Document:

Exhibit 10.16

 

MUTUAL WAIVER AND RELEASE 

 

This MUTUAL WAIVER AND
RELEASE (this “Agreement”), dated as of March 31, 2017, is by and among (i) American Realty
Capital Hospitality Advisors, LLC (the “Advisor”), (ii) American Realty Capital Hospitality Properties,
LLC (the “Hospitality Manager”), (iii) American Realty Capital Hospitality Grace Portfolio, LLC (the
“Grace Manager” and together with the Hospitality Manager, the “Property Manager”),
(iv) Crestline Hotels & Resorts, LLC (“Crestline”), (v) Hospitality Investors Trust, Inc. (formerly
known as American Realty Capital Hospitality Trust, Inc.) (“ARCH”), (vi) Hospitality Investors Trust
Operating Partnership, L.P. (formerly known as American Realty Capital Hospitality Operating Partnership, L.P.) (the
“OP”), (vii) American Realty Capital Hospitality Special Limited Partnership, LLC (the
“Special Limited Partner” and together with the Advisor, the Hospitality Manager, the Grace Manager and
Crestline, the “Advisor Parties”), and (viii) Brookfield Strategic Real Estate Partners II Hospitality
REIT II LLC, a Delaware limited liability company and an entity that is controlled, directly or indirectly, by Brookfield
Asset Management, Inc. (the “Investor” and together with ARCH and the OP, the “REIT
Parties”).

 

WITNESSETH:

 

WHEREAS, the Advisor Parties
and the REIT Parties have entered into that certain Framework Agreement, dated as of January 12, 2017 (the “Framework
Agreement”); and

 

WHEREAS, in connection with
the Closing, the Advisor Parties and the REIT Parties have agreed to execute and delivery to the other this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

1.          Waiver and Release
by REIT Parties.

 

(a)Effective as of
the date hereof, except as otherwise provided in Section 1(b) (which matters are expressly not waived or released under
this Agreement):

 

(i)        each of the REIT Parties (other than
the Investor), on its own behalf and on behalf of its Affiliates and Representatives, in each case in each of their capacities
as such, and the respective predecessors, successors and assigns of the foregoing (in their respective capacities as such) (collectively
with the REIT Parties (other than the Investor), the “REIT Releasors”), does hereby irrevocably, unconditionally,
completely, fully and forever waive, release, acquit and discharge each of the Advisor Parties, each of their respective members,
partners, equityholders, Affiliates and Representatives, in each case in each of their capacities as such, and the respective predecessors,
successors and assigns of the foregoing (in their respective capacities as such) (collectively with the Advisor Parties, the “Advisor
Releasors”), jointly and individually, of and from any and all Proceedings and Losses that the REIT Releasors, ever had,
now has, or which he, she or it or his, her or its successors and assigns shall or may have, whether known or unknown, liquidated
or unliquidated, fixed or contingent, matured or unmatured, asserted or unasserted, arising out of or related to acts or omissions
of the Advisor Releasors, in each case, prior to the date hereof (including, without limitation, arising out of or relating to
the Advisory Agreement, the OP Agreement and the Property Management Agreements) (such matters, the “Released Matters”
and each such Proceeding and Loss as to such REIT Releasors, but expressly excluding the matters set forth in Section 1(b),
a “REIT Released Claim”); and

 

     

     

    

 

(ii)        the Investor, on its own behalf and
on behalf of its Affiliates and Representatives, in each case in each of their capacities as such, and the respective predecessors,
successors and assigns of the foregoing (in their respective capacities as such) (collectively with the Investor, the “Investor
Releasors”), does hereby irrevocably, unconditionally, completely, fully and forever waive, release, acquit and discharge
each of the Advisor Releasors jointly and individually, of and from any and all Proceedings and Losses that the Investor Releasors
ever had, now has, or which he, she or it or his, her or its successors and assigns shall or may have, whether known or unknown,
liquidated or unliquidated, fixed or contingent, matured or unmatured, asserted or unasserted, arising out of or related to acts
or omissions of the Advisor Releasors solely in respect of ARCH, the OP or their respective subsidiaries in each case, prior to
the date hereof (such matters, the “Investor Released Matters” and each such Proceeding and Loss as to such
Investor Releasors, but expressly excluding the matters set forth in Section 1(b), an “Investor Released Claim”).

 

(b)Notwithstanding
anything in Section 1(a) to the contrary, with respect to a REIT Releasor and/or an Investor Releasor, the REIT Released
Claims and the Investor Released Claims do not include any Proceedings or Losses arising (i) under the Framework Agreement or any
document or instrument delivered pursuant to or in connection with the transactions contemplated by Framework Agreement (including,
without limitation, this Agreement, but expressly excluding the SPA (as defined in the Framework Agreement)), and (ii) with respect
any Representatives of a REIT Party that are also employed by any Advisor Releasor (A) to salaries, bonuses and expenses that have
accrued or that may be payable to such Representative (including any employment agreement to which such Representative is a party),
or (B) any other rights that have accrued, that may accrue or that may be payable to such Representative in accordance with the
terms of any employment agreement to which such Representative is a party, in each case, entered into prior to or on the date hereof.

 

(c)Each REIT Party
(other than Investor), on behalf of itself and each of its REIT Releasors, (i) represents and warrants that no such REIT Releasor
has pledged, assigned or otherwise transferred to any person all or any portion of any REIT Released Claims (or any Proceedings
or Losses that, but for any such pledge, assignment or transfer, would constitute REIT Released Claims) or any rights or entitlements
with respect thereto; (ii) covenants and agrees, to the extent not prohibited by applicable law, that no such REIT Releasor shall,
either individually or in concert with another person or group of persons, maintain or cause to be maintained any action, in any
capacity whatsoever, against any of the Advisor Releasors based upon any of the REIT Released Claims; and (iii) shall indemnify
and hold harmless each of the Advisor Releasors from and against any and all losses incurred by any of the Advisor Releasors, by
reason of any breach of any of the representations, warranties, covenants or agreements in clause (i) or (ii) of this Section
1(c).

 

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(d)Investor, on behalf
of itself and each of its Investor Releasors, (i) represents and warrants that no such Investor Releasor has pledged, assigned
or otherwise transferred to any person all or any portion of any Investor Released Claims (or any Proceedings or Losses that, but
for any such pledge, assignment or transfer, would constitute Investor Released Claims) or any rights or entitlements with respect
thereto; (ii) covenants and agrees, to the extent not prohibited by applicable law, that no such Investor Releasor shall, either
individually or in concert with another person or group of persons, maintain or cause to be maintained any action, in any capacity
whatsoever, against any of the Advisor Releasors based upon any of the Investor Released Claims; and (iii) shall indemnify and
hold harmless each of the Advisor Releasors from and against any and all losses incurred by any of the Advisor Releasors, by reason
of any breach of any of the representations, warranties, covenants or agreements in clause (i) or (ii) of this Section 1(d).

 

2.           Waiver and Release by Advisor Parties.

 

(a)Effective as of the date hereof, except
as otherwise provided in Section 2(b) (which matters are expressly not waived or released under this Agreement), each of
the Advisor Parties, on behalf of itself and each of its Advisor Releasors, does hereby irrevocably, unconditionally, completely,
fully and forever waive, release, acquit and discharge each of the REIT Releasors and each of the Investor Releasors, jointly and
individually, of and from any and all Proceedings and Losses that the Advisor Releasors ever had, now has, or which he, she or
it or his, her or its successors and assigns shall or may have, whether known or unknown, liquidated or unliquidated, fixed or
contingent, matured or unmatured, asserted or unasserted, arising out of or related to acts or omissions of REIT Releasors and/or
the Investor Releasors, in each case, prior to the date hereof (including, without limitation, arising out of or relating to the
Advisory Agreement, the OP Agreement and the Property Management Agreements) (such matters, the “Advisor Released Matters”
and each such Proceeding and Loss as to such Advisor Releasors, but expressly excluding the matters set forth in Section 2(b),
an “Advisor Released Claim”)

 

(b)Notwithstanding anything in Section
2(a) to the contrary, with respect to an Advisor Releasor, the Advisor Released Claims do not include any Proceedings or Losses
arising under the Framework Agreement or any document or instrument delivered pursuant to or in connection with the transactions
contemplated by the Framework Agreement (including, without limitation, this Agreement, but expressly excluding the SPA (as defined
in the Framework Agreement)).

 

(c)Each Advisor
Party, on behalf of itself and each of its Advisor Releasors, (i) represents and warrants that no such Advisor Releasor has
pledged, assigned or otherwise transferred to any person all or any portion of any Advisor Released Claims (or any
Proceedings or Losses that, but for any such pledge, assignment or transfer, would constitute Advisor Released Claims) or any
rights or entitlements with respect thereto; (ii) covenants and agrees, to the extent not prohibited by applicable law, that
no such Advisor Releasor shall, either individually or in concert with another person or group of persons, maintain or cause
to be maintained any action, in any capacity whatsoever, against any of the REIT Releasors or any of the Investor Releasors
based upon any of the Advisor Released Claims; and (iii) shall indemnify and hold harmless each of the REIT Releasors and
each of the Investor Releasors from and against any and all losses incurred by any of the REIT Releasors or Investor
Releasors, by reason of any breach of any of the representations, warranties, covenants or agreements in clause (i) or (ii)
of this Section 2(c).

 

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3.            Definitions.

 

Capitalized terms
used herein but not defined shall have the meanings ascribed thereto in the Framework Agreement.

 

(a)“Action”
means any action, claim, lawsuit, legal proceeding, whistleblower complaint, litigation, arbitration and mediation, and any hearing,
investigation (internal or otherwise), probe or inquiry by any Governmental Authority.

 

(b)“Affiliate”
shall mean, with respect to any person, any other person directly or indirectly controlling, controlled by, or under common control
with such person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as applied to any person, means the possession, directly or indirectly,
of the power to vote a majority of the securities having voting power for the election of directors or managers (or other persons
acting in similar capacities) of such person or otherwise to direct or cause the direction of the management and policies of such
person through the ownership of voting securities, by contract or otherwise; provided, however, that for purposes
of this Agreement (i) no REIT Party shall be deemed to be an “Affiliate” of any Advisor Party, (ii) no Advisor Party
shall be deemed to be an “Affiliate” of any REIT Party, and (iii) the Investor shall not be deemed to be an “Affiliate”
of any REIT Party.

 

(c)“Liabilities”
means any debt, obligation or liability of any nature (including any unmatured, unaccrued, unasserted, contingent, conditional,
joint or several liability), regardless of whether such debt, obligation or liability would be required to be disclosed on a balance
sheet prepared in accordance with generally accepted accounting principles and regardless of whether such debt, obligation or liability
is immediately due and payable.

 

(d)“Losses”
means all damages, Proceedings, Liabilities, fines, fees, penalties, costs and expenses (including the third party costs of investigation,
preparation and defense, amounts paid in settlement and reasonable attorneys’ fees and disbursements).

 

(e)“Governmental
Authority” means any federal, national, supranational, state, county, provincial, local or other governmental, regulatory
or administrative authority, agency or commission, or court or other judicial or arbitral body.

 

(f)“Person”
means an individual or entity, including a partnership, limited liability company, corporation, association, joint stock company,
trust, joint venture, unincorporated organization or Governmental Authority.

 

(g)“Proceedings” means
governmental, judicial, administrative or adversarial proceedings (public or private), Actions or other disputes, including any
adversarial proceedings arising out of this Agreement.

 

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(h)“Representatives”
of a Person means any directors, officers, employees, agents and other authorized representatives of such Person.

 

4.           Entire Agreement.
This Agreement (together with the Framework Agreement and the other documents contemplated thereby) constitutes the entire agreement
and understanding among the Parties in respect of the subject matter hereof and thereof and supersedes all prior and contemporaneous
arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise among the
Parties, or between any of them, with respect to the subject matter hereof and thereof.

 

5.           Miscellaneous.
Sections 11 (Counterparts), 12 (Governing Law; Specific Performance; WAIVER OF JURY TRIAL), 13 (Severability), 14 (Further Assurances),
15 (Parties in Interest), 17 (Headings), 18 (Expenses), 19 (Construction), 20 (Assignment) and Section 22 (Amendments and Waivers)
of the Framework Agreement are incorporated herein by reference, mutatis mutandis.

 

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left blank]

 

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

 

	 	AMERICAN REALTY CAPITAL HOSPITALITY ADVISORS, LLC
	 	 
	 	By: American Realty Capital Hospitality Special Limited Partnership, LLC, its sole member
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY PROPERTIES, LLC
	 	 
	 	By: American Realty Capital Hospitality Special Limited Partnership, LLC, its managing member
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer

 

Signature page to Mutual Waiver and Release

 

     

     

    

 

	 	AMERICAN REALTY CAPITAL HOSPITALITY GRACE PORTFOLIO, LLC
	 	 
	 	By: American Realty Capital Hospitality Properties, LLC, its sole member
	 	 
	 	By: American Realty Capital Hospitality Special Limited Partnership, LLC, its managing member
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name: 	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY SPECIAL LIMITED PARTNERSHIP, LLC
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name: 	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	CRESTLINE HOTELS & RESORTS, LLC
	 	 	 
	 	By:	/s/ Pierre Donahue
	 	Name:	Pierre Donahue
	 	Title:	EVP & General Counsel

 

Signature page to Mutual Waiver and Release

 

     

     

    

 

	 	HOSPITALITY INVESTORS TRUST, INC.
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	Name:	Paul C. Hughes
	 	Title:	Authorized Signatory
	 	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.
	 	 
	 	By: Hospitality Investors Trust, Inc., its general partner
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	Name:	Paul C. Hughes
	 	Title:	Authorized Signatory

 

Signature page to Mutual Waiver and Release

 

     

     

    

 

	 	BROOKFIELD STRATEGIC REAL ESTATE PARTNERS II HOSPITALITY REIT II, LLC
	 	 	 
	 	By:	/s/ Murray Goldfarb
	 	Name:	Murray Goldfarb
	 	Title:	Managing Partner

 

Signature page to Mutual Waiver and ReleaseExhibit 10.17

 

TRADEMARK LICENSE
AGREEMENT

 

This TRADEMARK
LICENSE AGREEMENT (the “Agreement”) is made and entered into as of March 31, 2017, by and between
AR Capital LLC, a Delaware limited liability company (“AR Capital”) and American Realty Capital
Hospitality Advisors, LLC, a Delaware limited liability company (the “Advisor” and with AR Capital, the
“Licensor”), on the one hand, and Hospitality Investors Trust, Inc. (formerly known as American Realty
Capital Hospitality Trust, Inc.), a Maryland corporation (the “Company”) and Hospitality Investors Trust
Operating Partnership, L.P. (formerly known as American Realty Capital Hospitality Operating Partnership, L.P.) (the
“OP” and, together with the Company, the “Licensee” and, together with the Licensor,
the “Parties”), on the other hand.

 

RECITALS

 

WHEREAS,
each of Advisor, the Company and the OP, together with certain other persons, have entered into that certain Framework Agreement,
dated as of January 12, 2017 (as such agreement may be amended, modified or supplemented, the “Framework Agreement”);

 

WHEREAS,
Licensor (or its Affiliates, as defined below) owns certain rights, title and interest in and to certain trademarks, tradenames,
service marks, logos and domain names, including “American Realty Capital”, “ARC” and “AR Capital”
in connection with real estate investment activities;

 

WHEREAS,
pursuant to that certain Advisory Agreement, by and among Licensee, Advisor and the OP, dated as of January 7, 2014 (as amended,
the “Advisory Agreement”), Licensee received a limited license to use the names “American Realty Capital”,
“ARC” and “AR Capital”;

 

WHEREAS,
pursuant to the Advisory Agreement, Licensee also received certain administrative functions related to the operation of Licensee’s
business, including the operation and maintenance of the website found at the domain name www.archospitalityreit.com, including
all sub-domains thereof (the “Website”);

 

WHEREAS,
Licensee desires to obtain (i) a limited royalty-free license from Licensor to use “American Realty Capital”, “ARC”
and “AR Capital” in the conduct of Licensee’s business as Licensee discontinues any use of Licensor’s Marks
(as defined below) and (ii) the control of the operation of the Website solely for the duration of the Term (as defined below);
and

 

WHEREAS,
Licensor and Licensee wish to set forth herein the terms and conditions with respect to the licensing of the Marks and operation
and control of the Website by Licensee solely during the Term, including the utilization by Licensee of the Marks, and the utilization
and reference by Licensee of and to related trademarks and service marks of Licensor that contain the Marks.

 

     

     

    

 

NOW THEREFORE,
in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as set forth herein.

 

DEFINED
TERMS

 

Defined terms in the recitals
and the preamble to this Agreement are used as so defined and, as used in this Agreement, the following terms shall have the following
meanings:

 

“Affiliate”
shall mean with respect to any Person, (i) any other Person directly or indirectly owning, controlling or holding, with the power
to vote, ten percent (10%) or more of the outstanding voting securities of such Person; (ii) any other Person ten percent (10%)
or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by
such Person; (iii) any other Person directly or indirectly controlling, controlled by or under common control with such Person;
(iv) any executive officer, director, trustee or general partner of such Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,”
“is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights,
by contract or otherwise.

 

“Marks”
shall mean the trademarks and service marks set forth on Schedule A hereto and only those variations and translations thereof
requested by Licensee and approved in writing by Licensor.

 

“Term”
shall have the meaning as set forth in Section 2 herein.

 

“Territory”
shall mean throughout the world or worldwide.

 

All capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed thereto in the Advisory Agreement.

 

OPERATIVE PROVISIONS

 

		1)	GRANT

 

Licensor hereby grants to Licensee and
each of Licensee’s Affiliates, solely for the Term and within the Territory, subject to the terms and conditions herein,
a limited, nonexclusive, non-transferable, non-sublicensable, royalty-free, fully paid-up, right and license to use the Marks in
connection with Licensee’s existing business in order for Licensee and its Affiliates to transition to the use of new trademarks.
Without limiting the foregoing, Licensor also agrees that Licensee and its Affiliates may use the Marks on the Website and in connection
with its operation of the Website, provided that all such uses shall be in accordance with the terms of this Agreement. 

 

		2)	TERM AND LICENSE

 

a)   The “Term”
of this Agreement shall commence on the date hereof and shall continue for ninety (90) calendar days, at which point this Agreement
and the license described herein shall expire, unless earlier terminated pursuant to Section 8.

 

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b)   Upon the expiration
of the Term or the earlier termination of the Agreement pursuant to Section 8, all rights granted to Licensee and its Affiliates
by Licensor hereunder shall automatically revert to Licensor. Except as otherwise expressly provided herein, Licensee and its Affiliates
shall cease the use of any materials or names bearing or incorporating the Marks or any similar derivation thereof.

 

c)   Prior to expiration
of this Agreement, or within five (5) days of the termination of this Agreement if this Agreement is terminated pursuant to Section
8(a)(ii), Licensee and its Affiliates shall effect a change of their corporate names to names that do not include, and are not
confusingly similar to, the Marks and shall promptly provide evidence of such name changes to Licensor. In no event shall Licensee
or its Affiliates use the Marks and any other name confusingly similar thereto after the expiration or termination of this Agreement
in a manner likely to cause confusion, or to cause mistake or to deceive as to the affiliation, connection, or association of Licensor,
or as to the origin from, sponsorship by or approval by Licensor of Licensee’s products or services. Notwithstanding the
foregoing or anything to the contrary contained in this Agreement, Licensee and its Affiliates shall be able to continue to utilize
the Marks solely in the names of any subsidiaries of the Licensee after the expiration of the Term for an additional thirty (30)
days solely to the extent Licensee is not able to obtain any material third party consent with respect to the change in name to
any such subsidiary prior to the expiration of the Term. Licensee and its Affiliates shall use commercially reasonable efforts
to obtain all such consents prior to the expiration of the Term.

 

d)   Notwithstanding
the foregoing or anything to the contrary contained in this Agreement, Licensee and its Affiliates shall be able to continue to
reference the Marks in a historical context as the former names of the Licensee and its subsidiaries and in the names of such entities
pursuant to contracts existing prior to the date hereof (and such references shall not be deemed to be in breach or violation of
this Agreement or the rights of the Licensor to the Marks).

 

e)   Other than as
expressly provided herein, nothing in this Agreement shall be construed or interpreted to mean that Licensee or its Affiliates
are the owners of any specific right, title or interest to any trademark, service mark, term, name, logo, symbol, device, or trade
dress, or any combination thereof, or other intellectual property.

 

		3)	RESERVATION OF RIGHTS

 

Licensor reserves all rights
in connection with the Marks, now known or hereafter developed, that are not expressly granted to Licensee herein.

 

		4)	WEBSITE OBLIGATIONS

 

a)   As of the date hereof and for the Term,
Licensee and its Affiliates shall have the right (but not the obligation) to host, operate, maintain, and provide the technology
and other related functions and services for the Website. If Licensee or any of its Affiliates elects to operate the Website, Licensee
and its Affiliates shall use commercially reasonable efforts to operate the Website in a manner that ensures that the Website is
compliant in all material respects with all “safe harbors” provided under the Communications Decency Act and Digital
Millennium Copyright Act, and similar laws designed to minimize liability of websites and interactive properties for third party
content.

 

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b)   In the event that the Licensee or any
of its Affiliates elects to operate the Website, then Licensee and its Affiliates shall operate the Website such that Licensee
remains in compliance in all material respects with all applicable laws, rules and regulations relating to the operation of the
Website.

 

		5)	TRADEMARK OWNERSHIP AND PROTECTION

 

a)   All ownership
rights, title and interest in the Marks, including any goodwill generated in connection with Licensee’s use of the Marks
in the Territory, shall at all times vest in Licensor.

 

b)   Nothing contained
in this Agreement shall be construed to confer upon Licensee or its Affiliates, or to vest in Licensee or its Affiliates, any right
of ownership to the Marks. At no time shall Licensee or its Affiliates directly or indirectly attempt to register or cause to be
registered any rights in the Marks in the Territory. Moreover, at no time shall Licensee or its Affiliates directly or indirectly
attempt to register or cause to be registered in the Territory any names, logos or other materials identical or substantially or
confusingly similar to the Marks without the prior written approval of Licensor. It is understood and agreed that Licensee and
its Affiliates shall not acquire and shall not claim any title to the Marks by virtue of the license granted to Licensee and its
Affiliates or through Licensee’s and its Affiliates’ use of the Marks. Licensee and its Affiliates further acknowledge
the validity of the Marks, and agree not to institute or participate in any proceedings which challenge the validity of, or Licensor’s
ownership of, the Marks.

 

		6)	QUALITY CONTROL; TRADEMARK APPROVALS

 

a)   Licensee and
its Affiliates shall at all times throughout the Term use the Marks in a manner materially consistent with the uses made by it
prior to the date hereof and shall only use the Marks in connection with the provision of services of a quality at least as high
as those offered by Licensor prior to the date hereof.

 

b)   Licensee and
its Affiliates shall neither do nor permit to be done any act or thing which would have a material adverse effect on a Mark or
materially reduce the value of a Mark or detract from its reputation. Licensor shall have the right to request in writing that
Licensee or any of its Affiliates cease a particular use of any trademark, service mark, term, name, logo, symbol, device, or trade
dress, or any combination thereof, which features the Marks, and Licensee and its Affiliates must comply with that request within
five (5) days, if in Licensor’s reasonable opinion such use, component or feature would materially denigrate or otherwise
have an adverse effect on the Mark.

 

c)   Licensee and
its Affiliates shall comply in all material respects with all applicable laws and regulations and obtain all necessary or appropriate
government approvals and permits pertaining to the business activities it seeks to engage in under the Marks.

 

		7)	REPRESENTATIONS, WARRANTIES AND COVENANTS

 

		a)	Licensee represents, warrants and covenants on behalf of itself and its Affiliates that:

 

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		i)	this Agreement is a legal, valid and binding obligation of the Licensee; and

 

		ii)	Licensee has full power and authority to enter into, and perform its obligations under, this Agreement in accordance with its
terms.

 

		b)	Licensor represents, warrants and covenants that:

 

		i)	this Agreement is a legal, valid and binding obligation of the Licensor; and

 

		ii)	Licensor has full power and authority to enter into, and perform its obligations under, this Agreement in accordance with its
terms; and

 

		iii)	Neither Licensor nor any of its Affiliates makes any representation or warranty, express or implied, with respect to the Marks
licensed hereunder or the use thereof (including without limitation as to whether the use of the Marks will be free from infringement
of the intellectual property rights of third parties). Notwithstanding the preceding, Licensor represents and warrants that it
is not aware of any pending claims or litigation or of any claims threatened in writing regarding the use or ownership of the Mark.

 

c)   Licensee shall
be responsible and liable to Licensor for: (i) the use of the Marks by its Affiliates and their compliance with the provisions
of this Agreement and (ii) any acts and omissions of any of Licensee’s Affiliate as
if Licensee itself had performed those acts or made those omissions. 

 

		8)	TERMINATION; EFFECT OF TERMINATION

 

a)   In addition
to any and all other remedies available to it hereunder, Licensor shall have the right to immediately terminate this Agreement,
including the license to use the Marks as set forth in this Agreement, upon written notice to Licensee upon the occurrence of the
following:

 

		i)	Licensee’s or an Affiliates’ failure to cease using any trademark, service mark, term, name, logo, symbol, device,
or trade dress, or any combination thereof, featuring the Marks, within five (5) days of receipt of written notice provided by
Licensor of a material breach of Section 5(b); or

 

		ii)	Licensee’s or its Affiliates’ material breach of any provision of this Agreement, which remains uncured by Licensee
or such Affiliate after ten (10) days of receipt of written notice provided by Licensor.

 

b)In the event
that the license to use the Marks is terminated pursuant to this Section 8, Licensee and its Affiliates shall completely cease
use of the Marks, and all related logos and designs, including in relation to the Website, within five (5) days of such termination.

 

    	 	5	 

     

    

 

		9)	LIMITATION OF LIABILITY

 

NOTWITHSTANDING ANYTHING TO THE
CONTRARY CONTAINED HEREIN AND TO THE MAXIMUM EXTENT ALLOWED BY APPLICABLE LAW, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES
BE LIABLE FOR ANY LOSS OF PROFITS, LOSS OF BUSINESS, LOSS OF USE OR DATA, OR INTERRUPTION OF BUSINESS, OR FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND RELATED TO OR ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, ON ANY THEORY
OF LIABILITY, WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

		10)	LAW AND JURISDICTION

 

The provisions of this Agreement shall be construed and interpreted
in accordance with the laws of the State of New York as at the time in effect, without regard to the principles of conflicts of
laws thereof. 

 

		11)	NOTICES

 

Any notice, report or other communication (each a “Notice”)
required or permitted to be given hereunder shall be in writing and shall be given by being delivered by hand, by courier or overnight
carrier or by registered or certified mail to the addresses set forth below:

 

		To the Licensee:	Hospitality Investors Trust Operating

Partnership, L.P.

3950 University Drive, Suite 301

Fairfax, VA 22030

Attention: 

Edward T. Hoganson

 

		To the Licensor:	American Realty Capital Hospitality Advisors V, LLC

405 Park Ave., 14th Floor

New York, NY 10022

Attention: Jesse Charles Galloway

Facsimile: (646) 861-7804

Email: jgalloway@ar-global.com  

 

    	 	6	 

     

    

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Jeffrey D. Marell, Esq.

Facsimile: (212) 492-0105

Email:
jmarell@paulweiss.com

 

Any party may at any time give Notice in
writing to the other parties of a change in its address for the purposes of this Section 11.

 

		12)	SEVERABILITY

 

The provisions of this Agreement are independent of and severable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.

 

		13)	ENTIRE AGREEMENT

 

This Agreement (together with the Framework Agreement and the transaction
documents contemplated thereby) contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

		14)	WAIVERS, REMEDIES

 

Neither the failure nor any delay on the part of a party to
exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

		15)	ASSIGNMENT; CHANGE OF CONTROL

 

This Agreement may be assigned by the Licensor without obtaining
the approval of Licensee. This Agreement shall not be assigned by the Licensee without the consent of the Licensor, except in the
case of an assignment by the Licensee to a Person which is a successor to all the assets, rights and obligations of the Licensee,
in which case such successor Person shall be bound hereunder and by the terms of said assignment in the same manner as the Licensee
is bound by this Agreement.

 

    	 	7	 

     

    

 

		16)	Further Assurances

 

Licensee shall take, and, as applicable, shall
cause any of its Affiliates to take, such actions and execute and deliver to Licensee such documents as Licensor may reasonably
request, and do all such other actions and things as may be reasonably requested by Licensee in order to carry out the purposes
of this Agreement.

 

		17)	UNIQUE LICENSE

 

Licensee further agrees and acknowledges
that, in addition to all other rights that Licensor may have, Licensee acknowledges that its failure to perform any of the material
terms or conditions of this Agreement shall result in immediate and irreparable damage to Licensor. Licensee recognizes that Licensor’s
remedy at law for any breach or alleged breach of this Agreement arising from Licensee’s use or threatened use of the Marks
inconsistent with the terms of this Agreement will be inadequate and, accordingly, in addition to such other remedies that may
be available to Licensor at law or equity, Licensee further acknowledges and agrees that Licensor shall be entitled as a matter
of right without further notice to Licensee, to obtain injunctive relief and/or other equitable relief, against any threatened,
potential or actual breach by Licensee of any of the provisions, without the posting of a bond or other security.

 

		18)	SURVIVAL

 

Sections 5, 8-17, and this Section
18 shall survive the termination of this Agreement, as shall any other of the provisions of this Agreement that by their terms
or by implication are to have continuing effect after any such expiration or termination.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	8	 

     

    

 

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

 

	 	LICENSOR:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY ADVISORS, LLC
	 	 
	 	By: American Realty Capital Hospitality Special Limited Partner, LLC, its sole member
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer
	 	 	 
	 	AR GLOBAL INVESTMENTS, LLC
	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	Name:	Jesse C. Galloway
	 	Title:	Authorized Signatory

 

[Signature Page to Trademark License Agreement]

 

     

     

    

 

	 	LICENSEE:
	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.
	 	 
	 	By: Hospitality Investors Trust, Inc., its general partner
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:   Paul C. Hughes
	 	 	Title: Authorized Signatory
	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC.
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	Name:  	Paul C. Hughes
	 	Title:	Authorized Signatory

 

[Signature Page to Trademark License Agreement]

 

     

     

    

 

Schedule A

 

American Realty Capital

 

ARC

 

AR Capital

 

ARC Hospitality

 

ARCH Hospitality Trust

 

American Realty Capital Hospitality Trust,
Inc.

 

American Realty Capital Hospitality Operating
Partnership, L.P.

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