, the REIT Exclusivity Rights
set forth in this Agreement shall terminate; however, all other terms and
provisions of this Agreement shall remain in full force and effect, including
the Remington Exclusivity Rights, until this Agreement expires or is otherwise
terminated as permitted under this Agreement.

         (b) REIT TERMINATION EVENT. Upon the occurrence of any of the following
events, the REIT Parties may, at their election exercised in their sole and
absolute discretion and upon written notice to the Remington Parties, terminate
the Remington Exclusivity Rights:

         (i)      The Manager fails to qualify as an "eligible independent
                  contractor" as defined in Section 856(d)(9) of the Internal
                  Revenue Code;

         (ii)     If Montgomery J. Bennett resigns as chief executive officer of
                  the REIT without Good Reason;

         (iii)    If Montgomery J. Bennett's Employment Agreement is terminated
                  for Cause;

         (iv)     Any one of the Remington Parties ceases to be controlled by
                  Archie Bennett, Jr. and/or Montgomery J. Bennett and/or their
                  respective family partnership or trusts, the sole members of
                  which are at all times lineal descendants of Archie Bennett,
                  Jr. or Montgomery J. Bennett (including step children) and
                  spouses of any of the foregoing, with "control" meaning (a)
                  the possession, directly or indirectly, of a

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                  majority of the capital stock and voting power of such
                  Remington Parties, or (b) the power to direct or cause the
                  direction of the management and policies of the Remington
                  Parties in the capacity of chief executive officer, president,
                  chairman, or other similar capacity where they are actively
                  engaged and/or involved in providing such direction or control
                  and spend substantial time managing the Remington Parties;

         (v)      If there is a Change In Control, provided that the REIT first
                  pays to the Manager the termination fees payable in connection
                  with a termination for convenience as set forth in Section
                  2.03(c) of the Master Management Agreement for all of the
                  properties then covered by such Master Management Agreement;
                  and

         (vi)     If the Remington Parties terminate the REIT Exclusivity Rights
                  by reason of a Remington Termination Event.

         Upon the Remington Parties' receipt of written notice of termination of
the Remington Exclusivity Rights from the REIT Parties, the Remington
Exclusivity Rights set forth in this Agreement shall terminate; however, all
other terms and provisions of this Agreement shall remain in full force and
effect, including the REIT Exclusivity Rights, until this Agreement expires or
is otherwise terminated as permitted under this Agreement.

         4. REIT EXCLUSIVITY RIGHTS.

         (a) REMINGTON TRANSACTION; REMINGTON NOTICE. If any of the Remington
Affiliates identify an opportunity to develop and construct, acquire all or a
portion of, invest in, make loans with respect to, or acquire all or a portion
of the debt with respect to, a Hotel Property (herein each called, a "REMINGTON
TRANSACTION"), the Remington Parties on behalf of themselves and their
Affiliates, hereby grant to the REIT Parties the exclusive first right of
refusal to purchase and assume such Remington Transaction and agree not to
pursue any such opportunity (except as provided in this SECTION 4) and
acknowledge that each such opportunity will belong to the REIT Parties (the
"REIT EXCLUSIVITY RIGHTS"). In connection with each Remington Transaction, the
Remington Parties on behalf of the Remington Affiliates shall deliver to the
REIT Parties, with a copy to the Independent Directors, a written notice (the
"REMINGTON NOTICE") in reasonable detail sufficient to describe the material
terms of the Remington Transaction, including without limitation, as applicable,
a description of the nature of the transaction (acquisition, development, or
other investment), description and location of the asset, name of franchisor,
inspection period, timing for closing, earnest money requirements, closing
costs, a break down estimate of the Reimbursement Amount, and to the extent
available and in the possession of the Remington Parties, copies of any letters
of intent, purchase and sale agreements, or development agreements, as
applicable (the "REIT TRANSACTION DOCUMENTS"). Such Remington Notice shall be
delivered to the REIT Parties (with a copy to the Independent Directors), as
soon as reasonably practical after the opportunity of the Remington Transaction
is identified for any of the Remington Affiliates.

         (b) REIT ROFR. The REIT Parties shall have the right, through any of
the REIT Affiliates, to accept or decline such Remington Transaction (the "REIT
ROFR") by giving

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written notice (the "REIT ROFR NOTICE") to the Remington Parties at any time on
or before ten (10) business days from its receipt of a Remington Notice (the
"REIT ROFR PERIOD").

         (c) ACCEPTANCE OF REMINGTON TRANSACTION. Any acceptance of the
Remington Transaction by the REIT Parties shall be in accordance with the
following terms and conditions:

         (i)      Upon delivery of a REIT ROFR Notice accepting the Remington
                  Transaction, the REIT Parties (through any of the REIT
                  Affiliates) shall assume (and the applicable Remington
                  Affiliate shall assign) any applicable REIT Transaction
                  Documents containing materially the same terms and conditions
                  as set forth in the Remington Notice within ten (10) business
                  days of the receipt by the Remington Parties of the REIT ROFR
                  Notice;

         (ii)     The REIT Parties (through any of the REIT Affiliates) shall
                  pay the Reimbursement Amount to the applicable Remington
                  Affiliate;

         (iii)    The REIT Parties (through any of the REIT Affiliates) shall
                  pursue the Remington Transaction in accordance with the
                  applicable REIT Transaction Documents with commercially
                  reasonable diligence; and

         (iv)     If the Remington Transaction involves the management and
                  operation of a hotel property and/or the construction and/or
                  development of a Hotel Property, the applicable REIT Affiliate
                  assuming the Remington Transaction shall engage Manager, and
                  Manager agrees to accept such engagement, to perform such
                  services and execute the applicable documents as described in
                  SECTION 5(c) below, provided Independent Director Disapproval
                  has not been received.

         (d) REJECTION OR LAPSE OF REIT ROFR; FAILURE TO CLOSE. If the REIT
Parties fail to deliver a REIT ROFR Notice within the REIT ROFR Period or by
REIT ROFR Notice reject or decline to purchase and assume the Remington
Transaction, or the applicable REIT Affiliate fails to timely prepare and
execute the proper REIT Transaction Documents with respect to the Remington
Transaction, then the REIT ROFR shall lapse. In such event, the applicable
Remington Affiliate shall be entitled to proceed with the Remington Transaction
described in the Remington Notice on materially the same terms and conditions as
outlined therein within the time period established therein and in accordance
with the underlying REIT Transaction Documents, subject to reasonable extensions
of the closing date. If the terms and conditions of the Remington Transaction
materially change, then the Remington Parties hereby grant (on behalf of
themselves and the applicable Remington Affiliate) to the REIT Parties the
exclusive first right of refusal to purchase and assume the rights and
obligations of the applicable Remington Affiliate with respect to such Remington
Transaction on the changed terms and conditions and in connection therewith
shall deliver to the REIT Parties a new Remington Notice (subject to the same
time requirements for review and exercise as set forth in this Agreement).

         (e) ADDITIONAL INFORMATION. During the REIT ROFR Period with respect to
each Remington Transaction and the related Hotel Property, the Remington Parties
shall deliver to the REIT Parties upon the written request of the REIT Parties,
from time to time and to the extent available, (i) any and all documents,
correspondence and reports, including, without limitation,

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due diligence information (including, property condition reports, surveys,
environmental reports), information and documents bearing on contracts,
litigation and such other matters, and title and lien information; (ii) any
notices of non-compliance with applicable laws bearing on such Hotel Property;
(iii) quarterly financial information with respect to such Hotel Property
showing hotel revenues and hotel operating expenses; and (iv) such other
information relating to the Hotel Property or the Remington Transaction as
reasonably requested by the REIT Parties.

         (f) NO ADDITIONAL FEES. Reimbursement to the Remington Parties of the
Reimbursement Amount shall be the sole payment to the applicable Remington
Affiliate with regard to a Remington Transaction. The Remington Parties shall
not receive any finder's fee, brokerage fee, development fee, or other
commissions or compensation with regard to any Remington Transaction.

         5. REMINGTON EXCLUSIVITY RIGHTS.

         (a) REIT TRANSACTION; REIT NOTICE. If any of the REIT Parties and their
subsidiaries (i) acquires Property for the purposes of development or
construction of a Hotel Property, or (ii) acquires all or a portion of, invests
in, or acquires all or a portion of the debt with respect to a Hotel Property,
or makes a loan with respect to a Hotel Property, and such REIT subsidiaries
have the right and/or control the right to direct the management of and/or
development and construction of and/or capital improvements to or refurbishment
of, or the provision of other services, such as purchasing, interior design,
freight management, and construction management for such Hotel Property (herein
each called, a "REIT TRANSACTION"), the REIT Parties hereby agree (on behalf of
themselves and the applicable REIT subsidiary) to engage Manager or an Affiliate
of Manager (so long as such Affiliate constitutes an Eligible Independent
Contractor and there has not been an Independent Director Election), to provide,
and Manager agrees to then provide or cause such Affiliate to provide, any
development, construction, improvement, refurbishment, capital improvement
budget, and/or management services in connection with such REIT Transaction (the
"REMINGTON EXCLUSIVITY RIGHTS") and in connection therewith shall deliver to the
Remington Parties, a written notice (the "REIT NOTICE") which describes such
REIT Transaction and the services to be provided by Manager, including, the
description and location of the asset, name of the franchisor, and the
development, construction or improvement timeline. The REIT Parties may engage a
third party and not Manager or an Affiliate of Manager to provide the services
in connection with the REIT Transaction if the REIT Transaction has received
Independent Director Disapproval.

         (b) REMINGTON TRANSACTION DOCUMENTS.

         (i)      MASTER MANAGEMENT AGREEMENT. In the event that a REIT
                  Transaction (for which Manager has been engaged) relates to
                  the management and operation of a Hotel Property, the terms
                  and conditions of the management, operation and any
                  construction, renovations, improvements, refurbishments, or
                  other services, such as purchasing, interior design, freight
                  management, and construction management, to be undertaken with
                  respect to such Hotel Property during the term of such
                  management and operation, including the amount of any
                  management, incentive, project or other service fees shall be
                  either pursuant to the terms and conditions of the Master
                  Management Agreement (and the Master

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                  Management Agreement shall be amended accordingly to include
                  such Hotel Property), or pursuant to a management agreement
                  with a subsidiary of Manager substantially in form of the
                  Master Management Agreement.

         (ii)     DEVELOPMENT AGREEMENT. In the event that a REIT Transaction
                  relates to the development and construction of a Hotel
                  Property, then the terms and conditions of any such
                  development and construction, including the project oversight
                  and developer management fees, shall be pursuant to the terms
                  set forth in that certain form of Development Agreement
                  attached hereto as EXHIBIT C.

         6. EXCEPTED TRANSACTIONS. Notwithstanding anything contained in this
Agreement to the contrary, the REIT Parties' rights under SECTION 4 do not
extend to the Excluded Remington Transactions and the Remington Parties' rights
under SECTION 4(c) or SECTION 5 do not extend to the Excluded REIT Transactions.
Each party hereto agrees to give written notice to the other party of any
Excluded REIT Transaction or Excluded Remington Transaction, as applicable,
describing said transaction with reasonable detail.

         7. INDEMNITY.

         (a) REMINGTON PARTIES' INDEMNITY. Except as set forth in SECTION 7(b)
below, the Remington Parties shall indemnify and hold the REIT Affiliates (and
their respective agents, principals, shareholders, partners, members, officers,
directors, attorneys and employees) harmless from and against all liabilities,
losses, claims, damages, costs and expenses (including, but not limited to,
reasonable attorneys' fees and expenses) that may be incurred by or asserted
against any such party and that arise from (i) the fraud, willful misconduct or
gross negligence of any of the Remington Affiliates, (ii) the breach by the
Remington Affiliates of any provision of this Agreement, or (iii) the breach by
the Remington Affiliates of any Remington Transaction Documents first occurring
prior to the date of the assumption of same by any of the REIT Affiliates. The
REIT Parties shall promptly provide the Remington Parties with written notice of
any claim or suit brought against any of them by a third party which might
result in such indemnification.

         (b) REIT PARTIES' INDEMNITY. Except as set forth in SECTION 7(a) herein
above, the REIT Parties shall indemnify and hold the Remington Affiliates (and
their respective agents, principals, shareholders, partners, members, officers,
directors, attorneys and employees) harmless from and against all liabilities,
losses, claims, damages, costs and expenses (including, but not limited to,
reasonable attorneys' fees and expenses) that may be incurred by or asserted
against any such party and that arise from (i) the fraud, willful misconduct or
gross negligence of the REIT Affiliates (other than any Remington Affiliate), or
(ii) the breach by the REIT Affiliates of any provision of this Agreement (other
than any Remington Affiliate). The Remington Parties shall promptly provide the
REIT Parties with written notice of any claim or suit brought against any of
them by a third party which might result in such indemnification.

         (c) INDEMNIFICATION PROCEDURE. Any party obligated to indemnify the
other party under this Agreement (the "INDEMNIFYING PARTY") shall have the
right, by written notice to the indemnified party, to assume the defense of any
claim with respect to which the indemnified party is entitled to indemnification
hereunder. If the Indemnifying Party gives such notice, (i)

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such defense shall be conducted by counsel selected by the Indemnifying Party
and approved by the indemnified party, such approval not to be unreasonably
withheld or delayed (provided, however, that the indemnified party's approval
shall not be required with respect to counsel designated by the Indemnifying
Party's insurer); (ii) so long as the Indemnifying Party is conducting such
defense with reasonable diligence, the Indemnifying Party shall have the right
to control said defense and shall not be required to pay the fees or
disbursements of any counsel engaged by the indemnified party for services
rendered after the Indemnifying Party has given the written notice provided for
above to the indemnified party, except if there is a conflict of interest
between the parties with respect to such claim or defense; and (iii) the
Indemnifying Party shall have the right, without the consent of the indemnified
party, to settle such claim, provided that such settlement involves only the
payment of money, the Indemnifying Party pays all amounts due in connection with
or by reason of such settlement and, as part thereof, the indemnified party is
unconditionally released from all liability in respect of such claim. The
indemnified party shall have the right to participate in the defense of such
claim being defended by the Indemnifying Party at the expense of the indemnified
party, but the Indemnifying Party shall have the right to control such defense
(other than in the event of a conflict of interest between the parties with
respect to such claim or defense). In no event shall (i) the indemnified party
settle any claim without the consent of the Indemnifying Party so long as the
Indemnifying Party is conducting the defense thereof in accordance with this
Agreement; or (ii) if a claim is covered by the Indemnifying Party's liability
insurance, take or omit to take any action which would cause the insurer not to
defend such claim or to disclaim liability in respect thereof.

         8. EVENTS OF DEFAULT; CONSEQUENCES; REMEDIES.

         (a) EVENTS OF DEFAULT. The following shall constitute events of default
(each an "EVENT OF DEFAULT"):

         (i)      The filing of a voluntary petition in bankruptcy or insolvency
                  or a petition for reorganization under any bankruptcy law by
                  any of the Remington Parties or the REIT Parties;

         (ii)     The consent to any involuntary petition in bankruptcy or the
                  failure to vacate, within ninety (90) days from the date of
                  entry thereof, any order approving an involuntary petition by
                  any of the Remington Parties or the REIT Parties;

         (iii)    The entering of an order, judgment or decree by any court of
                  competent jurisdiction, on the application of a creditor,
                  adjudicating any of the Remington Parties or the REIT Parties
                  as bankrupt or insolvent, or approving a petition seeking
                  reorganization or appointing a receiver, trustee, or
                  liquidator of all or a substantial part of such party's
                  assets, and such order, judgment or decree continues unstayed
                  and in effect for any period of ninety (90) days or more;

         (iv)     The appointment of a receiver for all or any substantial
                  portion of the property of any of the Remington Parties or the
                  REIT Parties;

         (v)      The failure of any of the REIT Parties to make any payment
                  required to be made in accordance with the terms of this
                  Agreement within thirty (30) days after

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                  receipt of written notice from the Remington Parties
                  specifying said default with reasonable specificity as to when
                  such payment is due and payable; or

         (vi)     The failure of any of the Remington Parties or the REIT
                  Parties to perform, keep or fulfill any of the other
                  covenants, undertakings, obligations or conditions set forth
                  in this Agreement, and the continuance of such default for a
                  period of thirty (30) days after written notice of said
                  failure; provided, however, if such default cannot be cured
                  within such thirty (30) day period and the Remington Parties
                  or the REIT Parties, as the case may be, commences to cure
                  such default within such thirty (30) day period and thereafter
                  diligently and expeditiously proceeds to cure the same, such
                  thirty (30) day period shall be extended so long as it shall
                  require the Remington Parties or the REIT Parties, as the case
                  may be, in the exercise of due diligence to cure such default,
                  it being agreed that no such extension shall be for a period
                  in excess of one hundred twenty (120) days.

         (b) CONSEQUENCE OF DEFAULT. Upon the occurrence of any Event of
Default, the non-defaulting party may, at its election, give the defaulting
party written notice of intention to terminate this Agreement (after the
expiration of any applicable grace or cure period provided in SECTION 8(a)
above), and upon the expiration of thirty (30) days from the date of such
notice, this Agreement shall terminate and the non-defaulting party shall be
entitled to pursue any and all rights and remedies available, at law or in
equity, to the non-defaulting party under this Agreement (including any
indemnity obligations which shall survive this Agreement) or under applicable
law.

         9. MISCELLANEOUS.

         (a) NOTICES. All notices and other communications required or permitted
hereunder shall be in writing, shall be deemed duly given upon actual receipt
and shall be delivered (i) in person, (ii) by registered or certified mail (air
mail if addressed to an address outside of the country in which mailed), postage
prepaid, return receipt requested, or (iii) by facsimile or other generally
accepted means of electronic transmission (provided that a copy of any notice
delivered pursuant to this clause (iii) shall also be sent pursuant to clause
(ii), addressed as follows (or to such other addresses as may be specified by
like notice to the other parties):

         To the Remington Parties:      Remington Hotel Corporation
                                        Remington Lodging & Hospitality, L.P.
                                        14180 Dallas Parkway
                                        9th Floor
                                        Dallas, Texas 75254
                                        Attn:    Mr. Montgomery J. Bennett

         To the REIT Parties:           Ashford Hospitality Trust, Inc.
                                        Ashford Hospitality Limited Partnership
                                        14180 Dallas Parkway
                                        7th Floor
                                        Dallas, Texas 75254
                                        Attn:    Chief Financial Officer

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         with a copy to:                Ashford Hospitality Trust, Inc.
                                        Ashford Hospitality Limited Partnership
                                        14180 Dallas Parkway
                                        7th Floor
                                        Dallas, Texas 75254
                                        Attn:    Legal Department

         with a copy to:                Ashford Hospitality Trust, Inc.
                                        14180 Dallas Parkway
                                        9th Floor
                                        Dallas, Texas 75254
                                        Attn:    Independent Directors

         (b) AMENDMENTS. No amendment, modification or supplement to this
Agreement shall be binding on any of the parties hereto unless it is in writing
and signed by the parties in interest at the time of the modification, and
further provided any such modification is approved by a majority of the
Independent Directors.

         (c) SUCCESSORS AND ASSIGNS. Neither this Agreement nor any rights or
obligations hereunder shall be assignable by a party to this Agreement without
the prior, express written consent of the other party. This Agreement and all of
the provisions hereof shall be binding upon and inure to the benefit of the
parties to this Agreement and their respective successors and permitted assigns.

         (d) NO THIRD-PARTY BENEFICIARIES. This Agreement is solely for the
benefit of the parties to this Agreement and should not be deemed to confer upon
third parties any remedy, claim, liability, reimbursement, claims or action or
other right in excess of those existing without reference to this Agreement.

         (e) TITLES AND HEADINGS. Titles and headings to paragraphs and sections
in this Agreement are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Agreement.

         (f) MAXIMUM LEGAL ENFORCEABILITY; TIME OF ESSENCE. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof. Any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without prejudice
to any rights or remedies otherwise available to any party to this Agreement,
each party hereto acknowledges that damages would not be an adequate remedy for
any breach of the provisions of this Agreement and agrees that the obligations
of the parties hereunder shall be specifically enforceable. Time shall be of the
essence as to each and every provision of this Agreement.

         (g) FURTHER ASSURANCES. The parties to this Agreement will execute and
deliver or cause the execution and delivery of such further instruments and
documents and will take such

Mutual Exclusivity Agreement
Ashford REIT

                                      -10-
<PAGE>

other actions as any other party to the Agreement may reasonably request in
order to effectuate the purpose of this Agreement and to carry out the terms
hereof.

         (h) COMPLETE AGREEMENT; CONSTRUCTION. This Agreement, and the other
agreements and documents referred to herein, shall constitute the entire
agreement between the parties with respect to the subject matter thereof and
shall supersede all previous negotiations, commitments and writings with respect
to such subject matter.

         (i) GOVERNING LAW. THIS AGREEMENT AND ITS INTERPRETATION, VALIDITY AND
PERFORMANCE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REGARD TO ITS CONFLICTS OF INTEREST PRINCIPLES. IN THE EVENT ANY COURT OF LAW OF
APPROPRIATE JUDICIAL AUTHORITY SHALL HOLD OR DECLARE THAT THE LAW OF ANOTHER
JURISDICTION IS APPLICABLE, THIS AGREEMENT SHALL REMAIN ENFORCEABLE UNDER THE
LAWS OF THE APPROPRIATE JURISDICTION.

                           [SIGNATURE PAGES TO FOLLOW]

Mutual Exclusivity Agreement
Ashford REIT

                                      -11-
<PAGE>

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

                                       PARTNERSHIP:

                                       ASHFORD HOSPITALITY LIMITED PARTNERSHIP,
                                       a Delaware limited partnership

                                       By: Ashford GP Limited Liability Company,
                                           a Delaware limited liability company,
                                           its general partner

                                           By: Ashford Hospitality Trust, Inc.,
                                               a Maryland corporation, its sole
                                               member

                                               By:
                                                  ------------------------------
                                               Name:
                                                    ----------------------------
                                               Title:
                                                     ---------------------------

                                       REIT:

                                       ASHFORD HOSPITALITY TRUST, INC., a
                                       Maryland corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       RHC:

                                       REMINGTON HOTEL CORPORATION, a Texas
                                       corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

Mutual Exclusivity Agreement
Ashford REIT

                                      -12-
<PAGE>

                                      MANAGER:

                                      REMINGTON LODGING & HOSPITALITY, L.P.,
                                      a Delaware limited partnership

                                      By: Remington Lodging & Hospitality, LLC,
                                          a Delaware limited liability company,
                                          its general partner

                                          By:
                                             ----------------------------------,
                                             a Delaware corporation, its Manager

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

CONSENTED AND AGREED
TO THIS _______ DAY OF
_______________, 2003, AS
REMINGTON AFFILIATES:

------------------------------
ARCHIE BENNETT, JR.

------------------------------
MONTGOMERY J. BENNETT

Mutual Exclusivity Agreement
Ashford REIT

                                      -13-
<PAGE>

                                    EXHIBIT B

                                   DEFINITIONS

         "AFFILIATE" means with respect to a person, any person directly or
indirectly controlling, controlled by or under common control with such person.
The term "person" means and includes any natural person, corporation,
partnership, association, limited liability company or any other legal entity.

         "CAUSE" shall have the meaning as set forth in the Employment Agreement
or the Non-Competition Agreement, as applicable.

         "CHANGE OF CONTROL" shall have the meaning as defined in the Employment
Agreement or the Non-Competition Agreement, as applicable.

         "EMPLOYMENT AGREEMENT" shall mean the employment agreement of
Montgomery J. Bennett dated on or about the date of this Agreement and executed
with the REIT as employer.

         "EVENT OF DEFAULT" shall have the meaning as set forth in SECTION 8.

         "EXCLUDED REIT TRANSACTIONS" shall mean a REIT Transaction with respect
to which there has been an Independent Director Election.

         "EXCLUDED REMINGTON TRANSACTIONS" shall mean the following excluded
transactions of the Remington Affiliates:

         (a) Existing hotel investments made by one or more of the Remington
Affiliates with any of their Existing Investors;

         (b) Existing bona fide arm's length third party management arrangements
(or arrangements for other services such as project management) with parties
other than the REIT Affiliates pursuant to which one or more of the Remington
Affiliates provide customary hotel management and hotel construction management,
project management and other services; and

         (c) Like-kind exchanges under Section 1031 of the Internal Revenue Code
of 1986, as amended, made by any of the Existing Investors pursuant to
contractual obligations existing as of the date of this Agreement provided that
Manager provides ten (10) days prior notice to the REIT of said transaction.

         "EXISTING INVESTORS" shall mean the existing joint venture partners,
investors or property owners of the Remington Affiliates as listed on EXHIBIT D
attached hereto.

         "FISCAL YEAR" shall mean the twelve (12) month calendar year ending
December 31, except that the first Fiscal Year and last Fiscal Year of the term
of this Agreement may not be full calendar years.

Exhibit B to
Mutual Exclusivity Agreement
Ashford REIT

                                       1
<PAGE>

         "GOOD REASON" shall have the meaning as set forth in the Employment
Agreement or the Non-Competition Agreement, as applicable.

         "HOTEL PROPERTY" means any Property that is used in whole or in part
for hotel purposes, including, without limitation, any motels, motor inns, or
hotels and the like (full service, limited service, extended stay or otherwise),
whether in fee or leasehold, together with any improvements and fixtures now or
hereafter located thereon, all rights, privileges and easements appurtenant
thereto, and all tangible and intangible personal property used in connection
therewith.

         "INDEMNIFYING PARTY" shall have the meaning as set forth in SECTION
7(c).

         "INDEPENDENT DIRECTORS" shall mean those directors of the REIT who are
"independent" within the meaning of the rules of the New York Stock Exchange or
such other national securities exchange or interdealer quotation system on which
the REIT's common stock is then principally traded.

         "INDEPENDENT DIRECTOR ELECTION" shall mean either of the following:

         1) The Independent Directors upon a unanimous vote, have at any time
elected not to engage Manager; or

         2) A majority of the Independent Directors have elected not to engage
Manager based upon a determination in their reasonable business judgment that
either:

                           A) Special circumstances exist such that it would be
         in the best interest of the REIT not to engage Manager with respect to
         a particular Hotel Property; or

                           B) Based on the prior performance of Manager, another
         manager or developer could perform the management, development or other
         duties in question materially better than Manager for a particular
         Hotel Property.

         "INITIAL TERM" shall have the meaning as set forth in SECTION 2.

         "MANAGER" means Remington Lodging and Hospitality, Inc., a Texas
corporation.

         "MASTER MANAGEMENT AGREEMENT" means that certain Hotel Master
Management Agreement of even date herewith executed between Manager as the
manager and Tenant, as the owner in interest of the Hotel Properties subject of
such agreement, a copy of which is attached hereto as EXHIBIT E.

         "NON-COMPETITION AGREEMENT" shall mean that certain Non-Competition
Agreement dated on or about the date of this Agreement, executed between Archie
Bennett, Jr. and the REIT.

         "PARTNERSHIP" means Ashford Hospitality Limited Partnership, a Delaware
limited partnership.

Exhibit B to
Mutual Exclusivity Agreement
Ashford REIT

                                       2
<PAGE>

         "PROPERTY" means any real property or any interest therein.

         "REIMBURSEMENT AMOUNT" shall mean the total of all actual out of pocket
and third party costs and expenses paid by and to be reimbursed to the Remington
Affiliates that were necessary and/or appropriate in connection with the
Remington Transaction, including all earnest money deposits. The Reimbursement
Amount shall be calculated by the Remington Parties and set forth in a
certificate delivered to the REIT Parties and certified as true and correct by
the Remington Parties. The Reimbursement Amount shall not include any finder's
fee, brokerage fee, development fee, or other compensation paid to the Remington
Affiliates.

         "REIT" means Ashford Hospitality Trust, Inc., a Maryland corporation.

         "REIT AFFILIATES" shall mean the REIT Parties and their Affiliates.

         "REIT EXCLUSIVITY RIGHTS" shall have the meaning as set forth in
SECTION 4(a).

         "REIT NOTICE" shall have the meaning as set forth in SECTION 4(a).

         "REIT ROFR" shall have the meaning as described in SECTION 5(a).

         "REIT ROFR NOTICE" shall have the meaning as described in SECTION 5(a).

         "REIT ROFR PERIOD" shall have the meaning as described in SECTION 5(a).

         "REIT PARTIES" shall mean the REIT and the Partnership.

         "REIT TERMINATION EVENT" shall mean the events described in SECTION
3(b).

         "REIT TRANSACTION" shall have the meaning as set forth in SECTION 5(a).

         "REIT TRANSACTION DOCUMENTS" shall have the meaning as set forth in
SECTION 4(a).

         "REMINGTON NOTICE" shall have the meaning as set forth in SECTION 5(a).

         "REMINGTON AFFILIATES" shall mean the Remington Parties and their
Affiliates.

         "REMINGTON EXCLUSIVITY RIGHTS" shall have the meaning as set forth in
SECTION 5(a).

         "REMINGTON PARTIES" shall mean RHC and Manager.

         "REMINGTON TERMINATION EVENT" shall mean the events described in
SECTION 3(a).

         "REMINGTON TRANSACTION" shall have the meaning as set forth in SECTION
4(a).

         "REMINGTON TRANSACTION DOCUMENTS" shall have the meaning as set forth
in SECTION 5(b).

         "TENANT" shall mean Ashford TRS Corporation, a Delaware corporation.

Exhibit B to
Mutual Exclusivity Agreement
Ashford REIT

                                       3
<PAGE>

         "TERM" shall have the meaning as set forth in SECTION 2.

         "TERMINATION EVENT" shall have the meaning as set forth in SECTION 2.

Exhibit B to
Mutual Exclusivity Agreement
Ashford REIT

                                       4<PAGE>
                                                                   EXHIBIT 10.25

                  TAX INDEMNITY AND DEBT MAINTENANCE AGREEMENT

         This TAX INDEMNITY AND DEBT MAINTENANCE AGREEMENT (this "Agreement"),
dated as of_______, 2003, is entered into by and among Ashford Hospitality
Trust, Inc. (the "REIT"), Ashford Hospitality Limited Partnership (the
"Operating Partnership") and Remington Suites Austin, L.P., Remington Suites
Dallas, L.P., Remington Suites Dulles, L.P., Remington Suites Las Vegas, L.P.and
Chicago Illinois Hotel Limited Partnership.

                                    RECITALS

         A. In connection with the execution and delivery of the Omnibus
Agreement, as defined below, the Contributors have agreed to contribute the
Initial Properties to the Operating Partnership in exchange for Units in the
Operating Partnership.

         B. The REIT and the Operating Partnership desire to evidence their
agreement regarding amounts that may be payable as a result of certain actions
being taken by the Operating Partnership regarding its debt and assets.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

         Section 1.1 Definitions.

         "Applicable Tax Rate" means, as to any given Taxable Event, the Tax
Rate applicable to income having the same character as that arising from such
Taxable Event, for example, by way of illustration and not limitation, (i) the
Tax Rate applicable to ordinary income, if the Taxable Event gave rise to
ordinary income, or (ii) the Tax Rate applicable to long term capital gain, if
the Taxable Event gave rise to long term capital gain.

         "Agreement" has the meaning specified in the Preamble.

         "Code" means the Internal Revenue Code of 1986, as amended, and any
replacement to such provisions.

         "Contributor" means one of the limited partnerships identified on
Exhibit A hereto and each successor or assign whose acquisition of Units was
pursuant to a Permitted Disposition.

         "Current Tax Excess" means with respect to each Taxable Period and each
Taxable Event, an amount equal to the product of (i) the taxable income or gain
allocable to or otherwise reportable by a Contributor during such Taxable Period
resulting from the

<PAGE>

occurrence of the Taxable Event and (ii) the Applicable Tax Rate. For purposes
of the foregoing calculation, the taxable income or gain on a taxable sale or
taxable disposition of assets of the Operating Partnership will be limited to
the amount of any gain or income allocated to a Contributor pursuant to Section
704(c) of the Code (as reduced by any applicable adjustment to the tax basis of
the assets of the Operating Partnership with respect to such Contributor
pursuant to Section 754 of the Code).

         "Damages" means with respect to each calendar year and each Contributor
an amount equal to the sum for each Current Tax Excess during such calendar year
of the Current Tax Excess divided by the difference of: one minus the related
Applicable Tax Rate.

         "Disposition" means any sale, assignment, pledge, encumbrance,
hypothecation, mortgage, exchange, or any swap agreement or other arrangement
that transfers all or a portion of the economic consequences associated with the
Units of the Contributor, provided that the following shall not constitute
Dispositions: (i) a pledge of all or a portion of the Units of the Contributor
to secure bona fide indebtedness that does not exceed sixty percent (60%) of the
value of the pledged Units of the Contributor at the time such indebtedness is
incurred so long as no foreclosure has occurred; (ii) any pledge of Units to the
Operating Partnership; and (iii) a Permitted Disposition.

         "Federal Rate" means, with respect to a Taxable Event, the highest
marginal federal income tax rate applicable to income having the same character
(e.g., ordinary income or long term capital gain) as that arising from such
Taxable Event applicable to the Contributor in effect for the Taxable Period in
issue, taking into account the deductibility of state income taxes payable at
the related State Tax Rate by the affected Contributor, without regard to any
limitations on such deduction applicable solely to such Contributor or its
owners.

         "Initial Properties" means all properties, whether real or personal,
whether tangible or intangible, contributed by Contributors to the Operating
Partnership pursuant to the Omnibus Option Agreement.

         "Omnibus Agreement" means the Omnibus Option Agreement between Ashford
Hospitality Limited Partnership, Remington Suites Austin, L.P., Remington Suites
Dallas, L.P., Remington Suites Dulles, L.P., Remington Suites Las Vegas, L.P.,
Chicago Illinois Hotel Limited Partnership and Remington Long Island Hotel,
L.P., dated as of May 15, 2003.

         "Original Contributor" means one of the partnership Contributors
identified on Exhibit A.

         "Permitted Disposition" means a disposition to (i) a member of the
immediate family or an affiliate of the applicable Contributor, (ii) a
charitable organization a contribution to which would be deductible pursuant to
Section 170 of the Code, (iii) any partnership, limited liability company or
trust, the partners, members or beneficiaries, as applicable, of which are
exclusively one or more of the Contributor or members of the

                                      -2-
<PAGE>

immediate family or affiliates of the Contributor and/or a charitable
organization a contribution to which would be deductible pursuant to Section 170
of the Code, or (iv) a beneficiary, partner, member or shareholder by the trust,
partnership, limited liability company or corporation in which such person owns
an interest, provided that any such disposition shall not involve a disposition
for value (other than the issuance or redemption of an interest in the
transferor or a reduction in the transferor's share of liabilities of the
Operating Partnership).

         "Permitted Transferee" means any Person who acquires Units pursuant to
a Permitted Disposition.

         "Person" means and includes an individual, a general partnership,
limited partnership, a joint venture, a corporation (including a business
trust), limited liability company, joint stock company, trust, joint venture or
other entity, unincorporated association or a governmental authority.

         "Protected Period" means, as to each Original Contributor and its
Permitted Transferees the period commencing on the closing date (or the first
closing date, if there is more than one closing date) of the contributions of
the Initial Properties pursuant to the Omnibus Agreement and ending on the
earlier of (i) the tenth anniversary of the closing date (or final closing, if
there is more than one closing date) of the contributions pursuant to the
Omnibus Agreement or (ii) as to such Original Contributor and its Permitted
Transferees, the first date that the Unit Sales Restriction is not satisfied.

         "State Tax Rate" means with respect to each Taxable Event the highest
marginal state tax rate applicable to income having the same character (e.g.,
ordinary income or long-term capital gain) as that arising from such Taxable
Event applicable to the Contributor in effect for the Taxable Period in issue;
and shall be determined with respect to the state in which such income is
taxable to the Contributor or its owners having the highest marginal state tax
rate, whether such state is the one in which the applicable property is located
or the state of residence of the Contributor or its owners subject to the
provisions of Section 2.1(g)(iii). Appropriate adjustments shall be made if more
than one non-federal income tax applies within a state.

         "Taxable Period" means with respect to a Taxable Event the calendar
year in which such Taxable Event occurs but if during such calendar year the
State Tax Rate or Federal Tax Rate changes, each portion of the calendar year
having a different Applicable Tax Rate shall be considered a separate Taxable
Period.

         "Tax Rate" means with respect to a Taxable Event the sum of (i) the
State Tax Rate plus (ii) the Federal Rate.

         "Taxable Event" means, with respect to each Contributor, an event
described in Section 2.1(a) giving rise to the requirement of the REIT or the
Operating Partnership to pay Damages, subject to the provisions of Section
2.1(g).

         "Units" has the meaning ascribed to it in the Omnibus Agreement.

                                      -3-
<PAGE>

         "Units Sale Restriction" means as to any Original Contributor or any of
its Permitted Transferees, that the Original Contributor and each of its
Permitted Transferees shall have satisfied this requirement with respect to a
period if at the end of such period, aggregate Dispositions by the Original
Contributor and its Permitted Transferees of Units received pursuant to the
Omnibus Agreement have not caused the aggregate Units then owned by the Original
Contributor and its Permitted Transferees to be less than twenty-five percent
(25%) of the aggregate Units issued to the Original Contributor pursuant to the
Omnibus Agreement.

         Section 1.2 Additional Definitions. Capitalized terms used in this
Agreement and not defined in Section 1.1 or elsewhere in this Agreement shall
have the respective meanings ascribed to such terms in the Omnibus Agreement.

         Section 1.3 Section References. The Article and Section headings herein
are for reference only and shall not affect the construction hereof.

         Section 1.4 Interpretation. No provisions of this Agreement shall be
interpreted or construed against any person solely because that Person or its
legal representative drafted such provision.

                                   ARTICLE II
                                     DAMAGES

         Section 2.1 Damages.

         (a) The REIT and the Operating Partnership, jointly and severally,
agree to pay to a Contributor, in accordance with Section 2.1(b) below, an
amount equal to the Damages incurred by a Contributor as a result of the
occurrence of the following events:

                  (i) If, during the Protected Period, there occurs a taxable
         sale or other taxable disposition of assets of the Operating
         Partnership or its subsidiaries resulting in the allocation of income
         or gain to such Contributor under Section 704(c) of the Code; and

                  (ii) If, during the Protected Period, the Operating
         Partnership fails to maintain indebtedness, constituting non-recourse
         indebtedness for purposes of Treas. Reg. Section 1.752-3, in an amount
         of at least $16.0 million and such Contributor is allocated or
         otherwise required to recognize taxable income or gain as a result of
         such failure.

         (b) Within 90 days after the occurrence of any event specified in
Section 2.1(a), the REIT or the Operating Partnership will (i) pay all Damages
then due to the Contributor and (ii) provide sufficient documentation to support
the calculation of the amounts paid.

                                      -4-
<PAGE>

         (c) The making of a payment by the REIT or the Operating Partnership
under this Section 2.1 shall be the sole and exclusive remedy of the Contributor
with respect to any tax liability incurred in connection with this Agreement or
the transactions contemplated hereby or thereby.

         (d) Contributor shall have the right to review or audit (i) records of
asset sales and disposition by the Operating Partnership and its subsidiaries,
and (ii) the calculation of Damages pursuant to this Agreement.

         (e) During the Protected Period, the Operating Partnership will use
commercially reasonable efforts to maintain nonrecourse indebtedness in the
amount of at least $16 million.

         (f) Nothing contained in this Agreement shall be construed to permit a
party to receive a double benefit or compensation with respect to Damages.

         (g) For purposes of determining any Damages under this agreement the
following will apply:

                  (i) Each Taxable Event will be determined solely with respect
         to a single Taxable Period. If a Taxable Event would otherwise result
         in taxable income or gain allocable to more than one Taxable Period,
         the taxable income or gain allocable to each Taxable Period will be
         treated as arising from a separate Taxable Period and as constituting a
         separate Taxable Event.

                  (ii) The use of the term "allocation" in Section 2.1 shall not
         be limiting, thus if a Contributor recognizes taxable income or gain
         with respect to an event described in Section 2.1(a), such event will
         be a Taxable Event notwithstanding that some portion of such taxable
         income or gain is not subject to the profit and loss allocation
         provisions of any partnership agreement applicable to the Operating
         Partnership or is not reported or not required to be reported on any
         Schedule K-1 to U.S. Form 1065 or any other federal or state tax report
         or return required to be filed by the Operating Partnership.

                  (iii) For purposes of determining an Applicable Tax Rate for a
         Contributor, if the Contributor is a partnership under local law or is
         otherwise not taxable as an individual for either federal or state tax
         purposes, (A) the Federal Tax Rate shall be the tax rate which is the
         greater of any tax rate applicable to individuals or to the type of
         entity that such Contributor is treated as for federal income tax
         purposes, and (B) the State Tax Rate shall be the tax rate which is the
         greater of any tax rate applicable to individuals or to the type of
         entity that such Contributor is treated as by such taxing jurisdiction,
         and (C) no other adjustment shall be made if any income or gain arising
         from a Taxable Event is taxable to both the Contributor and its owners.
         If a Contributor is not an individual, any

                                      -5-
<PAGE>

         State Tax Rate required to be determined with respect to the residence
         of the individuals that own such Contributor shall be determined with
         respect to the state having those individuals as residents that have
         the greatest total percentage ownership interest in such Contributor.
         Solely for purposes of determining an Applicable Tax Rate, any
         Permitted Disposition, other than to the owners of the Contributor,
         shall be ignored.

                  (iv) Each Taxable Event will be determined solely with respect
         to a single character of income or gain. If a Taxable Event would
         otherwise result in items of taxable income or gain having more than
         one character, each item of taxable income or gain having the same
         character shall be treated as a separate Taxable Event.

                                   ARTICLE III
                          CONDUCT OF AUDITS, LITIGATION

         Section 3.1 No Contributor shall have any right to participate in (i)
any audit, conference or other proceeding with the Internal Revenue Service or
the relevant state or local authorities, or any judicial proceedings concerning
the determination of the tax liability of the REIT, the Operating Partnership or
any of their subsidiaries, (ii) any administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of any such
proceeding or (iii) any compromise or settlement of any adjustment or deficiency
proposed, asserted or assessed as a result of any such proceeding.

                                   ARTICLE IV
                                  MISCELLANEOUS

         Section 4.1 Amendment and Waivers. Any provision of this Agreement may
be amended or waived by a Contributor, but only as to itself or himself and not
any other Contributor, if, but only if, such amendment or waiver is in writing
and is signed by the REIT, the Operating Partnership and the relevant
Contributor.

         Section 4.2 Successors and Assigns. This Agreement shall be binding the
REIT, the Operating Partnership, the Contributors and their respective
successors and assigns. If any Contributor constituting a partnership under
local law distributes one or more Units to one or more of its partners, each
such partner shall be a "Contributor" for purposes of this Agreement without the
necessity of any amendment of this Agreement and no consent or waiver of the
REIT, the Operating Partnership or any other Contributor shall be required.

         Section 4.3 Notices. Any and all notices, requests or other
communications hereunder shall be given in writing and delivered by: (a)
regular, overnight, registered or certified mail (return receipt requested),
with first class postage prepaid; (b) hand delivery; (c) facsimile transmission;
or (d) overnight courier service,

         If to the REIT, at the following address or facsimile number for the
REIT:

                                      -6-
<PAGE>

                  14180 Dallas Parkway, 9th Floor
                  Dallas, Texas 75254
                  Attention:
                             ---------------------------------
                  Facsimile No.:
                                 -----------------------------

         If to the Operating Partnership, at the following address or facsimile
number for the Operating Partnership:

                  14180 Dallas Parkway, 9th Floor
                  Dallas, Texas 75254
                  Attention:
                             ---------------------------------
                  Facsimile No.:
                                 -----------------------------

         If to a Contributor, at the address or facsimile number for the
relevant Contributor set forth on Exhibit A:

         or at such other address or number as shall be designated by the REIT,
the Operating Partnership or a Contributor in a notice to other parties to this
Agreement. All such communications shall be deemed to have been duly given: (A)
in the case of a notice sent by regular mail, on the date actually received by
the addressee; (B) in the case of a notice sent by registered or certified mail,
on the date receipted for (or refused) on the return receipt; (C) in the case of
a notice delivered by hand, when personally delivered; (D) in the case of a
notice sent by facsimile, upon transmission subject to telephone confirmation of
receipt; and (E) in the case of a notice sent by overnight mail or overnight
courier service, the date delivered at the designated address, in each case
given or addressed as aforesaid.

         Section 4.4 Separability. Should any clause, sentence, paragraph,
subsection or Section of this Agreement be judicially declared to be invalid,
unenforceable or void, such decision will not have the effect of invalidating or
voiding the remainder of this Agreement, and the part or parts of this Agreement
so held to be invalid, unenforceable or void will be deemed to have been
stricken herefrom, and the remainder will have the same force and effectiveness
as if such stricken part or parts had never been included herein.

         Section 4.5 Entire Agreement. This Agreement sets forth all of the
covenants, agreements, conditions, understandings, warranties and
representations of the REIT, the Operating Partnership and the Contributors
relative to the subject matter hereof, and any previous agreement among such
parties with respect to the subject matter hereof is superseded by this
Agreement.

         Section 4.6 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

                                      -7-
<PAGE>

         IN WITNESS WHEREOF, this Agreement to be duly executed and delivered by
the general partner or duly authorized officer of each of the parties hereto, to
be effective as of the date first above written.

                                    ASHFORD HOSPITALITY TRUST,
                                    INC., A MARYLAND CORPORATION

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Title:   Vice President

                                    ASHFORD HOSPITALITY LIMITED
                                    PARTNERSHIP, A DELAWARE LIMITED
                                    PARTNERSHIP

                                    By:      Ashford OP General Partner L.L.C.,
                                             its General Partner

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Title:   Vice President

                                    CONTRIBUTORS

                                    REMINGTON SUITES AUSTIN, L.P.

                                    By:      Remington Suites Austin, Inc.,
                                             as general partner

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

Exhibit A - Contributors

<PAGE>

                                    REMINGTON SUITES DALLAS, L.P.

                                    By:      Remington Suites Dallas, Inc.,
                                             as general partner

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                    REMINGTON SUITES DULLES, L.P.

                                    By:      Remington Suites Dulles, Inc.,
                                             as general partner

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                    REMINGTON SUITES LAS VEGAS,  L.P.

                                    By:      Remington Suites Las Vegas, Inc.,
                                             as general partner

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                    CHICAGO ILLINOIS HOTEL LIMITED PARTNERSHIP

                                    By:      Illinois Hotel II Corp.,  as
                                             general partner

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

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