Document:

Exhibit 10.30

                            Lease Agreement between
                        CNL Hospitality Partners, LP and
                  WYN Orlando Lessee, LLC, dated June 1, 2000,
                        relating to the Wyndham Billerica
<PAGE>

                                 LEASE AGREEMENT

                             DATED AS OF May 31, 2000

                                 BY AND BETWEEN

                          CNL HOSPITALITY PARTNERS, LP

                         A DELAWARE LIMITED PARTNERSHIP

                                  AS LANDLORD,

                                       AND

                            WYN ORLANDO LESSEE, LLC,

                      A DELAWARE LIMITED LIABILITY COMPANY

                                    AS TENANT

                                                                       Billerica
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                               TABLE OF CONTENTS

                                                                            Page

ARTICLE 1....................................................................

DEFINITIONS..................................................................

ARTICLE 2....................................................................

LEASED PROPERTY AND TERM.....................................................

     2.1  Leased Property....................................................

     2.2  Condition of Leased Property.......................................

     2.3  Initial Term.......................................................

     2.4  Extended Term......................................................

ARTICLE  3...................................................................

RENT 18

     3.1  Rent...............................................................

     3.2  Landlord Advances..................................................

     3.3  Sales Tax..........................................................

     3.4  Payment of Rent....................................................

     3.5  Late Payment of Rent...............................................

     3.6  Net Lease..........................................................

     3.7  No Abatement of Rent...............................................

     3.8  Minimum Rent Reserve...............................................

     3.9  Security Deposit...................................................

     3.10 Additional Rentals on Conversion Costs Earn-Outs...................

ARTICLE  4...................................................................

USE OF THE LEASED PROPERTY; CONFLICTING BUSINESS.............................

     4.1  Permitted Use......................................................

     4.2  Environmental Matters..............................................

     4.3  Conflicting Businesses Prohibited..................................

                                        i
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     4.4  Continuous Operations..............................................

     4.5  Compliance With Restrictions, Etc..................................

     4.6  Standard of Operation..............................................

     4.7  Survival...........................................................

ARTICLE 5....................................................................

MAINTENANCE AND REPAIRS......................................................

     5.1  Maintenance and Repair.............................................

     5.2  Yield Up...........................................................

ARTICLE 6....................................................................

IMPROVEMENTS, ETC............................................................

     6.1  Prohibition........................................................

     6.2  Permitted Renovations..............................................

     6.3  Additions, Expansions and Structural Alterations...................

     6.4  Salvage............................................................

ARTICLE 7....................................................................

LANDLORD'S INTEREST NOT SUBJECT TO LIENS.....................................

     7.1  Liens, Generally...................................................

     7.2  Mechanics Liens....................................................

     7.3  Contest of Mechanics Liens.........................................

     7.4  Notices of Commencement of Construction............................

ARTICLE 8....................................................................

TAXES AND ASSESSMENTS........................................................

     8.1  Obligation to Pay Taxes............................................

     8.2  Tax Account........................................................

     8.3  Permitted Contests.................................................

                                       ii

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ARTICLE 9....................................................................

INSURANCE....................................................................

     9.1  General Insurance Requirements.....................................

     9.2  Waiver of Subrogation..............................................

     9.3  General Provisions.................................................

     9.4  Blanket Policy.....................................................

     9.5  Indemnification of Landlord........................................

ARTICLE 10...................................................................

CASUALTY.....................................................................

     10.1 Restoration and Repair.............................................

     10.2 Insufficient Insurance Proceeds....................................

     10.3 Escrow of Insurance Proceeds.......................................

     10.4 Repairs............................................................

     10.5 Abatement of Rent..................................................

     10.6 Tenant's Property and Business Interruption Insurance..............

     10.7 Restoration of Tenant's Property...................................

     10.8 Waiver.............................................................

ARTICLE 11...................................................................

CONDEMNATION.................................................................

     11.1 Total Condemnation, Etc............................................

     11.2 Partial Condemnation; Temporary Condemnation.......................

     11.3 Disbursement of Award..............................................

     11.4 Abatement of Rent..................................................

     11.5 Disputes...........................................................

ARTICLE 12...................................................................

                                      iii
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                                TABLE OF CONTENTS
                                                                            Page

DEFAULTS AND REMEDIES........................................................

     12.1 Events of Default..................................................

     12.2 Remedies on Default................................................

     12.3 Application of Funds...............................................

     12.4 Landlord's Right to Cure Tenant's Default..........................

     12.5 Landlord's Lien....................................................

     12.6 The Other Leases...................................................

     12.7 Landlord's Default.................................................

     12.8 Special Remedies for Landlord Funding Default......................

ARTICLE 13...................................................................

HOLDING OVER.................................................................

ARTICLE 14...................................................................

LIABILITY OF LANDLORD; INDEMNIFICATION.......................................

     14.1 Liability of Landlord..............................................

     14.2 Notice of Claim or Suit............................................

     14.3 Limitation on Liability of Landlord................................

ARTICLE 15...................................................................

REIT REQUIREMENTS............................................................

ARTICLE 16...................................................................

SUBLETTING AND ASSIGNMENT SALE OF LEASED PROPERTY; LANDLORD'S RIGHT TO
ACQUIRE LEASEHOLD INTEREST; TRANSFERS BY LANDLORD............................

     16.1 Transfers Prohibited Without Consent...............................

     16.2 Indirect Transfer Prohibited Without Consent.......................

     16.3 Adequate Assurances................................................

     16.4 Change in Control of Wyndham.......................................

     16.5 Sale of the Leased Property........................................

                                       iv
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     16.6  Landlord's Right to Acquire the Leasehold Interest................

     16.7  Portfolio Assignment..............................................

     16.8  Permitted Sublease................................................

     16.9  Transfers by Landlord.............................................

     16.10 Transfers of Interests in Landlord................................

ARTICLE 17...................................................................

ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS...............................

     17.1  Estoppel Certificates.............................................

     17.2  Financial Statements..............................................

     17.3  Records...........................................................

     17.4  General Operations................................................

     17.5  Quarterly Meetings................................................

ARTICLE 18...................................................................

LANDLORD'S RIGHT TO INSPECT..................................................

ARTICLE 19...................................................................

ALTERNATIVE DISPUTE RESOLUTION...............................................

     19.1  Negotiation.......................................................

     19.2  Arbitration.......................................................

ARTICLE 20...................................................................

HOTEL MORTGAGES..............................................................

     20.1  Subordination.....................................................

     20.2  Attornment........................................................

     20.3  Rights of Mortgagees and Assignees................................

ARTICLE 21...................................................................

ADDITIONAL COVENANTS OF TENANT...............................................

                                       v
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     21.1     Conduct of Business..........................................

     21.2     Additional Covenants of Tenant...............................

     21.3     Tenant a Single Purpose Entity...............................

     21.4     Distributions, Payments to Affiliated Persons, Etc...........

     21.5     Compliance with Management Agreement.........................

ARTICLE 22.................................................................

MISCELLANEOUS..............................................................

     22.1     Limitation on Payment of Rent................................

     22.2     No Waiver....................................................

     22.3     Remedies Cumulative..........................................

     22.4     Severability.................................................

     22.5     Acceptance of Surrender......................................

     22.6     No Merger of Title...........................................

     22.7     Tenant's Representations.....................................

     22.8     Quiet Enjoyment..............................................

     22.9     Recordation of Memorandum of Lease...........................

     22.10    Notices......................................................

     22.11    Construction; Nonrecourse....................................

     22.12    Counterparts; Headings.......................................

     22.13    Applicable Law, Etc..........................................

     22.14    Right to Make Agreement......................................

     22.15    Brokerage....................................................

     22.16    No Partnership or Joint Venture..............................

     22.17    Entire Agreement.............................................

     22.18    Costs and Attorneys' Fees....................................

                                       vi
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     22.19    Approval of Landlord.........................................

     22.20    Successors and Assigns.......................................

     22.21    Waiver of Jury Trial.........................................

     22.22    Treatment of Lease...........................................

     22.23    Landlord's Option to Acquire the Tenant's Personal Property;
              Transfer of Licenses.........................................

     22.24    Landlord's Representations...................................

     22.25    Guaranty.....................................................

                                       vii
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                                    EXHIBITS
<TABLE>
<CAPTION>
<S>                                        <C>
     EXHIBIT "A"                  -  Permitted Encumbrances
     EXHIBIT "B"                  -  The Land
     EXHIBIT "C"                  -  Estoppel Certificate
     EXHIBIT "D"                  -  Memorandum of Lease
     EXHIBIT "E"                  -  Single Purpose Entity Requirements
     EXHIBIT "F"                  -  Property Expenses
     EXHIBIT "G"                  -  Tenant Equity Ownership
     EXHIBIT "H"                  -  Agreement of Guaranty
     EXHIBIT "I"                  -  The Proscribed Area
     EXHIBIT "J"                  -  Allocation of Minimum Rent Between Real
                                     Property and Personal
     EXHIBIT "K"                  -  Letter of Credit
     EXHIBIT "L"                  -  Post Closing Due Diligence Undertakings

</TABLE>

<PAGE>
                                LEASE AGREEMENT

     THIS LEASE  AGREEMENT is entered into as of this 31st day of May,  2000, by
and between CNL HOSPITALITY  PARTNERS,  LP, a Delaware Limited  Partnership,  as
landlord ("Landlord"), and WYN ORLANDO LESSEE, LLC, a Delaware Limited Liability
Company, as tenant ("Tenant").

                              W I T N E S S E T H:

     WHEREAS,  Landlord has  heretofore  acquired fee simple title to the Leased
Property (this and other capitalized terms used and not otherwise defined herein
having the meanings ascribed to such terms in ARTICLE 1); and

     WHEREAS,  Landlord wishes to lease the Leased Property to Tenant and Tenant
wishes to lease the Leased  Property from Landlord,  all subject to and upon the
terms and conditions herein set forth;

     NOW,  THEREFORE,  in consideration of the mutual covenants herein contained
and  other  good and  valuable  consideration,  the  mutual  receipt  and  legal
sufficiency of which are hereby  acknowledged,  Landlord and Tenant hereby agree
as follows:

                                   ARTICLE 1

                                  DEFINITIONS
                                  -----------

     For all purposes of this Agreement,  except as otherwise expressly provided
or unless the context otherwise requires,  (a) the terms defined in this Article
and used in this  Agreement  shall have the  meanings  assigned  to them in this
Article and include the plural as well as the singular, (b) all accounting terms
not  otherwise  defined  herein  shall  have the  meanings  assigned  to them in
accordance  with GAAP and the Uniform System of Accounts,  (c) all references in
this Agreement to designated  "Articles,"  "Sections" and other subdivisions are
to the designated  Articles,  Sections and other subdivisions of this Agreement,
and (d) the words  "herein,"  "hereof,"  "hereunder"  and other words of similar
import  refer to this  Agreement as a whole and not to any  particular  Article,
Section or other subdivision.

     "Accessibility Laws" shall mean all applicable laws, statutes, regulations,
rules,  ordinances,  codes,  licenses,  permits and orders, from time to time in
existence,  of all courts of competent jurisdiction and Government Agencies, and
all applicable judicial and administrative and regulatory decrees, judgments and
orders,   including   common  law  rulings  and   determinations,   relating  to
accessibility  for the disabled or handicapped,  including,  but not limited to,
any  applicable  provisions  of The  Architectural  Barriers  Act of  1968,  The
Rehabilitation  Act of 1973,  The Fair Housing Act of 1988,  The Americans  With
Disabilities Act, the accessibility  code(s),  if any, of the State in which the
Leased Property is located, and all regulations and guidelines promulgated under
any all of the foregoing, as the same may be amended from time to time.

                                       1
<PAGE>

     "Accounting  Period"  shall  mean each four (4) week  accounting  period of
Tenant,  corresponding  to calendar  months.  If Tenant  shall,  for a bona fide
business  reason,  change its  accounting  period  during the Term,  appropriate
adjustments,  if any,  shall be made with  respect to the  timing of  applicable
accounting and reporting requirements of this Agreement; provided, however, that
in no event shall any such change or adjustment alter the amount or frequency of
payment  of Minimum  Rent  within any Fiscal  Year,  or alter the  frequency  of
payment of  Percentage  Rent to less than four (4) times within any Fiscal Year,
or otherwise increase or reduce any monetary obligation under this Agreement.

     "Acquisition  Properties"  shall  mean the Leased  Property  and the leased
property  contemplated  by that certain  Lease  Agreement of even date  herewith
between  Landlord  and Tenant  with  respect to the  Wyndham  Denver Tech Center
Hotel.

     "Additional  Capital  Investment" shall have the meaning given such term in
Section 5.1.3(c).

     "Additional  Charges"  shall  have the  meaning  given such term in Section
3.1.4.

     "Affiliated  Person" or "Affiliate" shall mean, with respect to any Person,
(a) any Person directly or indirectly Controlling, Controlled by or under common
Control  with any such  Person,  (b) in the case of any such  Person  which is a
partnership, any partner in such partnership, (c) in the case of any such Person
which is a limited  liability  company,  any member of such company,  (d) in the
case of any such  Person  which  is a  corporation,  any  officer,  director  or
stockholder  of such  corporation,  (e) any other  Person  which is a Parent,  a
Subsidiary, or a Subsidiary of a Parent with respect to such Person or to one or
more of the Persons  referred to in the  preceding  clauses (a) through (d), (f)
any other Person who is an officer, director, trustee or employee of, or partner
in, such Person or any Person  referred to in the preceding  clauses (a) through
(e) and (g) any other Person who is a member of, or trustee of any trust for the
benefit of, the Immediate  Family of such Person or of any Person referred to in
the preceding clauses (a) through (f). Provided,  however, a Person shall not be
deemed to be an Affiliated Person solely by virtue of the ownership of shares of
stock  registered  under the  Securities  Act of 1934,  as amended,  unless such
Person,  as holder of such stock,  is required to file a Schedule 13 D, pursuant
to  Section  13(d)  of  such  Act  and  Rule  13  d-1  promulgated   thereunder.

     "Agreement" shall mean this Lease Agreement, including all Exhibits hereto,
as it and they may be amended from time to time as herein provided.

     "Amount  Funded"  shall mean the  remainder  of (a) all  Minimum  Rent paid
during  each  Accounting  Period by Tenant  pursuant to the terms of this Lease,
less (b) the total amount of Cash Available for Lease Payments  during each such
Accounting Period derived from the Leased Property.

     "Annual  Operations  Statement"  shall have the meaning  given such term in
Section 3.1.3.

                                       2
<PAGE>

     "Applicable  Laws" shall mean all applicable laws,  statutes,  regulations,
rules,  ordinances,  codes,  licenses,  permits and orders, from time to time in
existence,  of all courts of competent jurisdiction and Government Agencies, and
all applicable judicial and administrative and regulatory decrees, judgments and
orders,  including common law rulings and determinations of any kind,  including
without  limitation,  those relating to injury to, or the protection of (a) real
or personal  property,  (b) human health and safety  (except those  requirements
which,  by definition,  are solely the  responsibility  of  employers),  (c) the
Environment, including, without limitation, all valid and lawful requirements of
courts  and  other  Government  Agencies  pertaining  to  reporting,  licensing,
permitting,  investigation,  remediation and removal of underground improvements
(including, without limitation, treatment or storage tanks, or water, gas or oil
wells), or emissions,  discharges,  releases or threatened releases of Hazardous
Substances,  chemical substances,  pesticides,  petroleum or petroleum products,
pollutants,  contaminants or hazardous or toxic substances,  materials or wastes
whether solid, liquid or gaseous in nature, into the Environment, or relating to
the manufacture,  processing,  distribution,  use, treatment, storage, disposal,
transport  or  handling  of  Hazardous  Substances,   underground   improvements
(including, without limitation, treatment or storage tanks, or water, gas or oil
wells), or pollutants,  contaminants or hazardous or toxic substances, materials
or wastes,  whether  solid,  liquid or gaseous in nature,  or (d)  Accessibility
Laws.

     "Applicable  Percentage" shall mean, with respect to any Accounting Period,
or portion thereof, (a) with respect to the period beginning on the Commencement
Date and ending on the last day of the  twelfth  (12th) full  Accounting  Period
next following the  Commencement  Date, three percent (3%) of Total Hotel Sales;
(b) with respect to the  thirteenth  (13th)  through  twenty-fourth  (24th) full
Accounting  Periods next following the  Commencement  Date, four percent (4%) of
Total Hotel Sales, and, (c) with respect to each Accounting  Period  thereafter,
five percent (5%) of Total Hotel Sales.

     "Approved  Reserve  Estimate"  shall  have the  meaning  given such term in
Section 5.1.2(c).

     "Award" shall mean all compensation,  sums or other value awarded,  paid or
received  by virtue of a total or partial  Condemnation  of the Leased  Property
(after  deduction of all reasonable  legal fees and other  reasonable  costs and
expenses,  including,  without  limitation,  expert  witness  fees,  incurred by
Landlord and/or Tenant, in connection with obtaining any such award).

     "Beginning  Index" shall mean the average  Index  published for each of the
twelve (12) months preceding the Commencement Date.

     "Big Five  Accounting  Firms" shall mean  Deloitte & Touche LLP,  KPMG LLP,
Ernst & Young LLP,  Arthur  Anderson and  PricewaterhouseCoopers  LLP, and their
lawful successors and assigns.

     "Building  Estimate"  shall  have the  meaning  given  such term in Section
5.1.3(a).

     "Business Day" shall mean any day other than Saturday, Sunday, or any other
day  on  which  banking  institutions  in the  State  are  authorized  by law or
executive action to close.

                                       3

<PAGE>

     "Calculation  Period"  shall  mean  each  successive  period  of  four  (4)
consecutive  Fiscal Quarters  commencing with the first Fiscal Quarter following
the  acquisition  by Landlord of the Leased  Property and the  execution of this
Agreement.

     "Capital Expenditure" shall mean any expenditure with respect to the Leased
Property treated as capital in nature in accordance with GAAP.

     "Cash  Available for Lease  Payments" shall mean the remainder of (i) Total
Hotel Sales for the Leased Property during a given Shortfall Calculation Period,
less (ii)  Property  Expenses  for the Leased  Property  for the same  Shortfall
Calculation Period.

     "CHC" shall mean CNL Hospitality Corp., a Florida corporation.

     "CHP" shall mean CNL Hospitality Properties, Inc., a Maryland corporation.

     "Claims" shall have the meaning given such term in Section 8.3.

     "COBRA" shall mean the Consolidated Omnibus Budget Reconciliation Act.

     "Code"  shall mean the  Internal  Revenue  Code of 1986 and,  to the extent
applicable,  the Treasury Regulations  promulgated  thereunder,  each as amended
from time to time.

     "Commencement Date" shall mean the date of this Agreement.

     "Common Tenth  Anniversary Date" shall mean the last day of the one hundred
twentieth (120) full Accounting  Period following the  Commencement  Date of the
last of the Other Leases to be entered into by Landlord and Tenant.

     "Company"  shall have the meaning  given such term in the  recitals of this
Agreement.

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

     "Condemnor"  shall mean any  public or  quasi-public  authority,  or Person
having the power of Condemnation.

     "Conflicting  Business"  shall have the meaning  given such term in Section
4.3.

     "Control"  (including the correlative  meanings of the terms "Controlling",
"Controlled  by", and "under common  control  with") as used with respect to any
Person,  shall mean the  possession,  directly  or  indirectly,  of the power to
direct or cause the direction of the management  policies of such Person whether
through the ownership of voting securities,  or other interests,  by contract or
otherwise.

                                       4

<PAGE>

     "Conversion  Costs  Earn-Out"  shall  have the  meaning  given such term in
Section 3.10.

     "Default" shall mean any event or condition  existing which with the giving
of notice and/or lapse of time would ripen into an Event of Default.

     "Development Properties" shall mean those properties identified on EXHIBIT
"I" attached hereto.

     "Disbursement  Rate"  shall  mean as of the date of  determination,  (i) an
annual rate of interest equal to, 10.5% during the period from the  Commencement
Date through the Common Tenth Anniversary Date and (ii) provided Landlord elects
to increase Minimum Rent as provided in Section 3.1 hereof,  for the first Lease
Year of the Term following the Common Tenth Anniversary Date, 10.5% as increased
by that percentage equal to the positive change in the Extension Index preceding
such Lease Year over the Beginning  Index,  and for each Lease Year  thereafter,
the applicable  Disbursement Rate for the Lease Year prior to such Lease Year as
increased by that percentage equal to the positive change in the Extension Index
preceding  such Lease Year over the  Extension  Index  preceding  the Lease Year
prior to such Lease Year.

     "Distribution" shall mean (a) any declaration or payment of any dividend on
or in respect of any shares of any class of capital  stock of Tenant,  if Tenant
is a  corporation,  or any cash  distributions  in  respect  of any  partnership
interests or membership  interests in Tenant,  if Tenant is a  partnership  or a
limited liability  company,  (b) any purchase,  redemption,  retirement or other
acquisition of any shares of any class of capital stock of Tenant,  if Tenant is
a corporation, or any purchase,  redemption,  retirement or other acquisition of
any partnership or membership interests in Tenant, if Tenant is a partnership or
a limited liability company,  (c) any other distribution on or in respect of any
shares of any class of capital stock of Tenant,  if Tenant is a corporation,  or
any other  distribution  in respect of any  partnership  interests or membership
interests in Tenant, if Tenant is a partnership or a limited liability  company,
or (d) any  return  of  capital  to  shareholders  of  Tenant,  if  Tenant  is a
corporation,  or any  return of capital to  partners  of Tenant,  if Tenant is a
partnership or a limited liability company.

     "Entity"  shall  mean any  corporation,  general  or  limited  partnership,
limited  liability  company,  partnership,  stock company or association,  joint
venture, association,  company, trust, bank, trust company, land trust, business
trust, cooperative, any government or agency or political subdivision thereof or
any other entity.

     "Environment"  shall  mean  soil,  surface  waters,  ground  waters,  land,
streams, sediments, surface or subsurface strata and ambient air.

     "Environmental  Notice"  shall have the meaning  given such term in Section
4.2.2.

     "Event of Default" shall have the meaning given such term in Section 12.1.

     "Extended Terms" shall have the meaning given such term in Section 2.4.

                                       5

<PAGE>

     "Extension  Index" shall mean the average  Index  published for each of the
twelve (12) months  preceding the Common Tenth  Anniversary Date and for each of
the twelve (12) months  preceding the  commencement of each Lease Year following
the Common Tenth Anniversary Date.

     "FAS" shall mean all items included within  "Property and Equipment"  under
the Uniform  System of Accounts,  including,  but not limited to, linen,  china,
glassware,  tableware,  uniforms and similar  items,  whether used in connection
with public space or guest rooms.

     "FF&E"  shall mean and refer to (a) all  machinery,  equipment,  furniture,
furnishings,  movable walls or partitions,  computers or trade fixtures or other
personal property of any kind or description used or useful in Tenant's business
on or in the Leased Improvements,  and located on or in the Leased Improvements,
and all modifications,  replacements, alterations and additions to such personal
property,  except items, if any,  included within the category of Fixtures,  but
specifically  excluding  all items  included  within the  category  of  Tenant's
Personal Property; and (b) the Fixtures.

     "Fiscal  Quarter" shall mean,  with respect to the first,  second and third
quarter of any Fiscal Year,  Accounting  Periods one (1) through three (3), four
(4) through six (6) and seven (7) through nine (9)  respectively  of such Fiscal
Year and,  with  respect to the fourth  quarter of any Fiscal  Year,  Accounting
Periods ten (10) through thirteen (12) of such Fiscal Year.

     "Fiscal Year" shall mean Tenant's Fiscal Year which as of the  Commencement
Date ends at midnight on December 31 in each calendar  year.  Any partial Fiscal
Year between the Commencement Date and the commencement of the first full Fiscal
Year  (except  with  respect to the  payment of Minimum  Rent as  referenced  in
paragraph 3.1.1 of this  Agreement),  shall constitute a separate Fiscal Year. A
partial  Fiscal  Year  between  the end of the  last  full  Fiscal  Year and the
termination of this Agreement  shall also  constitute a separate Fiscal Year. If
Tenant's Fiscal Year is changed in the future,  appropriate  adjustments to this
Agreement's  reporting  and  accounting  procedures  shall  be  made;  provided,
however,  that no  such  change  or  adjustment  shall  alter  the  Term of this
Agreement  or in any way reduce the  distribution  of  Percentage  Rent or other
payments due hereunder. Each full Fiscal Year shall consist of twelve Accounting
Periods.

     "Fixtures" shall have the meaning given such term in Section 2.1(d).

     "Force Majeure Event" means any circumstance which is not in the reasonable
control  of  Landlord  or  Tenant,  caused  by any of  the  following:  strikes,
lockouts; acts of God; civil commotion; fire or any other casualty; governmental
action (including  revocation or refusal to grant any required license or permit
where such revocation or refusal is not within the control of the party affected
thereby);  or other similar cause or circumstance which is not in the reasonable
control of either party hereto.  Neither lack of financing nor general  economic
and/or market factors is a Force Majeure Event.

     "GAAP" shall mean generally  accepted  accounting  principles  consistently
applied.

     "Government  Agencies"  shall mean any  legislative  body,  court,  agency,
authority,  board  (including,  without  limitation,  environmental  protection,
planning and zoning), bureau, commission,  department, office or instrumentality
of any nature whatsoever of any governmental or  quasi-governmental  unit of the
United States or the State or any county or any political  subdivision of any of
the foregoing,  whether now or hereafter in existence,  having jurisdiction over
Tenant or the Leased  Property  or any  portion  thereof  or the Hotel  operated
thereon.

                                       6
<PAGE>

     "Guarantor" shall mean Wyndham International, Inc., a Delaware corporation.

     "Guaranty"  shall  mean  that  certain  guaranty  of  Tenant's  obligations
hereunder  from  Guarantor in favor of Landlord of even date  herewith a copy of
what   is   attached   hereto   as EXHIBIT "H".

     "Hazardous Substances" shall mean any substance:

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

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

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

     (d) the  presence  of which on the  Leased  Property  causes or  materially
threatens to cause an unlawful  nuisance upon the Leased Property or to adjacent
properties  or poses or  materially  threatens  to pose a hazard  to the  Leased
Property or to the health or safety of persons on or about the Leased  Property;
or

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

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

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

     (h)  without  limitation,  constitutes  materials  which  are  now  or  may
hereafter be subject to regulation  pursuant to the Material  Waste Tracking Act
of 1988, or any Applicable Laws promulgated by any Government Agencies.

                                       7
<PAGE>

     "Hotel"  shall  mean the 210  room  Wyndham  Billerica  Hotel  located  and
operated on the Land.

     "Hotel Mortgage" shall mean any encumbrance placed upon the Leased Property
as referenced in ARTICLE 20.

     "Immediate  Family"  shall  mean,  with  respect  to any  individual,  such
individual's spouse, parents, brothers,  sisters, children (natural or adopted),
stepchildren,  grandchildren,  grandparents,  parents-in-law,   brothers-in-law,
sisters-in-law, nephews and nieces.

     "Impositions"  shall  mean  collectively,  all  taxes  (including,  without
limitation,  all taxes imposed under the laws of the State,  as such laws may be
amended from time to time,  and all ad valorem,  sales,  use,  lodging,  casino,
single business, gross receipts,  transaction,  privilege, rent or similar taxes
as the same  relate to or are  imposed  upon  Landlord,  Tenant or the  business
conducted upon the Leased Property), assessments (including, without limitation,
all assessments for public improvements or benefit,  whether or not commenced or
completed  prior  to  the  date  hereof),  special  taxing  district  taxes  and
indebtedness, water, sewer or other rents and charges, excises, tax levies, fees
(including, without limitation,  license, permit, inspection,  authorization and
similar fees), and all other governmental  charges, in each case whether general
or special,  ordinary or  extraordinary,  or  foreseen or  unforeseen,  of every
character in respect of the Leased Property or the business conducted thereon by
Tenant or any  party  claiming  by,  through  or under  Tenant,  (including  all
interest and penalties  thereon due to any failure in payment by Tenant),  which
at any time prior to, during or in respect of the Term hereof may be assessed or
imposed  on or in respect of or be a lien upon (a)  Landlord's  interest  in the
Leased  Property,  (b) the  Leased  Property  or any  part  thereof  or any rent
therefrom or any estate, right, title or interest therein, or (c) any occupancy,
operation,  use or possession of, or sales from, or activity conducted on, or in
connection with the Leased Property or the leasing or use of the Leased Property
or any part thereof by Tenant; provided,  however, that nothing contained herein
shall be construed to require Tenant to pay (i) any tax based on net income, net
worth or capital  imposed on  Landlord,  (ii) any net revenue  tax of  Landlord,
(iii) any transfer  fee or other tax imposed with respect to the sale,  exchange
or other  disposition  by  Landlord,  of the  Leased  Property  or the  proceeds
thereof,  (iv) any single business,  gross receipts tax, transaction  privilege,
rent,  or similar tax, as the same relate to or are imposed upon  Landlord,  (v)
any  interest  or  penalties  imposed on  Landlord as a result of the failure of
Landlord to file any return or report  timely and in the form  prescribed by law
or to pay any tax or  imposition,  except to the extent such failure is a result
of a  breach  by  Tenant  of its  obligations  under  this  Agreement,  (vi) any
Impositions  imposed  on  Landlord  that  are a result  of  Landlord  not  being
considered a "United  States  person" as defined in Section  7701(a)(30)  of the
Code or (vii) any  Impositions  imposed as a result of a breach of  covenant  or
representation by Landlord in any agreement  entered into by Landlord  governing
Landlord's  conduct  or  operation  or as a result  of the gross  negligence  or
willful misconduct of Landlord (the matters  contemplated in items (i)-(vii) are
collectively referred to as the "Excluded Impositions").

     "Indebtedness" shall mean all obligations,  contingent or otherwise,  which
in accordance  with GAAP should be reflected on the  obligor's  balance sheet as
liabilities.

                                       8
<PAGE>

    "Index"  shall mean the Producer  Price Index For Full  Service  Hotels and
Motels  published  by the  Bureau  of  Labor  Statistics  of the  United  States
Department  of Labor (June  1993=100).  In the event such  Producer  Price Index
shall  hereafter  be  converted  to a different  standard  reference  base or is
otherwise  revised,  any determinations to be made pursuant to the provisions of
this  Agreement  with  reference to the Index shall be made with the use of such
different  standard  reference  base,  conversion  factor,  formula or table for
converting  the Producer  Price Index as may be published by the Bureau of Labor
Statistics,  or, if said Bureau shall not publish the same, then with the use of
such different standard reference base,  conversion factor,  formula or table as
may be published by  Prentice-Hall,  Inc. or, failing such  publication,  by any
other nationally recognized publisher of similar statistical information. In the
event such Producer Price Index shall cease to be published,  then, for purposes
of any  determination  to be made pursuant to the  provisions of this  Agreement
with reference to the Index,  there shall be substituted  for the Producer Price
Index such other index as Landlord and Tenant shall agree upon, and, if they are
unable to agree  within 90 days  after the  Producer  Price  Index  ceases to be
published, such matters shall be submitted to arbitration in accordance with the
provisions of ARTICLE 19.

     "Initial Term" shall have the meaning given such term in Section 2.3.

     "Institutional  Lender"  shall  mean  an  insurance  company,  bank,  trust
company,  savings  and  loan  association,  pension  and  profit-sharing  trust,
teacher's  annuity fund,  university,  real estate  investment  trust,  mortgage
company,  credit company,  investment banking firm, or any affiliate of any such
designated  institution  directly or  indirectly  controlling,  controlled by or
under  common  control  with  such  designated  institution,   which  designated
institution and/or its affiliate is regularly engaged in the business of making,
purchasing,  servicing,  or acting as trustee for the  holders of  interest  in,
loans.

     "Insurance  Requirements"  shall  mean all  terms of any  insurance  policy
required by this Agreement and all requirements of the issuer of any such policy
and all orders, rules and regulations and any other requirements of the National
Board of Fire  Underwriters  (or any other body  exercising  similar  functions)
binding upon Landlord, Tenant or the Leased Property.

     "Inventories"  shall mean "Inventories" as defined in the Uniform System of
Accounts,   including,   but  not  limited   to,   provisions   in   storerooms,
refrigerators,  pantries and kitchens; beverages in wine cellars and bars; other
merchandise intended for sale; fuel; mechanical supplies;  stationery; and other
expenses, supplies and similar items.

     "Land" shall have the meaning given such term in Section 2.1(a).

     "Landlord"  shall have the meaning given such term in the preambles to this
Agreement and shall include its successors and assigns.

     "Lease  Year"  shall mean any Fiscal  Year  during the Term and any partial
Fiscal Year at the beginning or end of the Term.

     "Leased  Improvements"  shall have the  meaning  given such term in Section
2.1(b).

                                       9
<PAGE>

     "Leased Intangible  Property" shall mean all transferable or assignable (a)
governmental  permits,  including licenses and authorizations,  required for the
construction,  ownership  and  operation of the Leased  Improvements,  including
without  limitation,   certificates  of  occupancy,  building  permits,  signage
permits, liquor licenses, site use approvals, zoning certificates, environmental
and land use permits  and any and all  necessary  approvals  from state of local
authorities  and other  approvals  granted by any public  body or by any private
party pursuant to a recorded  instrument relating to such Leased Improvements or
the  Land;  and  (b)  certificates,  licenses,  warranties  and  guarantees  and
contracts other than such permits, operating permits, certificates, licenses and
approvals which are to held by, or transferred to, the Tenant in order to permit
the Tenant to operate such Leased  Improvements  properly and in accordance with
the terms of this Lease.

     "Leased Property" shall have the meaning given such term in Section 2.1.

     "Legal Requirements" shall mean all federal,  state, county,  municipal and
other  governmental  statutes,  laws, rules,  orders,  regulations,  ordinances,
judgments,  decrees  and  injunctions  affecting  the  Leased  Property  or  the
maintenance,  construction,  alteration  or  operation  thereof,  whether now or
hereafter  enacted  or in  existence,  including,  without  limitation,  (a) all
permits,  licenses,  authorizations,  certificates and regulations  necessary to
operate  the  Leased   Property  for  its  Permitted  Use,  (b)  all  covenants,
agreements,  declarations,   restrictions  and  encumbrances  contained  in  any
instruments  at any time in force  affecting  the  Leased  Property  or to which
Tenant has  consented  or required to be granted  pursuant to  Applicable  Laws,
including  those  which  may (i)  require  material  repairs,  modifications  or
alterations  in or to the  Leased  Property  or (ii) in any way  materially  and
adversely affect the use and enjoyment  thereof,  but excluding any requirements
arising as a result of Landlord's  status as a real estate investment trust, and
(c) Applicable Laws.

     "Lien" shall mean any mortgage,  security interest,  deed of trust, pledge,
collateral assignment, or other encumbrance,  lien or charge of any kind, or any
transfer of property  or assets for the  purpose of  subjecting  the same to the
payment of  Indebtedness  or performance of any other  obligation in priority to
payment of the obligor's general creditors.

     "Major  Capital  Expenditures"  shall have the  meaning  given such term in
Section 5.1.3(a).

     "Management  Agreement" shall mean that certain Management  Agreement dated
of even date with this Agreement between Tenant and Manager,  and any subsequent
Management Agreement entered into by Tenant and approved by Landlord in advance,
which  Management  Agreement  shall be expressly  junior and subordinate to this
Agreement and to Landlord's right, title, and interest hereunder.

     "Manager"   shall  mean   Wyndham   Management   corporation,   a  Delaware
corporation,  a majority owned subsidiary of Wyndham, and any subsequent manager
approved by Landlord hereunder.

     "Minimum  Rent"  shall  mean  annual  rent as set forth in  Section  3.1.1,
subject to prorations and adjustments as set forth in Section 3.1.1.

                                       10
<PAGE>

     "Minimum  Rent  Reserve"  shall mean the  reserve  established  pursuant to
Section 3.8 hereof.

     "Minimum Rent Coverage"  shall mean the quotient,  expressed as a ratio, of
(i) the Cash Available for Lease Payments during the Calculation  Period divided
by the (ii) Minimum Rent paid under this Lease during such Calculation Period.

     "Minor Alteration" shall have the meaning given such term in Section 6.2.

     "Mortgagee" shall mean the holder of any Hotel Mortgage.

     "Notice" shall mean a notice given in accordance with Section 22.10.

     "Other  Leases"  shall  mean,  collectively  any and all  lease  agreements
between  Landlord and Tenant with respect to the Acquisition  Properties and the
Development  Properties  which  shall,  if at all, be entered  into on or before
December 31, 2001.

     "Overdue  Rate" shall mean, on any date, a per annum rate of interest equal
to the  lesser  of (a)  fifteen  percent  (15%)  or (b) the  maximum  rate  then
permitted under applicable law.

     "Parent" shall mean, with respect to any Person, any Person which directly,
or indirectly through one or more Subsidiaries or Affiliated  Persons,  (a) owns
fifty-one percent (51%) or more of the voting or beneficial  interest in, or (b)
otherwise  has the right or power  (whether by  contract,  through  ownership of
securities or otherwise) to control, such Person.

     "Percentage Rent" shall have the meaning given such term in Section 3.1.2.

     "Permitted Encumbrances" shall mean all rights, restrictions, and easements
of record set forth on Schedule "B" to the  applicable  owner's title  insurance
policy issued to Landlord on the date hereof,  plus any other such  encumbrances
as may have been consented to in writing by Landlord from time to time.

     "Permitted  Use"  shall  mean  any  use of the  Leased  Property  permitted
pursuant to Section 4.1.1.

     "Person"  shall mean any  individual or Entity,  and the heirs,  executors,
administrators,  legal  representatives,  successors  and assigns of such Person
where the context so admits.

     "Portfolio  Assignee"  shall mean a Person other than an Affiliated  Person
that is  approved or deemed  approved  by Landlord as an assignee  pursuant to a
Portfolio Assignment under Section 16.7.

     "Portfolio  Assignment"  shall mean the  assignment  by Tenant and  express
written  assumption by Portfolio  Assignee of all of Tenant's rights,  title and
interests  in this  Agreement  and the Other  Leases  pursuant to Section  16.7.

     "Property  Expenses" shall mean those expenses more particularly  described
on  EXHIBIT "F"  attached     hereto.

                                       11
<PAGE>

     "Proscribed Area" shall have the meaning given such term in Section 4.3.

     "Prohibited  Mortgage"  shall have the  meaning  given such term in Section
14.3.

     "Purchase  Agreement" shall mean the Purchase and Sale Agreement,  dated as
of May __, 2000, by and between WII Denver Tech,  LLC and PAH  Billerica  Realty
Company,   LLC,  as  seller,  CNL  Hospitality  Corp.,  as  buyer,  and  Wyndham
International, Inc., as Wyndham, as the same may be amended from time to time.

     "Rent" shall mean,  collectively,  the Minimum  Rent,  Percentage  Rent and
Additional Charges.

     "Reserve" shall have the meaning given such term in Section 5.1.2(a).

     "Reserve  Estimate"  shall  have the  meaning  given  such term in  Section
5.1.2(c).

     "Reserve  Expenditures"  shall have the meaning  given such term in Section
5.1.2(a).

     "SEC" shall mean the Securities and Exchange Commission.

     "Security Deposit" shall have the meaning given such term in Section 3.9.

     "Shortfall  Calculation  Period" shall,  mean each successive  period of 12
consecutive  Accounting Periods commencing with the first full Accounting Period
following the Commencement Date of this Lease.

     "Single Purpose Entity" shall have the meaning given such term in EXHIBIT
"E" attached hereto.

     "State" shall mean the State in which the Hotel is located.

     "Subsidiary"  shall mean,  with respect to any Person,  any Entity in which
such  Person  directly,  or  indirectly  through  one or  more  Subsidiaries  or
Affiliated  Persons,  (a) owns fifty-one  percent (51%) or more of the voting or
beneficial interest or (b) which such Person otherwise has the right or power to
control (whether by contract, through ownership of securities or otherwise).

     "Successor  Landlord"  shall  have the  meaning  given such term in Section
20.1.

     "Tax Account" shall have the meaning given such term in Section 8.2.

     "Tax Escrow Amount" shall have the meaning given such term in Section 8.2.

     "Tenant" shall be the entity  identified in the preamble to this Agreement,
a wholly  owned,  single  purpose  entity  of  Wyndham,  and shall  include  its
successors and assigns expressly permitted hereunder.

                                       12
<PAGE>

     "Tenant's  Intangible  Personal  Property" shall mean Tenant's  proprietary
intellectual  property,  software,  manuals,  procedures,  processes  and  other
proprietary  information used in connection with the Hotel and any rights to the
name  "Patriot  American  Hospitality,"  "Patriot  American,"  "Patriot"  or any
derivative thereof; any rights to the name "Wyndham International," "Wyndham" or
any derivative thereof;  or any rights to the names of any Parent,  Subsidiaries
or Affiliated  Persons of Patriot American  Hospitality,  Inc., Patriot American
Hospitality   Partnership,   L.P.,  Wyndham  International,   Inc.,  or  Wyndham
International  Operating Partnership,  L.P., or any derivatives thereof; in each
case,  including all rights,  trademarks,  service  marks,  trademark or service
marks registrations, trademark applications, copyrights, copyright registrations
and copyright applications.

     "Tenant's  Personal  Property" shall mean all motor vehicles,  Inventories,
FAS, and any other tangible  personal  property of Tenant,  if any,  acquired by
Tenant (but not leased) at its  election and with its own funds on and after the
date hereof and located at the Leased  Property or used in Tenant's  business at
the Leased Property, working capital, bank account balances,  software and other
miscellaneous supplies and consumables utilized in connection with the operation
of the Leased Property,  and all  modifications,  replacements,  alterations and
additions  to  such  personal  property  installed  at the  expense  of  Tenant,
including, without limitation, Tenant's Intangible Personal Property.

     "Term"  shall mean,  collectively,  the Initial Term and, to the extent not
terminated pursuant to the provisions of Section 2.4, the Extended Terms, unless
sooner terminated pursuant to the provisions of this Agreement.

     "Threshold"  shall, for each Fiscal Quarter for the Leased  Property,  mean
(a) for the  period  commencing  with the  Commencement  Date and  ending on the
Common Tenth Anniversary Date, the sum of $3,420,750.00  representing 1/4 of the
proforma Total Hotel Sales in the first Lease Year of the Term of this Agreement
and the Other  Lease  for the other  Acquisition  Property  (which  sum shall be
appropriately  increased as additional Other Leases are executed by Landlord and
Tenant) (the "Initial Threshold");  and (b) provided Landlord elects to increase
the Initial  Threshold  as provided  hereafter,  for the first Lease Year of the
Term  following the Common Tenth  Anniversary  Date, the Initial  Threshold,  as
increased by that percentage equal to the positive change in the Extension Index
preceding  such Lease Year,  over the Beginning  Index,  and for each Lease Year
thereafter,  the  Threshold  for the  Lease  Year  prior to such  Lease  Year as
increased by that percentage equal to the positive change in the Extension Index
preceding  such Lease Year over the  Extension  Index  preceding  the Lease Year
prior to such Lease Year. The Initial Threshold shall automatically  increase as
provided  above if the  Landlord  notifies  the Tenant prior to the Common Tenth
Anniversary  Date that  Landlord  has  elected to increase  the Minimum  Rent as
referenced  in  subsection  3.1.1(d).  If  Landlord  does not elect to  increase
Minimum Rent as referenced in subsection  3.1.1(d),  Landlord shall be deemed to
have elected not to increase  the Initial  Threshold  as  referenced  herein and
shall be deemed to have elected to use the Initial  Threshold  as the  Threshold
for the Term. Upon determining the adjusted  Threshold for each applicable Lease
Year following the Common Tenth Anniversary  Date,  Landlord shall notify Tenant
of the  amount of the  Threshold  applicable  for each such  Lease  Year and the
amount for each Fiscal  Quarter of such Lease Year.  Provided,  however,  (x) in
determining the increase in the Threshold as contemplated in this paragraph, the
increase  in the Index  over each year  between  the  Commencement  Date and the
Common Tenth  Anniversary Date shall be aggregated,  provided that the Threshold
shall  not be  increased  by more than  three  percent  (3%) for any Lease  Year
between  the  Commencement   Date  and  the  Common  Tenth   Anniversary   Date,
notwithstanding  any actual  increase in the Index for such Lease Year in excess
of three percent (3%),  and (y) the Threshold for each Lease Year  following the
first Lease Year after the Common Tenth  Anniversary  Date shall not increase by
more than three percent (3%) over the Threshold for the prior Lease Year.

                                       13
<PAGE>

     "Total Hotel  Sales" shall mean,  for the  applicable  period of time,  all
gross  revenues  and  receipts  of every kind  derived by or for the  benefit of
Tenant or Manager from operating or causing the operation of the Leased Property
and all parts thereof,  including, but not limited to: income from both cash and
credit transactions (after reasonable  deductions for commissions paid to credit
card  companies for credit  transactions,  bad debts and discounts for prompt or
cash payments and refunds),  rental of rooms, stores, offices,  meeting, exhibit
or sales space of every kind;  license,  lease and concession  fees and rentals,
off premises  catering,  if any, and parking rental income from vending machines
and video  machines,  health club  membership  fees;  food and  beverage  sales;
wholesale and retail sales of merchandise  (other than proceeds from the sale of
furnishings,  fixtures and equipment no longer necessary to the operation of the
Hotel,  which,  except with  respect to  Tenant's  Personal  Property,  shall be
deposited in the Reserve), and service charges, to the extent not distributed to
employees at the Hotel as gratuities;  provided, however, that Total Hotel Sales
shall not include the following:  gratuities to Hotel employees;  federal, state
or municipal excise, sales,  occupancy,  use or similar taxes collected directly
from  patrons or guests or  included  as part of the sales price of any goods or
services; Awards or insurance proceeds; any proceeds from any sale of the Leased
Property or from the refinancing of any debt  encumbering  the Leased  Property;
proceeds from the  disposition of  furnishings,  fixture and equipment no longer
necessary  for the  operation of the Hotel;  interest  which  accrues on working
capital of Tenant and amounts  deposited in the Reserve;  and gross  receipts of
licensees,  lessees and  concessionaires  if other than Tenant or an  Affiliated
Person of Tenant.

     "Total Rooms Revenue"  shall mean,  for the applicable  period of time, all
gross  revenues and receipts of every kind derived by Tenant or Manager from, or
attributable  to or  payable  for,  use or rental of guest  rooms at the  Hotel,
including,  without  limitation  income  from both cash and credit  transactions
(after  reasonable  deductions  for bad debts and  discounts  for prompt or cash
payments and refunds,  rebates and  credits),  but  excluding any sales or other
applicable  taxes  collected by Manager with regard to the rental of guest rooms
for transmittal to the appropriate  taxing authority.  Total Rooms Revenue shall
also include the proceeds from any business interruption insurance applicable to
loss of revenues due to the  non-availability  of guest rooms and for guaranteed
no-show  revenue which is collected.  Total Rooms Revenue shall be accounted for
in accordance with the Uniform System of Accounts.

     "Uniform  System of Accounts"  shall mean A Uniform  System of Accounts for
the Lodging  Industry,  Ninth Revised  Edition,  1996, as published by the Hotel
Association  of New York City,  as the same may be further  revised from time to
time.

     "Unsuitable  for Its Permitted  Use" shall mean a state or condition of the
Leased  Property such that  following any damage,  destruction  or  condemnation
involving the Leased  Property,  (a) the Leased  Property  cannot be operated as
mutually  determined by Landlord and Tenant on a commercially  practicable basis
for its Permitted  Use, and (b) it cannot  reasonably be expected to be restored
to substantially  the same condition as existed before such damage,  destruction
or condemnation and as is otherwise required by ARTICLE 10 and ARTICLE 11 within
eighteen(18) months following such damage or destruction. If Landlord and Tenant
cannot agree on whether the Leased  Property  can be operated on a  commercially
practical  basis for its  Permitted  Use,  or whether  the Leased  Property  can
reasonably  be expected  to be  restored  as  provided  in (b) of the  preceding
sentence, such matter shall be resolved by  arbitration  pursuant to ARTICLE  19
hereof.

                                       14
<PAGE>

     "WARN Act" shall mean Worker Adjustment Retraining and Notification Act.

     "Work" shall have the meaning given such term in Section 10.4.

     "Wyndham" shall mean Wyndham International, Inc., a Delaware Corporation.

     "Wyndham  Standards"  shall mean  standards in effect from time to time for
maintenance,  operation and improvement of full service hotels comparable to the
Hotel which utilize the Wyndham name and which offer comparable quality, service
and amenities as the Hotel;  provided such  standards are applicable to at least
ten (10) comparable hotels to which such standards are applicable  utilizing the
Wyndham name (the name and location of at least ten (10) comparable hotels shall
be provided by Wyndham to Landlord  from time to time upon  request of Landlord,
which  request  will not be made more  often  than  yearly)  and are  reasonably
consistent  with then current  prudent  operating  standards  applicable  to the
operation, repair, maintenance, and condition of a full service hotel (including
a hotel of another  brand)  comparable  in class,  quality  and  standing as the
Hotel. Wyndham Standards shall not include standards which constitute an upgrade
of the Hotel or its  quality,  services and  amenities  to a different  class of
hotel (such as, for example,  an upgrade from current Wyndham hotel standards to
those  of  a  Ritz  Carlton  or  Four  Seasons).   The  foregoing  examples  are
illustrations  only of the  types  of  changes  the  magnitude  of  which  would
constitute  an upgrade and are not  necessarily  intended to imply that any such
example defines the Hotel.

                                   ARTICLE 2

                            LEASED PROPERTY AND TERM
                            ------------------------

     2.1  Leased  Property.  Upon  and  subject  to  the  terms  and  conditions
hereinafter set forth, Landlord hereby leases to Tenant and Tenant hereby leases
from Landlord all of Landlord's  right,  title and interest in and to all of the
following (collectively, the "Leased Property"):

          (a) all those  certain  tracts,  pieces and  parcels of land,  as more
          particularly described in EXHIBIT "B", attached hereto and made a part
          hereof (collectively, the "Land");

          (b) the Hotel,  all buildings,  structures and other  improvements  of
          every kind  including,  but not limited to,  alleyways and  connecting
          tunnels,  sidewalks,  utility  pipes,  conduits and lines (on-site and
          off-site),  parking areas and roadways  appurtenant  to such buildings
          and  structures   presently  or  hereafter   situated  upon  the  Land
          (collectively, the "Leased Improvements");

                                       15
<PAGE>

          (c) all easements,  rights and appurtenances  relating to the Land and
          the Leased Improvements;

          (d) all equipment,  machinery,  fixtures,  and other items of personal
          property, now or hereafter permanently affixed to or incorporated into
          the Leased Improvements,  including, without limitation, all furnaces,
          boilers, heaters, electrical equipment,  heating, plumbing,  lighting,
          ventilating,  refrigerating,  incineration,  air and  water  pollution
          control, waste disposal,  air-cooling and air-conditioning systems and
          apparatus,  sprinkler systems and fire and theft protection equipment,
          all of which,  to the  maximum  extent  permitted  by law,  are hereby
          deemed by the parties hereto to constitute real estate,  together with
          all replacements,  modifications,  alterations and additions  thereto,
          but  specifically  excluding all items included within the category of
          Tenant's Personal Property  (collectively,  the "Fixtures");

          (e) all machinery, equipment, furniture,  furnishings,  moveable walls
          or partitions, computers or trade fixtures and other items of personal
          property   located  on  or  in  the  Leased   Improvements,   and  all
          modifications,   replacements,   alterations  and  additions  to  such
          property,  except  items,  if any,  included  within the  category  of
          Fixtures,  and  specifically  excluding all items included  within the
          category of Tenant's Personal Property;

          (f) all of the Leased Intangible Property; and

          (g) any and all subleases of space  (including  any security  deposits
          held  by  Tenant  pursuant  thereto)  in the  Leased  Improvements  to
          subtenants thereof.

     2.2 Condition of Leased Property.  Tenant  acknowledges and agrees that the
Leased  Property is and shall be leased by Landlord to Tenant and from  Landlord
by Tenant in its  present  "as is"  condition,  subject  to all  faults  and the
existing state of title and all applicable  legal or governmental  requirements,
and Landlord makes absolutely no representations  or warranties  whatsoever with
respect to the Leased  Property or the condition  thereof.  Tenant  acknowledges
that Landlord has not  investigated  and does not warrant or represent to Tenant
that the Leased  Property is fit for the purposes  intended by Tenant or for any
other purpose or purposes  whatsoever,  and Tenant  acknowledges that the Leased
Property is to be leased to Tenant in its existing condition, i.e., "as-is", and
"where-is", without any representation or warranty as to habitability or fitness
for any particular  purpose,  on and as of the Commencement Date. Tenant further
acknowledges that all material permits,  licenses and approvals  required by any
governmental or quasi-governmental, body, department, commission, board, bureau,
instrumentality  or  officer,  or  otherwise  appropriate  with  respect  to the
construction,  operation,  leasing, maintenance or use of the Leased Property or
any part thereof,  have been issued,  are past all appeals periods and are valid
and in full force and effect and that no  provision,  condition or limitation of
any of the same has been breached or violated.  Tenant further acknowledges that
during the Term of this Agreement,  Tenant shall,  except as otherwise expressly
provided in Section 5.1, be solely responsible for any and all actions, repairs,
permits, approvals and costs required for the rehabilitation,  renovation,  use,
occupancy and operation of the Leased  Property in  accordance  with  applicable
governmental   requirements,   foreseen  or   unforeseen,   including,   without
limitation,  all  governmental  charges  and fees,  if any,  which may be due or
payable to applicable authorities.  In addition, and notwithstanding anything in
this Agreement to the contrary,  Tenant hereby expressly acknowledges and agrees
to the Post  Closing Due Diligence Undertaking set forth on EXHIBIT "L" attached
hereto.  Tenant  agrees  that, by leasing the Leased Property,  Tenant  warrants
and represents that Tenant has examined and approved all things  concerning  the
Leased  Property  which  Tenant  deems  material  to Tenant's leasing, operation
and use of the Leased Property. Tenant further acknowledges  and agrees that (a)
neither  Landlord  nor  any  agent  of  Landlord  has made any representation or
warranty,  express  or  implied,  concerning  the  Leased Property or which have
induced Tenant to execute this Agreement and (b)  any  other representations and
warranties are expressly disclaimed by Landlord.  The provisions of this Section
2.2  shall not  limit  or  impair  the  obligations  of Landlord under ARTICLE 5
hereof.

                                       16
<PAGE>

     2.3 Initial Term. The initial term of this  Agreement (the "Initial  Term")
shall commence on the Commencement  Date and shall terminate and expire at 11:59
p.m. on the day preceding the fifteenth  anniversary of the  Commencement  Date,
i.e. May ___, 2015.

     2.4 Extended Term. Provided that no Event of Default shall exist hereunder,
the Term of this Agreement shall be  automatically  extended for a first renewal
term of five (5) years (the "First  Extended  Term")  unless  Tenant  shall give
Landlord  Notice,  in  Tenant's  sole and  absolute  discretion,  not later than
eighteen (18) months prior to the scheduled expiration of the Initial Term, that
Tenant  elects not to so extend the Term of this  Agreement.  Further,  provided
that no Event of  Default  shall  exist,  the  Term of this  Agreement  shall be
automatically  further extended for a second renewal term of five (5) years (the
"Second  Extended  Term")  unless  Tenant  shall give  Landlord  Notice,  in the
Tenant's sole and absolute discretion, not later than eighteen (18) months prior
to the scheduled  expiration of the First Extended Term,  that Tenant elects not
to so further extent the Term of this Agreement. Further, provided that no Event
of  Default  shall  exist,  the Term of this  Agreement  shall be  automatically
further extended for a third renewal term of five (5) years (the "Third Extended
Term")  unless  Tenant shall give  Landlord  Notice,  in the  Tenant's  sole and
absolute discretion,  not later than eighteen (18) months prior to the scheduled
expiration  of the Second  Extended  Term,  that Tenant elects not to so further
extend the Term of this Agreement.  Time shall be of the essence with respect to
the giving of the Notices  contemplated in this Section 2.4. (The First Extended
Term, the Second  Extended  Term,  and the Third Extended Term are  collectively
referred to as the "Extended Terms").

     Each Extended Term shall  commence on the day  succeeding the expiration of
the Initial Term or the preceding  Extended Term, as the case may be. All of the
terms,  covenants  and  provisions  of this  Agreement  shall apply to each such
Extended  Term except that Tenant  shall have no right to extend the Term beyond
the expiration of the Extended Terms. In addition,  notwithstanding  anything in
this  Agreement to the contrary,  the Initial Term hereof and each Extended Term
hereof may only be  extended if the initial  term and each  applicable  extended
term of the Other Leases is also  extended,  it being the express  understanding
and agreement of the Landlord and Tenant that the Term of this Agreement and the
term of each of the Other Leases shall run  concurrently and that if the term of
any of the Other  Leases,  or the Term of this  Agreement is not  extended  then
neither this Agreement nor the Other Leases shall be extended for any applicable
Extended Term.  Otherwise the extension of this Agreement shall be automatically
effected without the execution of any additional documents;  it being understood
and agreed,  however,  that Tenant and Landlord shall execute such documents and
agreements as either party shall reasonably require to evidence the same.

                                       17
<PAGE>

                                   ARTICLE 3

                                      RENT
                                      ----

     3.1 Rent.

     Tenant  shall pay, in lawful  money of the United  States of America  which
shall be legal  tender  for the  payment of public and  private  debts,  without
offset,  abatement,  demand or deduction (unless otherwise expressly provided in
this  Agreement),  Minimum Rent and  Percentage  Rent to Landlord and Additional
Charges to the party to whom such  Additional  Charges are  payable,  during the
Term.  All payments to Landlord  shall be made by wire  transfer of  immediately
available  federal  funds or by other means  acceptable  to Landlord in its sole
discretion.

          3.1.1  Minimum  Rent.  Subject to proration  as set forth  below,  and
subject  to  increase  as set forth  hereinafter  in this  Section  3.1.1 and in
Section 5.1.4 and Section 10.2 hereof,  Tenant shall pay as annual base rent for
the Leased Property  ("Minimum Rent") as follows:  (a) for the first full twelve
Accounting  Periods  during the Term the total sum of TWO HUNDRED NINE  THOUSAND
ONE HUNDRED and NO/100 DOLLARS  ($209,100.00) (First Year Minimum Rent); (b) for
Accounting  Periods  thirteen  through  twenty-four the total sum of TWO HUNDRED
FOURTEEN  THOUSAND THREE HUNDRED  TWENTY SEVEN AND 50/100 DOLLARS  ($214,327.50)
(Second Year Minimum Rent ); (c) for each twelve Accounting  Periods  thereafter
through the Common Tenth Anniversary Date, the total sum of TWO HUNDRED NINETEEN
THOUSAND FIVE HUNDRED FIFTY FIVE AND NO/100 DOLLARS  ($219,555.00) (Third Period
Minimum  Rent ). For each  Accounting  Period  commencing  with the Common Tenth
Anniversary  Date and continuing  throughout the remainder of the Term,  Minimum
Rent shall, at Landlord's option, be increased based upon increases in the Index
as  hereafter  provided or if Landlord  does not elect to increase  Minimum Rent
based upon  changes in the Index as  hereafter  provided,  Minimum  Rent for the
remainder of the Term commencing with the Common Tenth Anniversary Date shall be
the  rental  equal to the  Third  Period  Minimum  Rent.  Minimum  Rent  will be
allocated between the real property and tangible personal property and valued in
the manner  contemplated in Section 15 with the initial allocation  reflected on
EXHIBIT "J" attached hereto.

     If  Landlord  elects to  increase  Minimum  Rent based upon  changes in the
Index, Landlord shall notify Tenant at least sixty (60) days prior to the Common
Tenth  Anniversary  Date of such  election  and if  Landlord  fails to so notify
Tenant of such  election  at least  sixty (60) days  prior to the  Common  Tenth
Anniversary  Date Landlord shall have waived its right to increase  Minimum Rent
as herein provided.  In the event Landlord elects to increase Minimum Rent based
upon  changes in the Index and so notifies  Tenant,  Minimum  Rent for the first
Lease Year commencing with the Common Tenth  Anniversary Date shall be increased
based  upon  increases  in  the  Extension  Index  preceding  the  Common  Tenth
Anniversary  Date over the  Beginning  Index.  In  determining  the  increase in
Minimum Rent as  contemplated  in the  preceding  sentence,  the increase in the
Index  over  each  year  between  the  Commencement  Date and the  Common  Tenth
Anniversary Date (computed as herein contemplated) shall be aggregated, provided
Minimum  Rent shall not be  increased  by more than three  percent  (3%) for any
Lease Year between the Commencement  Date and the Common Tenth Anniversary Date,
notwithstanding  any actual  increase in the Index for such Lease Year in excess
of three percent (3%).

                                       18
<PAGE>

     Accordingly,  Minimum  Rent for the first  Lease Year  commencing  with the
Common Tenth  Anniversary  Date shall be equal to the Third Period  Minimum Rent
for the Lease Year preceding the Common Tenth  Anniversary  Date multiplied by a
fraction the  numerator of which is the  Extension  Index  preceding  the Common
Tenth  Anniversary Date and the denominator of which is the Beginning Index. For
each Lease Year after the first  Lease  Year  commencing  with the Common  Tenth
Anniversary  Date,  Minimum  Rent shall  increase  based upon  increases  in the
Extension Index preceding each Lease Year over the Extension Index preceding the
previous  Lease Year.  Thus,  for example,  the Minimum Rent for the third Lease
Year following the Common Tenth  Anniversary Date shall be determined based upon
increases  in the  Extension  Index  preceding  such  third  Lease Year over the
Extension  Index  preceding  the second  Lease Year  following  the Common Tenth
Anniversary  Date.  Accordingly,  for each Lease Year  following the first Lease
Year after the Common  Tenth  Anniversary  Date,  Minimum Rent in effect for the
Lease Year  preceding each such Lease Year shall be multiplied by a fraction the
numerator  of which is the  Extension  Index  preceding  such Lease Year and the
denominator  of which is the Extension  Index  preceding the Lease Year prior to
such Lease Year.

     If Landlord  notifies Tenant prior to the Common Tenth  Anniversary Date of
its election to so increase  Minimum  Rent as provided  above,  Percentage  Rent
shall be adjusted  and  determined  based upon  increases  in the  Threshold  as
contemplated in this Agreement. Upon determining the adjusted Minimum Rental for
each such Lease Year,  Landlord  shall  notify  Tenant of the amount of adjusted
Minimum Rent due for such Lease Year.  If such notice is not  provided  prior to
the  commencement of such Lease Year,  Tenant shall pay any increased  amount of
Minimum  Rent due for the  first  month(s)  of such  Lease  Year  with the first
Minimum Rent payment due after receipt of Landlord's notice. Provided,  however,
Minimum Rent shall not be increased by more than three percent (3%) in any Lease
Year following the first Lease Year after the Common Tenth Anniversary Date.

     Tenant shall pay Minimum Rent to Landlord in equal installments in advance,
on the first (1st) Business Day of each Accounting Period. Accordingly,  (a) for
the first full twelve Accounting Periods, First Year Minimum Rent, together with
applicable  sales  and  use and  other  taxes  thereon  (but  not  any  Excluded
Impositions)  shall be due and  payable  to  Landlord  by  Tenant  on the  First
Business Day of each such Accounting  Period; (b) for each of Accounting Periods
thirteen  through  twenty four,  Second Year  Minimum  Rent,  together  with all
applicable sales, use and other taxes thereon (but not any Excluded Impositions)
shall be due and payable by Tenant to Landlord on the first Business Day of each
such Accounting  Period;  (c) for each Accounting Period thereafter  through the
Common Tenth  Anniversary  Date,  Third Period  Minimum Rent,  together with all
applicable sales, use and other taxes thereon (but not any Excluded Impositions)
shall be due and payable by Tenant to Landlord on the first Business Day of each
such Accounting  Period;  and (d) for each Accounting Period thereafter  Minimum
Rent in the amount  determined  by  Landlord  as  aforesaid,  together  with all
applicable sales, use and other taxes thereon (but not any Excluded Impositions)
shall  be due and  payable  by  Tenant  to  Landlord  on the  first  day of each
Accounting  Period.  Provided,  however,  that the first payment of Minimum Rent
shall be payable on the Commencement  Date.  Further,  if applicable,  the first
payment of Minimum  Rent and the last  payment of Minimum Rent shall be prorated
on a per diem basis  provided,  however,  that for purposes of Minimum Rent, any
prorated  payment  for any  partial  Accounting  Period  prior to the first full
Accounting  Period shall be prorated based upon the Minimum Rent payable for the
first full twelve  Accounting  Periods and any  prorated  Rent at the end of the
Term shall be prorated  based upon  Minimum  Rent  payable  for each  Accounting
Period after the thirty sixth Accounting Period.

                                       19
<PAGE>

     3.1.2  Percentage  Rent. In addition to, and not in lieu of,  Minimum Rent,
Tenant shall pay to Landlord at the times and in the manner  provided in Section
3.1.3 a sum  ("Percentage  Rent")  equal to ten percent  (10%) of the  aggregate
Total Hotel Sales for the Acquisition  Properties and the Development Properties
in excess of the aggregate  Thresholds for all such  properties.  The Percentage
Rent  payable  hereunder  shall be prorated  among the Leased  Property  and the
leased properties contemplated by the Other Leases based on each such property's
Total Hotel Sales in excess of the  Threshold  for such  property in relation to
the aggregate  Total Hotel Sales in excess of the aggregate  Thresholds  for the
Acquisition Properties and Development  Properties;  provided,  however, for the
first Lease Year of the Term hereof or the term of any of the Other  Leases,  no
Percentage Rent shall be payable.

          3.1.3 Payment of Percentage Rent.  Installments of Percentage Rent for
each Fiscal Year or portion  thereof  shall be  calculated  and paid each Fiscal
Quarter in arrears.  Tenant shall within  thirty (30) days after the end of each
Fiscal  Quarter of the Term hereof  submit to  Landlord  (a) an  unaudited  (but
certified by a duly authorized  officer or managing member of Tenant)  statement
showing a detailed  breakdown of the  calculation  of  Percentage  Rent for that
Fiscal  Quarter  and Fiscal  Year-to-date  on a  cumulative  basis,  and (b) the
applicable  Percentage  Rent  payment  due and  owing  (if any)  for the  Leased
Property  for that Fiscal  Quarter.  Installments  of  Percentage  Rent due with
respect to the Leased  Property  for each Fiscal  Quarter  shall be equal to the
Percentage Rent for the Leased  Property for all Fiscal Quarters  elapsed during
the applicable  Fiscal Year less amount  previously paid with respect thereto by
Tenant.  If the Percentage Rent for such elapsed Fiscal Quarters as shown on the
last quarterly  statement is less than the amount  previously  paid with respect
thereto by Tenant,  the amount of such  difference  shall be offset against Rent
next coming due under this Lease.  Such payment of Percentage Rent shall be paid
by Tenant to Landlord together with and in the same manner as the installment of
Minimum Rent due on such date. Percentage Rent for any partial Fiscal Quarter in
the final Fiscal Year shall be prorated proportionately.  Tenant's obligation to
pay  Percentage  Rent  for  the  Fiscal  Quarter  which  includes  the  date  of
termination of this Agreement shall survive the termination hereof.

     Tenant shall,  no later than 90 days  following the end of each Fiscal Year
during the Term  hereof  furnish to  Landlord  for such  Fiscal  Year a complete
statement  (the  "Annual  Operations  Statement")  certified  by an  independent
certified  public  accountant  who is  actively  engaged in the  practice of his
profession and who is experienced in hotel  accounting and approved by Landlord,
which approval shall not be unreasonably  withheld or delayed,  (which Statement
shall also be  certified  either by an officer,  partner or  managing  member in
Tenant),  setting forth,  with respect to such Fiscal Year in reasonable  detail
the Total Hotel Sales in respect of such  Fiscal  Year  together  with copies of
statements  from the  Manager  with  respect  to the Leased  Property  as to its
operations  therein  including  without  limitation,  all expenses  incurred and
income  derived by it. If the Annual  Operations  Statement  for any Fiscal Year
indicates that the aggregate of the installment  payments  theretofore made with
respect  to  such  Fiscal  Year  pursuant  to this  Section  3.1.3  exceeds  the
Percentage Rent due for such Fiscal Year, Landlord shall credit such overpayment
together with interest  thereon  determined as set forth below in this paragraph
against the next  installment  or  installments  of Minimum Rent falling due (or
will pay the amount of such overpayment,  together with such interest, to Tenant
if this  Agreement  shall  have  terminated  other  than by reason  of  Tenant's
default,  or if Landlord so elects to do so). If, on the other hand,  the Annual
Operations  Statement  indicates that the aggregate of the installment  payments
theretofore  made with  respect to such Fiscal Year is less than the  Percentage
Rent due for such Fiscal Year then  Tenant  shall pay the balance or excess,  as
the case may be, together with interest thereon determined as set forth below in
this  paragraph,  to Landlord  concurrently  with the  submission  of the Annual
Operations  Statement.  Interest  shall  accrue  on  payments  pursuant  to this
paragraph  at the  Disbursement  Rate from the date when  first due and  payable
until the date when the adjusted  amount is fully  credited or paid (as the case
may be), in the manner as set forth above.

                                       20
<PAGE>

     Notwithstanding  the  foregoing,  Landlord  at its own  expense,  except as
provided  hereinbelow,  shall  have the right,  exercisable  by Notice to Tenant
given  within  270  days  after  receipt  of the  applicable  Annual  Operations
Statement,  by its accountants or  representatives,  to commence within such 270
day  period  an audit of the  information  set forth in such  Annual  Operations
Statement and, in connection  with such audit,  to examine all of Tenant's books
and records with respect thereto (including supporting data and sales and excise
tax returns);  provided,  however,  if Landlord  reasonably  believes Tenant has
intentionally  misrepresented  Total Hotel  Sales on any such Annual  Operations
Statement,  the said 270 day period shall  commence to run on the date  Landlord
obtains credible  evidence that Tenant has  intentionally  misrepresented  Total
Hotel Sales on any such Annual  Operations  Statement,  which credible  evidence
must be obtained,  if at all, within three (3) calendar years following the date
such Annual Operation  Statement has been furnished by Tenant.  If Landlord does
not  commence  an audit  within  such 270 day  period,  such  Annual  Operations
Statement shall be deemed to be accepted by Landlord as correct.  Landlord shall
use  commercially  reasonable  efforts  to  complete  any such  audit as soon as
practicable.  If such audit  discloses a deficiency in the payment of Percentage
Rent,  Tenant  shall  forthwith  pay to Landlord  the amount of the  deficiency,
together  with  interest  at the  Disbursement  Rate from the date such  payment
should have been made to the date of payment  therefore.  If such  deficiency is
more than three  percent  (3%) of the Total Hotel  Sales  reported by Tenant for
such Fiscal Year, and as a result Landlord did not receive at least  ninety-five
percent (95%) of the  Percentage  Rent payable with respect to such fiscal year,
Tenant shall also pay the costs of such audit and  examination.  Any proprietary
information  obtained  by  Landlord  with  respect  to  Tenant  pursuant  to the
provisions  of this Section or any other  provision of this  Agreement  shall be
treated as confidential,  except that such  information may be used,  subject to
appropriate  confidentiality  safeguards, in any litigation between or involving
the parties and except  further that Landlord may disclose such  information  to
its  prospective  lenders,  provided that Landlord  shall direct such lenders to
maintain  such  information  as  confidential.  The  obligations  of Tenant  and
Landlord  contained  in this Section  shall  survive the  expiration  or earlier
termination of this Agreement.

                                       21
<PAGE>

          3.1.4  Additional  Charges.  In  addition  to  the  Minimum  Rent  and
Percentage Rent payable hereunder,  Tenant shall pay to the appropriate  parties
and discharge as and when due and payable hereunder the following (collectively,
"Additional Charges"):

          (a) Impositions.  Tenant shall pay or cause to be paid all Impositions
          required to be paid pursuant to ARTICLE 8.

          (b) Utility Charges. Tenant shall be liable for and shall promptly pay
          directly to the utility  company all charges and fees  (together  with
          any applicable taxes or assessments  thereon) prior to delinquency for
          water, gas, electricity, air conditioning, heat, septic, sewer, refuse
          collection,  telephone and any other utility charges,  impact fees, or
          similar  items in  connection  with the use or occupancy of the Leased
          Property.  Landlord  shall  not be  responsible  or  liable in any way
          whatsoever  for  the  quality,  quantity,  impairment,   interruption,
          stoppage,  or other interference with any utility service,  including,
          without  limitation,  water,  air  conditioning,  heat, gas,  electric
          current for light and power,  telephone,  or any other utility service
          provided  to  or  serving  the  Leased   Property.   No  interruption,
          termination  or cessation of utility  services shall relieve Tenant of
          its duties and  obligations  pursuant  to this  Agreement,  including,
          without  limitation,  its  obligation  to pay all Rent as and when the
          same shall be due hereunder.

          (c)  Insurance  Premiums.  Tenant  shall  pay or  cause to be paid all
          premiums for the insurance coverage required to be maintained pursuant
          to ARTICLE 9.

          (d)  Other  Charges.  Tenant  shall  pay or cause to be paid all other
          amounts,  liabilities and  obligations  arising in connection with the
          Leased Property except those obligations expressly assumed by Landlord
          pursuant to the provisions of this  Agreement or expressly  stated not
          to be an obligation of Tenant pursuant to this Agreement.

     3.2 Landlord  Advances.  If Landlord shall make any  expenditure  for which
Tenant is responsible or liable under this Agreement,  or if Tenant shall become
obligated to Landlord  under this  Agreement for any sum other than Minimum Rent
or Percentage Rent as hereinabove provided,  Landlord shall provide no less than
five (5) days  Notice  thereof to Tenant and the amount  thereof  together  with
interest  thereon at the Overdue  Rate from the date  advanced by  Landlord,  if
advanced,  shall be deemed to constitute Additional Charges and shall be due and
payable by Tenant to Landlord, together with all applicable sales or other taxes
thereon (but not any Excluded Impositions), if any, simultaneously with the next
succeeding monthly installment of Minimum Rent after such five (5) day period or
at such  other  time as may be  expressly  provided  in this  Agreement  for the
payment of the same.

     3.3  Sales  Tax.  In  addition  to the Rent and any other  sums or  amounts
required to be paid by Tenant to Landlord  pursuant  to the  provisions  of this
Agreement and subject to any  qualifications and exclusions in the definition of
Impositions, Tenant shall also pay to Landlord, simultaneously with such payment
of such Rent or other sums or amounts,  the amount of any applicable sales, use,
excise or similar or other tax on any such Rent or other sums or amounts so paid
by Tenant to  Landlord,  whether the same be levied,  imposed or assessed by any
federal  entity or by the State in which the Leased  Property  is located or any
other county or municipal  governmental  entity or agency in such State (but not
any Excluded Impositions). Any such sales, use, excise or similar or other taxes
shall be paid by Tenant to Landlord or the  appropriate  Governmental  Agency at
the same time that each of the  amounts  with  respect  to which  such taxes are
payable are paid by Tenant to Landlord.  Landlord shall upon written  request by
Tenant provide to Tenant on an annual basis such reasonable information as shall
be  necessary  to enable  Tenant to pay such  tax.  If Tenant  pays any such tax
directly to an  appropriate  Government  Agency,  Tenant  shall,  upon  request,
promptly provide Landlord appropriate evidence of the same.

                                       22
<PAGE>

     3.4 Payment of Rent. Except as otherwise expressly provided herein, each of
the  foregoing  amounts of Rent and other sums shall be paid without  demand and
without deduction, set-off, claim or counterclaim of any nature whatsoever which
Tenant may have or allege to have against Landlord, and all such payments shall,
upon  receipt  by  Landlord,  be and remain the sole and  absolute  property  of
Landlord.  All such Rent and  other  sums  shall be paid in legal  tender of the
United  States at the address to which notices to Landlord are to be given or to
such other party or to such other address as Landlord may designate from time to
time by written notice to Tenant.  If Landlord shall at any time accept any such
Rent or other sums after the same shall become due and payable,  such acceptance
shall  not  excuse  a delay  upon  subsequent  occasions,  or  constitute  or be
construed as a waiver of any of Landlord's rights here-under.  Nothing contained
in this  Section 3.4,  Section 3.6 or in any other  similar  provisions  of this
Lease shall be deemed to  prohibit  Tenant  from  bringing a separate  action or
compulsory counterclaim against Landlord for Landlord's breach of this Lease.

     3.5 Late Payment of Rent. If Tenant fails to make any payment of Rent on or
before the fifth day after the date such payment is due and  payable,  such past
due payment  shall bear  interest  at the  Overdue  Rate.  Such  interest  shall
constitute  Additional  Charges  and  shall  be due and  payable  with  the next
installment of Rent due hereunder.

     3.6 Net Lease.  Landlord and Tenant acknowledge and agree that both parties
intend that this Agreement shall be and constitute what is generally referred to
in the real estate  industry as a "triple  net" or  "absolute  net" lease,  such
that, except as otherwise expressly provided in this Agreement,  Tenant shall be
obligated  hereunder to pay all costs and expenses incurred with respect to, and
associated  with,  the Leased  Property  and all personal  property  thereon and
therein and the  business  operated  thereon  and  therein,  including,  without
limitation, all taxes and assessments, utility charges, lease payments on leased
personal   property,   insurance  costs,   service  agreement  fees  and  costs,
maintenance costs and repair,  replacement and restoration expenses (all as more
particularly  herein  provided) and all costs and expenses  for,  under and with
respect to the Management Agreement together with any and all other assessments,
charges,  costs and  expenses  of any kind or nature  whatsoever  related to, or
associated  with,  the Leased  Property  and the business  operated  thereon and
therein,  other than  Landlord's  financing  costs and expenses and related debt
service  and  Excluded  Impositions;  provided,  however,  that  Landlord  shall
nonetheless be obligated to pay Landlord's personal income taxes with respect to
the Rents and other amounts received by Landlord under this Agreement. Except as
expressly herein provided, Landlord shall bear no cost or expense of any type or
nature with respect to, or associated with, the Leased  Property.  Except to the
extent otherwise expressly provided in this Agreement, it is agreed and intended
that Rent payable  hereunder by Tenant  shall be paid  without  notice,  demand,

                                     23
<PAGE>

counterclaim,  set-off, deduction or defense and without abatement,  suspension,
deferment,  diminution  or reduction  and that  Tenant's  obligation to pay Rent
throughout  the  Term  and  any   applicable   Extended  Term  is  absolute  and
unconditional  and the obligations and liabilities of Tenant  hereunder shall in
no way be released,  discharged or otherwise affected for any reason,  including
without limitation by: (a) any defect in the condition, merchantability, design,
quality or fitness for use of the Leased  Property or any part  thereof,  or the
failure of the Leased  Property to comply with  Applicable  Laws,  including any
inability to occupy or use the Leased Property by reason of such non-compliance;
(b) any damage to, removal,  abandonment,  salvage, loss,  condemnation,  theft,
scrapping or destruction of or any  requisition or taking of the Leased Property
or any part thereof,  or any  environmental  condition on the Leased Property or
any  property  in the  vicinity  of the Leased  Property;  (c) any  restriction,
prevention or curtailment of or interference with any use of the Leased Property
or any part thereof,  including any lawful eviction;  (d) any defect in title to
or  rights to the  Leased  Property  or any lien on such  title or rights to the
Leased Property; (e) any change, waiver,  extension,  indulgence or other action
or omission or breach in respect of any  obligation  or  liability  of or by any
Person; (f) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution,  liquidation  or other like  proceedings  relating to Tenant or any
other  Person  (other than  Landlord)  or any action  taken with respect to this
Agreement by any trustee or receiver of Tenant or any other  Person  (other than
Landlord) or by any court, in any such proceedings;  (g) any right or claim that
Tenant has or might have  against any  Person,  including,  without  limitation,
Landlord  (other  than a  monetary  default),  or any  vendor,  manufacturer  or
contractor  of or for the  Leased  Property;  (h)  any  failure  on the  part of
Landlord or any other  Person to perform or comply with any of the terms of this
Agreement,  or of any other  agreement;  (i) any  invalidity,  unenforceability,
rejection or  disaffirmance  of this  Agreement by operation of law or otherwise
against  or by  Tenant  or  any  provision  hereof;  (j)  the  impossibility  of
performance  by Tenant  or  Landlord,  or both;  (k) any  action  by any  court,
administrative agency or Government Agencies; (l) any interference, interruption
or cessation in the use, possession or quiet enjoyment of the Leased Property or
otherwise;  or (m) any other occurrence whatsoever whether similar or dissimilar
to the  foregoing,  whether  foreseeable  or  unforeseeable,  and whether or not
Tenant  shall  have  notice  or  knowledge  of any of the  foregoing;  provided,
however, that the foregoing shall not apply or be construed to restrict Tenant's
rights  in the  event of any act or  omission  by  Landlord  constituting  gross
negligence  or  willful  misconduct.  Except as  specifically  set forth in this
Agreement,  this  Agreement  shall be  noncancellable  by Tenant  for any reason
whatsoever and except as expressly  provided in this Agreement,  Tenant,  to the
extent now or hereafter  permitted by Applicable Laws,  waives all rights now or
hereafter conferred by statute or otherwise to quit, terminate or surrender this
Agreement  or  to  any  diminution,  abatement  or  reduction  of  Rent  payable
hereunder.  Except  as  specifically  set  forth  in this  Agreement,  under  no
circumstances  or conditions  shall Landlord be expected or required to make any
payment of any kind hereunder or have any  obligations  with respect to the use,
possession,  control, maintenance,  alteration,  rebuilding,  replacing, repair,
restoration or operation of all or any part of the Leased  Property,  so long as
the Leased Property or any part thereof is subject to this Agreement, and except
as specifically  set forth in this Agreement,  Tenant expressly waives the right
to perform any such action at the expense of Landlord pursuant to any law.

     3.7 No Abatement of Rent. Except as otherwise specifically provided in this
Agreement,  no abatement,  diminution or reduction (a) of Rent, charges or other
compensation, or (b) of Tenant's other obligations hereunder shall be allowed to
Tenant or any person claiming under Tenant,  under any  circumstances or for any
reason  whatsoever  and to the maximum  extent  permitted by law,  Tenant hereby
waives the application of any local or state statutes,  land rules,  regulations
or ordinance providing to the contrary.

                                       24
<PAGE>

     3.8 Minimum Rent  Reserve.  In addition to any other  security for Tenant's
performance as may be contemplated  by this Agreement,  Tenant shall establish a
cash  reserve  for  the  Acquisition  Properties  in  the  aggregate  amount  of
$1,000,000.00,  which may be used for  reimbursement  to  Tenant  of any  Amount
Funded  hereunder  and under the Lease for the other  Acquisition  Property  and
except as herein  otherwise  provided,  for no other purpose.  Such cash reserve
shall be placed in an interest  bearing  investment  account selected by Tenant.
Such  account  shall be  maintained  in  Landlord's  name in a bank  selected by
Landlord and approved by Tenant, which approval will not be withheld if the bank
selected  is an FDIC Member and  maintains  at least  Twenty  Million and 00/100
Dollars  ($20,000,000.00) in assets and shall not be under any regulatory orders
from any  federal  or state  banking  authorities.  If during the Term such bank
shall not meet the foregoing criteria the reserve shall be moved to another bank
mutually  agreed to by Landlord  and Tenant.  All  interest  earned on such cash
reserve  shall be the property of Tenant and accrued  interest  shall be paid to
Tenant on a monthly basis. Such required cash reserve shall exist and be used to
reimburse Tenant for any Amount Funded by Tenant hereunder in Rent and except as
herein otherwise provided,  for no other purpose Tenant shall have no obligation
to replenish such cash reserve.

     In lieu of the million  dollar cash  reserve as  aforesaid,  Tenant may, at
Tenant's  option  deliver  to  Landlord  a letter of credit in the amount of One
Million and NO/100 Dollars  ($1,000,000.00) as security for Tenant's performance
hereunder. Such letter of credit shall be irrevocable and transferable, shall be
payable at "sight" issued by a bank selected by Tenant and approved by Landlord,
(which  approval will not be withheld if the bank selected is an FDIC Member and
maintains at least Twenty Million and NO/100 Dollars  ($20,000,000.00) in assets
and shall not be under any  regulatory  orders from any federal or state banking
authorities) and naming  Landlord,  as beneficiary and shall be substantially in
the  form of  EXHIBIT "K" attached hereto. Such letter of credit  shall be for a
term  of  no  less  than  one  (1)  year  and  shall  state  on its face that it
automatically renews by one (1) year periods,  upon  the  respective  expiration
date set  forth  therein  and upon  each  anniversary  of such  date thereafter,
unless sixty (60) days prior to such expiration date or prior to any anniversary
of such date the bank issuing the letter of credit  notifies Landlord in writing
by  certified  or  registered  mail or by  Federal  Express  or  other expedited
overnight  courier  service that it elects not to renew the letter of credit, or
Tenant notifies Landlord that it shall replace such letter of credit  with a new
letter of credit meeting the requirements herein, in which event, so long as the
Acquisition  Properties  have  not  achieved   the   coverage   ratio  hereafter
specified, Tenant shall, within forty five  (45)  days  thereafter  (but  in any
event no later than  fifteen  (15) days prior to the  expiration  date  of  such
letter of credit) deliver to Landlord a new letter of credit effective  upon the
expiration date of the expiring letter of credit from a bank mutually  agreed to
by Landlord and Tenant, and on the same terms of such expiring  letter of credit
with a term of no less than one (1) year;  provided,  that the amount of the new
letter of  credit  shall be equal to One  Million  and  NO/100  Dollars

                                       25
<PAGE>

($1,000,00.00)  less any Amount Funded by Tenant hereunder for Rent. If Landlord
shall receive notice from the bank issuing such letter of credit that it intends
not to renew the  letter of credit and  Tenant  fails to  deliver a  replacement
letter of credit as aforesaid,  then Landlord  shall be entitled to  immediately
draw upon the expiring letter of credit. In the event that the bank which issues
the letter of credit shall not meet the foregoing criteria,  then Landlord shall
be  entitled  to draw on the  letter of  credit  if after ten (10) days  written
notice to  Tenant  that the bank does not meet the  foregoing  criteria,  Tenant
fails  either to  replace  such  letter of credit  with a cash  deposit of equal
amount or provide a substitute  letter of credit from a bank mutually  agreed to
by Landlord and Tenant.  The term of the letter of credit  shall,  in any event,
not  expire  until  thirty  (30) days  following  the date that the  Acquisition
Properties  achieve the coverage ratio hereafter  specified or the Amount Funded
by Tenant exceeds the amount of the original  letter of credit at which time the
letter of credit shall be returned to Tenant.

     Following  payment of Minimum Rent hereunder by Tenant as required  herein,
Tenant shall on or before the  fifteenth  (15th) day of each  Accounting  Period
deliver or cause to be delivered to Landlord a statement  reflecting  the Amount
Funded, if any, by Tenant for the immediately  preceding Accounting Period. Upon
approval  of such  statement,  Landlord  shall,  if Tenant has  delivered a cash
reserve,  cause a sum of money equal to the Amount Funded by Tenant as reflected
on such statement, to be released from the cash reserve and delivered to Tenant.
If Tenant has  delivered a letter of credit,  there shall be no partial draws on
the letter of credit for any Amount Funded.  Notwithstanding  the foregoing,  in
the  event  that  Minimum  Rent is not paid  when due  hereunder,  Landlord  may
withdraw  from the cash  reserve  the  Minimum  Rent due and owing to  Landlord.
Further,  upon the occurrence of an Event of Default,  Landlord may withdraw the
entire  cash  reserve.  In the  event  that  Minimum  Rent is not paid  when due
hereunder  and Tenant has delivered to Landlord a letter of credit as aforesaid,
Landlord  may make a partial draw on the letter of credit for the amount of such
unpaid  Minimum  Rent,  and the terms of the  letter of credit  shall  expressly
authorize  and provide for such  partial  draw,  provided the amount of any such
draw shall not exceed the face amount of the then existing letter of credit less
all  Amounts  Funded by Tenant  prior to the date such  Minimum  Rent is due and
after the date the current  letter of credit was  delivered.  Further,  upon the
occurrence of an Event of Default, Landlord may draw on the letter of credit and
retain  from the  proceeds  thereof,  the face amount  thereof  less all Amounts
Funded by Tenant prior to the  occurrence  of the Event of Default and after the
date the current  letter of credit was delivered (it being  understood  that all
proceeds of the letter of credit equal to the Amount  Funded by Tenant after the
date the current letter of credit was delivered  shall be promptly  delivered to
Tenant). In addition,  such reserve shall exist and be held by Landlord,  to the
extent of funds therein,  until such time as the aggregate Total Hotel Sales for
the  Acquisition  Properties  during  any  rolling  six (6)  month  period  less
aggregate  Property Expenses for such Acquisition  Properties  incurred and paid
during each such six (6) month  period,  divided by total  Minimum Rent paid for
the  Acquisition  Properties  during  such six (6)  month  period  results  in a
quotient, expressed as a ratio, of 1.05 or greater. At such time, Landlord shall
cause the balance remaining in the cash reserve, if any, plus accrued and unpaid
interest thereon, if any, to be paid to Tenant. For purposes of the Minimum Rent
Reserve,  Property Expenses for the Leased Property shall include the payment of
a  management  fee  equal to three  percent  (3%) of Total  Hotel  Sales and the
funding of the Reserve.

     3.9  Security  Deposit.  As  security  for  the  faithful  performance  and
compliance by Tenant of the terms,  covenants and conditions  hereof on Tenant's
part to be performed and complied  with,  the Tenant shall,  in connection  with
Tenant's  execution  of  this  Agreement,  deposit  with  Landlord  the  sum  of
$1,254,600.00  (The  "Security  Deposit").  Such  Security  Deposit shall not be

                                       26
<PAGE>

considered an advance  payment of rental or a measure of  Landlord's  damages in
case of default  by Tenant and in  Landlord's  sole  discretion,  may be held or
invested  by  Landlord  and any  interest  accruing  thereon  shall  be the sole
property of Landlord.  Such  Security  Deposit may be commingled by Landlord and
held in any  account  of  Landlord.  Landlord  shall  have the  right to use the
Security Deposit as it sees fit, including the right to apply any part or all of
the Security Deposit to cure any default of the Tenant hereunder and if Landlord
does so apply the Security Deposit against a default, Tenant shall, upon demand,
deliver  to and  deposit  with  Landlord  a sum of money  equal to the amount so
applied,  so that Landlord  shall have the full Security  Deposit on hand at all
times  during the Term of this Lease.  Upon the  expiration  of the Term of this
Lease,  provided no Event of Default exists, the Security Deposit or the portion
of such Security Deposit then in Landlord's  possession after application of any
portion thereof to a default  hereunder by Tenant,  shall be returned to Tenant.
The Landlord  shall have the right to apply any part of the Security  Deposit to
cure any default of the Tenant without thereby waiving any of Landlord's  rights
hereunder with respect to a default by Tenant.

     In the event of a sale,  assignment,  lease or  hypothecation of the Leased
Property subject to this Lease to a purchaser or assignee  permitted herein, the
Landlord shall have the right to transfer the Security  Deposit to the purchaser
or  assignee  and if such  permitted  purchaser  or assignee  expressly  assumes
Landlord's  obligations  under this  Agreement,  the Landlord shall thereupon be
released by Tenant from all liability for the return of the Security Deposit and
the Tenant shall look solely to the  purchaser or the assignee for the return of
the Security Deposit,  and it is agreed that this provision shall apply to every
transfer or assignment made of the Security Deposit to every permitted purchaser
or assignee. The Security Deposit shall not be mortgaged,  assigned,  pledged or
encumbered  by the Tenant,  except  Tenant's  rights  thereto may be assigned in
connection with an assignment of Tenant's interest  expressly  permitted in this
Agreement.

     3.10 Additional  Rentals on Conversion Costs  Earn-Outs.  In the event that
pursuant to the terms of paragraph 3e of the Purchase Agreement (which paragraph
3e survived the Closing of the Purchase  Agreement),  a Seller  thereunder earns
and is entitled to Conversion  Cost Earn-Out with respect to the Leased Property
(as  contemplated and defined in the Purchase  Agreement),  at such time as such
Conversion  Cost  Earn-Out  is,  in fact  paid to a Seller  under  the  Purchase
Agreement,  Minimum Rent due hereunder shall concurrently therewith be increased
by an amount  necessary  to provide a per annum  yield on such  Conversion  Cost
Earn-Out so paid with respect to the Leased  Property equal to the  Disbursement
Rate in the same manner as if the Minimum Rent were to be  increased  based upon
funding by Landlord for Major Capital Expenditures  pursuant to Section 5.1.3(c)
hereof.

                                   ARTICLE 4

                USE OF THE LEASED PROPERTY; CONFLICTING BUSINESS
                ------------------------------------------------

     4.1 Permitted Use.

          4.1.1  Permitted  Use.  Tenant  covenants  and  agrees  that it shall,
throughout the Term of this Agreement,  continuously  use and occupy (subject to
any  condemnation  or casualty) the Leased  Property solely and exclusively as a
hotel for the accommodation of hotel guests, with appropriate  amenities for the

                                       27
<PAGE>

same and for permitted subleases as contemplated in ARTICLE 16 hereof and for no
other purpose without interruption except for minimum necessary interruptions in
respect to  portions of the Leased  Property  for  periods  provided  herein for
repairs, renovations,  replacements and rebuilding all of which shall be carried
out  pursuant  to, and in  accordance  with the  applicable  provisions  of this
Agreement,  (the  foregoing  being  referred  to as  the  "Permitted  Use").  In
addition,  except as provided in Section 16.8, without the prior written consent
of the Landlord,  which will not be unreasonably  withheld, no Affiliated Person
of Tenant may be a subtenant or  concessionaire  in the Leased  Property and any
sublease or concession  agreement  with an  Affiliated  Person shall be on "arms
length",  commercially reasonable terms. No use shall be made or permitted to be
made of the Leased  Property and no acts shall be done thereon  which will cause
the  cancellation  of any insurance  policy  covering the Leased Property or any
part thereof  (unless another  adequate  policy is available),  nor shall Tenant
sell or  otherwise  provide  or permit to be kept,  used or sold in or about the
Leased  Property any Article  which may be  prohibited by law or by the standard
form of fire insurance policies,  or any other insurance policies required to be
carried hereunder, or fire underwriter's regulations.  Tenant shall not take, or
subject to Landlord complying with its obligations under ARTICLE 5, omit to take
any action,  the taking or omission of which materially impairs the value or the
usefulness of the Leased Property or any part thereof for its Permitted Use.

          4.1.2 Necessary Approvals. Tenant shall proceed with all due diligence
and  exercise  commercially  reasonable  efforts  to  obtain  and  maintain  all
approvals  necessary  to use and  operate,  for its  Permitted  Use,  the Leased
Property and the Hotel located thereon under  applicable law.  Landlord shall at
no cost or  liability  to  Landlord  reasonably  cooperate  with  Tenant in this
regard, limited to executing all applications and consents required to be signed
by Landlord in order for Tenant to obtain and maintain such approvals.

          4.1.3  Lawful Use,  Etc.  Tenant shall not use or suffer or permit the
use of the Leased  Property  or  Tenant's  Personal  Property,  if any,  for any
unlawful purpose. Tenant shall not commit or, subject to Landlord complying with
its obligations  under ARTICLE 5, suffer to be committed any waste on the Leased
Property,  or in the  Hotel,  nor shall  Tenant  cause or permit any
unlawful  nuisance  thereon or therein.  Tenant  shall not suffer nor permit the
Leased  Property,  or any  portion  thereof,  to be used in such a manner as (i)
might reasonably impair  Landlord's title thereto or to any portion thereof,  or
(ii)  might  reasonably  allow a claim or claims  for  adverse  usage or adverse
possession  by the  public,  as such,  or of  implied  dedication  of the Leased
Property or any portion thereof.

          4.1.4 Compliance with Legal/Insurance Requirements. Subject to ARTICLE
5 and  Section  8.3  hereof,  Tenant  shall at all  times  at its sole  cost and
expense,  keep and maintain  the Leased  Property in  compliance  with all Legal
Requirements.  Tenant agrees to give Landlord  Notice of any notices,  orders or
other  communications  relating  to  Legal  Requirements  affecting  the  Leased
Property which is or are enacted, passed, promulgated,  made, issued or adopted,
a copy of which is served upon,  or received by,  Tenant,  or a copy of which is
posted on or  fastened  or  attached  to the  Leased  Property,  within ten (10)
business days after service,  receipt,  posting,  fastening or attaching. At the
same time, the Tenant will inform  Landlord as to the work or steps which Tenant
proposes to do or take in order to comply therewith.

     4.2 Environmental Matters.

                                       28
<PAGE>

          4.2.1 Restriction on Use, Etc. Except as permitted by Applicable Laws,
Tenant  shall at all times  during  the Term keep the  Leased  Property  free of
Hazardous Substances. Neither Tenant nor any of its employees, agents, invitees,
licensees,   contractors,  guests,  or  subtenants  (if  permitted)  shall  use,
generate, manufacture,  refine, treat, process, produce, store, deposit, handle,
transport,  release,  or dispose  of  Hazardous  Substances  in, on or about the
Leased Property or the groundwater  thereof, in violation of any federal,  state
or municipal law, decision,  statute, rule, ordinance or regulation currently in
existence or hereafter enacted or rendered.

     Tenant  shall not  discharge  or permit to be  discharged  into any  septic
facility or sanitary  sewer  system  serving  the Leased  Property  any toxic or
hazardous sewage or waste other than that which is permitted by Applicable Laws.
Any Hazardous  Substances which are produced or generated in connection with the
use or  operation  of the Leased  Property  shall be handled and  disposed of as
required by and in compliance with all Applicable  Laws, or shall be pre-treated
to the level of domestic  wastewater  for the type of business  contemplated  by
this  Agreement  prior to discharge  into any septic  facility or sanitary sewer
system serving the Leased Property.

          4.2.2 Discovery of Hazardous Substances, Etc. If, at any time prior to
the  termination  of this  Agreement,  Hazardous  Substances  (other  than those
maintained  in accordance  with  Applicable  Laws) are  discovered on the Leased
Property,  Tenant shall take all actions and incur any and all expenses,  as may
be reasonably necessary and as may be required by any Government  Agencies:  (i)
to treat, contain, remove or otherwise dispose of all Hazardous Substances from,
on and about the Leased Property,  (ii) to prevent any further release or threat
of release of Hazardous  Substances on or about the Leased Property and (iii) to
use good faith efforts to eliminate any further  release or threat of release of
Hazardous Substances on or about the Leased Property. Tenant shall promptly: (a)
upon receipt of notice or knowledge,  notify Landlord in writing of any material
change  in the  nature or extent  of  Hazardous  Substances  at, on or about the
Leased Property,  (b) transmit to Landlord a copy of any Community Right to Know
report  which is  required  to be filed by Tenant  with  respect  to the  Leased
Property  pursuant to SARA Title III or any other  Applicable Laws, (c) transmit
to  Landlord  copies of any  citations,  orders,  notices or other  governmental
communications  received by Tenant or its agents or representatives with respect
to  environmental   matters   (collectively   "Environmental   Notice"),   which
Environmental  Notice  requires  a written  response  or any  action to be taken
and/or if such  Environmental  Notice gives notice of and/or  presents a risk of
any violation of any Applicable Law and/or presents a risk of any material cost,
expense,  loss or damage,  (d)  observe  and  comply  with all  Applicable  Laws
relating to the use,  maintenance  and disposal of Hazardous  Substances and all
orders  or  directives  from  any  official,   court,  or  agency  of  competent
jurisdiction  relating  to the use or  maintenance  or  requiring  the  removal,
treatment,  containment or other disposition  thereof,  and (e) pay or otherwise
dispose of any fine, charge or imposition  related thereto,  unless:  (i) Tenant
shall  contest  the  same  in  good  faith  and by  appropriate  proceedings  in
accordance  with  Applicable Laws and (ii) the right to use and the value of the
Leased  Property is not materially  and adversely  affected  thereby.  Provided,
further,  that in the event  Hazardous  Substances  are discovered on the Leased
Property  and the  presence  thereof is not due to  Tenant's  negligent  acts or
willful  misconduct,  the costs of removal and  remediation  thereof  shall be a
Major Capital Expenditure as contemplated in Section 5.1.3 hereof.

          4.2.3 Indemnity. Tenant shall protect, indemnify and hold harmless the
Landlord, its successors or assigns with respect to this Agreement for, from and

                                       29
<PAGE>

against  any and all debts,  liens,  claims,  causes of  action,  administrative
orders or notices,  costs,  fines,  penalties  or expenses  (including,  without
limitation,  reasonable  attorney's fees and expenses) imposed upon, incurred by
or asserted against Landlord resulting from, either directly or indirectly,  the
presence  or release  during the Term upon or under the soil or ground  water of
the Leased  Property or any properties  surrounding  the Leased  Property of any
Hazardous  Substances  in  violation  of any  Applicable  Laws  due to  Tenant's
negligent acts or willful misconduct.  Landlord agrees to protect, indemnify and
hold harmless the Tenant and its permitted successors or assigns with respect to
this Agreement for, from and against any and all debts, liens, claims, causes of
action,  administrative orders or notices,  costs, fines,  penalties or expenses
(including, without limitation, reasonable attorneys' fees and expenses) imposed
upon, incurred by or asserted against Tenant resulting from the presence upon or
under  the  soil or  ground  water  of the  Leased  Property  or any  properties
surrounding  the Leased  Property of any  Hazardous  Substances  in violation of
Applicable Laws due to the gross  negligence or willful  misconduct of Landlord.
This duty includes, but is not limited to, costs associated with personal injury
or property damage claims as a result of the presence prior to the expiration or
sooner  termination  of the Term and the  surrender  of the Leased  Property  to
Landlord in accordance with the terms of this Agreement of Hazardous  Substances
in, upon or under the soil or ground  water of the Leased  Property in violation
of any Applicable  laws.  Upon Notice from Landlord,  Tenant shall undertake the
defense, at its sole cost and expense,  of its indemnification  duties set forth
herein and upon Notice from Tenant,  Landlord shall undertake the defense at its
sole cost and expense of its indemnification duties set forth herein.

     4.3 Conflicting Businesses Prohibited. Landlord and Tenant hereby recognize
and  acknowledge:  (a) that the Minimum Rent and the Percentage  Rent payable by
Tenant to Landlord  under this  Agreement  have been  established  at the levels
specified  in this  Agreement  upon the  premise and with the  expectation  that
Percentage  Rent will  constitute a material  part of the total rents payable by
Tenant to Landlord under this  Agreement,  (b) that the expectation of receiving
Percentage Rent constitutes a material  consideration for Landlord's willingness
to execute this  Agreement and thereby  lease and demise the Leased  Property to
Tenant,  and (c) that the  operation,  development,  management,  franchising or
ownership by Tenant,  Wyndham or an Affiliated  Person of Tenant or Wyndham,  of
another full service hotel of the same brand contemplated  herein or any Wyndham
Garden Hotel (such hotel being referred to herein as a  "Conflicting  Business")
within the area designated on EXHIBIT "I" attached hereto and by this  reference
made a part hereof (the "Proscribed  Area") will tend to result in a decrease in
the  amount of  Total Rooms Revenue which would otherwise reasonably be expected
to be  made  upon,  within and from the Leased Property and thereby  result in a
reduction of the Percentage  Rent which would  otherwise be payable by Tenant to
Landlord  pursuant  to  this  Agreement  in  the  absence  of the operation of a
Conflicting Business by Tenant or  any  such  Affiliated  Person  of  Tenant  or
Wyndham within the Proscribed Area.  Accordingly, Tenant on behalf of itself and
its Affiliated  Persons,  and  Wyndham  and  Manager (who  have  joined  in  the
execution of this Lease to  acknowledge  the  restriction  herein),  agree  that
subject to any qualifications in EXHIBIT "I", during the Term of this  Agreement
neither  Tenant,  Wyndham,  Manager nor any Affiliated Person of Tenant, Wyndham
or Manager  shall  open,  develop,  operate,  manage, franchise,  own,  lease or
have any other  interest  in a  Conflicting Business within the Proscribed Area.
In the event of a breach of this covenant, Landlord  shall  have  the  right  to
pursue any remedy at law  available to  Landlord,  including  injunctive relief.
Further, Tenant agrees that  Tenant's  sole  business  shall  be  to  lease  and
operate,  and  Tenant  shall  not  incur any  expenses  or liability  related to
any business or activity other than leasing and operating, the  Leased Property,
the  other  Acquisition  Property   and  the  Development Properties,  and other
premises  owned or  hereinafter  owned by Landlord or its Affiliated Persons and
leased to Tenant pursuant to terms acceptable to Landlord and Tenant.

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<PAGE>

     4.4 Continuous  Operations.  Tenant shall  continuously  operate the Leased
Property and  maintain  sufficient  skilled  staff and  employees,  and maintain
adequate levels and quality of Tenant's  Personal Property to operate the Leased
Property as herein  required at its sole cost and expense  throughout the entire
Term of this Agreement.

     4.5 Compliance With Restrictions, Etc. Subject to Tenant's right to contest
in accordance with Section 8.3 of this Agreement,  Tenant, at its expense, shall
comply with all restrictive  covenants and other title exceptions  affecting the
Leased  Property  and shall comply with and perform all of the  obligations  set
forth in the same to the  extent  that the  same are  applicable  to the  Leased
Property  or to the  extent  that  the  same  would,  if not  complied  with  or
performed,  impair or prevent the continued use,  occupancy and operation of the
Leased  Property  for the  purposes  set forth in this  Agreement.  Further,  in
addition to Tenant's  payment  obligations  under this Agreement,  Tenant shall,
subject to Section 8.1 hereof,  pay all sums charged,  levied or assessed  under
any restrictive  covenant,  declaration,  reciprocal easement agreement or other
title exceptions,  equipment leases,  leases and all other agreements  affecting
the Leased Property  promptly as the same become due and shall,  upon Landlord's
written request, promptly furnish Landlord evidence of payment thereof, provided
any such charges, levies or assessments may, at the option of Tenant, be paid in
installments  (whether or not interest shall accrue on the unpaid balance of any
such  assessment),  and Tenant may  exercise the option to have the same paid in
installments over the maximum amount of time permitted for installment  payments
thereof.  With respect to any personal property which is leased by Tenant (other
than Tenant's Personal  Property),  Tenant acknowledges and agrees that all such
leases must be approved by Landlord in advance and if entered  into prior to the
Commencement Date hereof,  must be approved by Landlord and expressly assumed by
Tenant.  In  addition,  all  such  leases  shall by  their  terms  be  expressly
subordinate  to this Lease,  shall not have a term which extends beyond the Term
hereof,  and shall  expressly  provide that the Landlord  shall have the option,
upon the  expiration or earlier  termination  of this Lease,  to assume any such
lease or to  terminate  the same or require  the owner of such  leased  personal
property to immediately remove the same from the Leased Property.

     4.6 Standard of Operation.  Throughout the Term of this  Agreement,  Tenant
shall  continuously  operate the Leased Property as a first-class  hotel in full
compliance  with  the  terms  hereof  and of  the  Management  Agreement  and in
conformity  with Wyndham  Standards.  Tenant  shall  endeavor and use good faith
efforts to maximize gross operating profit for the Leased Property. Tenant shall
further  provide,  or cause to be provided,  all group services,  facilities and
benefits  generally  available  to  Wyndham  Hotels of a similar  type  operated
elsewhere  by Wyndham.  Tenant may, at its option and at its  expense,  engage a
manager for the Leased Property,  including the Manager;  provided however, that
any manager,  including  Manager,  and any  management  agreement for the Leased
Property,  including  the  Management  Agreement  shall be subject to Landlord's
prior approval and any management agreement, including the Management Agreement,
shall be  subordinate  to this  Agreement in all respects (and  accordingly  all
management  fees shall be subordinate to rent hereunder) and shall terminate and
expire,  if not  sooner,  upon the  expiration  or earlier  termination  of this
Agreement.  The terms of Section 22.19 are not applicable to Landlord's approval
herein.

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<PAGE>

     4.7  Survival.  As to  conditions  which exist prior to the  expiration  or
sooner  termination of this Agreement,  the provisions of this Section 4.2 shall
survive the  expiration or sooner  termination of this Agreement for a period of
one (1) year after such expiration or termination and shall thereafter terminate
and be of no further  force and  effect  and no action may be brought  after the
expiration of such one (1) year period under Section 4.2.

                                   ARTICLE 5

                            MAINTENANCE AND REPAIRS
                            -----------------------

     5.1 Maintenance and Repair.

          5.1.1 Tenant's Obligations. Tenant shall, at its sole cost and expense
(except as expressly provided in Sections 5.1.2 and 5.1.3 and except as the same
may be  limited in the event of any  casualty  or  condemnation  as set forth in
Section 10.2 and Section 11.2),  keep the Leased  Property  (including,  without
limitation,  the roof, plumbing systems,  electric systems and HVAC systems) and
all private  roadways,  sidewalks  and curbs  located  thereon in good order and
repair, and subject to Landlord's obligations under Section 5.1.3 hereof (to the
extent  applicable),  shall promptly make all necessary and appropriate  repairs
and replacements thereto of every kind and nature, whether interior or exterior,
structural or nonstructural,  ordinary or extraordinary,  foreseen or unforeseen
or arising by reason of a condition  existing prior to the  commencement  of the
Term and whether or not  necessitated  by wear,  tear,  obsolescence or defects,
latent or otherwise,  and shall use all reasonable precautions to prevent waste,
damage or  injury.  All  repairs  shall be made in a good,  workmanlike  manner,
consistent  with the  industry  standards  for like hotels in like  locales,  in
accordance with all Legal  Requirements  relating to any such work. In addition,
Tenant shall also, at its sole cost and expense, put, keep, replace and maintain
Tenant's  Personal  Property  in good repair and in good,  safe and  substantial
order,  howsoever  the  necessity  or  desirability  for repairs may occur,  and
whether or not necessitated by wear, tear, obsolescence or defects. Tenant shall
further at all times  maintain the Leased  Property,  including  the grounds and
landscaping, in an aesthetically pleasing manner.

          5.1.2 Reserve.

          (a) Subject to the terms of this Section 5.1.2, Tenant shall establish
          an  interest  bearing  reserve  account  (the  "Reserve")  in  a  bank
          designated by Landlord.  The Bank  designated by Landlord shall have a
          Minimum of Twenty  Million and 00/100  ($20,000,000.00)  in assets and
          shall not be under any  regulatory  orders  from any  federal or state
          banking authorities.  If during the Term, such bank shall not meet the
          foregoing criteria the Reserve shall be moved to another bank mutually
          agreed to by Landlord and Tenant.  All interest  earned on the Reserve
          shall be added to and remain a part of the  Reserve.  Both  Tenant and
          Landlord  shall  be  signatories  on the  Reserve,  provided  only one
          signature shall be required to withdraw funds and Landlord agrees that
          so long as no Event of Default exists hereunder, Landlord shall not be
          required to sign on any checks and  Landlord  shall not  withdraw  any
          funds from such account. Such account shall not include or contemplate
          "overdraft protection" and Tenant shall not request or attempt to draw
          or draft any funds which are not actually on deposit in such  account.
          The  purpose  of the  Reserve  is to cover the cost of the  following,
          (which costs payable out of the Reserve shall include, with respect to
          any cost item,  any  customary  market-rate  supervisory  fee, and any
          other fee  commonly  referred  to as  "purchasing  fees",  charged  by
          Tenant,  Manager or any  Affiliated  Person for  services  rendered in
          connection herewith) to the extent carried out in accordance with this
          Agreement (collectively,  "Reserve  Expenditures"):

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<PAGE>

               (i)  Replacements,  renewals  and  additions  to  the  furniture,
          furnishings,  fixtures  and  equipment  at the  Hotel  (but  excluding
          Tenant's Personal Property); and

               (ii)  Repairs,  renovations,  renewals,  additions,  alterations,
          improvements or replacements  and maintenance to the Leased  Property,
          including  without  limitation,  to  maintain  the Leased  Property in
          conformity with Wyndham Standards,  all of which are routine and which
          are  normally  capitalized  under GAAP,  such as exterior and interior
          repainting,  resurfacing  building  walls,  floors,  roofs and parking
          areas, and replacing folding walls and the like.

          (b) Commencing with the  Commencement  Date and continuing  throughout
          the  Term,  Tenant  shall on the last  day of each  Accounting  Period
          during the Term,  transfer  into the  Reserve  an amount  equal to the
          Applicable  Percentage for such Accounting  Period. At the time Tenant
          provides Landlord the documentation described in Section 3.1.3, Tenant
          shall also  deliver to  Landlord a statement  setting  forth the total
          amount of deposits made to and  expenditures  from the Reserve for the
          preceding Fiscal Year.

          (c) On or before  the  Commencement  Date  (with  respect to the first
          partial Fiscal Year),  and December 1 of each Fiscal Year  thereafter,
          Tenant shall prepare an estimate  (the "Reserve  Estimate") of Reserve
          Expenditures  anticipated  during the  ensuing  Fiscal  Year and shall
          submit such Reserve  Estimate to Landlord for its review and approval.
          Such Reserve  Estimate shall reflect by line item the projected budget
          for Reserve  Expenditures  for the Leased  Property and assumptions on
          the basis of which such line items were prepared in narrative  form if
          necessary,  and shall include  separate budget items for all projected
          expenditures for replacements, substitutions and additions to Tenant's
          Personal  Property (which  expenditures  shall be made by Tenant using
          its own funds and not the  Reserve).  Tenant shall provide to Landlord
          reasonable additional detail,  information and assumptions used in the
          preparation of the Reserve  Estimate as requested by Landlord.  Tenant
          shall  review the  Reserve  Estimate  with  Landlord,  and  subject to
          Landlord's  approval,  (which  approval  shall not be withheld for (i)
          Tenant's Personal Property,  or (ii) Reserve Expenditures  required by
          Legal   Requirements),   (for   purposes   hereof   the   expenditures
          contemplated  in  subsection  (ii)  shall be  deemed  included  in the
          Approved Reserve  Estimate as hereafter  referenced and any dispute as
          to whether such expenditure is required by Legal  Requirements will be

                                       33
<PAGE>

          resolved  pursuant to ARTICLE 19 hereof)  Tenant shall  implement such
          Reserve  Estimate  for the  successive  Fiscal Year  (during  which it
          shall,  if approved  by  Landlord,  be  referred  to as the  "Approved
          Reserve  Estimate").  Landlord  shall have the right to disapprove any
          expenditures  to be  provided  for  in  the  Reserve  Estimate  in its
          reasonable discretion,  except as otherwise provided herein.  However,
          if Landlord disapproves any expenditure,  Landlord shall notify Tenant
          in reasonable detail of the reasons for such disapproval.  If any such
          expenditure   disapproved  by  Landlord  is,  in  Tenant's  reasonable
          judgment,  necessary  to comply with Wyndham  Standards,  Tenant shall
          notify  Landlord of such fact and Landlord  shall  approve the same or
          such dispute as to whether such expenditure is reasonably necessary to
          comply with Wyndham  Standards will be resolved pursuant to ARTICLE 19
          hereof.  Further,  Landlord's approval of any expenditure  pursuant to
          the Reserve  Estimate  shall not be, or be deemed to be, an assumption
          by Landlord of any liability in connection with the expenditures made.
          Pending  resolution  by Landlord  and Tenant (and not by  arbitration,
          except with respect to  expenditures  required for Legal  Requirements
          and  Wyndham  Standards  as  aforesaid)  of any  dispute  regarding  a
          proposed  Reserve  Expenditure,  the  specific  disputed  item  of the
          Reserve  Estimate  shall be suspended and replaced for the Fiscal Year
          in question by an amount  equal to the lesser of (a) that  proposed by
          Tenant for such  Fiscal  Year or (b) such  budget  item for the Fiscal
          Year prior thereto.  Tenant shall not make any  expenditures  from the
          Reserve,  except those included in the Approved Reserve Estimate,  nor
          shall Tenant deviate from the Approved  Reserve  Estimate  without the
          prior  approval of  Landlord,  except in the case of  emergency  where
          immediate  action is necessary to prevent imminent danger to person or
          property or imminent danger of civil or criminal liability.  Provided,
          however,  in  the  event  the  actual  cost  of any  approved  Reserve
          Expenditure is less than the budgeted amount therefor contained in the
          Approved  Reserve  Estimate,  Tenant  may apply such  savings  without
          Landlord's approval to other approved Reserve  Expenditures  contained
          in the  Approved  Reserve  Estimate  so long as the  aggregate  actual
          Reserve  Expenditures  in any given  Lease  Year does not  exceed  the
          aggregate  Reserve  Expenditures  contained  in the  Approved  Reserve
          Estimate  for  such  Lease  Year.   Upon  the  expiration  or  earlier
          termination of this  Agreement,  funds in the Reserve and all property
          purchased  with  funds  in the  Reserve  shall be  paid,  granted  and
          assigned to Landlord as Additional Charges.

          (d) Tenant shall,  consistent with the Approved Reserve Estimate, from
          time  to  time  make  Reserve  Expenditure  from  the  Reserve  as  it
          reasonably  deems  necessary in accordance  with Section  5.1.2(a) and
          (c).  Tenant shall provide to Landlord,  within thirty (30) days after
          the end of each Accounting Period, an itemized statement setting forth
          Reserve  Expenditures  made to date  during the Fiscal  Year and shall
          also provide all other necessary invoices and supporting documentation
          reasonably  necessary  for  Landlord  to  account  for and  verify the
          Reserve Expenditures.

          (e) All funds in the  Reserve,  all  interest  earned  thereon and all
          property purchased with funds from the Reserve shall be and remain the
          property of Landlord.  Following  expiration or earlier termination of

                                       34
<PAGE>

          this Agreement and payment in full on all contracts entered into prior
          to such  expiration or  termination  for work to be done or furniture,
          furnishings,  fixtures and equipment to be supplied in accordance with
          this Section 5.1.2 out of the Reserve,  control over the Reserve shall
          be transferred from Tenant to Landlord.

          (f) It is  understood  and agreed  that the  Reserve  pursuant to this
          Agreement  shall be maintained and used solely in connection  with the
          Leased Property.  To the extent the funds in the Reserve are permitted
          hereunder  to be used by  Tenant  to  maintain  the  Leased  Property,
          Landlord  agrees  that  except  upon the  occurrence  and  during  the
          continuance  of an  Event  of  Default  hereunder,  Landlord  will not
          interfere  with the use of such funds by Tenant for such purpose.

          (g) If  Landlord  wishes  to grant a  security  interest  in or create
          another  encumbrance  on  the  Reserve  in  connection  with  a  Hotel
          Mortgage,  all or any part of the existing or future funds therein, or
          any general intangible in connection therewith,  Tenant agrees that it
          will, from time to time, execute such reasonable  documentation as may
          be requested by Landlord and any Mortgagee to assist Landlord and such
          Mortgagee in  establishing  or  perfecting  its  security  interest in
          Landlord's  interest in the Reserve;  provided,  however,  that (i) no
          such  documentation  shall contain an amendment or modification of any
          of the provisions of this Agreement;  and (ii) the instrument granting
          such  security  interest  or  creating  such other  encumbrance  shall
          expressly  provide  that such  security  interest  or  encumbrance  is
          subject to the  rights of Tenant  with  respect to the  Reserve as set
          forth  herein.  It is  understood  and agreed that during the Term the
          Reserve may not be applied  against debts secured by a Hotel Mortgage,
          nor shall any Mortgagee  have the right to approve the release of such
          funds  pursuant  to the  terms  of this  Agreement  unless  and  until
          Landlord  shall default in its  obligations to such Mortgagee and then
          only in accordance with the terms of this Agreement.

          5.1.3 Major Capital Expenditures.

          (a) On or before  the  Commencement  Date  (with  respect to the first
          partial  Fiscal Year) and  December 1 of each Fiscal Year  thereafter,
          Tenant shall deliver to Landlord,  for Landlord's approval, a detailed
          line-item estimate (the "Building Estimate") of the expenses necessary
          for repairs,  alterations,  improvements,  renewals,  replacements and
          additions,  all of which  are  non-routine  or  major,  to the  Leased
          Improvements  which are not covered under  Section  5.1.2(a) and which
          are normally  capitalized  under GAAP (which  expenses  shall include,
          with respect to any cost item, any customary  market-rate  supervisory
          fee,  and any other fee  commonly  referred to as  "purchasing  fees",
          charged  by  Tenant,  Manager or any  Affiliated  Person for  services
          rendered  in  connection  herewith)  such  as  repairs,   alterations,
          improvements,  renewals,  replacements and additions to the structure,
          the exterior facade, the mechanical, electrical, heating, ventilating,
          air conditioning, plumbing and vertical transportation elements of the
          Leased Improvements ("Major Capital Expenditures") which Major Capital
          Expenditures Tenant believes should be made to the Leased

                                       35
<PAGE>

          Property for the  following  Lease Year,  together  with  estimates of
          professionals and other appropriate backup. Major Capital Expenditures
          shall  also  include  all  costs   associated   with  any  removal  or
          remediation of Hazardous  Substances (except those treated at Tenant's
          sole cost and expense under Section 5.1.4(b) and referenced in Section
          4.2).  Except  as  provided  in  paragraph   5.1.3(b)  below,   Tenant
          acknowledges  the  provisions of Section 22.19 shall not be applicable
          to this Section 5.1.3 and any Major Capital  Expenditures not approved
          by Landlord  shall not be made. In addition,  any such approval  shall
          not constitute  Landlord's  agreement  that the repairs,  alterations,
          improvements,  renewals,  replacements  and additions giving rise to a
          Major Capital  Expenditure or the plans and  specifications  therefore
          are or will be in  compliance  with  Applicable  Laws nor  shall  such
          approval  constitute  the  assumption  by Landlord of any liability in
          connection with the said repairs, alterations, improvements, renewals,
          replacements and additions contemplated thereby.

          (b) In the event Major  Capital  Expenditures  are  required  (i) as a
          result of any law,  ordinance,  regulation or order of any  Government
          Agency or are otherwise  required for the  continued  safe and orderly
          operation of the Leased Property, (ii) due to an emergency threatening
          the Leased Property, its guests,  invitees or employees,  (iii) if the
          continuation  of a given  condition will subject Tenant or Landlord to
          civil or criminal liability, Landlord agrees that it will not withhold
          its consent. If Major Capital Expenditures are required to comply with
          Wyndham  Standards,  Landlord agrees it will not withhold its consent.
          Any dispute  regarding  whether Major Capital  Expenditures  (i.e. for
          which  Landlord has  withheld  its  consent)  are required  under this
          subparagraph (b) shall be resolved pursuant to ARTICLE 19 hereof.

          (c) The cost of all approved Major Capital Expenditures shall be borne
          by Landlord in  accordance  with the  provisions  of Section 5.1.4 and
          upon Landlord's  funding of the same,  Minimum Rent shall be increased
          as provided hereinafter in this Section 5.1.3(c).  Provided,  however,
          the cost of all approved Major Capital  Expenditures may, upon request
          of Tenant and  approval  of Landlord  (which will not be  unreasonably
          withheld),  be funded out of the Reserve, so long as such funding will
          not materially and adversely affect the 3-year budgeted  Reserve.  Any
          such Major Capital  Improvement will have a material adverse effect on
          the  3-year  budgeted  Reserve  if such  capital  improvement  was not
          contemplated  during  the  Term and  decreases  such  3-year  budgeted
          Reserve  by more  than 7.5% of the  3-year  budgeted  Reserve.  To the
          extent Tenant does not request such funding out of the Reserve or such
          funding is not  permitted  as  described  above,  Landlord  and Tenant
          acknowledge  and agree that in the event that funding is necessary for
          Major  Capital  Expenditures  and  Landlord  is  obligated  under this
          Agreement to fund the same,  Landlord shall provide the funds required
          for such expenditures  ("Additional  Capital  Investment") and Minimum
          Rent shall be increased by the amount necessary to provide a per annum
          yield on the Additional  Capital  Investment equal to the Disbursement
          Rate.

                                       36
<PAGE>

          5.1.4 Landlord's Funding Obligations.

          (a) Landlord shall not, under any circumstances,  be required to build
          or  rebuild  any  improvement  on the  Leased  Property,  to make  any
          repairs,  replacements,  alterations,  restorations or renewals of any
          nature or  description  to the Leased  Property,  whether  ordinary or
          extraordinary, structural or nonstructural, foreseen or unforeseen, to
          maintain  the Leased  Property in any way,  or,  except as provided in
          Section 5.1.2,  Section 5.1.3 or in any Landlord indemnity  obligation
          provision in this Agreement,  to make any expenditure  whatsoever with
          respect  thereto.  Except  as  otherwise  expressly  provided  in this
          Agreement,  Tenant hereby waives,  to the maximum extent  permitted by
          law, the right to make repairs at the expense of Landlord  pursuant to
          any law in effect on the date hereof or  hereafter  enacted.  Landlord
          shall have the right to give, record and post, as appropriate, notices
          of non-responsibility  under any mechanic's lien laws now or hereafter
          existing.  In  addition,  in  connection  with any  expenditure  which
          Landlord  has agreed to make or as provided in this  Agreement  may be
          obligated  to make for  Major  Capital  Expenditures  or for any other
          reason hereunder,  Landlord may, at its option,  require, prior to the
          advancement   of  any  such   funds,   (i)   approval   of  plans  and
          specifications  by an architect  reasonably  satisfactory to Landlord,
          (ii) general contractors' estimates,  (iii) architect's  certificates,
          (iv) unconditional lien waivers of general  contractors,  (v) evidence
          of approval by all Governmental  Agencies and other regulatory  bodies
          whose  approval is required,  (vi) deposit by Tenant of any sums which
          may be required by Tenant in connection  with the same, and (vii) such
          other  customary  terms as Landlord or any  Mortgagee  may  reasonably
          require. In addition,  all funds to be disbursed by Landlord hereunder
          shall  be  subject  to  the   following   additional   conditions   to
          disbursement:  (viii) funds shall  specifically be requested by Tenant
          pursuant to written  requisitions and  substantiation  therefor on AIA
          Forms  G702  and  G703 (or on such  other  forms as may be  reasonably
          acceptable  to Landlord)  accompanied  by  appropriate  lien  waivers,
          receipts and other  documentation to support the same; (ix) funds will
          be disbursed no more frequently than monthly; (x) ten percent (10%) of
          each approved  payment to the contractor shall be retained by Landlord
          until  completion of the work by such  contractor and receipt of final
          contractor's   affidavits,   lien  waivers  and  other   documentation
          acceptable to Landlord and customary in connection with  disbursements
          from lenders to borrowers and (xi) such other customary  conditions as
          may be  reasonably  required by Landlord.

          (b) If, at any time,  funds from the Reserve shall be  insufficient or
          are reasonably  projected by Tenant to be  insufficient  for necessary
          and permitted  expenditures  for Reserve  Expenditures  included in an
          Approved Reserve Estimate,  or if funding is necessary for approved or
          deemed approved Major Capital  Expenditures  (other than costs related
          to Hazardous  Substances  under  Section 4.2  resulting  from Tenant's
          negligent acts, or willful  misconduct,  which costs shall be Tenant's
          sole cost and  expense),  Tenant may, at its  election,  give Landlord
          Notice thereof,  which Notice shall set forth,  in reasonable  detail,
          the nature of the required or permitted  action and the estimated cost
          thereof.  If within ten (10)  Business  Days after  such  Notice,  all
          requirements  to  disbursement  as referenced in Section  5.1.4(a) and
          Section  6.2 (if  applicable)  have  been  satisfied,  Landlord  shall
          disburse  such  required  funds to Tenant (or, at  Landlord's  option,
          directly to the Manager or any other  Person  performing  the required
          work) and, upon such disbursement by Landlord,  the Minimum Rent shall
          be adjusted as provided in Section 5.1.3(c).

                                       37

<PAGE>

     5.2 Yield Up. Tenant  shall,  on or before the last day of the Term or upon
the sooner  termination  thereof,  including  pursuant to Section  16.6  hereof,
peaceably  and quietly  surrender  and deliver to Landlord the Leased  Property,
including,  without  limitation,  all  Leased  Improvements  and  FF&E  and  all
additions  thereto and  replacements  thereof  made from time to time during the
Term, in substantially the same condition in which the Leased Property was in on
the Commencement Date, except as repaired,  rebuilt, restored, altered, or added
to and in accordance with the provisions of this Agreement,  reasonable wear and
tear  excepted  (and except  casualty  damage,  in the event this  Agreement  is
terminated as a result thereof as provided herein, and  condemnation),  and free
and clear of all liens and encumbrances  other than the Permitted  Encumbrances.
In addition,  subject to Section 22.23 hereof, upon Landlord's  request,  Tenant
shall assign to  Landlord,  or cause  Manager to assign to Landlord,  all of the
Tenant's or Manager's right, title and interest in and to all contracts, leases,
permits and other agreements  pertaining to the use,  operation,  maintenance or
repair of the Leased Property other than Tenant's  Intangible  Personal Property
and  contracts  for goods and services  that apply  generally to hotels owned or
managed  by  Wyndham  or its  Affiliates  on a  national  basis  (the  "National
Contracts").

                                    ARTICLE 6

                               IMPROVEMENTS, ETC.
                               ------------------

     6.1  Prohibition.  Except for Major Capital  Expenditures  contemplated  in
Section  5.1.3,  and a Minor  Alteration as  hereinafter  expressly  provided in
Section  6.2,  and except as may be the  subject of a line item in the  Approved
Reserve Estimate, no portion of the Leased Property shall be demolished, removed
or structurally or materially altered by Tenant in any manner whatsoever without
the prior  written  consent and  approval of  Landlord,  which is not subject to
Section  22.19  and  may be  withheld  by  Landlord  in its  sole  and  absolute
discretion.   Provided,   however,   if  any  proposed   demolition  removal  or
non-structural  alteration  shall be  undertaken by Tenant at Tenant's sole cost
and expense,  Landlord will not  unreasonably  withhold its approval of the same
and in connection therewith Tenant shall comply with the terms of Section 6.2(a)
through (g).  Notwithstanding the foregoing,  however,  Tenant shall be entitled
and obligated to undertake all  alterations to the Leased  Property  required by
any Applicable Laws, including,  without limitation, any alterations required by
any  Accessibility  Laws, and, in such event,  Tenant shall also comply with the
provisions of Section 6.2 below.

     6.2  Permitted  Renovations.  Landlord  acknowledges  that  certain  minor,
non-structural  alterations  and  renovations  may be  undertaken  by  Tenant at
Tenant's expense (and not out of the Reserve) from time to time which Tenant may
be  obligated  under the  Management  Agreement  to  perform,  or to comply with
Wyndham  Standards (a "Minor  Alteration").  Landlord  hereby agrees that Tenant
shall be  entitled  to  perform  such  Minor  Alteration  on or about the Leased

                                       38
<PAGE>

Improvements;  provided,  however,  that the cost of the same  shall not  exceed
$5,000.00  and the same shall not weaken or impair the  structural  strength  or
integrity of the Leased Improvements,  nor, materially alter the exterior design
or  appearance or the interior  design or  appearance  of the lobby,  materially
impair the use of any of the service  facilities  located  in, or  fundamentally
affect the  character  or  suitability  of, the  Leased  Improvements  for hotel
purposes or materially lessen or impair their value, and provided further,  that
in connection with any such permitted renovation, the following conditions shall
be met,  to wit:

          (a) Before the commencement of any such work, plans and specifications
          therefor  or a detailed  itemization  thereof  prepared  by a licensed
          architect approved by Landlord or other design professional, of Tenant
          or  Wyndham,  appropriate  under the  circumstances  and  approved  by
          Landlord  and Tenant shall be furnished to Landlord for its review and
          approval, which approval will not be unreasonably withheld or delayed.
          Such approval shall not constitute Landlord's agreement that the plans
          and  specification  are  in  compliance  with  Applicable  Laws  or an
          assumption  by  Landlord  of any  liability  in  connection  with  the
          renovation work contemplated thereby.

          (b)  Before the  commencement  of any Minor  Alteration,  (or any work
          funded by Reserve Expenditures, or Major Capital Expenditures), Tenant
          shall obtain the approval thereof by all Governmental  Agencies having
          or claiming jurisdiction of or over the Leased Property,  and with any
          public utility  companies  having an interest  therein.  In connection
          with any Minor Alteration (or any work funded by Reserve  Expenditures
          or Major  Capital  Expenditures),  Tenant  shall comply with all Legal
          Requirements and Applicable Laws, of all other  Governmental  Agencies
          having or claiming  jurisdiction of or over the Leased Property and of
          all their respective  departments,  bureaus and offices,  and with the
          requirements and regulations, if any, of such public utilities, or the
          insurance  underwriting board or insurance inspection bureau having or
          claiming jurisdiction, or any other body exercising similar functions,
          and of all  insurance  companies  then writing  policies  covering the
          Leased Property or any part thereof.

          (c) Each Minor Alteration (and all work funded by Reserve Expenditures
          and  Major  Capital  Expenditures)  will be  performed  in a good  and
          workmanlike manner and in accordance with the plans and specifications
          therefor approved by Landlord, the terms, provisions and conditions of
          this Agreement and all Applicable Laws.

          (d) Landlord shall have the right to inspect any Minor Alteration (and
          all  work   funded  by   Reserve   Expenditures   and  Major   Capital
          Expenditures) at all times during normal working hours and to maintain
          at the Leased  Property  for that  purpose (at its own  expense)  such
          inspector(s)  as it may deem necessary so long as such  inspections do
          not unreasonably  interfere with Tenant's work (but Landlord shall not
          thereby assume any  responsibility  for the proper  performance of the
          work in accordance with the terms of this Agreement, nor any liability
          arising from the improper  performance  thereof).

                                       39
<PAGE>

          (e)  Each  such  Minor  Alteration  (and all work  funded  by  Reserve
          Expenditures and Major Capital  Expenditures)  shall be performed free
          of any  liens on  Landlord's  fee  simple  interest  in,  or  Tenant's
          leasehold interest in, the Leased Property, except for liens resulting
          from Landlord's failure to fund a Major Capital Expenditure.

          (f) Upon substantial  completion of any Minor Alteration (and all work
          funded by Reserve Expenditures and Major Capital Expenditures), Tenant
          shall procure a  certificate  of occupancy,  if  applicable,  from the
          appropriate   governmental  authorities  or  otherwise  verifying  the
          substantial completion thereof.

          (g) No Minor Alteration or other alteration approved under Section 6.1
          hereof  shall be made which would tie in or connect any portion of the
          Leased  Improvements with any other  improvements on property adjacent
          to the Leased  Property,  except as may be required  by the  Permitted
          Encumbrances.  In addition,  Tenant shall not finance and shall direct
          Manager  not to  finance  the cost of any  Minor  Alteration  or other
          alteration  contemplated  and approved under Section 6.1 hereof by the
          granting of a lien on or security  interest in the Leased  Property or
          Tenant's  interest  therein  without  the  prior  written  consent  of
          Landlord, which consent may be withheld by Landlord in Landlord's sole
          discretion.

          (h) Tenant shall,  and hereby  agrees to,  indemnify and save and hold
          Landlord  and each  Affiliated  Person of Landlord  harmless  from and
          against and  reimburse  Landlord for any and all loss,  damage,  cost,
          liability, fee and expense (including, without limitation,  reasonable
          attorney's fees based upon services rendered at hourly rates) incurred
          by or asserted  against  Landlord  which is  occasioned by or results,
          directly or indirectly, from any construction or renovation activities
          conducted upon the Leased Property,  whether or not the same is caused
          by,  or is the  fault  of  Tenant  or any  agent,  employee,  Manager,
          contractor, subcontractor, laborer, supplier, materialman or any other
          third party;  but Tenant shall not be obligated to indemnify  Landlord
          from any loss as aforesaid  caused by Landlord's  gross  negligence or
          willful misconduct or failure to fund any Reserve Expenditure included
          within an Approved Reserve  Estimate or any Major Capital  Expenditure
          as required in this Agreement.

     6.3 Additions,  Expansions and Structural Alterations.  Except as expressly
permitted in this Agreement,  Tenant shall not construct and erect any additions
to or expansions of the Leased  Improvements,  or perform any  alterations  of a
structural  nature  whatsoever;  it being  understood that Tenant may do so only
with the prior  written  consent and  approval of  Landlord,  which  consent and
approval may be withheld by Landlord in its sole and absolute discretion and may
be conditioned  upon the payment by Tenant to Landlord of all  reasonable  third
party costs incurred by Landlord in evaluating the same.

     6.4 Salvage. Other than Tenant's Personal Property, all materials which are
scrapped  or removed in  connection  with the  making of  repairs,  alterations,
improvements,  renewals,  replacements and additions pursuant to ARTICLE 5 shall
be  disposed  of by  Tenant  and the net  proceeds  thereof,  if any,  shall  be
deposited in the Reserve.

                                       40
<PAGE>

                                   ARTICLE 7

                    LANDLORD'S INTEREST NOT SUBJECT TO LIENS
                    ----------------------------------------

     7.1 Liens, Generally.  Tenant shall not, directly or indirectly,  create or
cause to be  imposed,  claimed or filed upon the Leased  Property,  or  Tenant's
assets,  properties  or income or any portion  thereof,  or upon the interest of
Landlord therein, any Lien of any nature whatsoever,  except liens on the Leased
Property  caused by  Landlord's  funding  default under  Section  5.1.4(b).  If,
because  of any act or  omission  of  Tenant,  any such Lien  shall be  imposed,
claimed or filed by any party whosoever or whatsoever, Tenant shall, at its sole
cost and  expense,  cause the same to be  promptly  (and in no event  later than
thirty (30) days following receipt of notice of such Lien) paid and satisfied in
full or otherwise  promptly  discharged of record (by bonding or otherwise)  and
Tenant shall indemnify and save and hold Landlord  harmless from and against any
and all costs, liabilities, suits, penalties, claims and demands whatsoever, and
from and against any and all reasonable  attorney's  fees, at both trial and all
appellate  levels,  resulting or on account thereof and therefrom.  In the event
that Tenant shall fail to comply with the  foregoing  provisions of this Section
7, Landlord shall have the option, but not the obligation, of paying, satisfying
or otherwise  discharging  (by bonding or otherwise) such Lien and Tenant agrees
to reimburse Landlord,  upon demand and as Additional  Charges,  for all sums so
paid  and  for all  costs  and  expenses  incurred  by  Landlord  in  connection
therewith, together with interest thereon, until paid.

     7.2 Mechanics Liens.  Landlord's  interest in the Leased Property shall not
be  subjected  to  Liens of any  nature  by  reason  of  Tenant's  construction,
alteration,  renovation,  repair, restoration,  replacement or reconstruction of
any improvements on or in the Leased Property,  or by reason of any other act or
omission  of Tenant  (or of any person  claiming  by,  through or under  Tenant)
including,  but not limited to, mechanics' and materialmen's liens, except liens
on the Leased  Property  caused by  Landlord's  funding  default  under  Section
5.1.4(b).  All persons dealing with Tenant are hereby placed on notice that such
persons shall not look to Landlord or to Landlord's  credit or assets (including
Landlord's  interest in the Leased  Property) for payment or satisfaction of any
obligations   incurred  in  connection   with  the   construction,   alteration,
renovation, repair, restoration,  replacement or reconstruction thereof by or on
behalf of Tenant.  Tenant has no power, right or authority to subject Landlord's
interest in the Leased Property to any mechanic's or materialmen's lien or claim
of lien. If a Lien,  claim of lien or an order for the payment of money shall be
imposed against the Leased Property on account of work performed,  or alleged to
have been performed,  for or on behalf of Tenant or any party claiming by, under
or through Tenant, Tenant shall, within thirty (30) days after written notice of
the  imposition of such Lien,  claim or order,  cause the Leased  Property to be
released  therefrom  by the  payment  of the  obligation  secured  thereby or by
furnishing  a bond or by any other method  prescribed  or permitted by law. If a
Lien is  released,  Tenant  shall  thereupon  furnish  Landlord  with a  written
instrument of release in form for recording or filing in the appropriate  office
of land  records of the  County in which the Leased  Property  is  located,  and
otherwise sufficient to establish the release as a matter of record.

     7.3 Contest of  Mechanics  Liens.  Tenant  may, at its option,  contest the
validity  of any  Mechanics  Lien or claim of lien if Tenant  shall  have  first
posted an appropriate  and sufficient  bond in favor of the claimant or paid the
appropriate  sum into  court,  if  permitted  by and in strict  compliance  with
Applicable  Laws, and thereby  obtained the release of the Leased  Property from

                                       41
<PAGE>

such  Mechanics  Lien or claim of lien.  If judgment is obtained by the claimant
under any Mechanics Lien or claim of lien, Tenant shall pay the same immediately
after such  judgment  shall have become final and the time for appeal  therefrom
has expired without appeal having been taken.  Tenant shall, at its own expense,
using counsel reasonably  approved by Landlord,  diligently defend the interests
of Tenant  and  Landlord  in any and all such  suits;  provided,  however,  that
Landlord may, nonetheless,  at its election and expense,  engage its own counsel
and assert its own defenses, in which event Tenant shall cooperate with Landlord
and make  available to Landlord all  information  and data which  Landlord deems
necessary or desirable for such defense.

     7.4 Notices of Commencement of Construction. If required by the laws of the
State,  prior to commencement by Tenant of any work on the Leased Property which
shall have been  previously  permitted  and  approved by Landlord as provided in
this Agreement, Tenant shall record or file a notice of the commencement of such
work  or  similar   notice   required  by   Applicable   Laws  (the  "Notice  of
Commencement")  in the land  records of the County in which the Leased  Property
are  located,  identifying  Tenant  as the  party  for whom  such  work is being
performed,  stating such other matters as may be required by Applicable Laws and
requiring  the  service of copies of all  notices,  Liens or claims of lien upon
Landlord.  Any such  Notice  of  Commencement  shall  clearly  reflect  that the
interest  of Tenant in the Leased  Property  is that of a  leasehold  estate and
shall also clearly reflect that the interest of Landlord as the fee simple owner
of the Leased Property shall not be subject to mechanics or materialmen's  liens
on account of the work which is the  subject of such Notice of  Commencement.  A
copy of any such Notice of  Commencement  shall be  furnished to and approved by
Landlord prior to the recording or filing thereof, as aforesaid.

                                   ARTICLE 8

                             TAXES AND ASSESSMENTS
                             ---------------------

     8.1 Obligation to Pay Taxes. Throughout the entire Term, Tenant shall bear,
pay and discharge as Additional Charges and not later than the last day on which
payment may be made without penalty or interest,  all Impositions,  and each and
every installment  thereof which shall or may during the Term hereof be charged,
laid, levied,  assessed,  or imposed upon, or arise in connection with, the use,
occupancy  or  possession  of the  Leased  Property  or any part  thereof.  Upon
payment,  Tenant shall promptly furnish to Landlord  official  receipts or other
satisfactory proof evidencing such payment.  Further, with respect to the Fiscal
Year in which  the  Term  commences,  and any tax  period  or year  prior to the
Commencement  Date (if different than a Fiscal Year),  Tenant shall be obligated
to pay or cause to be paid, and shall pay or cause to be paid,  all  Impositions
for  such  entire  Fiscal  Year (or tax  year)  notwithstanding  the  date  this
Agreement commences.  If any refund (including  penalties,  interest and charges
paid by  Tenant)  shall be due from  any  taxing  authority  in  respect  of any
Impositions  paid by Tenant  (including  as a result of a  permitted  contest by
Tenant), the same shall be paid to and retained by Tenant.

     Notwithstanding  the  foregoing,  Tenant shall have the right,  after prior
written  notice to  Landlord,  to  contest  at its own  expense  the  amount and
validity of any  Impositions by appropriate  proceedings  under  Applicable Laws
conducted in good faith and with due  diligence and to postpone or defer payment
thereof, provided and so long as:

                                       42
<PAGE>

          (a) Such  proceedings  shall operate to suspend the collection of such
          Imposition from Tenant or the Leased Property;

          (b)  Neither  the Leased  Property  nor any part  thereof  would be in
          immediate  danger  of  being  forfeited  or  lost  by  reason  of such
          proceedings, postponement or deferment; and

          (c) In the case of any Imposition  affecting the Leased Property which
          might be or become a Lien, encumbrance or charge upon or result in any
          forfeiture  or loss of the Leased  Property  or any part  thereof,  or
          which might  result in loss or damage to Tenant or  Landlord,  Tenant,
          prior to the date such Imposition would become delinquent,  shall have
          furnished  Landlord  with  security  satisfactory  to Landlord,  which
          security shall be deemed satisfactory if Tenant provides a bond in the
          amount of such contested amount,  plus applicable costs,  interest and
          other  charges,  or a cash  deposit  in the  amount of such  contested
          amount plus applicable costs,  interest and other charges,  in a bank,
          as trustee,  and account designated by Landlord and, in the event that
          such security is furnished,  Landlord  shall not have the right during
          the period of the contest to pay, remove or discharge the Imposition.

     8.2 Tax Account.  In the event  Tenant  fails to timely pay any  Imposition
required to be paid by Tenant  pursuant  to Section  8.1,  subject to  permitted
contest as set forth  above,  after  Notice and  failure to cure within ten (10)
days after delivery of such Notice,  Landlord  shall have the right,  by written
notice to Tenant  effective as of the date of such notice,  to require Tenant to
pay or cause to be paid  into a  separate  account  (the  "Tax  Account")  to be
established by Tenant with a lending  institution  selected by Landlord which is
an FDIC  Member  and  maintains  at least  Twenty  Million  and  00/100  Dollars
($20,000,000.00) in assets and shall not be under any regulatory orders from any
federal or state  banking  authorities  (which Tax Account  shall not be removed
from such lending  institution  without the express prior approval of Landlord),
and which Landlord may draw upon, a reserve  amount  sufficient to discharge the
obligations of Tenant under Section 8.1 hereof with respect to  Impositions  for
the  applicable  Fiscal  Year as and when they  become due and any  interest  or
penalties due to late or non-payment  as provided below (such amounts,  the "Tax
Escrow Amount"). If during the Term the lending institution selected by Landlord
shall not meet the foregoing criteria, the Tax Account shall be moved to another
lending  institution  mutually  agreed  to by  Landlord  and  Tenant.  Provided,
however,  that  Landlord  shall  provide  to  Tenant  Notice of  non-payment  as
contemplated  in the initial clause of this Section 8.2 only one time during the
Term  hereof  and in the  event of any  subsequent  failure  to  timely  pay any
Imposition  required  to be paid by Tenant  pursuant  to Section  8.1,  the only
Notice from Landlord to Tenant

                                       43
<PAGE>

shall be the Notice to pay the  reserve  amount  into the Tax  Account  the sums
referenced in the immediately  preceding sentence. If Tenant does not establish,
and pay into the Tax  Account as required  herein  within ten (10) days from the
date of Landlord's  notice,  Tenant shall, be in default  hereunder.  Within ten
(10) days after receipt of Landlord's notice,  Tenant shall deposit into the Tax
Account  an amount  equal to the  product  of (i) one  twelfth of the Tax Escrow
Amount times (ii) the number of months,  including the current month,  that have
elapsed in the tax period(s) for the  Impositions.  During each month commencing
with the first full  calendar  month  following  the receipt of said notice from
Landlord,  Tenant  shall  deposit  into the Tax  Account  one twelfth of the Tax
Escrow  Amount  so that as  each  installment  of  Impositions  becomes  due and
payable,  there are sufficient  funds in the Tax Account to pay the same. If the
amount of such Impositions have not been  definitively  ascertained by Tenant at
the time when any such monthly  deposit is to be paid,  Landlord  shall  require
payment of the Tax Escrow Amount based upon the amount of  Impositions  paid for
the  preceding  year,  subject  to  adjustment  as and when the  amount  of such
Impositions are ascertained by Tenant.  The Tax Escrow Amount in the Tax Account
shall be and  constitute  additional  security for the  performance  of Tenant's
obligations  hereunder  and shall be subject  to  Landlord's  security  interest
therein and shall to the extent of funds in escrow,  be used to pay  Impositions
when due and Tenant  shall fund any  deficiency  in the Tax Account  upon Notice
from Landlord.  Landlord and Tenant shall execute such  documentation  as may be
necessary  to  create  and  maintain  Landlord's  security  interest  in the Tax
Account.  Tenant's funding of the Tax Account as required herein shall be deemed
satisfaction of Tenant's  obligation to pay the  Impositions  subject to the Tax
Account pursuant to Section 8.1 hereof.

     8.3 Permitted Contests.  In addition to Tenant's right to contest mechanics
liens as contemplated in Section 7.3, Tenant shall have the right to contest the
amount or validity of any Imposition, Legal Requirement,  Insurance Requirement,
Environmental  Notices,  Lien, attachment,  levy,  encumbrance,  charge or claim
(collectively,  "Claims") as to the Leased Property, pursuant to Applicable Laws
by  appropriate  legal  proceedings,  conducted  in  good  faith  and  with  due
diligence,  provided  that (a) the  foregoing  shall in no way be  construed  as
relieving,  modifying  or  extending  Tenant's  obligation  to pay any Claims as
finally determined, (b) such contest shall not cause Landlord or Tenant to be in
default under any Hotel Mortgage (Landlord agreeing that any such Hotel Mortgage
shall permit Tenant to exercise the rights  granted  pursuant to this ARTICLE 8)
or result in or  reasonably  be  expected to result in a lien  attaching  to the
Leased Property, unless such lien is fully bonded or is otherwise secured to the
reasonable  satisfaction of Landlord, (c) no part of the Leased Property nor any
Rent therefrom shall be in any immediate danger of sale, forfeiture,  attachment
or loss,  and (d) Tenant shall  indemnify  and hold  harmless  Landlord from and
against  any cost,  claim,  damage,  penalty or  reasonable  expense,  including
reasonable attorneys' fees, incurred by Landlord in connection therewith or as a
result  thereof.  Landlord  agrees to join in any such  proceedings  if required
legally to prosecute  such contest,  provided that Landlord shall not thereby be
subjected to any liability  therefor  (including,  without  limitation,  for the
payment of any costs or expenses in connection  therewith)  unless Tenant agrees
by agreement  in form and  substance  reasonably  satisfactory  to Landlord,  to
assume and indemnify Landlord with respect to the same. Tenant shall be entitled
to any refund of any Claims and such charges and  penalties or interest  thereon
which have been paid by Tenant or paid by Landlord  to the extent that  Landlord
has been fully reimbursed by Tenant. If Tenant shall fail (x) to pay or cause to
be paid any Claims when finally  determined,  (y) to provide reasonable security
therefor,  or (z) to  prosecute  or cause  to be  prosecuted  any  such  contest
diligently  and in good faith,  Landlord may, upon  reasonable  Notice to Tenant
(which notice shall not be required if Landlord shall reasonably  determine that
the same is not  practicable),  pay such  charges,  together  with  interest and
penalties  due  with  respect  thereto,  and  Tenant  shall  reimburse  Landlord
therefor,  upon demand,  the full amount  thereof,  plus interest at the Overdue
Rate, as Additional Rent.

                                       44
<PAGE>

                                   ARTICLE 9

                                   INSURANCE
                                   ---------

     9.1 General Insurance  Requirements.  Tenant shall, at all times during the
Term and at any other time Tenant shall be in possession of the Leased Property,
comply with all  Insurance  Requirements  and keep the Leased  Property  and all
property  located  therein  or  thereon,  insured  against  the risks and in the
amounts as follows:

          (a)  "All-risk"  property  insurance  (and to the  extent  applicable,
          Builder's  Risk  Insurance)  on the  Improvements  and  all  items  of
          business  personal  property,  including  but not  limited  to  signs,
          awnings,  canopies,  gazebos, fences and retaining walls, and all FAS,
          including  without  limitation,  insurance against loss or damage from
          the perils under "All Risk" (Special) form,  including but not limited
          to the following:  fire, windstorm,  sprinkler leakage,  vandalism and
          malicious mischief, water damage, explosion of steam boilers, pressure
          vessels  and other  similar  apparatus,  and other  hazards  generally
          included  under  extended  coverage,  all in an  amount  equal  to one
          hundred percent (100%) of the replacement value of the Leased Property
          (excluding   excavation  and  foundation  costs),   business  personal
          property and FAS, without a co-insurance provision,  and shall include
          an Agreed Value endorsement and a Law and Ordinance endorsement;

          (b)  Ordinance or Law Coverage with limits of not less than the Leased
          Property  for  Coverage  A  (Loss  to  the  undamaged  portion  of the
          building), limits not less than $500,000.00 for Coverage B (Demolition
          Cost  Coverage),  and limits not less than  $500,000.00 for Coverage C
          (Increased Cost of Construction Coverage);

          (c)  Business  income  insurance to be written on Special Form (and on
          Earthquake  and  Flood  forms if such  insurance  for  those  risks is
          required and available through commercial insurance markets) including
          Extra  Expense,  without a provision  for  co-insurance,  including an
          amount  sufficient  to pay at least twelve (12) months of Rent for the
          benefit of Landlord,  as its interest may appear,  and at least twelve
          (12)  months of net  operating  income  less Rent for the  benefit  of
          Tenant:

          (d)  Occurrence  form  comprehensive   general  liability   insurance,
          including bodily injury and property damage,  liquor  liability,  fire
          legal liability,  contractual  liability and independent  contractor's
          hazard and  completed  operations  coverage in an amount not less than
          $1,000,000.00 per occurrence/$2,000,000.00 aggregate;

          (e)  Umbrella  coverage  which  shall be on a  following  form for the
          General Liability,  Automobile Liability,  Employers'  Liability,  and
          Liquor  Liability,  with  limits of not less than  $50,000,000.00  per
          occurrence/aggregate;

                                       45
<PAGE>

          (f) Flood  insurance in an amount and in such form and  substance  and
          with such limits and  deductibles as are  satisfactory to Landlord (if
          any  improvements  located on the Leased Property are located in whole
          or in part within an area  identified as an area having  special flood
          hazards under the National Flood Insurance Program);

          (g) Worker's  compensation coverage for all persons employed by Tenant
          on the Leased Property with statutory limits, and Employers' Liability
          insurance in an amount of at least $1,000,000.00 per accident/disease;

          (h) To the  extent  applicable,  business  auto  liability  insurance,
          including  owned,  non-owned  and hired  vehicles for combined  single
          limit  of  bodily  injury  and  property   damage  of  not  less  than
          $1,000,000.00 per occurrence;

          (i) To the extent applicable, garage keepers legal liability insurance
          covering both comprehensive and collision-type  losses with a limit of
          liability in an amount not less than $1,000,000.00 per occurrence; and

          (j) Earthquake insurance,  if the Leased Property is currently,  or at
          any time in the future,  located  within a Major or Limited  (Minor to
          Moderate)  Damage  Earthquake  Disaster Area, as defined by Landlord's
          Insurer and/or  Mortgagee,  in amount,  and in such form and substance
          and with such limits and deductibles as are satisfactory to Landlord.

          (k) Such additional insurance as may be reasonably required, from time
          to  time,  by  any  of  the  Permitted  Encumbrances,  or by  Landlord
          (including,   without  limitation,   insurance   requirements  in  the
          Management  Agreement,  any  mortgage,  security  agreement  or  other
          financing  permitted hereunder and then affecting the Leased Property,
          as  well  as any  declaration,  ground  lease  or  easement  agreement
          affecting the Leased Property),  or any Hotel Mortgagee,  provided the
          same is customarily  carried by a majority of comparable  high quality
          lodging properties in the area.

     9.2 Waiver of  Subrogation.  Landlord and Tenant agree that with respect to
any property  loss which is covered by insurance  then being carried by Landlord
or Tenant,  respectively,  the party  carrying such insurance and suffering said
loss releases the other of and from any and all claims with respect to such loss
(to the extent such loss is fully  recovered by payment of insurance  proceeds);
and they further agree that their respective  insurance  companies shall have no
right of subrogation against the other on account thereof.

     9.3 General  Provisions.  The Hotel's allocated  chargeback/deductible  for
general  liability  insurance and  workmen's  compensation  insurance  shall not
exceed  $100,000.00  unless such greater amount is approved by both Landlord and
Tenant. The Hotel's property  insurance  deductible shall not exceed $250,000.00
unless such  greater  amount is approved by both  Landlord  and Tenant,  or if a
higher deductible for high hazard risks (i.e., wind or flood) is mandated by the
insurance  carrier.  All insurance  policies pursuant to this ARTICLE 9 shall be
issued by insurance  carriers having a general policy holder's rating of no less
than  A-/VII  in Best's  latest  rating  guide,  and shall  contain  clauses  or

                                       46
<PAGE>

endorsements  to the  effect  that (a)  Landlord  shall  not be  liable  for any
insurance premiums thereon or subject to any assessments thereunder, and (b) the
coverages  provided  thereby  will be primary and any  insurance  carried by any
additional  insured  shall be excess and  non-contributory  to the extent of the
indemnification  obligation  pursuant  to Section 9.5 below.  All such  policies
described in Sections 9.1 shall name  Landlord,  CHC,  CHP, and any Mortgagee as
additional insureds, loss payees, or mortgagees,  as their interests may appear.
All loss  adjustments  shall be payable as provided in ARTICLE 10.  Tenant shall
deliver  certificates  thereof to Landlord  prior to their  effective date (and,
with  respect to any renewal  policy,  prior to the  expiration  of the existing
policy),  which  certificates  shall  state the  nature  and  level of  coverage
reported  thereby,  as well as the  amount of the  applicable  deductible.  Upon
Landlord's  request,  duplicate  original copies of said policies if provided by
Tenant,  shall be delivered to Landlord  and its  Mortgagee by Tenant.  All such
policies  shall  provide  Landlord  (and any  Mortgagee if required by the same)
thirty (30) days prior written notice of any material  change or cancellation of
such policy.

     In the event Tenant shall fail to effect such insurance as herein required,
to pay the premiums  therefor or to deliver such  policies and  certificates  to
Landlord or any Mortgagee at the times required,  Landlord shall have the right,
but not the  obligation,  subject to the  provisions of Section 12.4, to acquire
such insurance and pay the premiums therefor,  which amounts shall be payable to
Landlord,  upon demand,  as Additional  Charges,  together with interest accrued
thereon  at the  Overdue  Rate from the date such  payment  is made  until  (but
excluding) the date repaid.

     9.4 Blanket Policy.  Notwithstanding  anything to the contrary contained in
this ARTICLE 9, Tenant's  obligation to maintain the insurance  herein  required
may be brought within the coverage of a so-called  blanket policy or policies of
insurance carried and maintained by Tenant and approved by Landlord.

     9.5  Indemnification  of  Landlord.  Except as expressly  provided  herein,
notwithstanding  the existence of any insurance  provided for herein and without
regard  to the  policy  limits  of any such  insurance,  Tenant  shall  protect,
indemnify  and hold harmless  Landlord  for,  from and against all  liabilities,
obligations,  claims, damages, penalties, causes of action, costs and reasonable
expenses  (including,  without limitation,  reasonable  attorneys' fees), to the
maximum extent permitted by law, imposed upon or incurred by or asserted against
Landlord by reason of: (a) any  accident,  injury to or death of persons or loss
of or damage to  property  of third  parties  occurring  on or about the  Leased
Property or adjoining  sidewalks  or rights of way during the Term;  and (b) any
failure on the part of Tenant or any Person  claiming under Tenant to perform or
comply  with any of the terms of this  Agreement  during  the Term;  and (c) any
litigation,  proceeding or claim  resulting from or relating to any such failure
to perform or comply to which Landlord is made a party; provided,  however, that
Tenant's  obligations  hereunder  shall not apply to any liability,  obligation,
claim, damage,  penalty, cause of action, cost or expense arising from the gross
negligence or willful misconduct of Landlord, its employees, agents, contractors
or invitees,  Landlord's  failure to fund under  Section  5.1.4(b) or Landlord's
breach of this  Agreement.  Tenant,  at its expense,  shall contest,  resist and
defend any such  claim,  action or  proceeding  asserted or  instituted  against
Landlord  (and shall not be  responsible  for any  duplicative  attorneys'  fees
incurred by Landlord) or may  compromise  or otherwise  dispose of the same with
Landlord's prior written consent (which consent may not be unreasonably withheld
or delayed). In the event that Landlord shall unreasonably withhold or delay its
consent,  Tenant  shall  not be  liable  pursuant  to this  Section  9.5 for any
incremental increase in costs or expenses resulting  therefrom.  The obligations
of Tenant  under this Section 9.5 are in addition to (but shall not include) the
obligations  set forth in Section 4.2 and shall survive the  termination of this
Agreement for a period of three (3) years and shall thereafter  terminate and be
of no further  force and effect and no action may be brought  under this Section
9.5 after the expiration of such period.

                                       47

<PAGE>

                                   ARTICLE 10

                                    CASUALTY
                                    --------

     10.1  Restoration and Repair.  If during the Term the Leased Property shall
be totally or  partially  destroyed  and  thereby  rendered  Unsuitable  for Its
Permitted Use, Tenant shall give Landlord prompt Notice thereof. Either Landlord
or Tenant may, by the giving of Notice  thereof to the other party within ninety
(90) days after such casualty occurs, terminate this Agreement,  whereupon, this
Agreement shall terminate and Landlord shall be entitled to retain the insurance
proceeds  payable on account of all such  damage to the Leased  Property  and if
Tenant elects to terminate this Agreement as hereinabove provided,  Tenant shall
pay to Landlord the amount of any  deductible.  If Landlord  elects to terminate
this Agreement as hereinabove provided,  Tenant shall not be obligated to pay to
Landlord the amount of any deductible.  Tenant further  expressly  acknowledges,
understands  and agrees that in the event that the  Agreement is  terminated  as
aforesaid,  Landlord may settle any insurance  claims with respect to the Leased
Property  and Tenant  shall,  upon  request of  Landlord,  cooperate in any such
settlement.  If during the Term, the Leased Property and/or Leased  Improvements
and/or FF&E shall be destroyed or damaged in whole or in part by fire, windstorm
or any  other  cause  whatsoever,  but  the  Leased  Property  is  not  rendered
Unsuitable for Its Permitted Use,  Tenant shall give Landlord  immediate  Notice
thereof and Tenant shall,  subject to the  provisions  of Section 10.2,  Section
10.3 and  Section  10.4  below,  repair,  reconstruct  and  replace  the  Leased
Improvements and FF&E, or the portion thereof so destroyed or damaged,  at least
to the extent of the value and character  thereof existing  immediately prior to
such  occurrence   including  any  alterations   required  to  be  made  by  any
governmental  body,  county  or city  agency,  (which  Tenant  acknowledges  may
increase the replacement value of the Leased Improvements which Tenant will then
be required to insure) due to any changes in code or building  regulations.  All
such restoration work shall be started as promptly as practicable and diligently
completed at Tenant's sole cost and expense. Tenant shall, however,  immediately
take such  action as is  necessary  to assure that the Leased  Property  (or any
portion  thereof),  does not  constitute  a  nuisance  or  otherwise  present or
constitute a health or safety hazard.

     10.2 Insufficient  Insurance  Proceeds.  If this Agreement is not otherwise
terminated pursuant to this ARTICLE 10 and the cost of the repair or restoration
of the Leased  Property  exceeds the amount of  insurance  proceeds  received by
Landlord and Tenant  pursuant to this ARTICLE 10,  Tenant  shall  promptly  give
Landlord Notice thereof,  which Notice shall set forth in reasonable  detail the
nature of such  deficiency and whether Tenant shall pay and assume the amount of
such  deficiency  (Tenant  having no  obligation to do so except that, if Tenant
shall elect to make such funds  available,  the same shall become an irrevocable
obligation of Tenant). In the

                                       48
<PAGE>

event  Tenant  shall  elect not to pay the amount of such  deficiency,  Landlord
shall have the right (but not the  obligation),  exercisable at Landlord's  sole
election by Notice to Tenant, given within sixty (60) days after Tenant's Notice
of the  deficiency,  to elect to make  available for  application to the cost of
repair or restoration the amount of such deficiency;  provided, however, that in
such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be
increased in the manner  contemplated  for Major  Repairs as provided in Section
5.1.3(c) hereof as if such  disbursement were a Major Capital  Expenditures.  In
the event that neither  Landlord nor Tenant shall elect to make such  deficiency
available  for  restoration,  either  Landlord  or  Tenant  may  terminate  this
Agreement by notice to the other,  whereupon this Agreement  shall  terminate as
provided in Section 10.1. It is expressly understood and agreed,  however,  that
notwithstanding  anything in this  Agreement to the contrary,  in the event this
Agreement is terminated as  contemplated  in this Section 10.2,  Tenant shall be
strictly liable and solely responsible for the amount of any deductible.

     10.3 Escrow of Insurance Proceeds.  In the event of a casualty resulting in
a loss to the Leased  Improvements  and/or  FF&E in an amount  greater  than ONE
HUNDRED  THOUSAND  AND  NO/100  DOLLARS  ($100,000.00),  (as  determined  by  an
architect,  engineer or other design  professional  approved by  Landlord),  and
provided this Lease is not  terminated  as provided in Section 10.1 hereof,  the
proceeds of all insurance policies  maintained by Tenant for and with respect to
the Leased  Property  shall be deposited in  Landlord's  and Tenant's name in an
escrow account at a bank or other financial institution  designated by Landlord,
and shall be used by Tenant for the repair, reconstruction or restoration of the
Leased Improvements and/or FF&E to their original condition. Such proceeds shall
be disbursed  periodically  by Landlord  upon  certification  of the  architect,
engineer  or  other  design   professional   approved  by  Landlord  and  having
supervision  of the work that such  amounts are the amounts  paid or payable for
the  repair,  reconstruction  or  restoration.  Tenant  shall,  at the  time  of
establishment of such escrow account and from time to time thereafter until said
work shall have been  completed  and paid for,  furnish  Landlord  with adequate
evidence acceptable to Landlord that at all times the undisbursed portion of the
escrowed funds,  together with any funds made available by Tenant or Landlord as
applicable and required in this Agreement,  is sufficient to pay for the repair,
reconstruction  or  restoration in its entirety.  Tenant shall obtain,  and make
available to Landlord,  receipted  bills and, upon completion of said work, full
and final  waivers  of lien.  In the  event of a  casualty  resulting  in a loss
payment  for  the  Leased  Improvements  in an  amount  equal  to or  less  than
$100,000.00,  the proceeds shall be paid to Tenant, and shall be applied towards
repair,  reconstruction  and  restoration.  Any and all  loss  adjustments  with
respect to losses to the Leased  Property  payable  hereunder  shall require the
prior written consent of Landlord.  All salvage  resulting from any risk covered
by insurance  shall belong to Tenant,  provided any rights to the same have been
waived by the insurer. In addition,  notwithstanding  anything in this Agreement
to the contrary in connection with a casualty contemplated in this Section 10.3,
Tenant  shall be strictly  liable and solely  responsible  for the amount of any
deductible  and shall pay for all repairs,  reconstruction  or alterations up to
the full amount of such  deductible  (and  provide  evidence of such  payment to
Landlord  by  documentation   reasonably  acceptable  to  Landlord)  before  any
insurance proceeds are used for repairs, reconstruction or alterations.

     10.4  Repairs.  In the event  Tenant is  required  to  restore  the  Leased
Property  pursuant to Section 10.1,  Tenant shall commence promptly and continue
diligently  to  perform  the  repair  and  restoration  of the  Leased  Property
(hereinafter  called the  "Work"),  so as to  restore  the  Leased  Property  in

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<PAGE>

compliance with all Legal Requirements and so that the Leased Property shall be,
to the extent practicable, substantially equivalent in value and general utility
to  its  general  utility  and  value   immediately  prior  to  such  damage  or
destruction.  Subject  to the terms  hereof,  the  Landlord  shall  advance  the
insurance  proceeds  during the repair  and  restoration  period so as to permit
payment for the cost of any such restoration and repair. Any such advances shall
be made not more than monthly within ten (10) Business Days after Tenant submits
to Landlord a written requisition and substantiation  therefor on AIA Forms G702
and  G703 (or on such  other  form or forms  as may be  reasonably  approved  by
Landlord).  Landlord may require,  at its option,  prior to  advancement of said
insurance  proceeds and other amounts:  (i) approval of plans and specifications
by  an  architect  or  other  design   professional   satisfactory  to  Landlord
appropriate  under the  circumstances and approved by Landlord and Tenant (which
approval  shall  not  be  unreasonably   withheld  or  delayed),   (ii)  general
contractors' estimates, (iii) architect's certificates,  (iv) unconditional lien
waivers of general  contractors,  if available,  (v) evidence of approval by all
Government Agencies and other regulatory bodies whose approval is required,  and
(vi) such other  customary  terms as a  Mortgagee  or  Landlord  may  reasonably
require.

     10.5 Abatement of Rent.  Unless terminated  pursuant to this Section,  this
Agreement shall remain in full force and effect and Tenant's  obligation to make
all payments of Rent and to pay all the charges as and when required  under this
Agreement  shall  remain  unabated  during the Term  notwithstanding  any damage
involving the Leased Property  (provided that Landlord shall credit against such
payments any amounts paid to Landlord as a consequence  of such damage under any
business interruption or rent loss insurance obtained by Tenant hereunder).  The
provisions of this Section 10 shall be considered an express agreement governing
any cause of damage or  destruction  to the Leased  Property and, to the maximum
extent  permitted by law,  Tenant hereby waives the  application of any local or
state  statute,  law,  rule,  regulation  or ordinance in effect during the Term
which provides for such a contingency.

     10.6 Tenant's Property and Business Interruption Insurance. Notwithstanding
any provision herein to the contrary,  all insurance  proceeds payable by reason
of any loss of or damage to any of Tenant's  Personal  Property and the business
interruption  insurance  maintained  for the benefit of Tenant  shall be paid to
Tenant.

     10.7 Restoration of Tenant's Property. If Tenant is required to restore the
Leased  Property as  hereinabove  provided,  Tenant shall either (i) restore all
alterations and improvements made by Tenant and Tenant's Personal  Property,  or
(ii) replace such alterations and improvements  and Tenant's  Personal  Property
with  improvements  or items of the same or better  quality  and  utility in the
operation of the Leased Property.

     10.8 Waiver. Tenant hereby waives any statutory rights of termination which
may arise by reason of any damage or destruction of the Leased Property.

                                   ARTICLE 11

                                  CONDEMNATION
                                  ------------

     11.1 Total Condemnation,  Etc. If the whole of the Leased Property shall be
taken or condemned for any public or  quasi-public  use or purpose,  by right of
eminent  domain or by purchase in lieu thereof,  or if any portion of the Leased
Property  shall be so taken or  condemned  such  that  the  Leased  Property  is
rendered  Unsuitable  For Its Permitted  Use,  then this  Agreement and the Term
hereof shall cease and terminate  (without  prejudice to Landlord's and Tenant's
respective rights to an award under Section 11.3 below), as of the date on which
the condemning  authority takes  possession and all Rent shall be paid by Tenant
to  Landlord  up to that  date or  refunded  by  Landlord  to Tenant if Rent has
previously been paid by Tenant beyond that date.

                                       50
<PAGE>

     11.2  Partial  Condemnation;  Temporary  Condemnation.  If a portion of the
Leased  Property is taken and such  taking  does not render the Leased  Property
Unsuitable For Its Permitted Use, then the Tenant shall,  utilizing condemnation
proceeds paid to Landlord from the condemning  authority,  promptly  restore the
remaining  portion  or  portions  thereof  to a  condition  comparable  to their
condition  at the time of such  taking  or  condemnation,  less the  portion  or
portions lost by the taking, and this Agreement shall continue in full force and
effect except that the Rent payable hereunder shall, if necessary,  be equitably
adjusted to take into  account  the  portion or portions of the Leased  Property
lost by the taking. Any dispute as to the equitable  adjustment of Rent shall be
resolved by arbitration pursuant to ARTICLE 19 hereof.

     In the event of any temporary  Condemnation  of the Leased  Property or any
portion thereof or Tenant's interest  therein,  this Agreement shall continue in
full force and effect and Tenant shall continue to pay, in the manner and on the
terms herein  specified,  the full amount of Rent and Tenant  shall  continue to
perform and observe all of the other terms and  conditions of this  Agreement on
the part of the  Tenant  to be  performed  and  observed.  Provided  no Event of
Default has occurred and is continuing,  the entire amount of any Award made for
such temporary  Condemnation allocable to the Term hereof, whether to pay by way
of damages,  Rent or otherwise,  shall be paid to Tenant. Tenant shall, promptly
upon the termination of any such period of temporary  Condemnation,  restore the
Leased  Property  to the  condition  that  existed  immediately  prior  to  such
condemnation, in full compliance with Legal Requirements,  unless such period of
temporary  Condemnation shall extend beyond the expiration of the Term, in which
event  Tenant  shall not be required to make such  restoration.  Notwithstanding
Section  11.3 below,  Tenant shall apply any proceeds of the Award that have not
been used to  fulfill  Tenant's  obligations  under  this  Agreement  (including
payment of Rent) during such period of temporary  condemnation to so restore the
Leased  Premises;  provided,  in the event such remaining amount of the Award is
not  sufficient  to cover the costs of  completing  such  restoration,  Landlord
agrees to fund such  shortfall  as an approved  Major  Capital  Expenditure  and
Minimum Rent shall be increased in the manner contemplated  pursuant to Sections
5.1.3 and 5.1.4.  For purposes of this Section  11.2,  a  Condemnation  shall be
deemed to be a temporary  Condemnation  if title is not,  and is not intended to
be, or sought to be, permanently taken by the condemning authority,  but rather,
only the right to use and occupy is taken by the  condemning  authority with the
intent that the condemning  authority (or its designated  user or occupant) will
return the right to use and occupy after the period of such temporary taking.

     11.3 Disbursement of Award. The entire Award for the Leased Property or the
portion or portions  thereof so taken shall be apportioned  between Landlord and
Tenant  as  follows:  (a)  if  this  Agreement  terminates  due to a  taking  or
condemnation, Landlord shall be entitled to the entire Award; provided, however,
that any  portion  of the Award  expressly  allocable  or made for the taking of
Tenant's leasehold interest in the Leased Property,  loss of business during the
remainder of the Term, and the taking of Tenant's Personal Property shall be the

                                       51
<PAGE>

sole  property  of and  payable  to  Tenant  and in the  event  no such  express
allocation for the taking of Tenant's leasehold  interest is made,  Landlord and
Tenant  agree to determine  the same by an  appraisal of the parties  respective
interests  in the Leased  Property,  and of Tenant's  Personal  Property,  by an
appraiser  mutually  acceptable to Landlord and Tenant,  and any such portion of
the Award  allocated  to Tenant by such  appraiser  shall be the property of and
payable to Tenant,  and (b) if this  Agreement  does not  terminate  due to such
taking or  condemnation,  Tenant  shall be  entitled  to the Award to the extent
required for restoration of the Leased Property,  and Landlord shall be entitled
to the balance of the Award not applied to restoration except for any portion of
the  Award  for  taking  Tenant's   Personal   Property.   In  any  condemnation
proceedings,  Landlord  and Tenant  shall each seek its own Award in  conformity
herewith,  at its own expense.  If this  Agreement  does not  terminate due to a
taking or condemnation,  Tenant shall, with due diligence, restore the remaining
portion or portions of the Leased Property in the manner  hereinabove  provided.
In such event,  the proceeds of the Award to be applied to restoration  shall be
deposited with a bank or financial institution designated by Landlord as if such
Award were insurance  proceeds,  and the amount so deposited will  thereafter be
treated in the same manner as insurance proceeds are to be treated under Section
10.3 of this Agreement  until the  restoration has been completed and Tenant has
been reimbursed for all the costs and expenses  thereof.  Landlord's  obligation
under this Section 11.3 to disburse  the Award and such other  amounts  shall be
subject to (x) the  collection  thereof by Landlord  and (y) during the last two
(2) years of the Term,  the release of such Award by the  applicable  Mortgagee;
otherwise  each such Mortgagee  shall be obligated to make such funds  available
for  Landlord's  use in accordance  with the terms of this  Agreement.  Tenant's
obligation to restore the Leased Property shall be subject to the release of the
Award by the applicable Mortgagee to Landlord.  If during the last two (2) years
of the  Term,  such  funds  are not  collected  or  released  this  Lease  shall
terminate.  If the Award is  insufficient to pay for the restoration or Landlord
does not  collect  the Award,  and the Lease is not in the last two (2) years of
the Term,  Section 10.2 shall govern any  insufficiency  of the Award to pay for
restoration of the Leased Property  (including the termination  rights set forth
therein) to the same extent as if the Award were insurance  proceeds;  provided,
however,  if  Landlord  thereafter  collects  the Award,  and Tenant or Landlord
elects to fund any deficiency as  contemplated  in Section 10.2,  either (i) the
amount  of the Award  equal to such  insufficiency  funded  by  Tenant  shall be
delivered to Tenant in the event Tenant  funded such  insufficiency  pursuant to
Section  10.2  hereof,  or (ii)  Landlord  shall keep the Award and Minimum Rent
shall be reduced to the extent the amount of the Award covers such insufficiency
in  the  event  Landlord  had  funded  such  insufficiency  as a  Major  Capital
Expenditure pursuant to Section 10.2.

     11.4  Abatement  of  Rent.  Other  than as  specifically  provided  in this
Agreement,  this  Agreement  shall  remain in full force and effect and Tenant's
obligation to make all payments of Rent and to pay all other charges as and when
required  under  this   Agreement   shall  remain   unabated   during  the  Term
notwithstanding any Condemnation  involving the Leased Property.  The provisions
of this  ARTICLE 11 shall be  considered  an  express  agreement  governing  any
Condemnation  involving the Leased Property and, to the maximum extent permitted
by law, no local or State statute,  law, rule, regulation or ordinance in effect
during the Term which provides for such a contingency shall have any application
in such case.

     11.5  Disputes.  If  Landlord  and  Tenant  cannot  agree in respect of any
matters to be determined under this Article, a determination  shall be requested
of the court  having  jurisdiction  over the taking or  condemnation;  provided,
however, that if said court will not accept such matters for determination, such
matters  shall be  resolved  by  arbitration  pursuant  to  ARTICLE  19  hereof.

                                       52
<PAGE>

                                   ARTICLE 12

                             DEFAULTS AND REMEDIES
                             ---------------------

     12.1 Events of Default.  Each of the following  events shall be an Event of
Default hereunder by Tenant and shall constitute a breach of this Agreement:

          (a) If Tenant  shall fail to pay,  (i) when due,  any Minimum  Rent or
          Percentage  Rent, or portion  thereof and such failure shall  continue
          for a period of five (5) days, or (ii) any Additional Charges when due
          and payable  hereunder  or any other sum due to  Landlord  from Tenant
          hereunder,  within ten (10) days after receipt of Notice  thereof from
          Landlord;

          (b) If Tenant  shall  violate or fail to comply  with or  perform  any
          other  term,  provision,   covenant,  agreement  or  condition  to  be
          performed  or  observed  by  Tenant  under  this  Agreement,  and such
          violation or failure  shall  continue for a period of thirty (30) days
          after Notice thereof from Landlord;  provided,  however,  that if such
          default is  susceptible  of cure but such cure cannot be  accomplished
          with diligent and  continuous  efforts within such period of time, and
          if, in  addition,  Tenant  commences to cure or cause to be cured such
          default  within  such  period of time and  thereafter  prosecutes  the
          curing of such default with  diligence and  continuous  efforts,  such
          thirty  (30) day period of time shall be  extended  to such  period of
          time as may be  necessary  to cure such  default  with  diligence  and
          continuous  efforts not to exceed however,  an additional  ninety (90)
          days.

          (c) Except for a "change of control of Wyndham" (as defined in Section
          16.4  hereof) as to which only the  provisions  of Section  16.4 shall
          apply,  and except as otherwise  expressly  authorized  under  Section
          16.4, if any assignment,  transfer,  sublease or encumbrance  shall be
          made or deemed to be made that is in  violation of the  provisions  of
          this Agreement, or if Tenant shall cease to be a majority owned direct
          or indirect subsidiary of Wyndham.

          (d) If Tenant shall cease the actual and  continuous  operation of the
          business contemplated by this Agreement to be conducted by Tenant upon
          the Leased Property (and such cessation is not the result of casualty,
          condemnation,   or  other  event  of  force  majeure,   renovation  or
          restoration  or is not  otherwise  permitted by Landlord or is not the
          result of a legal requirement or during an emergency, but Tenant shall
          not  thereby be  relieved  of its  obligation  to pay Rent as required
          herein,  except as may be  expressly  provided  herein);  or if Tenant
          shall vacate,  desert or abandon the Leased Property; or if the Leased
          Property or Leased  Improvements  are used or are permitted to be used
          for any purpose, or for the conduct of any activity,  not permitted by
          this Agreement except as a result of temporary Condemnation.

                                       53
<PAGE>

          (e) If, at any time during the Term of this  Agreement,  Tenant shall,
          or Guarantor shall during the term of the Guaranty, file in any court,
          pursuant to any statute of either the United States or of any State, a
          petition  in  bankruptcy  or  insolvency,  or  for  reorganization  or
          arrangement, or for the appointment of a receiver or trustee of all or
          any portion of Tenant's property,  including,  without limitation, its
          leasehold interest in the Leased Property,  or if Tenant shall make an
          assignment for the benefit of its creditors or petitions for or enters
          into an arrangement with its creditors.

          (f) If, at any time during the Term of this Agreement,  there shall be
          filed  against  Tenant or Guarantor  (prior to the  expiration  of the
          Guaranty  by its terms) in any courts  pursuant  to any statute of the
          United States or of any State, a petition in bankruptcy or insolvency,
          or for reorganization, or for the appointment of a receiver or trustee
          of  all  or  a  portion  of  Tenant's  property,   including,  without
          limitation, its leasehold interest in the Leased Property or of all or
          substantially  all of Guarantor's  Property,  and any such  proceeding
          against Tenant or Guarantor shall not be dismissed  within ninety (90)
          days following the commencement thereof.

          (g) If  Tenant's  leasehold  interest  in the Leased  Property  or any
          property therein shall be seized under any levy, execution, attachment
          or other  process  of court  where the same  shall not be  vacated  or
          stayed on appeal or otherwise within thirty (30) days  thereafter,  or
          if  Tenant's  leasehold  interest  in the Leased  Property  is sold by
          judicial  sale and such  sale is not  vacated,  set aside or stayed on
          appeal or otherwise within thirty (30) days thereafter.

          (h) If Tenant shall default under any Management  Agreement beyond any
          applicable cure period for or concerning the Leased Property.

          (i) If an Event of Default  shall occur under and as defined in any of
          the Other Leases.

          (j) If a final unappealable  determination is made by applicable State
          authorities of the  revocation or limitation of any material  license,
          permit, certification or approval required for the lawful operation of
          the Leased  Property in  accordance  with its  Permitted  Use or there
          occurs  the  loss or  material  limitation  of any  material  license,
          permit,  certification or approval under any other  circumstances  and
          Tenant is required to cease its  operation  of the Leased  Property in
          accordance with its Permitted Use at the time of such revocation, loss
          or limitation  except as a result of casualty,  condemnation  or other
          event of force majeure,  renovation or  restoration  (but Tenant shall
          not  thereby be  relieved  of its  obligation  to pay Rent as required
          herein, except as may be expressly provided herein).

     12.2  Remedies on Default.  If any Event of Default  hereinabove  specified
shall occur,  Landlord, at any time thereafter,  shall have and may exercise any
of the following rights and remedies:

                                       54

<PAGE>

          (a)  Landlord  may,  pursuant  to  written  notice  thereof to Tenant,
          terminate  this  Agreement  and,  peaceably or pursuant to appropriate
          legal  proceedings,  re- enter,  retake and resume  possession  of the
          Leased Property for Landlord's own account and, for Tenant's breach of
          and default under this Agreement,  recover immediately from Tenant any
          and all rents and other sums and  damages  due and payable at the time
          of such termination,  including,  without limitation, (i) all Rent and
          other sums, charges, payments, costs and expenses then due and payable
          by  Tenant  to  Landlord  hereunder,  (ii) all  reasonable  costs  and
          expenses of Landlord in connection  with the recovery of possession of
          the Leased Property,  including reasonable  attorney's fees based upon
          services  rendered  at hourly  rates and  court  costs,  and (iii) all
          reasonable  costs and  expenses  of Landlord  in  connection  with any
          reletting or attempted reletting of the Leased Property or any part or
          parts  thereof,   including,   without  limitation,   brokerage  fees,
          advertising  costs,  reasonable  attorney's  fees based upon  services
          rendered at hourly rates and the reasonable cost of any alterations or
          repairs or tenant  improvements which may be reasonably required to so
          relet the Leased Property,  or any part or parts thereof. In addition,
          in the  event  Landlord  elects  to  terminate  this  Agreement,  upon
          Landlord's  request,  Tenant  agrees to assign to Landlord or to cause
          Manager to assign to Landlord all contracts, leases, permits and other
          agreements  entered  into by Tenant or  Manager  with  respect  to the
          operation,  maintenance,  use or repair of the Leased  Property  other
          than Tenant's Intangible Personal Property,  the Management Agreement,
          and National Contracts.

          (b) Landlord  may,  pursuant to any prior notice  required by law, and
          without   terminating   this  Agreement,   peaceably  or  pursuant  to
          appropriate legal proceedings,  re-enter, retake and resume possession
          of  the  Leased  Property  for  the  account  of  Tenant,   make  such
          alterations  of and  repairs  and  tenant  improvements  to the Leased
          Property as may be reasonably  necessary in order to relet the same or
          any part or parts  thereof  and relet or  attempt  to relet the Leased
          Property or any part or parts  thereof  for such term or terms  (which
          may  be for a  term  or  terms  extending  beyond  the  Term  of  this
          Agreement),  at such rents and upon such other terms and provisions as
          Landlord,  in its sole  discretion,  may deem  advisable.  If Landlord
          takes  possession and control of the Leased  Property and operates the
          same, Tenant shall, for so long as Landlord is actively  operating the
          Leased Property, have no obligation to operate the Leased Property. If
          Landlord  relets or  attempts to relet the Leased  Property,  Landlord
          shall at its sole discretion determine the terms and provisions of any
          new lease or sublease  and whether or not a  particular  proposed  new
          tenant or sublessee is acceptable to Landlord. Provided, however, such
          reletting  shall  be on  fair  market  terms  if to  an  Affiliate  of
          Landlord. Upon any such reletting,  all rents received by the Landlord
          from such  reletting  shall be applied as follows:  (a) first,  to the
          payment of all reasonable costs and expenses of recovering  possession
          of the Leased Property,  (b) second,  to the payment of any reasonable
          costs  and  expenses  of such  reletting,  including  brokerage  fees,
          advertising  costs,  reasonable  attorney's  fees  and the cost of any
          alterations and repairs  reasonably  required for such reletting;  (c)
          third,  to the  payment of any  indebtedness,  other  than  Rent,  due
          hereunder from Tenant to the Landlord,  (d) fourth,  to the payment of
          all Rent and other

                                       55
<PAGE>

          sums due and unpaid  hereunder,  and (e) fifth,  the residue,  if any,
          shall be held by the  Landlord  and applied in payment of future Rents
          as the  same  may  become  due and  payable  hereunder.  If the  rents
          received from such reletting during any period shall be less than that
          required to be paid during that period by the Tenant hereunder, Tenant
          shall promptly pay any such deficiency to the Landlord and failing the
          prompt  payment   thereof  by  Tenant  to  Landlord,   Landlord  shall
          immediately  be  entitled  to  institute  legal  proceedings  for  the
          recovery  and  collection  of  the  same.  Such  deficiency  shall  be
          calculated  and paid at the time each payment of rent shall  otherwise
          become due under this Agreement, or, at the option of Landlord, at the
          end of the  Term of this  Agreement.  No such  re-entry,  retaking  or
          resumption of  possession  of the Leased  Property by the Landlord for
          the account of Tenant shall be construed as an election on the part of
          Landlord to terminate this  Agreement  unless a written notice of such
          intention  shall be given to the Tenant or unless the  termination  of
          this  Agreement  be  decreed  by a court  of  competent  jurisdiction.
          Notwithstanding any such re-entry and reletting or attempted reletting
          of the Leased Property or any part or parts thereof for the account of
          Tenant without termination,  Landlord may at any time thereafter, upon
          written notice to Tenant,  elect to terminate this Agreement or pursue
          any other remedy available to Landlord for Tenant's previous breach of
          or default under this Agreement.

          (c)  Landlord  may,  (i)  without  re-entering,  retaking  or resuming
          possession  of the  Leased  Property,  sue for all Rent and all  other
          sums,  charges,  payments,  costs  and  expenses  due from  Tenant  to
          Landlord  hereunder as they become due under this Agreement or (ii) at
          Landlord's option,  terminate this Agreement and re-enter,  retake and
          resume possession of the Leased Premises,  and in addition to any Rent
          then due and owing,  Tenant  shall pay to Landlord an amount  equal to
          the present  value  (discounted  at the rate of ten and a half (10.5%)
          per annum) of the excess,  if any,  of the Rent,  as well as all other
          sums,  charges,  payments,  costs and expenses  which would be payable
          hereunder  by Tenant to  Landlord.  from the date of such  termination
          (assuming that, for the purpose of this paragraph,  annual payments by
          Tenant on account of  Impositions,  and  Additional  Rent would be the
          same as payments  required for the immediately  preceding  twelve (12)
          calendar  months,  or if less than  twelve (12)  calendar  months have
          expired since the  Commencement  Date, the payments  required for such
          lesser  period  projected  to an annual  amount) for what would be the
          then unexpired Term of this Agreement  (excluding  unexercised renewal
          options) if the same  remained in effect,  over the fair market rental
          for the  same  period.  Nothing  contained  in this  Agreement  shall,
          however,  limit or prejudice the right of Landlord to prove and obtain
          in  proceedings  for  bankruptcy  or insolvency an amount equal to the
          maximum  allowed  by any  statute or rule of law in effect at the time
          when, and governing the  proceedings  in which,  the damages are to be
          proved,  whether or not the amount be greater than,  equal to, or less
          than the amount of the loss or damages  referred to above.  Regardless
          of the foregoing remedy under this  subparagraph  (c),  Landlord shall
          not be required to relet the Leased  Property  nor  exercise any other
          right  granted to Landlord  pursuant to this  Agreement.

                                       56
<PAGE>

          (d) Landlord may, in addition to any other remedies  provided  herein,
          enter  upon  the  Leased  Property  or any  portion  thereof  and take
          possession of (i) any and all of Tenant's  Personal  Property,  if any
          (other  than items of Tenant's  Intangible  Personal  Property),  (ii)
          Tenant's books and records  necessary to operate the Leased  Property,
          and  (iii)  the  Reserve  and all the  bank  accounts  concerning,  or
          established for, the Leased Property, without liability for trespasses
          or conversion  (Tenant  hereby  waiving any right to notice or hearing
          prior to such taking of  possession  by Landlord) and sell the same by
          public or private sale, after giving Tenant  reasonable  notice of the
          time and place of any public or private  sale,  at which sale Landlord
          or its assigns may  purchase  all or any portion of Tenant's  Personal
          Property (other than items of Tenant's  Intangible Personal Property),
          if any, unless otherwise  prevented by law. Unless otherwise  provided
          by law and without  intending  to exclude  any other  manner of giving
          Tenant reasonable  notice,  the requirement of reasonable notice shall
          be met if such  notice is given at least ten (10) days before the date
          of sale.  The proceeds  from any such  disposition,  less all expenses
          incurred  in  connection  with the taking of  possession,  holding and
          selling of any of such property (including  reasonable attorneys' fees
          based  upon  services  rendered  at hourly  rates)  shall be  credited
          against Rent which is due hereunder.

          (e) In addition to the remedies hereinabove  specified and enumerated,
          Landlord  shall  have and may  exercise  the right to invoke any other
          remedies  allowed at law or in equity as if the  remedies of re-entry,
          unlawful  detainer  proceedings  and other  remedies  were not  herein
          provided  including,  but not  limited  to,  the  right to sue for and
          otherwise  recover from Tenant any damages  occasioned by or resulting
          from any  abandonment  of the Leased  Property or other  breach of, or
          default  under  this  Agreement.  Accordingly,  the  mention  in  this
          Agreement of any  particular  remedy shall not preclude  Landlord from
          having  or  exercising  any  other  remedy  at  law or in  equity.  In
          addition,   any   provision   of  this   Agreement   to  the  contrary
          notwithstanding,  no  provision  of  this  Agreement  shall  delay  or
          otherwise limit Landlord's right to seek injunctive relief or Tenant's
          obligation to comply with any such injunctive relief.

     12.3 Application of Funds.  Any payments  received by Landlord under any of
the  provisions of this  Agreement  during the existence or  continuance  of any
Event of Default (and any payment made to Landlord rather than Tenant due to the
existence of any Event of Default) shall be applied to Tenant's current and past
due obligations  under this Agreement in such order as Landlord may determine or
as may be prescribed by the laws of the State.

     12.4  Landlord's  Right to Cure  Tenant's  Default.  If an Event of Default
shall exist hereunder,  Landlord may, but have no obligation to, after notice to
Tenant and a reasonable time to perform after such notice (or without notice if,
in Landlord's  reasonable opinion, an emergency exists) perform the same for the
account  and at the  expense  of  Tenant.  If, at any time and by reason of such
Event of Default,  Landlord is  compelled  to pay, or elects to pay,  any sum of
money or do any act which will  require the  payment of any sum of money  (other
than  the  cost  of any  Major  Capital  Expenditures  or  Reserve  Expenditures
contained  in an Approved  Reserve  Estimate  which  Landlord  has agreed to pay
hereunder as expressly contemplated in Section 5.1.3 and 5.1.4(b) hereof), or is
compelled  to incur any expense in the  enforcement  of its rights  hereunder or
otherwise,  such sum or sums, together with interest thereon at the Overdue Rate
shall be deemed Additional  Charges hereunder and shall be repaid to Landlord by
Tenant  promptly  when billed  therefor,  and  Landlord  shall have all the same
rights and  remedies in respect  thereof as Landlord has in respect of the rents
herein reserved.

                                       57
<PAGE>

     12.5 Landlord's  Lien.  Landlord shall have at all times during the Term of
this  Agreement,  a valid  lien for all  rents  and  other  sums of money due or
becoming  due  hereunder  from  Tenant,  upon  all  goods,  wares,  merchandise,
inventory,  furniture, fixtures, equipment, vehicles and other tangible personal
property  and  effects  of  Tenant  situated  in or upon  the  Leased  Property,
including Tenant's Personal Property but excluding items of Tenant's  Intangible
Personal  Property,  and such  property  shall not be  removed  from the  Leased
Property  except in  accordance  with the terms of this  Agreement  without  the
approval and consent of Landlord until all arrearages in rent as well as any and
all other sums of money then due to  Landlord  hereunder  shall  first have been
paid and discharged in full.  Upon the occurrence and during the  continuance of
any Event of Default by Tenant,  Landlord may, in addition to any other remedies
provided herein or by law, enter upon the Leased Property and take possession of
any and all goods, wares, merchandise, books and records, inventory,  furniture,
fixtures,  equipment,  vehicles and other tangible personal property and effects
of Tenant situated in or upon or with respect to the Leased Property,  including
Tenant's Personal Property but excluding items of Tenant's  Intangible  Personal
Property,  without  liability for trespass or  conversion,  and sell the same at
public or private sale, with or without having such property appraised, at which
Landlord  or its  assigns may  purchase  any of the same and apply the  proceeds
thereof,  less any and all expenses  connected with the taking of possession and
sale, as a credit against any sums due from Tenant, and Tenant agrees to pay any
deficiency  forthwith.  If Landlord  takes  possession and control of the Leased
Property and operates the same, Tenant shall for so long as Landlord is actively
operating  the  Leased  Property,  have no  obligation  to  operate  the  Leased
Property. Alternatively, the lien hereby granted may be foreclosed in the manner
and form provided by law for  foreclosure of security  interests or in any other
manner and form  provided by law. The  statutory  lien for rent,  if any, is not
hereby  waived and the express  contractual  lien herein  granted is in addition
thereto  and  supplementary  thereto.  Tenant  agrees to execute  and deliver to
Landlord  from time to time  during the Term of this  Agreement  such  financing
statements  as may be required  by  Landlord in order to perfect the  Landlord's
lien provided herein or by Applicable Laws. Tenant further agrees that during an
Event of Default or the pendency of any event or  circumstance  which,  with the
passage of time may become an Event of Default  under  Section  12.1(a),  Tenant
shall not make any distributions to its shareholders, partners, members or other
owners and any such  distributions  shall be subordinate to Landlord's claim for
Rent and other sums hereunder.

     12.6 The Other Leases. As referenced in this Agreement, Landlord and Tenant
are,  contemporaneously with, or subsequent to, the execution of this Agreement,
entering into the Other Leases. It is the express agreement and understanding of
Landlord  and Tenant that this  Agreement  and the Other Leases are and shall be
cross  defaulted  and cross  collateralized  such  that (a) an Event of  Default
under, and/or termination of, this Agreement or any of the Other Leases shall be
and constitute an Event of Default under and, at Landlord's  option exercised by
written notice,  immediately  effect a termination of, the Other Leases and this
Agreement,  respectively  and (b) any  security  or  collateral  given by Tenant
hereunder and under the Other Leases, including the Security Deposit and Minimum

                                       58
<PAGE>

Rent  Reserve,  may be taken by Landlord to cure any Event of Default under this
Agreement or any of the Other Leases.  Provided,  however,  if this Agreement is
terminated  by either  Landlord or Tenant as a result of a casualty  pursuant to
Sections 10.1 and 10.2 or condemnation  under ARTICLE 11, such termination shall
not  constitute  or  require a  termination  of the Other  Leases and such Other
Leases shall survive the  termination of this Agreement  under Sections 10.1 and
10.2 or  condemnation  under ARTICLE 11. Further,  it is the express  agreement,
intent and  understanding of the Landlord and Tenant that (x) this Agreement and
the Other Leases are not severable;  and (y) in the event that Tenant shall file
for, or there shall be filed against Tenant, bankruptcy, insolvency or a similar
arrangement  or  proceeding,  this  Agreement  and the Other Leases shall be and
remain  cross  defaulted  and  considered  one Lease and may not be  severed  or
assumed  separately in any such proceedings,  it being the express agreement and
intent of Landlord  and Tenant that either all of this  Agreement  and the Other
Leases shall be rejected by any receiver or trustee in any such  proceedings  or
all of said Leases shall be assumed by any such receiver or trustee.

     12.7  Landlord's  Default.  Subject  to  Landlord's  right to  dispute  its
obligations in accordance  with the terms of this  Agreement,  if Landlord shall
default in the  performance or observance of any of its covenants or obligations
set forth in this  Agreement and any such default shall continue for a period of
ten (10) days after Notice thereof with respect to monetary defaults, and thirty
(30) days after  Notice  thereof  with respect to  non-monetary  defaults,  from
Tenant to Landlord and any applicable  Hotel Mortgagee  (subject to Section 20.3
hereof and provided,  that if such non-monetary  default is susceptible of cure,
but such cure cannot be  accomplished  with  diligence  and  continuous  efforts
within such period of time, and, if in addition,  Landlord  commences to cure or
cause to be  cured  such  default  within  such  period  of time and  thereafter
prosecutes  the curing of such default with  diligence and  continuous  efforts,
such period of time shall be extended to such period of time as may be necessary
to cure such  default  with  diligence  and  continuous  efforts  not to exceed,
however,  an additional ninety (90) days, Tenant may declare the occurrence of a
"Landlord  Default" by giving Notice of such declaration to Landlord and to such
Hotel Mortgagee.  Thereafter,  Tenant may (but shall have no obligation to) cure
the same and,  subject to the  provisions  of the following  paragraph,  invoice
Landlord for costs and expenses (including  reasonable attorneys' fees and court
costs)  incurred by Tenant in curing the same,  together with  interest  thereon
from the date Landlord receives Tenant's invoice, at the Overdue Rate. Except as
otherwise  expressly  provided in this  Agreement to the contrary,  Tenant shall
have no right to terminate this Agreement for any default by Landlord  hereunder
and no right, for any such default,  to offset or counterclaim  against any rent
or other charges due hereunder.

     If Landlord  shall in good faith  dispute the  occurrence  of any  Landlord
Default,  and Landlord,  before the  expiration of the  applicable  cure period,
shall give Notice thereof to Tenant,  setting forth, in reasonable  detail,  the
basis  therefor,  no  Landlord  Default  shall be  deemed to have  occurred  and
Landlord  shall have no  obligation  with respect  thereto  until final  adverse
determination  thereof  by  arbitration  as  contemplated  in ARTICLE 19 hereof;
provided, however, that in the event of any such adverse determination, Landlord
shall pay to Tenant interest on any disputed fine at the Disbursement  Rate from
the date demand of such funds is made by Tenant until the date of final  adverse
determination and, thereafter, at the Overdue Rate until paid.

     12.8 Special Remedies for Landlord Funding Default.

                                       59
<PAGE>

     In the event of any Landlord Default arising solely under Section 5.1.4(b),
Tenant shall have the right,  in Tenant's  sole  discretion,  in addition to all
other remedies of Tenant hereunder, to exercise any one or more of the following
remedies:

          (a) Tenant may fund the  deficient  amounts  and offset the  aggregate
          amount thereof,  plus interest thereon from the date of funding at the
          Overdue  Rate,  against any Rent payable by Tenant  subsequent  to the
          date of advance by Tenant  pursuant to this Agreement  until recouped;
          or

          (b) Tenant may terminate this  Agreement  whereupon any portion of the
          Minimum Rent Reserve then  remaining and any unapplied  balance of the
          Security Deposit and shall be refunded to Tenant and Tenant may pursue
          its damages, if any, available at law or in equity for such breach.

                                   ARTICLE 13

                                  HOLDING OVER
                                  ------------

     If Tenant or any other  person or party shall remain in  possession  of the
Leased  Property or any part thereof  following  the  expiration  of the Term or
earlier  termination of this Agreement  without an agreement in writing  between
Landlord  and Tenant with  respect  thereto,  the person or party  remaining  in
possession  shall be deemed to be a tenant at  sufferance,  and  during any such
holdover,  the Rent payable  under this  Agreement by such tenant at  sufferance
shall be double the rate or rates in effect  immediately prior to the expiration
of the Term or earlier  termination  of this  Agreement.  In no event,  however,
shall such holding over be deemed or construed to be or  constitute a renewal or
extension of this Agreement.

                                   ARTICLE 14

                     LIABILITY OF LANDLORD; INDEMNIFICATION
                     --------------------------------------

     14.1 Liability of Landlord. Landlord and its Affiliates shall not be liable
to Tenant,  its employees,  agents,  invitees,  licensees,  customers,  clients,
family members or guests for any damage,  injury,  loss,  compensation or claim,
including,  but  not  limited  to,  claims  for the  interruption  of or loss to
Tenant's  business,  based  on,  arising  out of or  resulting  from  any  cause
whatsoever  (other than  Landlord's  gross  negligence or willful  misconduct or
Landlord's breach of this Agreement), including, but not limited to: (a) repairs
to any portion of the Leased  Property;  (b) interruption in Tenant's use of the
Leased Property;  (c) any accident or damage resulting from the use or operation
(by Landlord, Tenant or any other person or persons) of any equipment within the
Leased Property,  including without limitation,  heating, cooling, electrical or
plumbing equipment or apparatus; (d) the termination of this Agreement by reason
of the condemnation or destruction of the Leased Property in accordance with the
provisions  of  this  Agreement;   (e)  any  fire,  robbery,  theft,  mysterious
disappearance or other casualty; (f) the actions of any other person or persons;
and (g) any  leakage  or  seepage  in or from any part or  portion of the Leased
Property, whether from water, rain or other precipitation that may leak into, or
flow from, any part of the Leased  Property,  or from drains,  pipes or plumbing
fixtures in the Leased  Improvements.  Any goods,  property or personal  effects
stored or placed by the Tenant or its employees in or about the Leased  Property
including Tenant's Personal Property, shall be at the sole risk of the Tenant.

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     14.2 Notice of Claim or Suit.  Tenant shall promptly notify Landlord of any
claim,  action,  proceeding or suit  instituted or threatened  against Tenant or
Landlord of which Tenant receives notice or of which Tenant acquires  knowledge.
In the event  Landlord is made a party to any action for damages or other relief
against which Tenant has indemnified Landlord, as aforesaid, Tenant shall at its
own expense using counsel  reasonably  approved by Landlord,  diligently  defend
Landlord,  pay all  costs in such  litigation  or,  at  Landlord's  option,  and
expense,  Landlord may nonetheless engage its own counsel in connection with its
own  defense or  settlement  of said  litigation  in which  event  Tenant  shall
cooperate with Landlord and make available to Landlord all  information and data
which Landlord deems necessary or desirable for such defense.

     14.3  Limitation  on  Liability of Landlord.  Provided,  Landlord  does not
encumber the Leased Property with a Prohibited Mortgage as referenced in Section
20 hereof,  in the event Tenant is awarded a money  judgment  against  Landlord,
Tenant's  sole  recourse for  satisfaction  of such  judgment  shall,  except as
otherwise  provided  hereinafter  in this Section 14.3 and in Section  20.2,  be
limited to execution  against the  Landlord's  interest in the Leased  Property,
including the Minimum Rent Reserve, the Security Deposit and the Reserve and any
proceeds from the disposition  thereof.  Further, in no event shall any partner,
member, officer, director, stockholder or shareholder of Landlord or any partner
thereof or Affiliated Person or Subsidiary thereof, be personally liable for the
obligations of Landlord hereunder. Provided, however, in the event that Landlord
shall sell,  transfer or dispose of the Leased Property,  the Security  Deposit,
Minimum Rent Reserve or the Reserve,  at a time when Tenant has a money judgment
against  Landlord  (or has so  notified  Landlord  of a claim by Tenant  against
Landlord  hereunder  which may give rise to a money judgment) and shall disburse
the  proceeds of such sale,  transfer or  disposition  to any  partner,  member,
officer, director, stockholder or shareholder of Landlord or any partner thereof
or Affiliated Person or Subsidiary thereof,  Landlord shall be personally liable
to the extent of the proceeds so disbursed to any of such parties.

                                   ARTICLE 15

                               REIT REQUIREMENTS
                               -----------------

     Tenant  understands that, in order for Landlord to qualify as a real estate
investment  trust (a "REIT") under the Internal Revenue Code of 1986, as amended
(the "Code"),  certain requirements (the "REIT Requirements") must be satisfied.
The parties  intend that amounts to be paid by Tenant  hereunder and received or
accrued, directly or indirectly, by Landlord with respect to the Leased Property
(including  any rents  attributable  to  personal  property  that is leased with
respect thereto) will qualify as "rents from real property"  (within the meaning
of Code Section  856(d).  Further,  neither party will take any action or suffer
any  condition  to exist that would cause any amount  received  by the  Landlord
under this  Agreement to fail to qualify as such.  Consistent  with this intent,
the parties agree that:

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     15.1 "Rents  attributable  to any personal  property"  leased to the Tenant
cannot  exceed  fifteen  percent  (15%) of the total Rent received or accrued by
Landlord  under this  Agreement for any Fiscal Year of the Landlord.  Consistent
therewith,  the  average  of the  adjusted  tax bases of the  personal  property
(within the meaning set forth in Section  1.512(b)-1(c)(3)(ii) of the applicable
Treasury  Regulations)  that is leased  to Tenant  with  respect  to the  Leased
Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent
(15%)  of the  average  of the  aggregate  adjusted  tax  bases  of the real and
personal property comprising such Leased Property that is leased to Tenant under
this  Agreement at the beginning and end of such Fiscal Year (the "REIT Personal
Property Limitation"). If Landlord reasonably anticipates that the REIT Personal
Property Limitation will be exceeded with respect to the Leased Property for any
Fiscal  Year,  Landlord  shall  notify  Tenant,  and  Landlord  and Tenant shall
negotiate  in good faith the  purchase by Tenant of items of  personal  property
anticipated  by  Landlord  to  be  in  excess  of  the  REIT  Personal  Property
Limitation.  Provided,  however,  that Tenant's  responsibility to purchase such
personal property will be offset by Landlord in some mutually agreeable manner.

     15.2  Tenant  cannot  sublet the Leased  Property  or any portion of it, or
enter into any similar  arrangement,  on any basis such that the rental or other
amounts paid by the sublessee thereunder would be based, in whole or in part, on
either (a) the net income or profits  derived by the business  activities of the
sublessee  or (b) any other  formula  such that any  portion of the Rent paid by
Tenant to Landlord would fail to qualify as "rent from real property" within the
meaning of Section 856(d) of the Code and regulations promulgated thereunder.

     15.3  Anything to the contrary in this  Agreement  notwithstanding,  Tenant
shall not sublease the Leased Property to, or enter into any similar arrangement
with, any person in which Landlord owns,  directly or indirectly,  a ten percent
(10%) or more interest,  within the meaning of Section 856(d)(2)(B) of the Code,
and any such  action  shall be  deemed  void ab  initio.  At  Tenant's  request,
Landlord shall disclose such persons.

     15.4 Anything to the contrary in this  Agreement  notwithstanding,  neither
party shall  take,  or permit to take,  any action that would cause  Landlord to
own,  directly or  indirectly,  a ten percent  (10%) or greater  interest in the
Tenant within the meaning of Section  856(d)(2)(B)  of the Code, and any similar
or  successor  provision  thereto,  and any such action  shall be deemed void ab
initio.

     15.5 Any services  provided by, or on behalf of,  Landlord will not prevent
any amounts  received or accrued from  qualifying as "rents from real  property"
(within the meaning of Section 856(d)(2) or Section 512(b)(3) of the Code).

                                   ARTICLE 16

 SUBLETTING AND ASSIGNMENT SALE OF LEASED PROPERTY; LANDLORD'S RIGHT TO ACQUIRE
 ------------------------------------------------------------------------------
                   LEASEHOLD INTEREST; TRANSFERS BY LANDLORD
                   -----------------------------------------

     16.1 Transfers  Prohibited  Without Consent.  Except as provided in Section
16.7 and Section  16.8  hereof,  Tenant  shall not,  without  the prior  written
consent of  Landlord,  in each  instance,  sell,  assign,  sublease or otherwise
transfer this Agreement,  or Tenant's interest in the Leased Property,  in whole
or in  part,  or any  rights  or  interest  which  Tenant  may have  under  this

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Agreement.  Further, Tenant shall not grant or permit any lien or encumbrance on
or  security  interest  in Tenant's  interest  in this  Agreement  or the Leased
Property.  The  consent of  Landlord  to a sale or an  assignment,  transfer  or
subletting  shall in no event be  construed to relieve  Tenant or such  assignee
from the  obligation of obtaining the express  consent in writing of Landlord to
any further sale, assignment, transfer, or subletting. In addition: (a) any such
sale, assignment, transfer or subletting must be authorized under the Management
Agreement and (b) the proposed purchaser,  transferee, assignee, or sublessee of
all or substantially all or a material portion of the Leased Property, must be a
Single Purpose Entity as defined on EXHIBIT "F" hereto (i) who has a  verifiable
net   worth  (determined   in  accordance  with  generally  accepted  accounting
principles)  of not less  than  the  Rent  due  and  payable for the Fiscal Year
immediately preceding such proposed sale or  transfer;  (ii) who, if required by
the terms thereof, is approved by Manager  under the Management Agreement; (iii)
who has not been convicted of a felony and  is  known  to  have  not engaged  in
criminal  activity  or  other  activity  involving  moral  turpitude  (including
any  Affiliate  of  such  Person);  (iv) who  does not, as its primary business,
own, lease or operate any casino or  gambling facility  (including any Affiliate
of such  Person  or  entity);  (v) who  does  not  own or operate  a distillery,
winery or brewery or distributorship  of  alcoholic  beverages  if such leasing,
ownership or operation might reasonably  impair the ability of  Tenant,  or  its
Affiliates  to obtain or retain any alcoholic  beverage  license  for the Leased
Property;  (vi) who does not own or operate a hotel or other facility proscribed
in Section 4.3 hereof; (vii) who has experience in the management of first class
hotels; (viii) who shall  not  be  a  Person  in  which  Landlord,  directly  or
indirectly,  owns a ten percent (10%) or greater  interest within the meaning of
Section  856(d)(2)(B) of the Code or any similar or successor provision thereof;
and (ix) who shall be in  conformance with and shall conform and comply with the
requirements  of Section 15  hereof.  In  addition,  any such  approved assignee
shall  expressly  assume  this  Agreement by an agreement in recordable form, an
original  executed  counterpart of which shall be delivered to Landlord prior to
any   assignment  of  the  Agreement.  Any  assignment,  transfer,  sublease  or
encumbrance in violation of this Article shall be voidable at Landlord's option.
In addition to the foregoing,  for so long as Landlord or any Affiliated  Person
of Landlord shall seek to qualify as a real estate  investment  trust,  anything
contained in this  Agreement to the contrary  notwithstanding,  Tenant shall not
sublet the Leased  Property  or any  portion  thereof on any basis such that the
rental to be paid by any  sublessee  thereunder  would be based,  in whole or in
part, on either (x) the income or profits derived by the business  activities by
such sublessee,  or (y) any other formula such that any portion of such sublease
rental would fail to qualify as "rents from real property" within the meaning of
Section  865(d) of the  Internal  Revenue  Code,  or any  similar or  successive
provisions thereto.

     16.2 Indirect  Transfer  Prohibited  Without Consent.  A sale,  assignment,
pledge, transfer,  exchange or other disposition in a single transaction or in a
series of  transactions  of (a) the stock of Tenant or any  general  partner  of
Tenant or any  managing  member  interest  of Tenant  or (b) any  interest  of a
partner or partners or a member or members of Tenant  which  results in a change
or transfer of management or Control of Tenant,  or (c) a merger,  consolidation
or other  combination of Tenant with another entity which results in a change or
transfer  of  management  or Control or  effective  Control of Tenant,  shall be
deemed an assignment  hereunder and shall be subject to Section 16.1 hereof. For
purposes  hereof,  exchange or transfer of  management  or Control or  effective
Control,  shall mean a transfer  of 50% or more of the  economic  benefit of, or
Control of, any such entity.

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     16.3 Adequate Assurances.  Without limiting any of the foregoing provisions
of this Article,  if, pursuant to the U.S.  Bankruptcy  Code, as the same may be
amended from time to time,  Tenant is permitted to assign or otherwise  transfer
its rights and obligations under this Agreement in disregard or violation of the
restrictions contained in this Article, the assignee shall be deemed to agree to
provide  adequate  assurance to Landlord (a) that any Percentage  Rent shall not
decline  substantially  after the date of such assignment,  (b) of the continued
use of the Leased  Property solely in accordance with the Permitted Use thereof,
(c) of the continuous operation of the business in the Leased Property in strict
accordance  with the  requirements  of  ARTICLE 4 hereof,  and (d) of such other
matters as Landlord may  reasonably  require at the time of such  assignment and
assumption. Without limiting the generality of the foregoing, adequate assurance
shall  include the  requirement  that any such  assignee  shall have a net worth
(exclusive  of good  will) of not less  than the  aggregate  of the Rent due and
payable for the previous Fiscal Year. Such assignee shall expressly  assume this
Agreement by an agreement in recordable  form, an original  counterpart of which
shall be delivered to Landlord prior to an assignment of this Agreement.

     Any approval of such successor  Tenant shall not affect or alter Landlord's
approval rights of each manager of the Leased Property.

     16.4  Change  in  Control  of  Wyndham.   Landlord  and  Tenant   expressly
acknowledge  and  agree  that  each  of  the  Acquisition   Properties  and  the
Development  Properties,  including  the  Leased  Property,  shall  and  must be
operated  as a first  class  full  service  Hotel  under  the  "Wyndham"  Brand.
Notwithstanding  anything  to the  contrary  contained  in this  Agreement,  the
parties  further  acknowledge  and  agree  that so long as  Wyndham's  stock  is
publicly traded on a national  securities exchange (including NASDAQ or over the
counter exchanges) and Tenant remains under the Control of Wyndham as a majority
owned  direct or indirect  subsidiary,  a change in the  ownership or Control of
Wyndham shall not be or constitute a transfer  prohibited  hereunder.  Provided,
however,  that a "change in control of Wyndham"  shall require the prior written
consent of Landlord  which consent may be granted or withheld by Landlord in its
sole and  absolute  discretion.  For  purposes of this  Section  16.4 "change in
control of  Wyndham"  shall mean any direct or indirect  transfer  of  ownership
(including  transfers of the kind  generally  referenced in Section 16.2 hereof)
which causes  either (a) Wyndham and the Tenant not to be under  common  Control
(unless Landlord has given consent to a Portfolio Assignment under Section 16.7)
or (b) Wyndham stock to be no longer  publicly  traded on a national  securities
exchange  (including  NASDAQ or over the counter  exchanges).  In the event of a
change in control of Wyndham to which  Landlord  has not given its  consent  (if
required  hereunder)  of this  Section  16.4,  Landlord  shall  have as its sole
remedy,  the right (x) to terminate  this Agreement and all rights and interests
of Tenant hereunder by Notice to Tenant given with six (6) months after Landlord
is  provided  written  Notice  of such  change  in  control,  and (y) upon  such
termination, to retain the Security Deposit.

     16.5 Sale of the Leased Property. Landlord and Tenant acknowledge and agree
that at any time after the fifth  anniversary of the last to be executed of this
Agreement or any of the Other Leases,  Landlord shall have the right to sell the
Leased  Property free and clear of this Agreement and the Management  Agreement,
provided that Landlord shall pay to Wyndham in cash twenty-five percent (25%) of
any net gain that Landlord  receives from the sale of the Leased Property net of

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<PAGE>

the usual and  customary  selling  expenses  paid to third parties which are not
Affiliated  Persons  of  Landlord  and  computed  against  a basis  equal to the
purchase price under the Purchase  Agreement.  Provided,  however,  Landlord may
only  exercise  the  right to sell a Leased  Property  if (a) the net  operating
income for the twenty-four (24) Accounting  Periods  preceding the sale has been
less than 1.05 times the Minimum Rent for the Leased Property to be sold and (b)
the Leased  Property is achieving  less than one hundred  percent  (100%) REVPAR
penetration  (as defined in the Uniform  System of Accounts) in its  competitive
set (or  ninety-five  percent  (95%)  REVPAR  penetration  in the  case  where a
Marriott  Hotel is in the  competitive  set)  for the  twenty-four  (24)  months
preceding the proposed  sale, as determined by an independent  third party.  Any
dispute as to whether  the  foregoing  conditions  are met shall be  resolved by
arbitration  pursuant to ARTICLE 16 hereof. In the event that Landlord elects to
sell Leased  Property as herein  contemplated,  Landlord  shall notify Tenant of
such sale and Tenant or its designee, shall have a period of thirty (30) days in
which to submit an offer to acquire  the Leased  Property  from  Landlord.  Such
offer  must  contemplate  a Closing  within  sixty (60) days of the date of such
offer. In the event that the Landlord in its sole discretion  rejects  Wyndham's
offer,  Landlord may sell the Leased Property to any other Person that is not an
Affiliate of Landlord on terms  acceptable  to Landlord in its sole  discretion.
Provided, however, the purchase price may not be less than the purchase price of
Tenant's offer, and provided further, the closing shall not occur prior to sixty
(60) days (or such longer period required by law to enable Tenant and Manager to
comply with Applicable Laws concerning the termination of employment and related
issues, including the WARN Act and COBRA) following the acceptance of such third
party offer and notice thereof to Tenant.

     16.6 Landlord's  Right to Acquire the Leasehold  Interest.  Notwithstanding
anything herein or in the Other Leases to the contrary,  Landlord shall have the
right,  to be exercised,  if at all, at any time during the first five (5) years
of the Term hereof,  upon sixty (60) days prior Notice to Tenant, to (a) require
Tenant to transfer its entire leasehold estate in one or more of the Acquisition
Properties and the Development  Properties,  including the Leased Property, to a
subsidiary of Landlord and to require Wyndham to join in and consent to any such
transfer or (b) to require Wyndham to transfer its entire interest in the Tenant
to a subsidiary of Landlord.  In  consideration of either of the above transfers
of interest,  Landlord shall pay to Tenant the fair market value of the Tenant's
leasehold estate as of the date of Landlord's  Notice to Tenant,  which shall be
deemed to be the net present value of the projected  annual  Tenant's  Operating
Income (as hereinafter defined) for the next succeeding twenty (20) years of the
Term  (assuming,  for the purposes  hereof,  the exercise of renewal  options to
extend the Term out for such 20 years) (the "Fair Market Value"). If the parties
cannot  agree to the Fair Market Value within ten (10) days of receipt by Tenant
of  Landlord's  Notice  hereunder,  then the Landlord  may retain at  Landlord's
expense an  independent  appraiser to determine  the Fair Market  Value.  If the
Tenant disagrees with the determination of the Landlord's appraiser, then Tenant
may retain  within ten (10) days  following  receipt by Tenant of Notice of such
determination,   at  Tenant's  expense,  a  separate  independent  appraiser  to
determine  the  Fair  Market  Value.   If  the  Landlord   disagrees   with  the
determination  of the  Tenant's  appraiser,  the  Landlord's  and  the  Tenant's
appraiser  shall  mutually  select  a  third  independent  appraiser  with  like
qualifications  to  determine  the Fair  Market  Value  (the cost of such  third
appraise shall be split between the Landlord and Tenant).  If either Landlord or
Tenant disagrees with the determination of the third appraiser,  the Fair Market
Value  shall be  resolved  by  taking  the  average  determination  of all three
appraisers; provided, however, the computation of such average shall not include
any  determination  by an appraiser  that is greater or lesser than five percent
(5%) from the  "middle"  determination  falling  between  the highest and lowest

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determinations. If both the highest and lowest determinations are more than five
percent  (5%)  greater  or  lesser  than,   as  the  case  may  be,  the  middle
determination,  both  such  determinations  shall  be  excluded  and the  middle
determination  shall be the  determination  used by the  parties to resolve  the
dispute.  If Landlord does not agree with the Fair Market  Value,  Landlord will
have no obligation to acquire the Tenant's leasehold  interest,  notwithstanding
delivery of Notice to such effect  hereunder,  but if Landlord  elects not to so
acquire Tenant's leasehold interest, Landlord will reimburse Tenant for the fees
and expenses of Tenant's appraiser, if any. As used herein,  "Tenant's Operating
Income"  shall equal for any Fiscal Year,  Total Hotel Sales less the sum of (a)
Property  Expenses  (adjusted to reflect all fees payable  under the  Management
Agreement including base fees, trade name fees and incentive fees), and (b) Rent
payable to the  Landlord.  In the event this  Agreement  is  transferred  to the
Landlord pursuant to this Section 16.6,  Landlord will take an assignment of the
Management  Agreement  previously approved by Landlord and then in
effect,  return the Security Deposit and Minimum Rent Reserve (if applicable) to
Wyndham, release Wyndham of any of its obligations or responsibilities under its
Guaranty and release Tenant of any and all further obligations hereunder.

     16.7 Portfolio  Assignment.  Notwithstanding  anything contained in Section
16.1 hereof to the  contrary,  at any time,  commencing  with the  expiration or
earlier  termination of the Guaranty but not prior  thereto,  and subject to and
contingent upon Manager being the Manager as hereafter referenced,  Tenant shall
have the right to collectively  transfer this Agreement and the Other Leases but
not less than all of such Leases to a Portfolio Assignee pursuant to a Portfolio
Assignment.  A Portfolio  Assignment shall operate to release Tenant from all of
Tenant's  obligations  to Landlord which accrue or arise from and after the date
of such  assignment  under  this  Agreement  and  the  Other  Leases  so long as
Portfolio  Assignee expressly assumes such obligations of Tenant by an agreement
in recordable form approved by Landlord, which approval will not be unreasonably
withheld, and an original executed counterpart of which is delivered to Landlord
prior to the Portfolio Assignment.  Tenant shall not make a Portfolio Assignment
without the prior written consent of Landlord;  provided that Landlord shall not
withhold its consent to a Portfolio  Assignment  that meets all of the following
conditions at the time of the proposed  Portfolio  Assignment:  (a) the Guaranty
shall no longer be in effect,  (b) the  Portfolio  Assignee  shall  satisfy  the
criteria set forth in clauses (i) and (iii) through (ix), inclusive,  of Section
16.1(b),  (c) Manager shall be the manager and the  Management  Agreement  shall
contain  no less  economically  favorable  terms  to  Tenant  than  the  current
Management  Agreement,  and (d) the brand name under  which the Hotels  shall be
operated  shall be the  "Wyndham"  brand.  Any disputes as to whether any of the
foregoing  conditions  are satisfied or otherwise with respect to the Landlord's
consent to the Portfolio Assignment shall be resolved by arbitration pursuant to
ARTICLE 19 hereof.

     16.8 Permitted Sublease. Notwithstanding the foregoing, Tenant may, in each
instance  after  notice to  Landlord,  sublease  or license  space at the Leased
Property for a newsstand, gift shop, cell phone antennas, parking garage, health
club,  bar or commissary  purposes or similar  concessions in furtherance of the
Permitted  Use so long as such  subleases  or  licenses  do not  demise,  in the
aggregate,  in excess of one thousand  (1,000) square feet, will not violate any
Legal Requirements or Insurance Requirements,  and Tenant shall provide or cause
to be provided such additional  insurance coverage  applicable to the activities
to be  conducted  in such  subleased  space as Landlord  and any  Mortgagee  may
reasonably require.

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<PAGE>

     16.9  Transfers  by  Landlord.  Landlord  agrees that  Landlord  shall not,
without  the prior  written  consent  of Tenant,  transfer  or convey the Leased
Property  to any  Person  which  (a) is not a Person  in which  Landlord  or any
Affiliated  Person  of  Landlord  owns and  holds,  directly  or  indirectly,  a
Controlling interest and does not have sufficient financial resources to fulfill
Landlord's obligations hereunder; (b) has been convicted of a felony or is known
to have  engaged  in  criminal  activity  or other  activities  involving  moral
turpitude  (including any Affiliate of such Person); (c) as its primary business
owns,  leases  or  operates  any  casino or  gambling  facility  (including  any
Affiliate of such  Person);  (d) does not recognize  Tenant's  rights and assume
Landlord's obligations under this Agreement;  (e) owns or has an equity interest
in a hotel brand,  trade name, system or chain which consists of at least twenty
(20)  hotels  prior to, or on the date of, or  contemporaneously  with,  or as a
result  of the  transfer  of the  Leased  Property  or (f)  owns or  operates  a
distillery,  winery, or brewery or  distributorship of alcoholic  beverages,  if
such  leasing,  ownership or operation  might  reasonably  impair the ability of
Tenant or its Affiliates to obtain or retain any alcoholic  beverage license for
the Leased Property.  Notwithstanding anything contained herein to the contrary,
Landlord  shall  not be  relieved  of its  obligations  hereunder  in the  event
Landlord  transfers or conveys the Leased  Property to an Affiliate of Landlord.
For  purposes of this  ARTICLE 16, a Person that is  described  in  subparagraph
(a-f) above is referred to as a "Competitor". For purposes of this Section 16.9,
a Person that owns and has equity interest in a hotel brand,  trade name, system
or chain merely as a franchisee or a mere passive investor and has no control or
influence  over the  business  of the  brand at  issue,  such as a mere  limited
partner in a partnership, a mere shareholder in a corporation or a mere payee of
royalties  based  on a prior  sale  transaction,  shall  not be  deemed  to be a
Competitor.  In addition,  for purposes of this Section 16.9, a Person shall not
be deemed to be a Competitor  under subparagph (e) above solely by virtue of (x)
the ownership of hotels,  either directly or indirectly  through a Subsidiary or
Affiliated  Person or (y) holding a Mortgage or Mortgages secured by one or more
hotels.  Otherwise,  Landlord may transfer the Leased  Property,  or any portion
thereof or interest therein,  to any Person without the consent of, but upon not
less  than  sixty  (60) days  prior  Notice  to,  Tenant.  Within  five (5) days
following  any  request by  Tenant,  Landlord  shall  provided  Tenant  such any
information   concerning   the  proposed   transferee's   financial   condition,
affiliations,   ownership,  business  interests,  and  operations  that  may  be
reasonably  necessary  or  appropriate  in order for Tenant to determine if such
proposed transfer is consistent with the above provisions. The consent of Tenant
to a transfer  as  required  herein  shall in no event be  construed  to relieve
Landlord  from the  obligation  of obtaining  the express  consent in writing of
Tenant to any subsequent transfer requiring Tenant's consent as provided herein.
In the event that  Landlord  transfers  or conveys  the Leased  Property  to any
Person in  violation  of this  Section  16.9,  Tenant  shall have the right upon
thirty (30) days prior notice to the Landlord, given within six (6) months after
such transfer or conveyance,  to terminate this Lease and to pursue its damages,
if any,  available at law or in equity for such breach against  Landlord and the
transferee.  If Tenant  does not provide  such notice  within said six (6) month
period,  Tenant's right to terminate as provided in the preceding sentence shall
be waived with respect to the transfer or conveyance giving rise to such right.

     16.10   Transfers  of  Interests  in  Landlord.   Landlord  agrees  that  a
Controlling  interest in Landlord  shall not be sold,  assigned,  transferred or
otherwise  disposed of, for value or  otherwise,  voluntary or  involuntary,  by
merger,  operation of law or otherwise,  in a single  transaction or a series of
transactions,  to any  Person  (other  than a  Person  in which  Landlord  or an
Affiliated  Person  of  Landlord  owns and  holds,  directly  or  indirectly,  a
Controlling  interest)  that  is a  Competitor.  If a  Controlling  interest  in

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Landlord is sold, assigned, transferred or otherwise disposed of in violation of
the foregoing sentence,  Tenant shall have the right upon thirty (30) days prior
Notice to  Landlord,  given  within  six (6)  months  after  such  transfer,  to
terminate  this Lease and to  recover  from  Landlord  as its  damages  for such
breach,  the sum of  $1,254,600.00.  Provided,  however,  the provisions of this
Section  16.10 shall not apply to any transfer of interests in CHP,  directly or
indirectly,  or in  any  Entity  that  has  an  interest  in  CHP,  directly  or
indirectly,  so long as CHP is a publicly  traded  company  (whether or not such
interests are traded on a public stock  exchange),  nor shall the  provisions of
this Section  16.10 apply to any transfer of interests in Landlord,  directly or
indirectly  (or in any Entity  that has an  interest  in  Landlord,  directly or
indirectly), to any Person which is not an Affiliated Person of Landlord or CHP,
if and so  long  as  CHP is a  publicly  traded  company  (whether  or not  such
interests  are traded on a public stock  exchange)  and such  transfer  does not
result in or entail, directly or indirectly, either concurrent with the transfer
or  subsequent  thereto,  CHP or a  wholly-owned  Subsidiary  of  CHP no  longer
continuing to possess the sole power,  as the sole general  partner of Landlord,
to direct or cause the  direction  of the  management  and policies of Landlord,
whether such cessation of power occurs by contract, by conversion of the general
partner interest of CHP or its wholly-owned  Subsidiary in Landlord to a limited
partner interest, by conversion of Landlord to a corporation or other Entity, or
otherwise.  Provided, further, however, if the Leased Property is transferred to
an  Affiliate  of Landlord  and such  Affiliate  sells,  assigns,  transfers  or
otherwise disposes of a Controlling  interest in such Affiliate to a Competitor,
the same shall be deemed to be a sale,  assignment,  transfer or disposition for
which Tenant's written consent is required under Section 16.9.

                                   ARTICLE 17

                 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS
                 ----------------------------------------------

     17.1 Estoppel  Certificates.  Tenant and Landlord  shall from time to time,
within fifteen (15) days after request by the other party,  and without  charge,
give an Estoppel  Certificate in the form (or  substantially  the form) attached
hereto as EXHIBIT "C" and containing such other matters  as  may  be  reasonably
requested  by  the  other  party  to any  person,  firm or corporation specified
by such other party.

     17.2 Financial  Statements.  Throughout the Term of this Agreement,  Tenant
shall prepare and deliver to Landlord and  Mortgagee,  at or prior to the end of
each Accounting  Period during the Term hereof,  a profit and loss statement and
operating  balance  sheet  showing  the results of the  operation  of the Leased
Property for the immediately preceding Accounting Period and for the Fiscal Year
to date.  Tenant shall provide Landlord and Mortgagee with a complete  financial
statement  which  shall be  delivered  prior  to the end of the  next  following
Accounting Period, in the form customarily provided in the industry and approved
in advance by the  Landlord,  and which  shall:  (a) be taken from the books and
records  maintained by Tenant and its manager in the form specified herein;  (b)
follow the general  form set forth in the Uniform  System of  Accounts;  and (c)
indicate variances from budgeted results for each line item against the approved
budget for the Leased  Property for such Fiscal Year.  The aforesaid  profit and
loss  statement,  operating  balance  sheet and  financial  statements  shall be
accompanied by an Officer's  Certificate which, for purposes hereof shall mean a
Certificate  of any  Officer  of  Tenant  (or  such  Officer's  designee),  duly

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<PAGE>

authorized,  which such Officer shall certify (a) that such statements have been
properly  prepared in  accordance  with the Uniform  System of Accounts  and are
true,  correct and  complete in all  material  respects  and fairly  present the
consolidated  financial  condition of the Tenant at and as of the dates  thereof
and the results of its operations for the period covered  thereby,  and (b) that
no Event of Default has  occurred  and is  continuing  hereunder.  Tenant  shall
deliver to Landlord and Mortgagee  within ninety (90) days after the end of each
Fiscal Year, a profit and loss  statement,  balance  sheet and statement of cash
flow  certified by an  independent  certified  public  account,  with a Big Five
Accounting Firm who is actively engaged in the practice of his profession (which
statement  shall also be certified by an officer or partner in Tenant)  together
with copies of all reports and  communications  furnished  to Tenant's  manager,
showing  results from the  operation of the Leased  Property  during such Fiscal
Year,  and reasons for material  variations  from the  approved  budget for such
year.  Tenant shall also deliver to Landlord at  Landlord's  expense at any time
and from time to time, upon not less than twenty (20) days notice from Landlord,
any financial statements or other financial reporting information required to be
filed by Landlord with the SEC or any other  governmental  authority or required
pursuant to any order issued by any court,  governmental authority or arbitrator
in any  litigation  to which  Landlord  is a party for  purposes  of  compliance
therewith.  Any  disputes  concerning  the  contents of such  statements  or any
accounting  matter  thereunder  shall be determined by the approved  independent
certified  public account  providing such  statement.  The financial  statements
required  herein are in addition to the statement  required  under Section 3.1.3
hereof.

     17.3  Records.  Tenant shall keep and  maintain at all times in  accordance
with generally accepted accounting  principles,  consistently  applied,  and the
Uniform System of Accounts (separate and apart from its other books, records and
accounts) complete and accurate up-to-date books and records adequate to reflect
clearly and correctly the results of  operations of the Leased  Property,  on an
accrual  basis,  including  but not limited to, each  calculation  of Percentage
Rent. Such books and records shall be kept and maintained at the Leased Property
or Tenant's principal or regional office.  Landlord or its representatives shall
have, at all reasonable times during normal business hours,  reasonable  access,
on reasonable  advance notice,  to examine and copy the books and records.  Such
books and  records  shall be  available  for at least  three (3) years after the
applicable quarterly  calculation of Percentage Rent for Landlord's  inspection,
copying, review and audit at Landlord's expense during reasonable business hours
and for the  purpose of  verifying  the  accuracy  of  Tenant's  calculation  of
Percentage Rent.

     17.4  General  Operations.  In  addition to the  Reserve  Estimate  and the
Building Estimate,  Tenant shall furnish to Landlord, on or before December 1 of
each Fiscal Year  proposed  annual  budgets in a form  consistent  with the then
standards  for the same  brand of hotels as the Hotel  setting  forth  projected
income and costs and  expenses  projected  to be incurred by Tenant in managing,
leasing, maintaining and operating the Hotel during the following Fiscal Year.

     17.5  Quarterly  Meetings.  At  Landlord's  request,  Tenant shall make the
Tenant's  property  management team available to meet with Landlord at the Hotel
or Tenant's  principal  place of  business  on a quarterly  basis to discuss the
Reserve Estimate,  the Building Estimate, the annual budgets and any other items
related to the operation of the Hotel which Landlord  wishes to discuss.  Tenant
agrees to give good faith  consideration  to any  suggestions  or requests  that
Landlord may have.

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<PAGE>

                                   ARTICLE 18

                          LANDLORD'S RIGHT TO INSPECT
                          ---------------------------

     Landlord, Mortgagee and their agents shall have the right to enter upon the
Leased Property or any portion thereof at any reasonable time upon not less than
twenty  four  hours  prior  telephonic  notice to Tenant  to  inspect  the same,
including but not limited to, the operation, sanitation, safety, maintenance and
use of the same, or any portions of the same and to assure itself that Tenant is
in full compliance  with its obligations  under this Agreement (but Landlord and
Mortgagee shall not thereby assume any responsibility for the performance of any
of Tenant's obligations  hereunder,  nor any liability arising from the improper
performance  thereof).  In making any such  inspections,  neither  Landlord  nor
Mortgagee  shall  unduly  interrupt  or  interfere  with the conduct of Tenant's
business.

                                   ARTICLE 19

                         ALTERNATIVE DISPUTE RESOLUTION
                         ------------------------------

     19.1 Negotiation.  Any and all disputes or disagreements to which the terms
of  Section  22.19  are  applicable  and any other  matters  to be  resolved  by
arbitration  as  expressly  provided  for in this  Agreement,  shall be resolved
through  good-faith  negotiations  or, at the election of either  party,  if the
dispute  is not so  resolved  within 30 days  after  Notice  from  either  party
commencing  such  negotiations,   through  binding   arbitration   conducted  in
accordance with Section 19.2.

     19.2  Arbitration.  With  respect  to any such  matter to be  submitted  to
arbitration,  Landlord and Tenant shall  mutually  designate  and select any Big
Five Accounting Firm with a hospitality division of which Landlord, Tenant or an
Affiliated  Person  of either  is not a client  to serve as  arbitrator  of such
dispute,  within  fifteen  (15) days after  written  demand for  arbitration  is
received or sent by Landlord.  In the event no nationally  recognized accounting
firm  satisfying  such  qualifications  is  designated by Landlord and Tenant or
available and willing to serve as arbitrator,  the arbitrator shall be appointed
by the American Arbitration  Association from among the members of its panel who
are qualified and who have  experience in resolving  matters of a nature similar
to the matter to be resolved by  arbitration.  In any event a single  arbitrator
shall be designated  and shall resolve the dispute.  The  arbitrator's  decision
shall be binding on all  parties  and shall not be subject to further  review or
appeal  except as otherwise  allowed by  applicable  law. Upon failure of either
party  to  comply  with  the  arbitrator's  decision,  the  arbitrator  shall be
empowered  at the  request of the other  party to order such  compliance  by the
non-complying  party and to  supervise  or arrange  for the  supervision  of the
non-complying party to comply with the arbitrator's decision, all at the expense
of the non-complying  party. To the maximum extent possible,  the arbitrator and
the parties, and the American Arbitration Association, if applicable, shall take
any action  necessary to ensure that the arbitration  shall be concluded  within
ninety (90) days following such dispute. The fees and expenses of the arbitrator
shall be shared equally by the Landlord and the Tenant.  Unless otherwise agreed

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<PAGE>

to in writing by the  parties or  required  by the  arbitrator  or the  American
Arbitration Association, if applicable,  arbitration proceedings hereunder shall
be conducted in the state where the Leased Property is located.  Notwithstanding
formal  rules of  evidence,  each party may submit  such  evidence as each party
deems  appropriate to support its position and the arbitrator  shall have access
to and the right to  examine  all books  and  records  of  Landlord  and  Tenant
regarding the Leased Property during such arbitration.

                                   ARTICLE 20

                                HOTEL MORTGAGES
                                ---------------

     20.1  Subordination.   This  Agreement,  Tenant's  interest  hereunder  and
Tenant's  leasehold  interest in and to the Leased  Property are, and are hereby
agreed by Tenant to be, and are  hereby  made,  and shall be  junior,  inferior,
subordinate and subject in right, title, interest,  lien, encumbrance,  priority
and all other  respects to any  mortgage or  mortgages  and  security  interests
(other than a Prohibited Mortgage), now or hereafter in force and effect upon or
encumbering the Leased Property,  or any portion thereof,  and to all collateral
assignments  by  Landlord  to any third  party or parties  of any of  Landlord's
rights  under  this  Agreement  or the  rents,  issues  and  profits  thereof or
therefrom as security for any  liability or  indebtedness,  direct,  indirect or
contingent,  of  Landlord  to such  third  party or  parties,  and to all future
modifications, extensions, renewals, consolidations and replacements of, and all
amendments and supplements to, any such mortgage,  mortgages or assignments, and
upon recording of any such mortgage, mortgages or assignments, the same shall be
deemed to be prior in dignity, lien and encumbrance to this Agreement,  Tenant's
interest hereunder and Tenant's leasehold interest in and to the Leased Property
irrespective  of the dates of  execution,  delivery or  recordation  of any such
mortgage,  mortgages  or  assignments  (such  mortgages,   mortgages,   security
interests,   assignments,   modifications,   extensions,  renewals,  amendments,
supplements  and  replacement  (but not a  Prohibited  Mortgage)  being a "Hotel
Mortgage").  Provided,  however,  Tenant  shall  have  first  received  from the
Mortgagee a Subordination  and Non- Disturbance  Agreement in recordable form (a
"Non-Disturbance  Agreement"),  in form and  content  reasonably  acceptable  to
Landlord, Tenant and the holder or such Hotel Mortgage (the "Mortgagee"),  which
shall be executed by Mortgagee and Tenant,  which provides that  notwithstanding
any default by Landlord  under such Hotel Mortgage or any  foreclosure  thereof,
and  provided an Event of Default on the part of Tenant is not then in existence
and  continuing,  Tenant's  possession  of the  Leased  Property  and rights and
obligations under this Agreement shall not be affected by such Hotel Mortgage or
by such default or foreclosure and this Agreement shall not be terminated  other
than in accordance with its terms. This Section shall be self-operational  after
delivery  and  recordation  of the Non-  Disturbance  Agreement  and no  further
instruments of subordination  shall be required.  If any Mortgagee or nominee or
designee of any  Mortgagee  shall  succeed to the rights of Landlord  under this
Agreement (any such person a "Successor  Landlord"),  whether through possession
or  foreclosure  action or delivery of a new lease or deed, or  otherwise,  such
Successor  Landlord  shall  recognize  Tenant's  rights under this  Agreement as
herein provided and subject to and in accordance with Section 20.2, Tenant shall
attorn to and recognize the Successor  Landlord as Tenant's  Landlord under this
Agreement and Tenant shall promptly execute and deliver any instrument that such
Successor  Landlord  may  reasonably  request to  evidence  such  attornment  as
contemplated  in Section 20.2 hereof  (provided  that such  instrument  does not
alter the terms of this  Agreement),  whereupon this Agreement shall continue in
full force and effect as a direct  lease  between  the  Successor  Landlord  and
Tenant upon all of the terms,  conditions and covenants as are set forth in this
Agreement. The foregoing Agreement shall be binding on any Successor Landlord.

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<PAGE>

     Provided,  however, Landlord shall not enter into a Hotel Mortgage with any
Mortgagee that is not an Institutional  Lender and the aggregate sum of all debt
secured by Hotel  Mortgage(s)  will not exceed seventy percent (70%) of the fair
market value of the Leased  Property as determined at the time of such loan (and
any Hotel  Mortgage(s)  which does not meet the  foregoing  criteria  shall be a
"Prohibited Mortgage").  Tenant acknowledges and agrees that notwithstanding the
foregoing automatic  subordination,  if Landlord or Mortgagee shall request that
Tenant execute and deliver any further  instrument or agreement of subordination
of this Agreement or Tenant's interest  hereunder or Tenant's leasehold interest
in  the  Leased  Property  to  any  such  Hotel  Mortgage,  in  confirmation  or
furtherance of or in addition to the foregoing subordination  provisions of this
Section,  Tenant shall  promptly  execute and deliver the same to the requesting
party if  reasonably  acceptable  to  Tenant  and the same  does not  alter  any
provisions of this Agreement.  Further, Tenant agrees that it will, from time to
time,  execute  such  documentation  as may be  requested  by  Landlord  and any
Mortgagee  (a)  to  assist  Landlord  and  such  Mortgagee  in  establishing  or
perfecting any security  interest in Landlord's  interest in the Reserve and the
funds  therein;  and (b) to facilitate or allow  Landlord to encumber the Leased
Property as herein contemplated.  If, within thirty (30) days following Tenant's
receipt of a written request by Landlord or the holder or proposed holder of any
such Hotel Mortgage,  Tenant shall wrongfully fail or refuse or shall wrongfully
have not  executed any such further  instrument  or agreement of  subordination,
Tenant  shall be in breach and  default of its  obligation  to do so and of this
Agreement  and  Landlord  shall be entitled  thereupon  to exercise  any and all
remedies  available to Landlord pursuant to this Agreement or otherwise provided
by law.

     20.2  Attornment.  Except as  hereinafter  provided in this  Section  20.2,
Tenant shall and hereby  agrees to attorn,  and be bound under all of the terms,
provisions,  covenants  and  conditions  of  this  Agreement,  to any  Successor
Landlord  under this  Agreement  for the  balance of the Term of this  Agreement
remaining  at the time of the  succession  of such  interest  to such  Successor
Landlord.  In particular,  in the event that any proceedings are brought for the
foreclosure of any Hotel  Mortgage,  Tenant shall attorn to the purchaser at any
such foreclosure sale and recognize such purchaser as a Successor Landlord under
this Agreement. Tenant agrees that neither the purchaser at any such foreclosure
sale nor the foreclosing  Mortgagee (other than a Mortgagee that is an Affiliate
of Landlord)  shall (a) have any  liability  for any act or omission of Landlord
occurring or arising prior to the earlier of the date of the foreclosure sale or
the  date  such  Mortgagee  takes  possession  of the  Leased  Property,  (b) be
responsible for any monies owing by or on deposit with any prior Landlord to the
credit of  Tenant  (except  to the  extent  actually  paid or  delivered  to the
Successor  Landlord),  (c) be subject to any  counterclaim,  offsets or defenses
which Tenant may have as a claim against Landlord  occurring or arising prior to
the  earlier of the date of the  foreclosure  sale or the date  Mortgagee  takes
possession  of the Leased  Property,  or (d) be bound by any advance rents which
may have been paid by Tenant to  Landlord  for more than the  current  period in
which  such  rents  come  due;  provided,   however,  that  notwithstanding  the
provisions of Section 14.3 hereof,  the Landlord shall be personally  liable and
responsible  to Tenant for the matters set forth in (a) through (d) above to the
extent such purchaser at any foreclosure  sale or the  foreclosing  Mortgagee is
not liable or  responsible  for,  bound by, or  subject  to any such  matters as
provided in this sentence.  The Tenant's obligation and agreement to attorn to a

                                       72
<PAGE>

Successor  Landlord as  provided  herein  shall exist so long as such  Successor
Landlord  (w)  recognizes  Tenant's  rights under this  Agreement,  (x) is not a
Person  which is an  Affiliated  Person  of  Tenant,  (y) is not a Person  or an
Affiliated  Person of a Person  which owns or has an equity  interest in a hotel
brand,  trade name,  system or chain which is  comprised of at least twenty (20)
hotels and (z) shall have sufficient  financial  resources to fulfill Landlord's
obligations hereunder.  Provided,  however, a Person that owns and has an equity
interest in a hotel brand, trade name, system or chain merely as a franchisee or
a mere passive  investor  that has no control or influence  over the business of
the brand at issue,  such as a mere  limited  partner in a  partnership,  a mere
shareholder in a corporation or a mere payee of royalties  based on a prior sale
transaction, may be a Successor Landlord. In the event Tenant is not required to
attorn to a Successor  Landlord as provided  herein,  Tenant may terminate  this
Agreement and pursue damages against such Successor Landlord.

     20.3 Rights of Mortgagees and  Assignees.  At the time of giving any notice
of default to Landlord, Tenant shall mail or deliver to any Mortgagee, a copy of
any such  default  notice in  accordance  with the terms of the  Non-Disturbance
Agreement. No notice of default or termination of this Agreement by Tenant shall
be  effective  until each  Mortgagee  shall have been  furnished  a copy of such
notice by Tenant.  In the event  Landlord  fails to cure any default by it under
this Agreement, the Mortgagee shall have, at its option, a period of thirty (30)
days after expiration of any cure period of Landlord within which to remedy such
default of  Landlord  or to cause such  default to be  remedied  (including  any
interest owed thereon by  Landlord.)  In the event that the Mortgagee  elects to
cure any such default by Landlord,  then Tenant shall accept such performance on
the part of such  Mortgagee  as though the same had been  performed by Landlord,
and for such purpose  Tenant hereby  authorizes  any Mortgagee to enter upon the
Leased  Property to the extent  necessary to exercise any of Landlord's  rights,
powers and duties  under this  Agreement.  If, in the event of any  non-monetary
default by Landlord  which is reasonably  capable of being cured by a Mortgagee,
the Mortgagee  promptly  commences and  diligently  pursues to cure the default,
then Tenant will not  terminate  this  Agreement  or cease to perform any of its
obligations  under  this  Agreement  so  long  as the  Mortgagee  is,  with  due
diligence, engaged in the curing of such default.

                                   ARTICLE 21

                         ADDITIONAL COVENANTS OF TENANT
                         ------------------------------

     21.1  Conduct of Business.  Tenant  shall not engage in any business  other
than the leasing and operation of the Leased Property and activities  incidental
thereto and shall do or cause to be done all things necessary to preserve, renew
and keep in full force and effect and in good standing its  corporate  existence
and its rights and licenses necessary to conduct such business.

     21.2 Additional Covenants of Tenant. In addition to the other covenants and
representations of Tenant herein and in this Agreement, Tenant hereby covenants,
acknowledges  and agrees that Tenant shall:

          (a) Not guaranty any obligation of any Person;

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<PAGE>

          (b) Pay or  cause to be paid  prior to  delinquency  (and  subject  to
          Tenant's right to contest), all lawful claims for labor and rents with
          respect to the Leased Property;

          (c) Pay or  cause to be paid  prior to  delinquency  (and  subject  to
          Tenant's right to contest), all trade payables;

          (d) So long as an Event of Default exists, not declare,  order, pay or
          make, directly or indirectly, any distributions or any payments to any
          members or Affiliated Persons as to Tenant,  including payments in the
          ordinary  course of business  and  payments  pursuant to a  Management
          Agreement with any Affiliate except for reimbursable expenses incurred
          by and  payable to such  Affiliate  Manager  in order to  operate  the
          Leased  Property  (but  such  reimbursable  expenses  shall  expressly
          exclude any management fees, base incentive or otherwise);

          (e) Except as otherwise  permitted by this Agreement,  not sell, lease
          (as lessor or sublessor), transfer or otherwise dispose of or abandon,
          all or any  material  portion of its assets or business to any Person,
          or sell,  lease,  transfer or  otherwise  dispose of or abandon any of
          Tenant's Personal Property,  provided,  however, Tenant may dispose of
          portions of Tenant's Personal  Property which have become  inadequate,
          obsolete, worn-out, unsuitable,  undesirable or unnecessary,  provided
          substitute  equipment  or  fixtures  owned by Tenant  having  equal or
          greater  value and utility  have been  provided if the same are deemed
          necessary to the proper  operation of the Hotel in Tenant's good faith
          business judgment.

          (f)  Except  for  liabilities  incurred  in  the  ordinary  course  of
          business,  not create, incur, assume or guarantee,  or permit to exist
          or  become  or  remain  liable   directly  or  indirectly   upon,  any
          Indebtedness  except  Indebtedness  of  Tenant  to  Landlord  (or,  if
          unsecured and expressly  subject and  subordinate to the terms of this
          Agreement and Landlord's interest hereunder, and payable solely out of
          excess  cash flow after  payment of all Rent  hereunder,  to  Tenant's
          partners or Affiliated Persons).

          (g) In addition to the foregoing,  except as otherwise provided in the
          Agreement,  Tenant shall provide and maintain throughout the Term, all
          of  Tenant's  Personal  Property  as  shall be  necessary  in order to
          operate  the Leased  Property  in  compliance  with  applicable  Legal
          Requirements  and Insurance  Requirements  and otherwise in accordance
          with customary practices in the industry for the Permitted Use.

          (h) Tenant shall, to the extent not delivered to Landlord prior to the
          execution of this  Agreement,  deliver to Landlord  within thirty (30)
          days after  receipt of or after  modification  thereof,  copies of all
          licenses  authorizing  Tenant to operate the Leased  Property  for its
          Permitted Use.

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<PAGE>

     21.3 Tenant a Single Purpose Entity. Tenant represents, agrees and warrants
that Tenant is, and throughout the Term will remain,  a Single Purpose Entity as
described and contemplated on Error! Reference source not found. hereof.

     21.4 Distributions,  Payments to Affiliated Persons,  Etc. Tenant shall not
declare, order, pay or make, directly or indirectly, any Distribution if, at the
time of such proposed action,  or immediately  after giving effect thereto,  any
Event of Default shall exist.

     21.5  Compliance with  Management  Agreement.  Tenant shall comply with and
perform  and/or  observe all material  terms and  provisions  of the  Management
Agreement to be complied  with or  performed  by Tenant.  Tenant shall not enter
into any modifications or amendments of the Management Agreement; nor, except as
otherwise expressly set forth in this Agreement,  surrender, cancel or terminate
the same prior to the  expiration  thereof,  without  Landlord's  prior  written
consent;  nor shall  Tenant  enter  into any  extension  or  replacement  of the
Management  Agreement  or elect to reduce or extend  the term of the  Management
Agreement without Landlord's prior written consent; nor shall Tenant increase or
consent  to the  increase  of  the  amount  of any  management  fees  under  the
Management Agreement or waive or release any of its material rights and remedies
under the  Management  Agreement.  Tenant shall further  enforce in all material
respects  the  performance  and  observance  by Manager to be  performed  and/or
observed by Manager under the  Management  Agreement.  In addition,  in no event
will the term of any  Management  Agreement  extend  beyond the Term hereof,  as
extended  pursuant to Section  2.4. In  addition  to the  obligations  contained
herein,  Tenant agrees to promptly deliver to Landlord (a) copies of all notices
provided by the Manager and under the Management Agreement concerning notices of
default,  notices of changes or  modifications  to the Leased  Property  and the
like,  and (b) from time to time upon request,  evidence  acceptable to Landlord
that Tenant has paid to Manager, all sums due from Tenant to Manager,  under the
Management Agreement. The terms of Section 22.19 shall not be applicable to this
Section 21.5.

     Tenant further acknowledges and agrees that Tenant shall indemnify and hold
Landlord  harmless  from and  against  any and all  loss,  damage,  injunctions,
obligations,  suits,  actions,  fines,  penalties,  claims,  demands,  costs and
expenses of any kind and nature resulting or arising directly or indirectly from
Tenant's default under the Management Agreement.

                                   ARTICLE 22

                                 MISCELLANEOUS
                                 -------------

     22.1  Limitation on Payment of Rent.  All agreements  between  Landlord and
Tenant herein are hereby  expressly  limited so that in no  contingency or event
whatsoever,  whether by reason of acceleration of Rent, or otherwise,  shall the
Rent or any other  amounts  payable to Landlord or Tenant  under this  Agreement
exceed the maximum permissible under applicable law, the benefit of which may be
asserted  by  Landlord  or Tenant as a defense,  and if,  from any  circumstance
whatsoever,  fulfillment  of any  provision  of  this  Agreement,  at  the  time
performance of such provision shall be due, shall involve transcending the limit
of validity  prescribed by law, or if from any circumstances  Landlord or Tenant
should ever receive as fulfillment  of such provision such an excessive  amount,
then,  ipso facto,  the amount which is  excessive  shall be repaid to Tenant or
applied to the reduction of the  installment(s) of Minimum Rent next due and not
to the  payment  of such  excessive  amount or shall be repaid to  Landlord,  as
applicable. This provision shall control every other provision of this Agreement
and any other agreements between Landlord and Tenant.

                                       75
<PAGE>

     22.2 No Waiver.  No release,  discharge or waiver of any  provision  hereof
shall be  enforceable  against  or binding  upon  Landlord  or Tenant  unless in
writing and  executed by  Landlord  or Tenant,  as the case may be.  Neither the
failure of Landlord or Tenant to insist upon a strict  performance of any of the
terms,  provisions,   covenants,  agreements  and  conditions  hereof,  nor  the
acceptance of any Rent by Landlord with  knowledge of a breach of this Agreement
by Tenant in the performance of its obligations  hereunder,  or the following of
any practice or custom at variance with the terms hereof, shall not be deemed or
constitute a waiver of any rights or remedies  that  Landlord or Tenant may have
or a  waiver  of  any  subsequent  breach  or  default  in any  of  such  terms,
provisions,  covenants,  agreements and conditions or the waiver of the right to
demand exact compliance with the terms hereof.

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

     22.4 Severability. Any clause, sentence, paragraph, section or provision of
this Agreement held by a court of competent jurisdiction to be invalid,  illegal
or  ineffective  shall not impair,  invalidate  or nullify the remainder of this
Agreement,  but rather the  effect  thereof  shall be  confined  to the  clause,
sentence,  paragraph,  section or  provision  so held to be invalid,  illegal or
ineffective,  and this Agreement shall be construed as if such invalid,  illegal
or ineffective provisions had never been contained therein.

     22.5 Acceptance of Surrender. No surrender to Landlord of this Agreement or
of the Leased Property or any part thereof, or of any interest therein, shall be
valid or effective  unless  agreed to and accepted in writing by Landlord and no
act by Landlord or any  representative  or agent of Landlord,  other than such a
written  acceptance  by Landlord,  shall  constitute  an  acceptance of any such
surrender.

     22.6 No Merger of Title. It is expressly acknowledged and agreed that it is
the intent of the parties that there shall be no merger of this  Agreement or of
the leasehold  estate  created hereby by reason of the fact that the same Person
may  acquire,  own or  hold,  directly  or  indirectly,  this  Agreement  or the
leasehold estate created hereby and the fee estate or ground landlord's interest
in the Leased Property.

                                       76
<PAGE>

     22.7 Tenant's Representations.

     In addition to the any other  representation  or warranty  set forth herein
and as an  inducement  to Landlord to enter into this  Agreement,  Tenant hereby
represents and warrants to Landlord as follows:

          (a)  Tenant  is a  single  purpose,  limited  liability  company  duly
          organized and validly  existing and in good standing under the laws of
          the State of Delaware.  Tenant has all  requisite  power and authority
          under the laws of the State of  Delaware  and the laws of the State of
          Colorado and Massachusetts and its charter documents to enter into and
          perform its  obligations  under this  Agreement and to consummate  the
          transactions   contemplated  hereby.  Tenant  is  duly  authorized  to
          transact  business  in any  jurisdiction  in which  the  nature of the
          business conducted by it requires such qualification.

          (b) Tenant has taken all necessary  action to authorize the execution,
          delivery and performance of this Agreement, and upon the execution and
          delivery of this Agreement and any document to be delivered by Tenant,
          prior to the date hereof, such document shall constitute the valid and
          binding obligation and agreement of Tenant, enforceable against Tenant
          in accordance  with its terms,  except as such  enforceability  may be
          limited  by  bankruptcy,  insolvency,  reorganization,  moratorium  or
          similar laws of general application  affecting the rights and remedies
          of  creditors  and  except  to the  extent  that the  availability  of
          equitable  relief may be subject to the discretion of the court before
          which any proceeding may be brought.

          (c) Except  as  disclosed  on  EXHIBIT "I", there  are  no  judgements
          presently outstanding and unsatisfied against Tenant  or  any  of  its
          properties, and neither Tenant nor any of its properties are  involved
          in any material litigation at law  or  in  equity  or  any  proceeding
          before any court, or by or before any  governmental  or administrative
          agency, which litigation or proceeding could reasonably be expected to
          materially  adversely  affect  Tenant, and no such material litigation
          or proceeding is, to  the  knowledge  of  Tenant,  threatened  against
          Tenant and no investigation looking toward such a proceeding has begun
          or is contemplated.

          (d) In the reasonable  opinion of Tenant,  the Leased Property and the
          Leased  Improvements  therein  are  adequately  furnished  and contain
          adequate  FF&E and  inventory  consistent  with the amount of FF&E and
          inventory  which is customarily  maintained in a hotel of the type and
          character of the Leased Property as otherwise  required to operate the
          Leased  Property in a manner  contemplated  by this  Agreement  and in
          compliance with the Management  Agreement and all Legal  Requirements.
          If, from and after the Commencement  Date, Tenant acquires an interest
          in any items of tangible personal property (other than motor vehicles)
          on, or in connection  with the Leased  Property which belong to anyone
          other than Tenant,  Tenant shall require the agreement permitting such
          use to provide  that  Landlord  or its  designee  may assume  Tenant's
          rights and  obligations  under such agreement upon the  termination of
          this  Agreement  and any  assumption of management or operation of the
          Leased Property by Landlord or its designee.

                                       77
<PAGE>

          (e) During the Term of this  Agreement,  except as approved in writing
          by Landlord,  and except for those nights when all rooms in the Leased
          Property are sold,  Tenant shall not,  either  directly or indirectly,
          for itself,  or through,  or on behalf of, or in  connection  with any
          Person,  knowingly  and in bad faith  divert or  attempt to divert any
          business  or customer of the Leased  Property  to any  competitor,  by
          direct or indirect  inducement or otherwise,  in an effort or with the
          goal to reduce Percentage Rent due hereunder.

          (f) All employees of Tenant are solely employees of Tenant, Manager or
          an  Affiliated  Person  thereof  and  not  Landlord.   Tenant  is  not
          Landlord's  agent for any purpose in regard to Tenant's  employees  or
          otherwise.  Tenant shall,  commencing as of, and with the Commencement
          Date,  be liable and  responsible  for all claims by or related to the
          employees  of  the  Leased   Property.   Further,   Tenant   expressly
          acknowledges  and agrees that Landlord does not exercise any direction
          or control over the  employment  policies or  employment  decisions of
          Tenant.

          (g) Tenant's equity is directly and (if applicable)  indirectly  owned
          as shown on EXHIBIT "G". Tenant shall submit to Landlord within ninety
          (90) days after the end of each  Fiscal Year during  the  Term of this
          Agreement,  a list  of  all  partners  of  the Tenant (being a limited
          partnership),  and the respective interests in Tenant  held by each of
          such partners as of the end of  each  Fiscal  Year.  If  Tenant  is  a
          corporation,  or if any partner of Tenant is a corporation (other than
          Wyndham),  Tenant  shall  submit to Landlord within  ninety  (90) days
          after the end of each Fiscal Year during the Term of this Agreement, a
          list of all shareholders and the  respective  interests  of Tenant (or
          such  corporate  partner) held by each of such shareholders  as of the
          end of each Fiscal Year. In addition, if Tenant is a limited liability
          company, Tenant shall submit to Landlord within 90 days  after the end
          of each  Fiscal  Year  during  the Term of this Agreement,  a  list of
          all members and the respective interests in Tenant held by each member
          as of the end of each Fiscal Year.

     22.8 Quiet  Enjoyment.  Landlord  covenants  and agrees  that so long as no
Event of Default exists  hereunder,  Tenant shall and may peacefully and quietly
have, hold and occupy the Leased Property free of any interference from Landlord
or any Person  claiming by, through or under  Landlord;  subject,  however,  and
nevertheless  to the terms,  provisions and conditions of this Agreement and the
Permitted Encumbrances.

     22.9  Recordation of Memorandum of Lease. At either party's option, a short
form memorandum of this Agreement, in the form attached hereto  as  EXHIBIT  "D"
shall be recorded  or filed among the  appropriate land records of the County in
which the Leased  Property is located, and Tenant shall pay the transfer and all
recording  costs associated therewith. In the event of a discrepancy between the
provisions of this Agreement and such short

                                       78
<PAGE>

form memorandum  thereof,  the provisions of this Agreement shall prevail.  Upon
and in connection with the expiration or earlier  termination of this Agreement,
Tenant agrees to execute a termination  of the  memorandum of this Agreement for
recordation  among the public records of the County in which the Leased Property
is  located.  In the  event  that  Tenant  fails  or  refuses  to  execute  such
termination  of the  memorandum  of this  Agreement  within  fifteen  (15)  days
following the delivery of such document to Tenant,  Landlord may record a notice
of  termination  of the  memorandum  of this  Agreement  without the joinder and
execution by Tenant,  but Tenant shall not be precluded from providing notice of
a dispute as to such  expiration or early  termination  by recording a notice of
such dispute without the joinder and execution by Landlord.

     22.10 Notices.

          (a)  Any  and  all  notices,  demands,  consents,  approvals,  offers,
          elections and other  communications  required or permitted  under this
          Agreement shall be deemed  adequately given if in writing and the same
          shall  be  delivered  either  in  hand,  by  telecopier  with  written
          acknowledgment  of receipt,  or by mail or Federal  Express or similar
          expedited  commercial  carrier,  addressed  to  the  recipient  of the
          notice,  postpaid  and  registered  or certified  with return  receipt
          requested  (if by mail),  or with all freight  charges  prepaid (if by
          Federal Express or similar carrier).

          (b) All notices  required or permitted to be sent  hereunder  shall be
          deemed to have been given for all purposes of this  Agreement upon the
          date of acknowledged  receipt,  in the case of a notice by telecopier,
          and, in all other cases,  upon the date of receipt or refusal,  except
          that whenever  under this  Agreement a notice is either  received on a
          day which is not a Business  Day or is required to be  delivered on or
          before a specific day which is not a Business  Day, the day of receipt
          or  required  delivery  shall  automatically  be  extended to the next
          Business Day.

          (c) All such notices shall be addressed,

     if to Landlord to:

     CNL Hospitality Partners, LP
     CNL Center at City Commons
     450 South Orange Avenue
     Orlando, FL  32801
     Attn:  Senior Vice President of Finance and Administration
     Telecopier No. (407) 428-9370

                                       79

<PAGE>

     with a copy to:

     Lowndes, Drosdick, Doster, Kantor and Reed, P.A.
     215 North Eola Drive
     P.O. Box 2809
     Orlando, FL  32809
     Attn:  Richard J. Fildes, Esq.
     Telecopier No. (407) 843-4444

if to Tenant to:

     WYN ORLANDO LESSEE, LLC
     c/o Wyndham International, Inc.
     1950 Stemmons Freeway, Suite 6001
     Dallas, Texas 75207
     Attn: General Counsel
     Telecopier No. (214) 863-1986

with a copy to:
     Akin, Gump, Strauss, Hower & Feld, L.L.P.
     1700 Pacific Avenue, Suite 4100
     Dallas, Texas 75201
     Attn: Carl B. Lee, P.C.
     Telecopier No. (214) 969-4343

          (d) By notice given as herein  provided,  the parties hereto and their
          respective  successors  and assigns  shall have the right from time to
          time and at any time during the term of this Agreement to change their
          respective  addresses  effective  upon receipt by the other parties of
          such  notice and each  shall have the right to specify as its  address
          any other address within the United States of America.

     22.11 Construction;  Nonrecourse. Except as otherwise expressly provided in
this  Agreement,  all claims  against,  and  liabilities  of, Tenant or Landlord
arising prior to any date of  termination  or expiration of this  Agreement with
respect to the Leased  Property  shall survive such  termination  or expiration.
Neither  this  Agreement  nor  any  provision  hereof  may be  changed,  waived,
discharged  or terminated  except by an instrument in writing  signed by all the
parties hereto.  All the terms and provisions of this Agreement shall be binding
upon and  inure to the  benefit  of the  parties  hereto  and  their  respective
permitted successors and assigns. Each term or provision of this Agreement to be
performed by Tenant shall be construed as an independent covenant and condition.
Time is of the essence  with  respect to the exercise of any rights of Tenant or
Landlord under this Agreement,  including,  without limitation,  obligations for
the  payment of money.  Except as  otherwise  set forth in this  Agreement,  any
obligations  of Tenant or Landlord  arising  prior to the  expiration  or sooner
termination  of this  Agreement  (including  without  limitation,  any monetary,
repair and  indemnification  obligations) shall survive the expiration or sooner
termination of this Agreement. In addition, (a) solely with respect to Landlord,
nothing  contained in this Agreement  shall be construed to create or impose any
liabilities or  obligations  and no such  liabilities  or  obligations  shall be
imposed  on any of the  shareholders,  beneficial  owners,  direct or  indirect,
officers,  directors,  trustees, employees or agents of Landlord for the payment
or performance of the obligations or liabilities of Landlord hereunder;  and (b)
solely  with  respect  to  Tenant,  except  pursuant  to the  Guaranty,  nothing
contained  in this  Agreement  shall  be  construed  to  create  or  impose  any
liabilities or  obligations  and no such  liabilities  or  obligations  shall be
imposed  on any of the  shareholders,  beneficial  owners,  direct or  indirect,
officers, directors,  trustees, employees or agents of Tenant for the payment or
performance of the obligations or liabilities of Tenant hereunder.

                                       80
<PAGE>

     22.12 Counterparts; Headings. This Agreement may be executed in two or more
counterparts,  each of which shall constitute an original, but which, when taken
together,  shall  constitute but one instrument and shall become effective as of
the date  hereof  when  copies  hereof,  which,  when taken  together,  bear the
signatures  of each of the parties  hereto shall have been signed.  Captions and
headings in this  Agreement  are for purposes of reference  only and shall in no
way define,  limit or describe the scope or intent of, or otherwise affect,  the
provisions of this Agreement.

     22.13  Applicable  Law,  Etc.  This  Agreement  shall be  governed  by, and
construed in accordance with, the laws of the State in which the Leased Property
is located.

     22.14 Right to Make Agreement. Each party warrants, with respect to itself,
that neither the execution and delivery of this  Agreement,  nor the  compliance
with the terms and provisions hereof, shall violate any provision of any law, or
any judgment,  writ,  injunction,  order or decree of any court or  Governmental
Authority; nor result in or constitute a breach or default under or the creation
of any lien, charge or encumbrance upon any of its property or assets under, any
indenture, mortgage, deed of trust, contract, other commitment or restriction to
which it is a party or by which it is bound;  nor require any  consent,  vote or
approval  which has not been given or taken,  or at the time of the  transaction
involved  shall not have been given or taken.  Each party  covenants that it has
and  will  continue  to have  throughout  the  term of  this  Agreement  and any
extensions thereof,  the full right to enter into this Agreement and perform its
obligations hereunder.

     22.15  Brokerage.  Landlord and Tenant hereby represent and warrant to each
other that they have not  engaged,  employed  or  utilized  the  services of any
business or real estate brokers,  salesmen, agents or finders in the initiation,
negotiation  or  consummation  of  the  business  and  real  estate  transaction
reflected in this Agreement.  On the basis of such  representation and warranty,
each party  shall and  hereby  agrees to  indemnify  and save and hold the other
party  harmless  from and against the payment of any  commissions  or fees to or
claims for commissions or fees by any real estate or business broker,  salesman,
agent or finder resulting from or arising out of any actions taken or agreements
made by them with respect to the business and real estate transaction  reflected
in this Agreement.

     22.16 No  Partnership  or Joint  Venture.  Landlord shall not, by virtue of
this  Agreement,  in any way or for any  purpose,  be deemed to be a partner  of
Tenant in the  conduct  of  Tenant's  business  upon,  within or from the Leased
Property or  otherwise,  or a joint  venturer or a member of a joint  enterprise
with Tenant.

                                       81
<PAGE>

     22.17  Entire  Agreement.  This  Agreement  contains  the entire  agreement
between  the parties  and,  except as  otherwise  provided  herein,  can only be
changed, modified, amended or terminated by an instrument in writing executed by
the parties. It is mutually  acknowledged and agreed by Landlord and Tenant that
there  are  no  verbal   agreements,   representations,   warranties   or  other
understandings  affecting  the same;  and that  Landlord  and Tenant each hereby
waive, as a material part of the  consideration  hereof,  all claims against the
other  for  rescission,  damages  or any  other  form of relief by reason of any
alleged  covenant,  warranty,  representation,  agreement or  understanding  not
contained in this  Agreement.  This Agreement  shall not be changed,  amended or
modified except by a written instrument executed by Landlord and Tenant.

     22.18 Costs and  Attorneys'  Fees. If either party shall bring an action to
recover any sum due hereunder,  or for any breach hereunder,  and shall obtain a
judgment or decree in its favor,  the court may award to such  prevailing  party
its reasonable costs and reasonable attorney's fees based upon services rendered
at hourly rates,  specifically  including reasonable  attorney's fees based upon
services  rendered  at hourly  rates  incurred  in  connection  with any appeals
(whether or not taxable as such by law) and in any bankruptcy action, including,
without limitation, those incurred in seeking relief from the automatic stay, in
dealing with the  assumption  or rejection of this  Agreement,  in any adversary
proceeding, and in the preparation and filing of any proof of claim.

     22.19  Approval  of  Landlord.  Whenever  the  approval or consent to or of
Landlord is referred to or is a condition  precedent to the taking of any action
by Tenant,  unless otherwise provided herein, such consent or approval shall not
be  unreasonably  withheld  or  delayed,  and the  failure of Landlord to notify
Tenant  that it does not give its consent or  approval  within  thirty (30) days
after  receipt of any  request  shall be deemed to  constitute  such  consent or
approval. If Landlord notifies Tenant that it does not approve or consent to the
taking of any action,  such notice shall specify the reasons for not  consenting
or approving and what conditions  would, if satisfied enable Landlord to consent
to or approve such action.  Whenever  Tenant is required under this Agreement to
do,  obtain or  maintain  anything  to meet the  satisfaction  or  judgement  of
Landlord, the satisfaction or judgement of Landlord must be reasonable; provided
Landlord  shall be deemed  reasonably  satisfied as to such act unless  Landlord
provides  Tenant  Notice  within  thirty (30) days after such act  specifying in
detail the  reasons  for such  dissatisfaction  and what  conditions  would,  if
satisfied,   cause  Landlord  to  become  reasonably  satisfied.  The  foregoing
provision of this Section shall not apply in any instance  where the  provisions
of this  Agreement  expressly  state that the  provisions of this Section do not
apply or where  the  provisions  of this  Agreement  expressly  state  that such
consent,  approval  or  satisfaction  are  subject  to  the  sole  and  absolute
discretion  or  judgement  of  Landlord,  and in each such  instance  Landlord's
approval or consent may be unreasonably withheld or unreasonable satisfaction or
judgement may be exercised by Landlord.

     22.20 Successors and Assigns. The agreements, terms, provisions,  covenants
and conditions  contained in this  Agreement  shall be binding upon and inure to
the benefit of Landlord and Tenant and, to the extent  permitted  herein,  their
respective successors and assigns.

     22.21  Waiver  of  Jury  Trial.   TENANT  AND  LANDLORD  HEREBY  KNOWINGLY,
VOLUNTARILY  AND  INTENTIONALLY  WAIVE,  TO  THE  MAXIMUM  EXTENT  PERMITTED  BY
APPLICABLE   LAWS,   THE  RIGHT  EITHER  OF  THEM  OR  THEIR   HEIRS,   PERSONAL
REPRESENTATIVES, SUCCESSORS OR ASSIGNS MAY HAVE TO A TRIAL BY JURY IN RESPECT TO
ANY  LITIGATION  PROCEEDINGS  OR  COUNTERCLAIM,  ARISING  OUT  OF,  UNDER  OR IN
CONNECTION  WITH THIS AGREEMENT OR ANY AGREEMENT  CONTEMPLATED TO BE EXECUTED IN
CONJUNCTION HEREWITH, THE RELATIONSHIP OF LANDLORD AND TENANT HEREUNDER,  OR ANY
COURSE OF CONDUCT, COURSE OF DEALING,  STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY.  THIS  PROVISION IS A MATERIAL  INDUCEMENT  TO  LANDLORD'S
ACCEPTING THIS LEASE.

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<PAGE>

     22.22  Treatment  of Lease.  Landlord  and Tenant  each agree to treat this
Agreement  as a true  lease  for tax  purposes  and as an  operating  lease  for
generally accepted accounting principles.

     22.23 Landlord's Option to Acquire the Tenant's Personal Property; Transfer
of Licenses.  Upon the expiration or early  termination of this  Agreement,  the
Landlord  shall have the right and option to acquire  all of  Tenant's  Personal
Property but not Tenant's  Intangible  Personal Property (which shall remain the
exclusive  property of Tenant) then in place or utilized at or within the Leased
Property for the then book value thereof. Provided,  Landlord's right to acquire
the Tenant's  Personal  Property as herein  provided shall be in addition to and
not in lieu of Landlord's rights with respect to Tenant's Personal Property as a
result  of a  default  hereunder  by  Tenant.  Upon the  expiration  or  earlier
termination  of this  Agreement  other than as a result of an Event of  Default,
Landlord shall purchase from Tenant at cost the Tenant's  Personal Property then
in existence,  but not Tenant's Intangible Personal Property (which shall remain
the  exclusive  property  of Tenant).  Further,  upon the  expiration  or sooner
termination of this Agreement,  Tenant shall use commercially reasonable efforts
to transfer  and assign to Landlord  or its  designee or assist  Landlord or its
designee in obtaining,  any contracts,  licenses,  permits,  development rights,
trade names,  telephone  exchange  numbers  identified with the Leased Property,
approvals  and  certificates  and all other  transferable  intangible  property,
excluding  Tenant's   Intangible   Personal  Property  and  National  Contracts,
miscellaneous  rights,  benefits and  privileges  of any kind or character  with
respect to the Leased Property, useful or required for the then operation of the
Leased Property.

     22.24 Landlord's  Representations.  Landlord hereby represents and warrants
to Tenant as follows:

          (a)  Landlord  is a Limited  Partnership  duly  organized  and validly
          existing and in good standing under the laws of the State of Delaware.
          Landlord has all requisite  power and authority  under the laws of the
          State of Delaware and its charter  documents to enter into and perform
          its   obligations   under  this   Agreement  and  to  consummate   the
          transactions  contemplated  hereby.  Landlord  is duly  authorized  to
          transact  business  in any  jurisdiction  in which  the  nature of the
          business conducted by it requires such qualification.

          (b)  Landlord  has  taken  all  necessary   action  to  authorize  the
          execution,  delivery and performance of this  Agreement,  and upon the
          execution  and  delivery of any  document to be delivered by Landlord,
          prior to the date hereof, such document shall constitute the valid and
          binding  obligation  and  agreement of Landlord,  enforceable  against
          Landlord in accordance with its terms,  except as such  enforceability
          may be limited by bankruptcy, insolvency,  reorganization,  moratorium
          or  similar  laws of  general  application  affecting  the  rights and
          remedies of creditors  and except to the extent that the  availability
          of  equitable  relief may be subject  to the  discretion  of the court
          before which any proceeding may be brought.

                                       83
<PAGE>

     22.25 Guaranty.  In order to further secure Tenant's obligation  hereunder.
Guarantor has agreed to provide, and shall provide a Guaranty of this Lease, the
form  of which Guaranty is attached hereto as EXHIBIT "H" and by this  reference
made  a  part   hereof.    The  original  Guaranty  shall  be  executed  by  the
Guarantor in connection  with the execution of this Agreement. The Guarantor has
further joined in executing this Lease for the sole purpose of acknowledging its
agreement  to  provide  the  Guaranty.  Guarantor  expressly  acknowledges   and
agrees that Tenant is a wholly owned Affiliate  of  Guarantor  and  accordingly,
Guarantor will benefit from Tenant's entering into this Agreement.

                        [SIGNATURES APPEAR ON NEXT PAGE]

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     IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed
instrument as of the date above first written.

                                        LANDLORD:

                                        CNL HOSPITALITY PARTNERS, LP,
                                        a Delaware Limited Partnership

                                        By:  CNL Hospitality GP Corporation,
                                        a Delaware corporation

                                             By:  /s/ C. Brian Strickland
                                                  ------------------------------

                                        TENANT:

                                        WYN ORLANDO LESSEE, LLC
                                        a Delaware limited liability company

                                        By: Wyn Orlando Lessee Manager Corp.
                                        a Delaware corporation

                                             By:  /s/ John P. Bohlmann
                                                  ------------------------------

                                        GUARANTOR:

                                        WYNDHAM INTERNATIONAL, INC.
                                        a Delaware corporation

                                             By:  /s/ John P. Bohlmann
                                                  ------------------------------

                                       85
<PAGE>

              JOINDER OF WYNDHAM MANAGEMENT CORPORATION, AS MANAGER

     Wyndham Management Corporation,  as Manager of the Leased Property,  hereby
joins  in the  execution  of  this  Agreement  as  Manager  for the  purpose  of
acknowledging  and agreeing to the restrictions and limitations set forth in the
Agreement  regarding  the  subordinate   position  of  Manager,  the  Management
Agreement and management  fees under the Management  Agreement to this Agreement
(subject to Manager's right to receive  reimbursables under Section 21.2(d)) and
regarding  the  operation  by  Manager  of a  Conflicting  Business  within  the
Proscribed Area.

                              WYNDHAM MANAGEMENT CORPORATION

                              By:  /s/ John P. Bohlmann
                                   --------------------

                                       86
<PAGE>

                     JOINDER OF WYNDHAM INTERNATIONAL, INC.

          Wyndham hereby joins in the execution of this Agreement for the
purposes of acknowledging and agreeing to the terms of Sections 16.5 and 16.6.

                                    Wyndham International, Inc.

                                    By:  /s/ John P. Bohlmann
                                         --------------------

                                       90
<PAGE>Exhibit 10.31

                      Purchase and Sale Agreement between
               CNL Hospitality Corp. and WII Denver Tech, LLC and
       PAH Billerica Realty Company, LLC and Wyndham International, Inc.
        relating to the Wyndham Denver Tech Center and Wyndham Billerica

<PAGE>

                          PURCHASE AND SALE AGREEMENT
                                 by and between

                             CNL HOSPITALITY CORP.
                       a Florida corporation, or assigns,

                                    as BUYER

                                      and

                             WII DENVER TECH, LLC,
                      a Delaware limited liability company

                                      and

                       PAH BILLERICA REALTY COMPANY, LLC,
                     a Delaware limited liability company,

                                   as SELLER

                                      and

                          WYNDHAM INTERNATIONAL, INC,
                            a Delaware corporation,
                                   as Wyndham

                                   Premises:

          Wyndham Denver Tech Center Hotel located in Denver, Colorado

                                      and

          Wyndham Billerica Hotel located in Billerica, Massachusetts

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                                Page
<S> <C>
1.       Definitions.............................................................................................

2.       Purchase and Sale of Properties.........................................................................

3.       Purchase Price..........................................................................................

4.       Closing Date............................................................................................

5.       The Seller's Deliveries; Inspection Period..............................................................

6.       Conditions to Buyer's Obligation to Close...............................................................

7.       Deliveries at Closing...................................................................................

8.       Closing and Other Costs, Adjustments and Prorations.....................................................

9.       Inspections.............................................................................................

10.      Escrow Agent............................................................................................

11.      The Seller's Representations and Warranties.............................................................

12.      The Buyer's Representations and Warranties..............................................................

13.      Covenants of the Seller Pending Closing.................................................................

14.      Eminent Domain..........................................................................................

15.      Casualty................................................................................................

                                       i

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

<S>     <C>
                                                                                                              Page

16.      Casualty Termination Rights.............................................................................

17.      Remedies Upon Default...................................................................................

18.      Notices.................................................................................................

19.      Brokerage Commissions...................................................................................

20.      Indemnification.........................................................................................

21.      Miscellaneous Provisions................................................................................

     Attachments:

     Exhibit A-1             -      Description of Premises - Billerica Property
     Exhibit A-2             -      Description of Premises - Denver Property
     Exhibit B-1             -      Permitted Exceptions - Billerica Property
     Exhibit B-2             -      Permitted Exceptions - Denver Property
     Exhibit C               -      Surveyor's Certificate
     Exhibit D               -      Lease
     Exhibit E               -      Architect's Certificate
     Exhibit F               -      Civil Engineer's Certificate
     Exhibit G-1             -      Special Warranty Deed (Denver Tech)
     Exhibit G-2             -      Quitclaim Deed (Billerica)
     Exhibit H-1             -      Warranty Assignment of Licenses, Permits, Plans, and
                                    Warranties
     Exhibit H-2                    Warranty Assignments of Contracts
     Exhibit I               -      Special Warranty Bill of Sale
     Exhibit J-1             -      Financial Statements - PAH Billerica Realty Company, LLC
     Exhibit J-2             -      Financial Statements - WII Denver Tech, LLC
     Exhibit K               -      Special Warranty Bill of Sale (Tenant's Personal
                                    Property)
     Exhibit L               -      Conversion Cost Earn-Out Guaranty
     Exhibit M                      Representation and Warranty Disclosure Statement
</TABLE>

                                       ii
<PAGE>

                          PURCHASE AND SALE AGREEMENT

     THIS PURCHASE AND SALE  AGREEMENT made and entered into as of the Effective
Date set forth herein,  by and between WII DENVER TECH, LLC, a Delaware  limited
liability  company and PAH BILLERICA  REALTY  COMPANY,  LLC, a Delaware  limited
liability company, as seller, and CNL HOSPITALITY CORP., a Florida  corporation,
or its assigns, as buyer, and joined by WYNDHAM INTERNATIONAL,  INC., a Delaware
corporation;

                              W I T N E S S E T H:

     WHEREAS,  the  Seller  (this  and  other  capitalized  terms  used  and not
otherwise defined herein having the meanings ascribed to such terms in Section 1
of this Agreement) is the fee simple owner of all of the Properties; and

     WHEREAS, Seller is a majority-owned subsidiary of Wyndham; and

     WHEREAS,  Buyer  desires to  purchase  from  Seller  all  right,  title and
interest in and to the Properties upon the terms and conditions  hereinafter set
forth; and

     WHEREAS,  the Seller desires to sell to Buyer all right, title and interest
in and to the Properties upon the terms and conditions hereinafter set forth.

     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 is hereby  acknowledged,  and intending to be legally bound
hereby, the parties hereto agree as follows:

1.  Definitions.  In addition to other words and terms defined elsewhere in this
Agreement,  as used in this Agreement the following  capitalized words and terms
shall have the  following  meanings,  respectively,  unless the  context  hereof
otherwise clearly requires:

     a. "Act of Bankruptcy"  shall mean if a party hereto or any general partner
or member  thereof or Tenant  shall (a) apply for or consent to the  appointment
of, or the taking of possession by, a receiver, custodian, trustee or liquidator
of itself or all of or a substantial part of its property,  (b) admit in writing
its inability to pay its debts as they become due, (c) make a general assignment
for the benefit of its  creditors,  (d) file a voluntary  petition or commence a
voluntary  case or  proceeding  under  the  Federal  Bankruptcy  Code (as now or
hereafter in effect,  (e) be  adjudicated  a bankrupt or  insolvent,  (f) file a
petition  seeking to take  advantage  of any other law  relating to  bankruptcy,
insolvency,  reorganization,  winding-up or  composition or adjustment of debts,
(g) fail to  controvert  in a timely and  appropriate  manner,  or  acquiesce in
writing to, any petition filed against it in an  involuntary  case or proceeding
under the Federal  Bankruptcy Code (as now or hereafter in effect),  or (h) take
any  corporate or  partnership  action for the purpose of  effecting  any of the

                                       1
<PAGE>

foregoing;  or if the  proceeding  or  case  shall  be  commenced,  without  the
application  or  consent  of a party  hereto or any  member or  general  partner
thereof,  in any court of competent  jurisdiction  seeking (1) the  liquidation,
reorganization, dissolution or winding-up, or the composition or readjustment of
debts,  of such party or general  partner,  (2) the  appointment  of a receiver,
custodian, trustee or liquidator for such party or general partner or all or any
substantial  part of its  assets,  or (3)  other  similar  relief  under any law
relating to bankruptcy, insolvency, reorganization, winding-up or composition or
adjustment of debts, and such proceeding or case shall continue undismissed;  or
an order (including an order for relief entered in an involuntary case under the
Federal  Bankruptcy  Code, as now or hereinafter in effect)  judgement or decree
approving  or  ordering  any of the  foregoing  shall be  entered  and  continue
unstated and in effect, for a period of 60 consecutive days.

     b. "Agreement"  shall mean this Purchase and Sale Agreement,  together with
any and all  exhibits  and  schedules  attached  hereto,  as it and  they may be
amended from time to time.

     c.  "Architect"  shall mean Jackson & Ryan  Architects  with respect to the
Denver  Property and Jackson & Ryan  Architects  with  respect to the  Billerica
Property.

     d. "Architect's  Contract" shall mean, with respect to the Denver Property,
the Standard Form of Agreement  Between Owner and Architect  (AIA Document B141)
between the Seller (or its predecessor in interest who actually  constructed the
Improvements)  and  Jackson & Ryan  Architects,  dated June 1, 1998,  and,  with
respect to the Billerica Property,  the Standard Form of Agreement Between Owner
and Architect  (AIA Document  B141)  between the Seller (or its  predecessor  in
interest  who  actually   constructed  the  Improvements)  and  Jackson  &  Ryan
Architects, dated January 12, 1998.

     e. "Assignment" as defined in Section 7.a.iii hereof.

     f.  "Billerica  Property"  shall mean the  Property  located in  Billerica,
Massachusetts.

     g. "Bill of Sale" as defined in Section 7.a.iv hereof.

     h. "Buyer" shall mean CNL Hospitality Corp. or its assigns.

     i. "Closing Date" as defined in Section 4 hereof.

     j. "Closing"  shall mean the  consummation  of the purchase and sale of the
Properties in accordance with the terms of this Agreement.

     k. "Construction Contract" shall mean, with respect to the Denver Property,
the Standard Form of Agreement Between Owner and Construction  Manager where the
Construction  Manager  is  also  the  Constructor  between  the  Seller  (or its
predecessor in interest who actually  constructed the  Improvements)  and Hensel
Phelps Construction  Company, as Contractor,  dated September 14, 1998 and, with
respect to the Billerica Property,  Standard Form of Agreement Between Owner and
Contractor,  between the Seller (or its  predecessor  in interest  who  actually
constructed the Improvements)  and Suffolk Building Corp., as Contractor,  dated
May 7, 1998.

     l. "Contractor" shall mean Hensel Phelps Construction Company, with respect

                                       2
<PAGE>
to the  Denver  Property,  and  Suffolk  Building  Corp.,  with  respect  to the
Billerica Property.

     m.  "Contracts"  shall mean,  with  respect to any  Property,  all service,
supply, sign, maintenance, management, operation, equipment, concession, utility
and other personal property or service contracts,  agreements or leases relating
to the operation, maintenance, ownership, construction or repair of the Premises
and all space  leases,  if any,  affecting  the  Premises  or any part  thereof,
including the Management Agreement.

     n.  "Conversion  Costs Earn-Out"  shall mean the additional  Purchase Price
defined and contemplated in Section 3.e hereof.

     o.  "Conversion  Cost  Earn-Out  Guaranty"  shall mean the  Guaranty of CNL
Hospitality Properties, Inc. in the form attached hereto as Exhibit "L".

     p. "Denver Property" shall mean the Property located in Denver, Colorado.

     q. "Earnest Money  Deposit"  shall mean the Initial  Earnest Money Deposit,
the Second  Earnest Money Deposit and the Extension  Earnest Money  Deposit,  as
well as all interest earned thereon in the interest-bearing money market account
in which Escrow Agent is required to place the Earnest Money Deposit.

     r.  "Effective  Date" of this Agreement shall mean that date upon which the
last of the  Seller,  the Buyer,  Wyndham  and Escrow  Agent has  executed  this
Agreement.  s. "Engineer" shall mean Martin & Martin  Consulting  Engineers with
respect to the Denver  Property and Beals  Associates,  Inc. with respect to the
Billerica Property.

     t.  "Engineer's  Contract" shall mean, with respect to the Denver Property,
the  Engineer's  Contract  for  the  Improvements  between  the  Seller  (or its
predecessor in interest who actually  constructed the Improvements) and Martin &
Martin  Consulting  Engineers,  as Engineer  and,  with respect to the Billerica
Property,  the Engineer's  Contract for the Improvements  between the Seller (or
its predecessor in interest who actually constructed the Improvements) and Beals
Associates, Inc., as Engineer.

     u. "Escrow  Agent"  shall mean Land America  Financial  Group,  Inc.  whose
address is set forth in Section 18 hereof.

     v. "Final Plans" shall mean, with respect to each Property,  the final "as-
built" plans and specifications and project costs for the Improvements which are
to be  furnished  by the Seller to Buyer  pursuant to Section  5.a.i (3) of this
Agreement.

     w.  "Financial  Information"  shall mean,  with  respect to each  Property,
operating  and income  statements,  covering  the period from the opening of the
Property  through  February  2000,  the five (5) year income  proforma,  and the
approved  operating and capital  budget for calendar year 2000, for or affecting
or relating to the Property.

     x. "Financial Statements" as defined in Section 11.n hereof.

                                       3
<PAGE>

     y.  "Hazardous  Materials"  shall mean,  with respect to any Property,  all
toxic  or  hazardous  materials,   chemicals,   wastes,  pollutants  or  similar
substances,  including, without limitation,  Petroleum (as hereinafter defined),
asbestos  insulation and/or urea formaldehyde  insulation,  which are regulated,
governed, restricted or prohibited by any federal, state or local law, decision,
statute,  rule,  regulation  or  ordinance  currently  in existence or hereafter
enacted or rendered  (hereinafter  collectively  referred  to as the  "Hazardous
Materials  Laws")  including,  but not limited to, those materials or substances
defined as "hazardous  substances," "hazardous materials," "toxic substances" or
"pollutants"  in the  Comprehensive  Environmental  Response,  Compensation  and
Liability  Act  of  1980,  42  U.S.C.   Section  9601,  et  seq.,  the  Resource
Conservation  and Recovery Act, 42 U.S.C.  Section 6901, et seq.,  the Hazardous
Materials  Transportation  Act,  49  U.S.C.  Section  1801,  et seq.,  the Toxic
Substances  Control Act, 15 U.S.C.  Section 2601 et seq.,  the Clean Air Act, 42
U.S.C.  Section  7401 et seq.,  the Clean Water Act, 33 U.S.C.  Section  1251 et
seq., and any applicable  statutes,  ordinances or regulations under the laws of
the State in which  the  Premises  are  located,  and any rules and  regulations
promulgated thereunder,  all as presently or hereafter amended.  "Petroleum" for
purposes of this Agreement shall include,  without limitation,  oil or petroleum
of any kind and in any form  including but not limited to oil,  petroleum,  fuel
oil, oil sludge,  oil refuse,  oil mixed with other waste,  crude oil, gasoline,
diesel fuel and kerosene.

     z. "Improvements"  shall mean, with respect to any Property,  all buildings
(consisting  of the Wyndham  Billerica  Hotel and the Wyndham Denver Tech Center
Hotel)  and  other  related  improvements,  including  but  not  limited  to all
pavement,  access  ways,  curb cuts,  parking,  kitchen and support  facilities,
meeting and conference rooms, swimming pool facilities,  recreational amenities,
office facilities, drainage systems and facilities, landscaping, air ventilation
and filtering systems and facilities and utility  facilities and connections for
sanitary  sewer,  potable  water,  irrigation,   electricity,  telephone,  cable
television and natural gas, if applicable, to the extent the same form a part of
the Premises and all  appurtences  thereto  acquired by Buyer in connection with
Buyer's acquisition of the Properties pursuant to the terms of this Agreement.

     aa. "Initial Earnest Money Deposit" shall mean the deposit by wire transfer
of  $200,000.00  to be given by Buyer to Escrow  Agent  pursuant to Section 3 of
this Agreement,  as well as all interest earned thereon in the  interest-bearing
money  market  account in which  Escrow  Agent is  required to place the Initial
Earnest Money Deposit.

     bb.  "Inspection  Period"  shall mean that  period of time  starting on the
Effective Date of this Agreement and terminating on May 30, 2000.

     cc. "Lease" shall mean, in respect of each Property, the Lease Agreement to
be entered into at Closing  between  Buyer,  as Landlord and Tenant,  as Tenant,
pursuant  to which  Tenant  shall  lease the  Premises,  Improvements,  Personal
Property  and  Miscellaneous  Hotel Assets with  respect of such  Property  from
Buyer,  the form of which  Lease is  attached  hereto  as  Exhibit D and by this
reference made a part hereof.

     dd. "Management Agreement" shall mean, with respect to the Denver Property,
the Management Agreement for the Improvements comprising the Wyndham Denver Tech

                                       4
<PAGE>

Center Hotel between the Tenant and Manager to be entered into at Closing,  and,
with  respect  to the  Billerica  Property,  the  Management  Agreement  for the
Improvements  comprising  the  Wyndham  Billerica  Hotel  between the Tenant and
Manager to be entered into at Closing.

     ee.  "Manager"  shall  mean  Wyndham  Management  Corporation,  a  Delaware
corporation,  for and with respect to both the Wyndham  Denver Tech Center Hotel
and the Wyndham Billerica Hotel.

     ff. "Miscellaneous Hotel Assets" shall mean, with respect to each Property,
all contract rights,  leases,  concessions,  trademarks,  service marks,  logos,
names of hotel  and  hotel  restaurants  and other  food and  beverage  outlets,
technology and technical information,  copyrights,  warranties,  plans, drawings
and other items of intangible personal property relating solely to the operation
of each  Property,  and to be  assigned to Buyer at Closing in  accordance  with
Exhibit  "H- 1"  attached  hereto  and by  this  reference  made a part  hereof,
excluding the Contracts and Permits,  cash or other funds, whether in petty cash
or hotel banks or on deposit in bank  accounts or in transfer  for deposit as of
the date of closing,  utility  and  similar  deposits,  and  insurance  or other
prepaid  items or books  and  records,  except  to the  extent  that the  Seller
receives a credit on the closing  statement  for any such items,  and  excluding
Wyndham Intangible Personal Property.

     gg. "Monetary  Encumbrances" shall mean, with respect to each Property, any
and all  delinquent  taxes,  mortgages,  deeds of  trust,  security  agreements,
mechanics  liens, tax liens, or other similar liens or charges in a fixed sum or
capable of computation as a fixed sum which were created or expressly assumed by
Seller,  or which  encumber the  Property or Seller's  interest  therein,  which
Monetary   Encumbrances  shall  be  reflected  in  Schedule  B-I  of  the  Title
Commitment.

     hh. "NOI" as defined in Section 3.e.i hereof.

     ii. "PAH" shall mean PAH Billerica Realty Company,  LLC, a Delaware limited
liability company.

     jj. "Payment and Performance Bonds" as defined in Section 5.a.i (7) hereof.

     kk.  "Permits"  shall  mean,  with  respect  to each  Property,  all of the
governmental  permits,  including licenses and authorizations,  required for the
construction,  ownership and operation of the  Improvements,  including  without
limitation certificates of occupancy,  building permits, signage permits, liquor
licenses,  site use approvals,  zoning certificates,  environmental and land use
permits and any and all necessary  approvals from state or local authorities and
to be assigned to Buyer at Closing in  accordance  with Exhibit  "H-1"  attached
hereto and by this reference made a part hereof,  excluding  liquor licenses and
those licenses and permits  relating solely to the operational  business of each
Property, such as, for example, innkeeper licenses.

     ll. "Permitted Exceptions" shall mean, with respect to each Property, those
items  described  on Exhibit B-1 and B-2 attached  hereto and by this  reference
made a part  hereof,  and other  matters  deemed to be Permitted  Exceptions  as
provided in the last paragraph of Section 5.c(vi) of this Agreement.

                                       5
<PAGE>

     mm.  "Personal  Property" shall mean, with respect to any Property,  all of
the furniture, fixtures, equipment, appliances, machinery, furnishings, carpets,
drapes, service and maintenance equipment,  tools, signs, landscaping equipment,
telephone and other  communications  equipment,  pool equipment,  television and
antenna  equipment,  television  and video  equipment,  intercom  equipment  and
systems,  and any other personal  property used or usable in connection with the
operation  of such  Property,  including,  but not limited to,  those items more
particularly  described in the purchase  orders to be attached at Closing to the
Warranty Bill of Sale  referenced in Schedule "I". The Personal  Property  shall
not include  leased items or items owned by third parties which are subject to a
written  contract  or  agreement  or which are  owned by  guests.  Further,  the
Personal Property shall not include the Tenant's Personal Property, as hereafter
defined.

     nn. "Premises" shall mean, in respect of the Denver Property,  that certain
parcel of real property  containing an area of approximately  4.049 acres and in
respect  of  the  Billerica  Property  that  certain  parcel  of  real  property
containing  an area  approximately  10.01  acres,  both being more  particularly
described on Exhibit A-1 and A-2 attached  hereto and by this  reference  made a
part hereof, together with all of the Improvements, tenements, hereditaments and
appurtenances belonging or in any way appertaining to such Properties, which the
Seller of each such  Property  may now own or  hereafter  acquire  with  respect
thereto,  and all of such Seller's rights,  title and interest in and to (i) any
and all  property  lying  in the bed of any  street,  road  or  avenue,  open or
proposed,  in front of or  adjoining  such  real  property  to the  center  line
thereof,  (ii) any strips and gores of land  adjacent  to,  abutting  or used in
connection with such real property,  and (iii) any easements and rights, if any,
inuring to the  benefit  of such real  property  or to the Seller in  connection
therewith.

     oo.  "Property"  shall mean with respect to each of the Billerica  Property
and the Denver Property,  the Premises,  the Permits,  the Personal Property and
the Seller's entire right, title and interest in the Miscellaneous Hotel Assets,
and those  Contracts,  if any, to be assigned to Buyer  pursuant to the terms of
this Agreement,  all of which relate to each of the Wyndham  Billerica Hotel and
the Wyndham Denver Tech Center Hotel.

     pp. "Properties" shall mean, collectively, each and every Property.

     qq. "Purchase Price" shall,  subject to adjustment as referenced in Section
3.e,   mean   $25,092,00.00   with  respect  to  the   Billerica   Property  and
$18,353,000.00  with respect to the Denver Property,  for an aggregate  purchase
price of $43,445,000.00 for the Properties.

     rr. "Quitclaim Deed" as defined in Section 7.a.ii.

     ss.  "Representation  and  Warranty  Disclosure  Statement"  as  defined in
Section 11.

     tt. "Seller" shall mean (a) with respect to the Denver  Property  described
on Exhibit  A-1  attached  hereto,  WII and (b) with  respect  to the  Billerica
Property described on Exhibit A-2 attached hereto, PAH.

     uu. "Second  Earnest Money Deposit" shall mean the deposit by wire transfer
of $1,800,000.00 to be given by Buyer to Escrow Agent pursuant to Section 3.b of

                                       6
<PAGE>

this Agreement,  as well as all interest earned thereon in the interest  bearing
money  market  account in which the Escrow Agent is required to place the Second
Earnest Money Deposit.

     vv.  "State" shall mean with respect to each  Property,  the state in which
each such Property is located.

     ww.  "Tenant"  shall mean and refer to a single purpose entity to be formed
by Seller or Wyndham as contemplated by the Lease,  whose sole business shall be
to lease and operate the Properties.  Buyer shall, during the Inspection Period,
have the right to approve the Tenant,  which  approval will not be  unreasonably
withheld or delayed. In addition, the Tenant shall have no material liabilities,
direct or contingent except for those outlined in the Lease with respect to such
Property.

     xx. "Tenant's Personal Property" shall mean, with respect to each Property,
all of the  inventory  of food and  beverages  (opened  and  unopened  excluding
alcoholic  beverages) as well as all operating  supplies such as guest supplies,
linens,  towels,  paper  goods,  soaps,  cleaning  supplies,   uniforms,   food,
beverages,  consumables, guest supplies, china, glassware, silverware, vehicles,
vehicle supplies,  gasoline,  fuel oil, working capital,  bank account balances,
software and other miscellaneous supplies and consumables utilized in connection
with the operation of such Property.

     yy. "Threshold Amount" shall have meaning as defined in Section 16 hereof.

     zz. "Title Commitment" as defined in Section 5.c(vi) hereof.

     aaa. "Title Company" shall mean Lawyers' Title Insurance  Corporation which
shall issue the owner's  policy of title  insurance  required  hereunder  by and
through such agent, if any, as it shall select.

     bbb. "WII" shall mean WII Denver Tech,  LLC, a Delaware  limited  liability
company.

     ccc. "Warranty Deed" as defined in Section 7.a.ii.

     ddd.  "Wyndham"  shall  mean  Wyndham   International,   Inc.,  a  Delaware
corporation.

     eee.  "Wyndham   Billerica  Hotel"  shall  mean  the  210  room  hotel  and
Improvements associated therewith situated on the Billerica Property.

     fff.  "Wyndham  Denver Tech Center Hotel" shall mean the 180 room hotel and
Improvements associated therewith situated on the Denver Property.

     ggg. "Wyndham  Intangible  Personal  Property",  shall mean with respect to
each Property,  Seller's proprietary intellectual property,  software,  manuals,
procedures,  processes and other proprietary information used in connection with
the  Wyndham  Denver Tech Center  Hotel or the Wyndham  Billerica  Hotel and any
rights to the name "Patriot American Hospitality," "Patriot American," "Patriot"
or any  derivative  thereof;  any  rights to the name  "Wyndham  International,"

                                       7
<PAGE>

"Wyndham" or any derivative  thereof;  or any rights to the names of any parent,
subsidiaries,  or  affiliated  persons of Patriot  American  Hospitality,  Inc.,
Patriot American Hospitality Partnership, L.P., Wyndham International,  Inc., or
Wyndham International  Operating Partnership,  L.P., or any derivatives thereof,
in each case,  including all rights,  trademarks,  service  marks,  trademark or
service  mark  registrations,   trademark  applications,  copyrights,  copyright
registrations and copyright applications.

2.  Purchase  and  Sale of  Properties  Subject  to the  terms,  provisions  and
conditions set forth herein,  the Seller hereby agrees to sell the Properties to
Buyer,  and  Buyer  hereby  agrees  to  purchase  the  Properties  from  Seller.
Notwithstanding anything in this Agreement to the contrary, Buyer shall not have
the right to purchase one Property  without  purchasing the other Property and a
default by Buyer with respect to one Property shall be a default with respect to
both Properties under this Agreement.  Accordingly, if for any reason other than
an  uncured  default by Seller or Wyndham  hereunder,  Buyer  fails to close the
purchase  of one of the  Properties,  Seller  shall have the right to either (i)
terminate this Agreement with respect to both Properties and collect the Deposit
pursuant to Seller's remedies set forth in Article 17 hereof, by providing Buyer
with written notice thereof in accordance with Section 11.b.iii.  hereof or (ii)
allow the Buyer,  if  desired by Buyer,  to  proceed  with the  purchase  of one
Property and not the other.

3. Purchase Price. The Purchase Price for the Properties shall be payable in the
following manner:

     a. Initial Earnest Money Deposit.  Upon full execution of this Agreement by
all parties  hereto,  Buyer shall  deposit with Escrow Agent by wire transfer of
immediately available funds, the Initial Earnest Money Deposit hereunder,  to be
held and disbursed in accordance with the terms hereof.

     b. Second Earnest Money  Deposit.  In the event this Agreement has not been
previously  terminated on or before the last day of the Inspection Period,  then
within two (2) business  days after the  expiration  of the  Inspection  Period,
Buyer shall deposit with Escrow Agent by wire transfer of immediately  available
funds, the Second Earnest Money Deposit  hereunder,  to be held and disbursed in
accordance  with the terms hereof.  Failure to timely deliver the Second Earnest
Money Deposit shall be a default by Buyer hereunder.

     c. Earnest Money Deposit. After clearance of funds, Escrow Agent shall hold
the Earnest  Money  Deposit in an interest  bearing  money  market  account at a
federally insured  financial  institution  reasonably  acceptable to the Seller,
Buyer and Escrow Agent,  and interest earned thereon shall be reported under the
United States Taxpayer  Identification  Number of Buyer.  All interest earned on
the Earnest Money Deposit, or any portion thereof, shall be deemed to constitute
a portion of the Earnest Money Deposit and shall be disbursed in accordance with
the terms of this Agreement.

     d. Balance of Purchase Price.  The balance of the Purchase Price,  less any
apportionments  or adjustments  contemplated  in this Agreement shall be paid in
full by Buyer at the Closing by wire transfer of immediately  available  federal
funds, as the Seller shall reasonably direct.

                                       8
<PAGE>

     e. Conversion Costs Earn-Out. In addition to the Purchase Price, Seller and
Buyer  agree  that  Seller  shall  have an  opportunity  following  the  Closing
hereunder to earn  additional  sales  proceeds in an amount not to exceed in the
aggregate,  One Million Three Hundred  Twenty Six Thousand  Seven Hundred 00/100
Dollars  ($1,326,700.00)  with respect to the Wyndham  Billerica  Hotel, and One
Million  One  Hundred  Forty  Four  Thousand   Eight  Hundred   00/100   Dollars
($1,144,800.00)  with respect to the Wyndham  Denver Tech Center Hotel  together
(the "Conversion Costs Earn-Out")  subject to the terms and conditions set forth
herein below. The Seller's right to receive such Conversion Costs Earn-Out shall
be conditioned upon and calculated in accordance with the following:

          i.  Commencing  with the date  which is twelve  (12)  months  from the
     Closing  Date,  following the  expiration  of each whole or partial  fiscal
     quarter thereafter until the end of the thirty-sixth (36th) month following
     the Closing Date,  the Seller shall with respect to each Property cause the
     Tenant to provide to Buyer an operating  statement for the preceding twelve
     (12) month period certified by Tenant's chief financial officer,  (provided
     on a rolling basis) which reflects the earnings (exclusive of extraordinary
     income from capital events or extraordinary  loss) before interest,  taxes,
     depreciation  and  amortization  for each Property  during such period (the
     "EBITDA").  The EBITDA for each Property  shall be calculated in accordance
     with the Uniform System of Accounts for Hotels, Ninth Edition, as published
     by the  International  Association of Hotel  Accountants and adopted by the
     American  Hotel-Motel  Association,   and  shall  specifically  contemplate
     expenses,  management fees and other fees and costs and shall be consistent
     with  the  operating  statements  for each  Property.  The  parties  agree,
     however,  that for purposes of this  calculation,  all sums funded into the
     Reserve under the Lease for each Property  shall be deducted from EBITDA to
     derive net operating  income  (EBITDA less all sums funded into the Reserve
     is  herein  referred  to as  "NOI").  The NOI for  each  Property  shall be
     multiplied   by  a   factor   of   7.33   to   determine   the   level   of
     Investment/Purchase  Price that is  supported  by the existing NOI for such
     Property  at the  time of each  quarterly  calculation  assuming  a ten and
     one-half  (10.5%) percent Lease Rate with a 1.3 Minimum Rent Coverage ratio
     (e.g.   Gross   NOI  x  7.33   =  The   Investment/Purchase   Price)   (the
     Investment/Purchase  Price with respect to the Wyndham  Billerica  Hotel is
     referred  to herein as the  "Wyndham  Billerica  Hotel  Investment/Purchase
     Price" and the Investment/Purchase Price with respect to the Wyndham Denver
     Tech Center Hotel is referred to herein as the "Wyndham  Denver Tech Center
     Hotel  Investment/Purchase  Price") For the purpose of this calculation the
     Wyndham Billerica Hotel Investment/Purchase Price shall (i) for the initial
     calculation  be  compared  with the  Purchase  Price  paid by Buyer for the
     Wyndham  Billerica  Hotel  and (ii)  for all  subsequent  calculations,  be
     compared  with the Purchase  Price paid by Buyer for the Wyndham  Billerica
     Hotel,  plus any  Conversion  Costs  Earn-Out  previously  allocated to the

                                       9
<PAGE>

     Wyndham  Billerica Hotel,  and the difference  between the two shall be the
     Billerica  Property  Earn-Out  Amount.  Similarly,  the Wyndham Denver Tech
     Center Hotel  Investment/Purchase Price shall be compared with the Purchase
     Price paid by Buyer for the  Wyndham  Denver  Tech  Center  Hotel (plus any
     Conversion Costs Earn-Out  previously  allocated to such Hotel with respect
     to all calculations  after the initial such calculation,  as aforesaid) and
     the  difference  between the two shall be the Denver Tech Earn-Out  Amount.
     The Billerica  Earn-Out Amount and the Denver Tech Earn-Out Amount may be a
     positive or negative number depending upon whether the Investment  Purchase
     Price for a Hotel  exceeds  the actual  Purchase  Price paid for such Hotel
     (plus  previously  allocated  Conversion  Costs Earn-Out,  if any). For the
     initial such calculation,  and in determining the Conversion Costs Earn-Out
     hereunder,  the Wyndham Billerica Hotel  Investment/Purchase  Price and the
     Wyndham  Denver  Tech  Center  Hotel  Investment/Purchase  Price  shall  be
     aggregated,  and if the same, as aggregated,  exceeds the combined Purchase
     Price paid by Buyer for the Wyndham  Billerica Hotel and the Wyndham Denver
     Tech Center Hotel,  Buyer shall,  within thirty (30) days following receipt
     of such operating  statements  supporting such  determination  as set forth
     above,  advance  Conversion  Costs Earn-Out to the Seller equal to any such
     excess,  up to the maximum amount of Conversion Costs Earn-Out as set forth
     above.  For all  calculations  of the  Conversion  Cost Earn- Out after the
     initial first  calculation  described  above,  the Wyndham  Billerica Hotel
     Investment/Purchase   Price  and  the  Wyndham  Denver  Tech  Center  Hotel
     Investment/Purchase  Price  shall  be  aggregated,  and  if  the  same,  as
     aggregated,  exceeds  the  combined  Purchase  Price  paid by Buyer for the
     Wyndham  Billerica Hotel and the Wyndham Denver Tech Center Hotel, plus the
     aggregate of Conversion Costs Earn-Out previously paid with respect to both
     Hotels,  if any, Buyer shall,  within thirty (30) days following receipt of
     such operating statements supporting such determination as set forth above,
     advance  Conversion Costs Earn- Out to the Seller equal to any such excess,
     up to the maximum  amount of Conversion  Costs Earn-Out as set forth above.
     Seller  shall not be  obligated  to refund  to Buyer any  Conversion  Costs
     Earn-Out  previously  paid to  Seller in the  event  the  Conversion  Costs
     Earn-Out calculated hereunder for any period is less than zero.  Conversion
     Costs  Earn-Out  paid from time to time shall be  allocated  to the Wyndham
     Billerica Hotel and to the Wyndham Denver Tech Center Hotel based upon each
     hotel's  respective  positive  Earn-Out Amount  calculated on an individual
     Hotel  basis,  taking into account  Earn-Out  amounts,  if any,  previously
     allocated to each Hotel,  in relation to the aggregate  Earn-Out Amount for
     both Properties.

          ii. At Closing  Buyer  shall  cause to be  delivered  to  Seller,  the
     Conversion Cost Earn-Out Guaranty  executed by CNL Hospitality  Properties,
     Inc., as guarantor,  which  guarantees  payment to Seller of the Conversion
     Cost Earn-Out as provided herein.

          iii.  Seller agrees that Seller shall be responsible for and shall pay
     when due, any and all costs and expenses due or payable in connection  with
     the payment of the additional  Purchase Price hereunder,  including without
     limitation,  real estate and other  transfer  tax and any  Impositions  (as
     defined in the Lease) due and owing in  connection  with the payment of the
     same.  Seller shall also pay the costs of endorsing Buyer's title policy to
     increase the amount of insurance thereunder by the Conversion Cost Earn-Out
     and any other fees payable in connection therewith;  provided, however, the
     cost of the endorsement for the Billerica Property shall be paid by Buyer.

          iv.  From and after  each  payment  of  Conversion  Cost  Earn-Out  as
     contemplated hereunder,  Minimum Rent due and owing under the Lease for the
     Wyndham  Billerica  Hotel and under the Lease for the  Wyndham  Denver Tech
     Center Hotel shall be re- calculated based upon the new investment level of

                                       10
<PAGE>

     Buyer in each Property and Minimum Rent in the manner  contemplated  in the
     Lease  with  respect  to a funding  of Major  Capital  Expenditures  by the
     Landlord thereunder.

          v. Nothing  herein shall  obligate  the Buyer to pay  Conversion  Cost
     Earn-Outs  except  specifically in accordance  with the provisions  hereof.
     Under no  circumstances  shall Buyer have an obligation  to pay  Conversion
     Cost  Earn-Outs  hereunder for any period after the  thirty-six  (36) month
     period  following  the  Closing  Date or in excess of the  Conversion  Cost
     Earn-Outs.

          vi. Provisions of this Section shall survive the Closing hereunder.

4. Closing Date.  The Closing  shall take place on a date (the  "Closing  Date")
which is not later than May 30, 2000, provided that all conditions  precedent to
Closing have been satisfied or waived.

5.  The Seller's Deliveries; Inspection Period.

     a.  Within five (5) days after the Effective Date of this Agreement:

          i. The Seller shall  deliver to Buyer (at no cost to Buyer)  copies of
any  and  all  tests,   surveys,   examinations,   plans,   permits,   licenses,
environmental  studies or reports and other studies or investigations  regarding
the Premises which the Seller, its legal counsel, employees or any of its agents
may have in its or their possession, custody or control, specifically including,
without limitation,  the following:

               (1) All  existing  soil,  environmental  reports  and  structural
studies or surveys of the Premises.

               (2) Any letter or  certificate in the possession of Seller or any
of its  attorneys  or  agents  from an  appropriate  municipal,  county or other
governmental   representative  confirming  the  zoning  classification  for  the
Premises and identifying the permitted uses under such classification.

               (3) The Final Plans.

               (4) The Permits.

               (5) Any and  all  warranties  and  guaranties  pertaining  to the
Improvements,  specifically  including any manufacturer's roof membrane warranty
issued with respect to the buildings comprising the Improvements.

               (6) The Construction  Contract,  the Architect's Contract and the
Engineer's Contract.

               (7) Any and all Payment and  Performance  Bonds  delivered by the
Contractor pursuant to the terms of the Construction  Contract (the "Payment and
Performance Bonds").

                                       11
<PAGE>

               (8) Any and all requirements,  approvals, and reports provided or
issued by any non-party to this Agreement,  including governmental  authorities,
with respect to the Final  Plans,  the  construction  of the  Improvements,  the
Premises  or the  Property,  including  any  approval of the Final Plans and the
Improvements and any such party's  acknowledgment  that they have been completed
in accordance with applicable Franchise requirements.

               (9) Copies of all purchase  orders for the Personal  Property and
Tenant's  Personal  Property,  including the type,  quantity and purchase  price
and/or  cost  basis for each  item.

               (10) Copies of all prior title  policies,  appraisals,  licenses,
permits,  and leases of and with  respect to or  affecting  the  Premises or the
Property.

          ii. The Seller  shall  deliver to Buyer (at no cost to Buyer) true and
correct copies of the Contracts and any existing  operation,  management  and/or
franchise agreements pertaining to the Premises or any part thereof.

          iii. The Seller  shall  provide to Buyer a copy of the most recent tax
bill (and paid  receipt  therefor  if paid)  with  respect  to ad  valorem  real
property taxes and assessments levied or assessed with respect to the Premises.

          iv. The Seller shall  deliver to Buyer true,  correct and complete (in
all  material  respects)  copies of the  Financial  Information

          v.  Buyer  shall  receive  from  Seller a true and  correct  copy of a
Certificate of Substantial  Completion executed by the Contractor and Architect.

          vi. Buyer shall  receive from Seller,  a copy of Seller's  most recent
survey for each of the Properties.

     The  documents  and  information  referenced  in this  Section  5 shall  be
utilized solely for the purpose of evaluating  Buyer's  proposed  acquisition of
the  Properties.  Subject to the provisions of Section 9 hereof,  Buyer may also
make  its  own  independent  investigations  and  studies  with  respect  to the
Properties and all aspects  thereof.  The Seller agrees to reasonably  cooperate
with Buyer in Buyer's investigations and studies with respect to the Properties.
In the event the Closing does not occur,  Buyer shall return all such  documents
and  information  provided by Seller.  In the event Buyer has not  received  the
documents  and  materials  referenced  in this Section 5 by the date that is ten
(10) days after the Effective Date, Buyer shall provide written notice to Seller
("Buyer's  Notice")  within  said ten (10) day period  setting  forth which such
documents and materials  have not been received,  failing which,  Buyer shall be
deemed to have received all such  documents  and materials at the  expiration of
such ten (10) day period.  If any such  documents  and  materials  described  in
Buyer's  Notice are not available to be delivered  because they don't exist,  or
are not in the possession of Seller, its legal counsel, employees or any of its

                                       12
<PAGE>

agents, Seller shall provide written notice to Buyer setting forth which such
documents and materials are not so available, and upon receipt of such notice
the Inspection Period shall commence.  Buyer's sole remedy for such
unavailability of materials and documents shall be to terminate this Agreement
on or before the expiration of the Inspection Period and receive the Earnest
Money Deposit or Buyer may waive such right.

          b. Buyer shall have the right,  until 5:00 p.m.,  central  time on the
last day of the  Inspection  Period,  and  thereafter  if Buyer  does not notify
Seller in writing prior to the  expiration of the  Inspection  Period that Buyer
has elected to terminate this Agreement,  to enter upon each Property subject to
the  provisions  of Section 9 hereof and to perform,  at Buyer's  expense,  such
economic,  surveying,  engineering,  topographic,  environmental,  marketing and
other tests, studies,  reviews and investigations as Buyer may deem appropriate.
If such tests,  studies and investigations are acceptable to Buyer and Buyer, in
Buyer's  sole,  absolute  and  unreviewable  discretion,  elects to purchase the
Properties for the purposes contemplated by Buyer, then Buyer shall proceed with
this  transaction in accordance with and subject to the terms of this Agreement;
provided,  however,  if, prior to the expiration of the Inspection Period, Buyer
provides written notice to Seller and Escrow Agent that it has determined in its
sole, absolute and unreviewable  discretion,  to terminate this Agreement,  this
Agreement  automatically  shall  terminate,  the Initial  Earnest Money shall be
promptly  returned  to Buyer and Buyer and  Seller  shall be  released  from all
further  liability or obligation  hereunder except those which expressly survive
termination of this Agreement.  If Buyer does not provide such written notice of
termination,  the Initial  Earnest  Money  Deposit and the Second  Earnest Money
Deposit (upon delivery pursuant to Section 3 hereof) shall become non-refundable
except as otherwise expressly provided herein.

          c. Within the Inspection  Period and with respect to each Premises and
at Buyer's option and expense  (except as otherwise  provided  herein and except
for items xiii, xiv, and xv hereof):

               i.  Buyer  shall  obtain  a  current  appraisal  of the  Premises
prepared by an MAI appraiser acceptable to Buyer,  complying with all applicable
statutory  requirements,  specifically  including  the  Appraisal  Standards for
Federally-  Regulated  Transactions,   as  required  by  the  Federal  Financial
Institutions  Reform Recovery and Enforcement Act of 1989 ("FIRREA") and related
or subsequent regulations.

               ii. Buyer shall  obtain an update of the  existing  environmental
assessment  provided by Seller,  or a current  environmental  assessment  of the
Premises  prepared by a licensed  environmental  engineer  acceptable  to Buyer,
certified  to Buyer and  stating  whether  there is any  evidence  of  Hazardous
Materials  contamination  on  or  affecting  the  Premises.  Said  environmental
assessment shall meet then current protocols established by the American Society
for Testing and  Materials  under  Designation  E-1527  (Standard  Practices for
Environmental Site Assessments/Transaction Screen Process).

               iii. Buyer shall obtain a current  "as-built"  survey for each of
the Properties with the seal and signature of a registered  engineer or surveyor
thereon,  which  survey  shall  (a)  include  and  show  the  metes  and  bounds
description  of all parcels  comprising  the  Premises,  (b)  indicate  that all
parcels  comprising each of the Properties are  contiguous,  (c) be certified to
Buyer and the Title Company,  (d) show the location and dimension  together with

                                       13
<PAGE>

recording  information of all easements which encumber or are appurtenant to the
applicable   Premises,   and  whether  the  same  are  encroached  upon  by  the
Improvements or shall interfere with the use of, or access to, the Premises,  or
cross the  property  of others in the  absence of  properly  recorded  easements
therefor, (e) show the location and dimension of the Improvements (including the
location and number of any parking  spaces),  (f) indicate  whether there exists
any  violation  of height and  building  restrictions  and  setback  and parking
requirements  and (g) be accompanied  by a certificate  from the Surveyor in the
form attached as Exhibit C.

               iv. Buyer shall obtain satisfactory UCC-1 searches for the Seller
and Tenant.

               v. Buyer shall have  approved  the zoning of the Premises and its
compliance with applicable zoning and subdivision laws.

               vi. Buyer shall have obtained, reviewed and approved a commitment
from the  Title  Company  for an  owner's  title  insurance  policy  on the form
authorized  by the State  with  respect  to the  Premises,  naming  Buyer as the
proposed  insured  in the  amount of the  Purchase  Price,  subject  only to the
Permitted  Exceptions,  and expressly excluding a creditors rights exception and
including such  endorsements and deletions  available in the State and customary
in similar transactions (the "Title Commitment"), together with the following:

                    (1) All exceptions and appurtenances to title referred to in
the Title Commitment, including the Permitted Exceptions;

                    (2) At  Buyers  expense,  a  50-year  chain of title  report
evidencing the record  ownership of the Premises  during the preceding 50 years,
accompanied by copies of the deeds and other instruments  evidencing such record
ownership.

     Prior to the  expiration  of the  Inspection  Period,  Buyer shall  provide
Seller with notice of any matters set forth in the Title  Commitment,  the UCC-1
searches, or the as-built surveys other than the Permitted Exceptions,  to which
Buyer  objects  (the  "Title  Defects").  Any  matter  set  forth  in the  Title
Commitment,  the UCC-1 searches, or the as-built surveys to which Buyer does not
object within the Inspection Period shall be deemed to be a Permitted Exception.
Seller may elect to cure any or all of the Title  Defects  except  for  Monetary
Encumbrances  which Seller shall discharge,  bond against or otherwise cause the
Title Company to insure over,  at Closing.  Provided,  however,  if any Monetary
Encumbrance which is in dispute or which was not created or expressly assumed by
Seller exceeds the sum of $1,000,000.00  singularly or in the aggregate with all
other  such  Monetary   Encumbrances   for  both   Properties   (the   "Excluded
Encumbrances"),  Seller shall have no  obligation to cure the same. In the event
Seller  is unable to cure or elects  not to cure the Title  Defect  (other  than
Monetary  Encumbrances,  except for Excluded  Encumbrances as aforesaid)  Seller
shall  notify  Buyer of such  fact  prior to the  expiration  of the  Inspection
Period. Within 5 days of receipt of such notice, and notwithstanding anything to
the contrary in this Agreement,  Buyer may terminate the Agreement in accordance
with the provisions  set forth herein and if Buyer does not so terminate  within

                                       14
<PAGE>

such five (5) day period,  Buyer shall be deemed to have accepted  title subject
to the Title  Defects  and such Title  Defects  shall be deemed to be  Permitted
Exceptions.  If Purchaser  discovers any materially adverse title matter that is
not  disclosed  in the Title  Commitment,  the  UCC-1  searches  or the  surveys
provided  to  Buyer  and is not  otherwise  permitted  under  the  terms of this
Agreement, and if Seller is unable or elects not to cure such title matter on or
prior to the Closing (except for a Monetary  Encumbrance,  which Seller shall be
required to pay or  discharge  or bond  against or  otherwise to cause the Title
Company to insure over such Monetary Encumbrance at or prior to Closing,  except
for Excluded Encumbrances),  Buyer shall have the option (1) to waive such title
matter without any abatement in the Purchase Price,  in which event,  such title
matter shall become a Permitted Exception, or (2) to terminate this Agreement in
which case the Earnest Money Deposit shall be returned to Buyer, and the parties
hereto shall be released from all further  obligations  hereunder,  except those
which expressly survive a termination of this Agreement.

          vii. Buyer shall have received and approved the Financial  Information
and Financial Statements.

          viii.  Buyer  shall have  received a  certificate  from the  Architect
substantially in the form attached hereto as Exhibit E (or otherwise  reasonably
acceptable to Buyer),  and a certificate from the Engineer  substantially in the
form attached hereto as Exhibit F (or otherwise reasonably acceptable to Buyer).

          ix. Buyer shall have  approved the  Permits,  warranties,  guaranties,
Contracts, and agreements,  copies of which the Seller is required to furnish to
Buyer  pursuant to Section 5 above,  originals  of which shall be  delivered  to
Buyer at the Closing,  unless any of such Permits must be kept at the  Premises,
in which  event  copies  of such  Permits  shall be  furnished  to Buyer  with a
certification that the original of the same is at the Property.

          x. Buyer shall have received evidence that legally  sufficient parking
is available on the Premises  without the benefit of, or subject to, any parking
easements  created  on  adjacent  property  to  comply  with  applicable  zoning
requirements  and that all  utilities  are  available  to and in  service at the
Premises.

          xi. Buyer shall have  otherwise  determined,  in its sole and absolute
discretion, that the Property is satisfactory to Buyer.

          xii.  Buyer shall have  determined  that the  Premises  are a separate
parcel for real estate tax assessment purposes.

         xiii. Buyer and Tenant shall have mutually agreed upon all of the terms
and conditions of the Lease to be entered into at Closing. The form of the Lease
is attached hereto as Exhibit D.

          xiv.  Buyer and Seller shall have  reasonably  agreed upon the form of
opinion from the Seller's  legal  counsel,  relating to the valid  existence and
good  standing of the Seller and Tenant,  the due  authorization,  execution and
delivery  of  the  closing   documents  by  the  Seller  and  Tenant,   and  the

                                       15
<PAGE>

enforceability of the Lease against Tenant. With respect to the Lease concerning
the Billerica  Property,  Buyer's  local  counsel will issue the  enforceability
opinion on behalf of Seller and Seller shall pay the  reasonable  and  customary
fees and expenses of Buyer's local counsel for such opinion, up to $10,000.00.

          xv. Buyer,  Tenant and Manager shall have mutually  agreed upon all of
the terms and conditions of the  Management  Agreement to be executed at Closing
by Tenant and Manager following the execution of the Lease.

     If the  foregoing  contingencies  in this Section 5.c are not  satisfied or
waived in writing by Buyer within the Inspection Period, Buyer shall be entitled
to terminate this  Agreement by delivering  written notice thereof to the Seller
and Escrow Agent in  accordance  with and subject to the  provisions  of Section
10.b below,  whereupon  the Earnest Money Deposit shall be returned to Buyer and
this Agreement  shall  terminate and become null and void and all parties hereto
shall be relieved of all obligations  hereunder except as expressly  provided in
this Agreement.  If Buyer does not terminate this Agreement on account of any of
the foregoing  contingencies  prior to the expiration of the Inspection  Period,
Buyer  shall be deemed to have  waived  its right to  terminate  this  Agreement
pursuant to this paragraph 5.c. If contingencies  (xiii),  (xiv) or (xv) of this
Section  5.c are not  satisfied  or  waived in  writing  by  Seller  within  the
Inspection  Period,  Seller  shall be entitled to  terminate  this  Agreement by
delivering  written notice thereof to Buyer and Escrow Agent in accordance  with
and subject the  provisions  of Section 10.b below,  whereupon the Earnest Money
Deposit shall be returned to Buyer and this Agreement shall terminate and become
null and void and all  parties  hereto  shall  be  relieved  of all  obligations
hereunder except as expressly provided in this Agreement.

6. Conditions to Buyer's Obligation to Close. Buyer's obligation to purchase the
Properties on the Closing Date is subject to the  satisfaction  of the following
contingencies  and  conditions,  prior  to  Closing  and  with  respect  to each
Property:

     a. Seller  shall have  permitted  the Buyer to conduct an  inventory of the
Personal Property and Tenant's Personal Property  following notice from Buyer to
Seller of the date and time for the conducting of such  inventory.  Seller shall
be entitled to have a representative  present to monitor and participate in such
inventory.

     b.  The  Seller  shall  have  delivered  to  Buyer  any  updated  Financial
Information for the months subsequent to February 2000.

     c.  Subject  to the terms of the Lease,  Tenant  shall  have  approved  and
accepted the Improvements and all utility services thereto and agreed to execute
and deliver the Lease and accept  possession  of the Premises in their  existing
condition  at Closing,  and any and all  conditions  precedent  to the  Tenant's
execution of the Lease and obligation to begin paying rent pursuant to the Lease
shall have been satisfied.

     d. Except for  untruths  and  inaccuracies  disclosed to Buyer by Seller or
otherwise actually known by Buyer prior to the end of the Inspection Period, the
representations  and  warranties  of the  Seller  set forth in Section 12 hereof
shall be true,  correct and complete in all  material  respects on and as of the
Closing Date.

                                       16
<PAGE>

     e. No Act of  Bankruptcy  on the part of the  Seller or Tenant  shall  have
occurred.

     f.  There  shall  not  have  been  any  material  adverse  changes  to  the
environmental condition of the Premises from that set forth in the environmental
assessment obtained by Buyer during the Inspection Period.

     g.  Buyer  shall  have  received  the  Title  Commitment   "marked-up"  and
effectively dated as of the Closing,  deleting all requirements thereunder so as
to obligate the Title Company  unconditionally to issue to the Buyer an original
owner's  policy of title  insurance in the amount of the Purchase  Price subject
only to the Permitted Exceptions,  including such endorsements  available in the
applicable  state and  customary in like  transactions  which the Title  Company
shall have committed to issue.

     h. Title Company shall deliver to Buyer a "closing  protection" or "insured
closing" letter,  if applicable,  evidencing the authority of any agent of Title
Company  which  conducts  the Closing and issues the Buyer's  owner's  policy of
title insurance for or on behalf of Title Company.

     i. Except for the Permitted Exceptions, and except with respect to casualty
and condemnation as governed by Sections 14 and 15 hereof,  the Seller shall not
have taken any  action or  permitted  any action to be taken by others  from the
date  hereof to and  including  the  Closing  Date  that  would  materially  and
adversely affect the Property and which was not actually known by Buyer prior to
the expiration of the Inspection Period.

     j. There shall be no unsatisfied  local, state or federal tax liens against
or  affecting  the  Seller or any audit of any of them in  process  which  could
result in a lien against the Property and which was not actually  known by Buyer
prior to the expiration of the Inspection Period.

     k.  There  shall  be no  changes  in the form of the  Lease  or  Management
Agreement (as approved  during the  Inspection  Period) except changes which are
expressly agreed to by Buyer and Seller.

7. Deliveries at Closing. At Closing the parties shall deliver to each other the
documents and items indicated below:

     a. The Seller shall deliver to Buyer with respect to each Property:

          i.  An  appropriate   "Owner's  Affidavit"  of  the  Seller  or  other
acceptable evidence attesting to the absence of liens or lien rights,  rights of
parties  in   possession   of  the  Property  or  any  part  thereof  and  other
encumbrances,  other  than the  Permitted  Exceptions,  naming  Buyer  and Title
Company  as  benefited  parties,  so as to enable  Title  Company  to delete the
"standard"  exceptions  for  such  matters  from  the  owner's  policy  of title
insurance and otherwise  insure any "gap" period  occurring  between the Closing
and the recordation of the closing documents.

                                       17
<PAGE>

          ii. A duly executed  Special  Warranty Deed (the "Warranty Deed") with
respect  to  the  Premises,   subject  only  to  the  Permitted  Exceptions,  in
substantially  the form  attached as Exhibit G-1 with respect to the Denver Tech
Property, and a duly executed Quitclaim Deed (the "Quitclaim Deed") with respect
to the Premises,  subject only to the Permitted Exceptions, in substantially the
form attached as Exhibit G-2 with respect to the Billerica Property.

          iii. A duly executed Warranty Assignment of Licenses,  Permits, Plans,
and  Warranties  to Buyer in the form  attached  as  Exhibit  "H-1",  and a duly
executed  Warranty  Assignment  of Contracts  to Tenant in the form  attached as
Exhibit "H-2" (together the "Assignment").

          iv. A duly executed Special Warranty Bill of Sale (the "Bill of Sale")
transferring  all the Seller's  interest in and to the Personal  Property in the
form attached as Exhibit I.

          v. A duly executed Special Warranty Bill of Sale  transferring all the
Seller's interest in and to the Tenant's Personal Property to Tenant in the form
attached hereto as Exhibit K.

          vi. The Management Agreement, which shall be in the form approved
during the Inspection Period as contemplated in Section 5.c(xv) hereof.

          vii.  The  closing  certificate   required  by  the  first  unlettered
subparagraph of Section 11 following subparagraph 11(x).

          viii. Duly executed counterparts of the closing statement.

          ix. Certified copies of the organization documents of the Seller.

          x. The opinion  from  Seller's  legal  counsel  referenced  in Section
6.a(xiv) hereof.

          xi.   Resolutions  of  the  Seller   authorizing  and  evidencing  the
authorization,  execution and  consummation of this Agreement and confirming the
indemnity obligation of the Seller as contemplated in Section 20 hereof.

          xii. An  appropriate  FIRPTA  Affidavit or  Certificate by the Seller,
evidencing  that the  Seller is not a foreign  person  or entity  under  Section
1445(f)(3) of the Internal Revenue Code, as amended.

          xiii. The original Permits (if available),  Construction  Contract (if
available),  warranties and other documents (if available), copies of which were
previously  provided to Buyer  pursuant to the terms of Sections 5 and 6 hereof,
provided,  if any such  Permits  must be kept at the  Premises,  copies  of such
Permits shall be furnished to Buyer as contemplated in Section 5 hereof.

                                       18
<PAGE>

          xiv.  Such  other  closing  documents  as are  reasonably  or  legally
necessary and proper in order to consummate  the  transactions  contemplated  by
this  Agreement.  b. Buyer  shall  deliver to the  Seller  with  respect to each
Property:

          i. The  Purchase  Price,  less  all the  deductions,  prorations,  and
credits provided for herein.

          ii. Duly executed counterparts of the closing statement.

          iii. Certified copies of the organization  documents of the Buyer.

         iv.   Resolutions   of  the  Buyer   authorizing   and  evidencing  the
authorization, execution and consummation of this Agreement.

          v. An opinion from the Buyer's legal counsel,  in the same form as the
opinion from Seller's  counsel,  as approved during the Inspection  Period,  and
relating to the valid existence and good standing of the Buyer and Landlord, the
due authorization,  execution and delivery of the Closing documents by the Buyer
and Landlord, and the enforceability of the Lease against Landlord.

          vi. The Conversion Cost Earn-Out Guarantee

          vii.  Such  other  closing  documents  as are  reasonably  or  legally
necessary  and  proper  to  consummate  the  transactions  contemplated  by this
Agreement.

     c. At closing Buyer and Tenant shall execute the Lease with respect to each
Property  in the form of  Exhibit  "D"  attached  hereto  with  such  additional
changes, if any, as are approved by the parties during the Inspection Period.

8.  Closing and Other Costs, Adjustments and Prorations. The Closing costs shall
be allocated and other closing adjustments and  prorations  made  between   the
Seller and Buyer as follows:

     a. The Buyer shall be charged with the following  items,  (i) all costs and
fees charged by the Escrow Agent or the Title Company;  (ii) solely with respect
to the  Billerica  Property,  the cost of the Title  Commitment  and the owner's
policy  of  Title  Insurance   issued  pursuant  to  the  Title  commitment  and
endorsements to be issued with respect thereto; (iii) the cost of the updated or
new  environmental  assessment  and updated  chain of title report and appraisal
required  hereunder;  and (iv) legal fees and  expenses of Buyer (but not of the
Seller,  Wyndham or  Tenant).  Seller and  Wyndham  hereby  agree to  reasonably
cooperate  with Buyer in  minimizing  the costs and  expenses  to be incurred in
connection  with  Buyer's  acquisition  of  the  Properties,  including  without
limitation,  all closing  costs and expenses to be incurred  with respect to due
diligence matters.

     b. The Seller shall be charged with the following  items: (i) legal fee and
expenses of the Seller, (ii) all real estate conveyance taxes and other transfer
taxes, if any, imposed by state or local  authorities  (including those transfer
taxes  customarily paid by a grantor,  if any); (iii) with respect to the Denver

                                       19
<PAGE>

Property  the cost of the  Title  Commitment  and the  owner's  policy  of Title
Insurance issued pursuant to the commitment (ALTA Form, including any additional
premiums to delete the "standard" exceptions for parties in possession,  matters
of survey and construction lien claims,  and to issue such endorsements as Buyer
may  request,  provided the same are  permitted by law and  customary in similar
transactions);  (iv) the cost of the surveys  required  hereunder;  (v) costs of
removing any lien or  assessment  of a liquidated  sum required to be discharged
hereunder or other encumbrance required to be discharged  hereunder,  including,
without  limitation,  any  prepayment  penalties or fees  incurred in connection
therewith;  (vi) to the extent not theretofore  paid by the Seller,  the matters
referenced in Section 8.e and f of this Agreement;  (vii) any sales,  gains tax,
privilege  tax, gross income tax, or franchise tax due or payable as a result of
the  consummation  of this  transaction;  but  excluding any such taxes of Buyer
accruing  after the  Closing  Date and (viii) the  brokerage  commission  due to
Broker as herein defined.  In addition,  the Seller shall credit to Buyer, up to
$108,612.50  (i.e.  up to 25 basis points of the Purchase  Price),  which amount
shall be allocated  between the  Properties,  as a  reimbursement  in part,  for
Buyer's actual due diligence expenses and transaction  expenses to third parties
(including,   without   limitation,   architect's  and  engineer's  reports  and
appraisals and legal fees).  Wyndham shall be responsible for its own legal fees
and expenses.

     c.  Representatives of Seller,  Buyer and Tenant shall make and perform any
and all  adjustments  and  prorations  which  are  appropriate  and  usual for a
transaction of this nature,  including  adjustments with respect to rent, taxes,
assessments and other charges,  some of which are contemplated in paragraph 8(d)
hereof.

     d. Taxes,  assessments,  utility  charges and other charges and assessments
shall be prorated as of Closing,  and the Seller shall be  responsible  for such
matters  relating to the period prior to Closing,  Buyer shall  receive a credit
against the purchase  price for such taxes and  assessments  or the Seller shall
deposit such  appropriate  sum with Tenant and Tenant shall be  responsible  for
such  matters  commencing  on the  Closing  Date and after  Closing.  Pending or
certified,  confirmed and ratified special  assessments  liens as of the Closing
Date are to be paid by the Seller.  Provided,  however,  that if such assessment
liens are payable in installments,  the amount of the installment  applicable to
the period which includes the Closing Date shall be prorated based on the number
of  days in  such  period;  and for all  other  installments,  Seller  shall  be
responsible for the payment of such  installments,  if any,  relating to periods
prior to the Closing Date and Tenant shall be responsible  for the  installments
relating to periods  commencing with and subsequent to and including the Closing
Date during the term of the Lease.  The Seller shall also pay and be responsible
for any "rollback" taxes or  retroactively  assessed taxes which arise out of or
relate to any use of the  Premises or period of time prior to the Closing  Date,
or any improper or inadequate assessment of the Premises for the period prior to
the Closing, which obligation shall expressly survive the Closing.  Tenant shall
be responsible for any "rollback"  taxes which arise out of or relate to any use
of the Premises on the Closing Date during the term of the Lease.

     e.  Accounts  payable  and  accounts  receivable,  if  any,  shall  be  the
responsibility  and property of the Seller for all such accounts relating to the
period  prior to Closing,  and of Tenant for all such  accounts  relating to the
period from and after the Closing.

                                       20
<PAGE>

     f. The Seller  shall be  responsible  for payment of all wages and salaries
payable to, and all vacation pay,  pension and welfare benefits and other fringe
benefits  accrued with respect to all individuals  employed by the Seller at the
Premises relating to the period prior to Closing and Tenant shall be responsible
for  payment  of all  wages,  salaries  and  benefits  relating  to  the  period
commencing  on and from and after  Closing  during the term of the Lease.  At no
time hereunder,  upon Closing or under the Lease,  shall any of the employees at
the Premises including employees of any manager thereof, be deemed the employees
of  Buyer  or  deemed  to be  transferred  to  Buyer  and the  Seller  shall  be
responsible  to the extent  necessary or required,  for causing all employees at
the  Premises  to be  terminated  as of Closing  and rehired by Tenant as of the
Closing,  and, if required,  the Seller will comply with the notice requirements
under the Worker  Adjustment  Retraining and  Notification Act ("WARN Act"), the
Consolidated Omnibus Budget Reconciliation Act ("COBRA") or any similar federal,
state  or  local  legislation  with  respect  to such  employee  matters.  It is
expressly  understood  and agreed that Buyer is not and shall not be responsible
or liable,  directly  or  indirectly,  for  payment of any  benefits,  severance
liability,  compensation,  pay or other obligations,  of whatever nature, due or
alleged to be due to any  employee of the  Premises  including  employees of any
manager  thereof,  or of the Seller  attributable to any time period up to, upon
and after Closing.  There shall be no union  agreements,  pension plans,  health
plans, benefit plans, deferred compensation plans, bonus plans or vacation plans
or similar  agreements  that shall  survive  Closing which shall be binding upon
Buyer or  enforceable  against the Premises.  In  connection  with the foregoing
matters,  the Seller shall indemnify,  save, insure and hold harmless Buyer from
and against any and all liability,  loss, damage,  cost and expense,  including,
without limitation  reasonable  attorney's fees and costs, in connection with or
arising  out of any  claims  by or  related  to the  employees  at the  Premises
pertaining  to their  employment  arising or accruing  prior to the Closing Date
(and Tenant shall be liable for such claims  arising or accruing  from and after
the Closing  Date  pursuant to the Lease),  which  indemnity  and hold  harmless
agreement and this Section 8.5 shall expressly survive the Closing.

9. Inspections.  Buyer through its agents, employees and independent contractors
shall  have the  right  from  time to time  during  the  Inspection  Period  and
continuing  through the Closing Date, upon prior notice to the Seller,  to enter
the Premises for the purpose of inspecting  the same,  performing  environmental
and other tests thereon and reviewing and monitoring the status of construction,
if any. Buyer shall indemnify, hold harmless and defend Seller against any loss,
damage,  liability or claim for personal injury or property damage and any other
loss, damage, liability, claim or lien arising from the acts upon the Properties
by Buyer or any agents, contractors or employees of Buyer ("Buyer Parties"), but
excluding  any such  loss,  damage or claim if and to the  extent  caused by the
gross negligence or willful  misconduct of Seller.  Buyer understands and agrees
that any on-site  inspections of the Properties  shall occur at reasonable times
agreed upon by Seller and Buyer and shall be  conducted  so as not to  interfere
unreasonably  with the operation of the Properties and the use of the Properties
by the tenants and the guests of the Properties. Seller and/or Tenant shall have
the right to have a representative present during any such inspections. If Buyer
desires to do any  invasive  testing at the  Properties,  Buyer shall do so only
after notifying  Seller and obtaining  Seller's prior written  consent  thereto,
which consent shall not be  unreasonably  withheld or delayed and may be subject
to  reasonable  terms and  conditions  as may be proposed  by Seller.  Provided,
however,  prior to performing any invasive testing,  Buyer and/or its contractor
shall provide to Seller evidence of commercially  reasonable  insurance for such

                                       21
<PAGE>

activities.  Buyer  shall not  permit any liens to attach to the  Properties  by
reason of such inspections.  Buyer shall (i) restore the Properties,  at its own
expense,  to  substantially  the  same  condition  which  existed  prior  to any
inspections or other  activities of Buyer thereon;  and (ii) be responsible  for
and pay any  and all  liens  by  contractors,  subcontractors,  materialmen,  or
laborers performing the inspections or any other work for Buyer or Buyer Parties
on  the  Properties.  The  provisions  of  this  Section  9  shall  survive  any
termination  of this  Agreement  and a closing of the  transaction  contemplated
hereby.

10. Escrow Agent. By its execution hereof,  Escrow Agent shall accept the escrow
contemplated  herein.  The  Earnest  Money  Deposit  shall be held by the Escrow
Agent, in trust, on the terms hereinafter set forth.

     a. After  clearance of funds,  the Earnest  Money  Deposit shall be held by
Escrow Agent in an account meeting the  requirements  of Section 3.c above,  and
shall not be  commingled  with any funds of the Escrow  Agent or others.  Escrow
Agent shall promptly  advise the Seller and Buyer that the Earnest Money Deposit
is made and of the account  number under which it has been  deposited  following
clearance of funds.

     b. The Escrow Agent shall  deliver the Earnest  Money Deposit to the Seller
or to Buyer, as the case may be, under the following conditions:

          i. To Buyer upon receipt of notice of termination of this Agreement by
     Buyer (or by Seller  pursuant to the last  paragraph of Section 5.c) at any
     time prior to the expiration of the Inspection Period.

          ii. To the Seller upon  receipt of written  demand  therefor by Seller
     ("the Seller's Demand for Deposit") stating that Buyer has defaulted in the
     performance  of Buyer's  obligation  to close under this  Agreement  or any
     other obligation for which the failure to perform by Buyer allows Seller to
     terminate this Agreement,  and the facts and circumstances  underlying such
     default,  provided,  however,  that the Escrow  Agent  shall not honor such
     demand  until more than ten (10) days have  passed  after the Escrow  Agent
     shall  have  sent a copy of such  demand  to Buyer in  accordance  with the
     provisions of Section 18 of this  Agreement nor  thereafter,  if the Escrow
     Agent shall have received a "Notice of Objection" (as hereinafter  defined)
     from Buyer within three (3)  business  days after  receipt by Buyer of such
     copy of the demand from Escrow Agent.

          iii.  To Buyer  upon  receipt  of  written  demand  therefor  by Buyer
     ("Buyer's  Demand  for  Deposit")  stating  that  this  Agreement  has been
     terminated  in  accordance  with  the  provisions  hereof  for  any  reason
     (including,  without limitations pursuant to Section 14 or 15 hereof) other
     than as provided in Sections 10.b(i) or (ii) above, (it being agreed by the
     parties  that the  Seller  and Buyer  shall not and shall have no right to,
     contest any  termination  as referenced in Sections  10.b(i)),  or that the
     Seller has defaulted in the performance of any of the Seller's  obligations
     under this  Agreement  for which the  failure  to perform by Seller  allows
     Buyer  to  terminate  this  Agreement  and  the  facts  and   circumstances
     underlying  the same;  provided,  however,  that the Escrow Agent shall not
     honor  such  demand  until  more than ten (10) days have  passed  after the
     Escrow Agent

                                       22
<PAGE>

     shall have sent a copy of such demand to the Seller in accordance  with the
     provisions of Section 18 of this  Agreement nor  thereafter,  if the Escrow
     Agent  shall have  received a Notice of  Objection  from the Seller  within
     three (3)  business  days  after  receipt by the Seller of such copy of the
     demand from Escrow Agent.

     c. Within two (2)  business  days of the  receipt by the Escrow  Agent of a
Seller's  Demand for Deposit or a Buyer's  Demand for Deposit,  the Escrow Agent
shall send a copy  thereof to the other party in the manner  provided in Section
18 of this  Agreement.  The other  party  shall  have the right to object to the
delivery of the Earnest Money Deposit by sending  written notice (the "Notice of
Objection")  of such  objection  to the Escrow  Agent in the manner  provided in
Section 18 of this Agreement, which Notice of Objection shall be deemed null and
void and  ineffective  if such Notice of Objection is not received by the Escrow
Agent within the time periods prescribed in Section 10.b of this Agreement. Such
notice  shall set forth the basis for  objecting  to the delivery of the Earnest
Money  Deposit.  Upon receipt of a Notice of  Objection,  the Escrow Agent shall
promptly send a copy thereof to the party who sent the written demand.

     d. In the  event  the  Escrow  Agent  shall  have  received  the  Notice of
Objection within the time periods  prescribed in Section 10.b of this Agreement,
the Escrow Agent shall  continue to hold the Earnest Money Deposit until (i) the
Escrow Agent  receives  written  notice from the Seller and Buyer  directing the
disbursement of the Earnest Money Deposit,  in which case the Escrow Agent shall
then disburse the Earnest Money Deposit in accordance with such joint direction,
or (ii) litigation  shall occur between the Seller and Buyer, in which event the
Escrow Agent shall  deliver the Earnest  Money Deposit to the clerk of the court
in which  said  litigation  is  pending,  or (iii) the Escrow  Agent  takes such
affirmative  steps as the Escrow Agent may, at the Escrow Agent's option,  elect
in order to terminate the Escrow Agent's duties  including,  but not limited to,
depositing the Earnest Money Deposit in the appropriate  court for the County in
which the  Premises is located,  and  bringing an action for  interpleader,  the
costs thereof to be deducted  from the amount so deposited  into the registry of
the court;  provided,  however,  that upon  disbursement of the deposited amount
pursuant to court order or otherwise,  the prevailing party shall be entitled to
collect  from the losing party the amount of such costs and expenses so deducted
by the Escrow Agent.

     e. The duties of the Escrow Agent are only as herein specifically provided,
and Escrow Agent shall incur no liability whatever except for willful misconduct
or gross  negligence  as long as the Escrow  Agent has acted in good faith.  The
Seller and Buyer each  release the Escrow  Agent from any act done or omitted to
be done by the  Escrow  Agent in good  faith in the  performance  of its  duties
hereunder.

     f. Upon making  delivery of the Earnest  Money Deposit in the manner herein
provided, the Escrow Agent shall have no further liability hereunder.

     g. The Escrow  Agent shall  either  execute  this  Agreement or indicate in
writing that it has accepted the role of Escrow Agent pursuant to this Agreement
which in either case will  confirm  that the Escrow  Agent will hold the Earnest
Money Deposit in escrow, pursuant to the provisions of this Agreement.

                                       23
<PAGE>

11. The Seller's  and  Wyndham's  Representations  and  Warranties.  In order to
induce  Buyer to enter into this  Agreement  and purchase  the  Properties,  the
Seller,  and Wyndham  (with respect to  subsections  (c) (d) (f) (j) (o) and (v)
hereof),  make the  following  representations  and  warranties,  subject to the
matters,  if any,  set  forth  on the  Representation  and  Warranty  Disclosure
Statement upon each of which the Seller and Wyndham acknowledges and agrees that
Buyer and its affiliates are entitled to rely and have relied,  and all of which
shall survive the Closing as  hereinafter  provided and the purchase and sale of
the Properties as provided hereinafter in this Section 11:

     a. WII is a limited liability company duly formed,  validly existing and in
active  status  under  the laws of the state of  Delaware  and is  qualified  to
transact  business  in the  state  of  Colorado  and has all  requisite  limited
liability company power and authority to carry on its business as now conducted,
and to enter  into and to  perform  its  obligations  hereunder  and  under  any
documents or  instrument  required to be executed and delivered on behalf of the
Seller hereunder.

     b. PAH is a limited liability company duly formed,  validly existing and in
active  status  under  the laws of the state of  Delaware  and is  qualified  to
transact  business in the state of Massachusetts  and has all requisite  limited
liability company power and authority to carry on its business as now conducted,
and to enter  into and to  perform  its  obligations  hereunder  and  under  any
documents or  instrument  required to be executed and delivered on behalf of the
Seller hereunder.

     c. WII and PAH are majority owned subsidiaries of Wyndham.

     d. This Agreement has been duly  authorized by all necessary  action on the
part of the Seller and Wyndham and has been duly  executed and  delivered by the
officer signing this Agreement on behalf of the Seller and Wyndham,  constitutes
the valid and binding  agreement  of Seller and Wyndham  and is  enforceable  in
accordance with its terms.  The person executing this Agreement on behalf of the
Seller and Wyndham for itself and, on behalf of the Seller and Wyndham,  has the
authority to do so. Furthermore, subject to any consent to the assignment of any
particular  Permits or  Contracts  required  by the terms  thereof,  no consent,
license,  approval, order, permit or authorization of any governmental agency is
required  to be  obtained  or made,  and no consent of any other  third party is
required  to be  obtained  by the  Seller  or  Wyndham  in  connection  with the
execution,  delivery and  performance of this Agreement and the  consummation of
any other transactions contemplated hereby.

     e. It is the Seller's intention that upon the execution and delivery of the
Warranty Deed (with respect to the Denver Tech  Property),  Quitclaim Deed (with
respect to the Billerica Property), Bill of Sale and the Assignment,  all of the
Seller's right, title and interest in and to the Property described therein will
be transferred to Buyer or Tenant, as applicable,  free and clear of all claims,
demands,  liens and interests of all parties  whatsoever  arising by, through or
under Seller, save and except for the Permitted Exceptions.

     f. The execution and delivery by Seller and Wyndham of, and the performance
as of the  Closing  Date by Seller and Wyndham  of, its  obligations  under this
Agreement do not and will not  contravene,  or constitute a default  under,  any

                                       24
<PAGE>

provision of applicable law or regulation,  its organizational documents, or any
material  agreement,  or any  judgement,  injunction,  order,  decree  or  other
instrument  binding  upon Seller or Wyndham or to which the Property is subject,
or result in the creation of any lien or other  encumbrance  on any asset of the
Seller or on the Property.

     g. The documents and  information  delivered by Seller to Buyer pursuant to
Section  5.a and 6  hereof  are in all  material  respects  true,  accurate  and
complete  copies or originals of such  documents  which are in the possession of
Seller or Seller's legal counsel, employees or agents.

     h. To the best knowledge of the Seller, the Financial Information, is true,
correct and complete in all material respects.

     i. No Act of  Bankruptcy  has  occurred or, by virtue of the closing of the
transactions  contemplated in this Agreement will occur,  with respect to either
the Seller or Tenant.

     j. To the best of Seller's  knowledge and Wyndham's  knowledge,  the Seller
possesses, and upon Closing Tenant will possess, all material Permits,  licenses
and approvals required by any governmental or  quasi-governmental  agency, body,
department, commissions, board, bureau, instrumentality or officer, or otherwise
appropriate with respect to the  construction,  ownership,  operation,  leasing,
maintenance  or use of the Property or any part thereof,  each of which,  to the
best of Seller's and Wyndham's knowledge, is valid and in full force and effect.
To the best of Seller's knowledge, no provision,  condition or limitation of any
of the same has been  breached or violated.  Further,  subject to the  Permitted
Exceptions,  to the best of Seller's  knowledge,  Seller is the lawful owner and
holder  of the  Contracts  and  Seller  has  not  sold,  assigned,  transferred,
mortgaged or pledged its right, title and interest in any of the Contracts.

     k. To the  best  of  Seller's  knowledge,  all  federal,  state  and  other
applicable "tax returns"  required to be filed by and with respect to the Seller
which could  result in any  liability to Buyer or affect the Tenant or Property,
have been filed and all "taxes" that are shown on such tax returns to be due and
payable by the  Seller  have been paid in full.  Further,  no  deficiencies  for
federal,  state or other applicable taxes which could result in any liability to
Buyer or affect the Tenant or Property,  have been  claimed,  assessed or to the
knowledge of the Seller proposed, against the Seller. There are no pending or to
the best of Seller's knowledge,  threatened audits, investigations or claims for
or relating to any  liability in respect of federal,  state or other  applicable
taxes,  and there are, to Seller's  knowledge,  no matters under discussion with
any governmental  authorities with respect to federal, state or other applicable
taxes which could result in an assessment of federal,  state or other applicable
taxes against the Seller. In addition,  with respect to the Billerica  Property,
Seller has paid or shall pay at or prior to Closing,  all corporate  excise tax,
if any, due and owing in connection with the sale of the Billerica Property.

     l. There are no  material  liabilities  which are or will be  binding  upon
Buyer or the Property owing from the Seller to any third party. To the knowledge
of the Seller,  Seller has not received any written  notice of any  violation of
any provision of applicable legal requirements,  including,  but not limited to,
the  Americans  with  Disabilities  Act,  the  WARN  Act,  COBRA  and  those  of
environmental  agencies,  with  respect  to  the  ownership,   operation,   use,
maintenance  or  condition  of the  Properties,  which  violation  has not  been
remedied  and Seller,  to Seller's  knowledge,  has filed with and  submitted to

                                       25
<PAGE>

applicable  governmental  authorities  all reporting,  publishing and mitigation
studies  required to be filed or  submitted  for or with respect to the Property
and its operation for hotel purposes.

     m.  There  are no  material  management,  service,  supply  or  maintenance
contracts in effect with respect to the Property  other than the Contracts  and,
to Seller's knowledge,  the Seller has performed all of its material obligations
under each material  Contract and to Seller's  knowledge no fact or circumstance
has  occurred,  which by itself  or with the  passage  of time or the  giving of
notice or both would  constitute  a material  default  under any of the material
Contracts.  Further,  to the best knowledge of the Seller,  all other parties to
the material Contracts have performed all of their obligations thereunder in all
material respects and are not in default  thereunder.  The Seller has good title
to the Personal Property.

     n. Exhibit J-1 sets forth (i) the unaudited,  consolidated,  balance sheets
and statements of income,  member capital  accounts and cash flow as, of and for
the fiscal  year  ended  December  31,  1999 and the  unaudited  updates of such
balance  sheets and  statements  for the most recent quarter end, which includes
all  material  assets and  liabilities  of PAH as of the date  thereof (the "PAH
Financial  Statements").  The PAH  Financial  Statements  (including  the  notes
thereto) have been prepared in accordance  with  generally  accepted  accounting
principals  consistently  applied and present fairly the financial  condition of
PAH for such periods,  (including all material liabilities or obligations of any
kind, whether accrued, absolute, fixed or contingent).

     Exhibit J-2 sets forth (i) the unaudited,  consolidated, balance sheets and
statements of income,  member capital  accounts and cash flow as, of and for the
fiscal year ended  December 31, 1999 and the  unaudited  updates of such balance
sheets and  statements  for the most recent  quarter  end,  which  includes  all
material  assets  and  liabilities  of WII  as of the  date  thereof  (the  "WII
Financial  Statements").  The Financial Statements (including the notes thereto)
have been prepared in accordance with generally accepted  accounting  principals
consistently  applied and present fairly the financial  condition of the WII for
such periods,  (including  all material  liabilities or obligations of any kind,
whether accrued,  absolute,  fixed or contingent).  The PAH Financial Statements
and  the  WII  Financial  Statements  are  herein  together  referred  to as the
"Financial Statements."

     o. There are no  attachments,  executions,  assignments  for the benefit of
creditors,   receiverships,   conservatorship   or  voluntary   or   involuntary
proceedings  in  bankruptcy or pursuant to any other debt or relief law filed by
or to the knowledge of Seller or Wyndham, pending against the Seller, Wyndham or
the Property.

     p. To the best  knowledge  of the  Seller,  neither the  Property,  nor any
portion  thereof is listed or  eligible to be listed in any  national,  state or
local register of historic places or areas.

     q. As of the  Closing  Date there  shall exist no event which gives rise to
any claim against the Property or Buyer under any  management  agreement or from
any manager of the Property and all  management  commissions  and fees under any
management agreement shall have been paid in full by the Seller.

     r. There is no pending or, to the Seller's knowledge, threatened litigation
or  other  proceeding  affecting  the  title to or the use or  operation  of the
Property.

                                       26
<PAGE>

     s. The  Seller is not a  "foreign  person"  within  the  meaning of Section
1445(f)(3)  of the  Internal  Revenue Code of 1986,  as amended,  and the Seller
shall certify its taxpayer identification number at Closing.

     t. To the best knowledge of the Seller, there are no federal, state, county
or municipal  plans to restrict or change access from any highway or road to the
Premises.

     u. To the best knowledge of the Seller,  except as disclosed by any reports
and materials delivered to or obtained by Buyer hereunder, the Improvements have
been  constructed in a good,  substantial and  workmanlike  manner in accordance
with  (i)  the  Final  Plans  and  (ii)  applicable  building  codes,  laws  and
regulations.

     v. To the best knowledge of the Seller and Wyndham,  except as disclosed by
any reports and  materials  delivered  to or  obtained  by Buyer  hereunder:  no
Hazardous  Materials  are,  or,  have  been,  stored,  treated,  disposed  of or
incorporated  into,  on or around the Premises in  violation  of any  applicable
statutes,  ordinances or  regulations;  the Premises are in compliance  with all
applicable environmental, health and safety requirements; any business currently
or, heretofore  operated on the Premises has disposed of its waste in accordance
with all applicable statutes, ordinances and regulations; and Seller and Wyndham
have no notice or knowledge of any pending or  threatened  action or  proceeding
arising  out of the  condition  of the  Premises  or any  alleged  violation  of
environmental, health or safety statutes, ordinances or regulations.

     w. To the best knowledge of Seller,  except as disclosed by any reports and
materials  delivered  to or obtained by Buyer  hereunder,  there are no material
structural or mechanical defects in the Property.

     x.  That,  to the  best  of  Seller's  knowledge,  the  Contractor  and all
subcontractors and other materialmen  performing work on each Property have been
paid in full and Seller has  obtained a final lien waiver and release of lien in
connection therewith and all "punch list" items with respect to the Improvements
have been completed.

     All of the  representations  and  warranties of the Seller set forth herein
and  elsewhere  in this  Agreement  shall  be true  upon the  execution  of this
Agreement  and shall be  reaffirmed  and  repeated  in  writing at and as of the
Closing  Date  except  for  any   inaccuracies   or  changes   detailed  in  the
Representation and Warranty Disclosure  Statement executed by Seller at or prior
to closing, by their execution of a closing certificate to that effect. Further,
all  representations  and  warranties  concerning  (i) tax matters shall survive
Closing  for the  duration  of any  statute of  limitations  applicable  thereto
including any extensions  thereof,  (ii) title shall survive forever;  and (iii)
any other matter shall survive  Closing for a period of one (1) year.  Provided,
however, that any representations of Seller which are actually known by Buyer to
be  inaccurate  based upon written  disclosures  from Seller to Buyer  delivered
prior to the end of the  Inspection  Period  or  disclosed  by any  reports  and
materials  delivered to or obtained by Buyer  hereunder  or  otherwise  actually
learned by Buyer during  Buyer's  Inspection  of the  Property,  shall be deemed
waived and shall not give rise to any post-Closing liability for Seller or right
of Buyer to terminate this Agreement by Buyer should Buyer elect to proceed with
the purchase of the Property following the expiration of the Inspection Period.

                                       27

<PAGE>

In addition,  any representations  which become known to Buyer subsequent to the
Inspection  Period  and  prior  to  Closing  as a  result  of  Seller's  written
disclosure  thereof or disclosure  in any reports and materials  delivered to or
obtained by Buyer  hereunder,  or which are otherwise  actually learned by Buyer
subsequent to the Inspection Period and prior to Closing, will not result in any
Post Closing liability for such inaccurate  representation should Buyer elect to
proceed to Close the purchase of the Property  notwithstanding such disclosed or
learned inaccurate representation.

     As used in this Agreement,  the phrases "to Seller's  knowledge" or "to the
best of  Seller's  knowledge"  or to  "Wyndham's  knowledge"  or "to the best of
Wyndham's  knowledge" or words of similar  import shall mean the actual (and not
constructive  or  imputed)  knowledge,   without  independent  investigation  or
inquiry, of John Bohlmann or Judy Hendrick,  or Mark Keiser, or Willy Geiler, or
each  Property  general  manager  or each  Property  regional  manager  (and any
subsequent  officer of Seller or Wyndham  serving in such capacity of any of the
aforesaid having direct oversight  responsibility for transactions  contemplated
hereby).

     As  referenced  in this  Section  11, at or prior to  Closing,  Seller  may
deliver to Buyer the  Representation  and Warranty  Disclosure  Statement  which
discloses to Buyer any changes in a Representation or Warranty in this Agreement
which  makes any  Representations  or  Warranties  given  hereunder  untrue (the
"Representation   and  Warranty   Disclosure   Statement").   The  form  of  the
Representation and Warranty  Disclosure  Statement is attached hereto as Exhibit
"M".

12. The Buyer's  Representations  and  Warranties.  In order to induce Seller to
enter  into  this  Agreement  and sell the  Properties,  the  Buyer,  makes  the
following covenants,  agreements,  representations and warranties,  upon each of
which the Buyer  acknowledges  and agrees  that  Seller and its  affiliates  are
entitled to rely and have relied:

     a. Buyer is duly formed,  validly  existing and in active  status under the
laws of the state of Florida and is qualified to transact  business in the state
of Florida and has all requisite power and authority to carry on its business as
now conducted,  and to enter into and to perform its  obligations  hereunder and
under any  documents  or  instrument  required to be executed  and  delivered on
behalf of the Buyer hereunder.

     b. This Agreement has been duly  authorized by all necessary  action on the
part of the Buyer and has been duly executed and delivered by the person signing
this  Agreement  on  behalf of the  Buyer,  constitutes  the  valid and  binding
agreement of Buyer and is enforceable in accordance  with its terms.  The person
executing  this  Agreement  on behalf of the Buyer has the  authority  to do so.
Furthermore,  no consent of any other  third party is required to be obtained by
Buyer in  connection  with the  execution,  delivery,  and  performance  of this
Agreement and the consummation of any other transaction contemplated hereby.

     c. The  execution  and  delivery  of, and the  performance  by Buyer of its
obligations under this Agreement do not and will not contravene, or constitute a
default under, any provision of applicable law or regulation, its organizational
documents,  or any  agreement,  judgement,  injunction,  order,  decree or other
instrument binding upon Buyer or to which the Property is subject,  or result in
the  creation of any lien or other  encumbrance  on any asset of the Buyer or on

                                       28

<PAGE>

the Property.

     d. No Act of  Bankruptcy  has  occurred or, by virtue of the closing of the
transactions  contemplated  in this  Agreement  will occur,  with respect to the
Buyer.

     In the  event  that the  Seller  discovers  or  determines  that any of the
representations  of Buyer set forth  hereinabove  are not true and correct  when
made or as of the Closing Date,  Seller shall have the option to terminate  this
Agreement by written  notice to Buyer and Escrow  Agent,  whereupon  the Earnest
Money Deposit shall be returned to Buyer and neither Buyer nor Seller shall have
any  further  obligation  hereunder  except  those  which  by the  terms of this
Agreement expressly survive a termination of this Agreement.

     As used in this Agreement, the phase "to Buyer's knowledge" or words of
similar import shall mean the actual (and not constructive or imputed)
knowledge, without independent investigation or inquiry, of Charles A. Muller,
C. Brian Strickland and Gregory A. Denton.

13.  Covenants of the Seller  Pending  Closing.  Between the date hereof and the
Closing Date:

     a. Except for  amendments  made and contracts  entered into in the ordinary
course of  business  in  accordance  with  established  practices  of Seller and
Wyndham  which would be  permitted  under the Lease or except as required by the
terms  hereof  and  which  does not and will  not (and  which  will not have the
potential to) affect the title to either of the  Properties or Buyer's  interest
therein,  the Seller  shall not amend or modify any of the  Contracts or Permits
nor enter into any agreements or contracts for services or otherwise that may be
binding upon the  Improvements  or  Properties  or upon the Buyer  subsequent to
Closing. Further, Seller shall not grant any easements or licenses affecting the
Premises,  or either of them,  nor take any legal action in connection  with the
Properties  or  either of them,  which  will  affect  the title to either of the
Properties  (except  for  easements,  licenses or legal  actions  which would be
permitted  under the Lease and for which Seller shall  promptly  notify Buyer of
the its intended  action),  nor enter into any leases of space in the  Premises,
except those  permitted by the Lease (and of which Seller shall promptly  notify
Buyer) without the express prior written  consent of Buyer.  Buyer's consent may
be withheld at Buyer's  sole  option;  however,  Buyer's  response to any of the
foregoing shall not be unreasonably delayed and, if denied, shall be accompanied
by a reasonably detailed explanation of the reason for such denial.  Further, if
Buyer does not  disapprove  any request within five (5) business days of receipt
of a written request, the same shall be deemed approved.

     b. The Seller shall within two (2) business days following  receipt thereof
(or the day of receipt if received  the day prior to the Closing  Date)  provide
Buyer with  copies of any  letters or notices  which,  to the  knowledge  of the
Seller, are received by the Seller relating to or in any manner affecting either
of the Properties in a material, adverse manner.

     c. The Seller shall, at no expense to the Seller, reasonably cooperate with
Buyer in connection  with Buyer's  obtaining any insurance which may be required
to be maintained by Buyer with respect to the Premises following the Closing.

     d. The Seller will continue operating,  the hotel operation at the Premises
in as good or better manner as it has been operating  since opening.  The Seller

                                       29

<PAGE>

will maintain  adequate levels of Personal  Property and operating  supplies and
equipment  necessary  to operate the  Premises.  The Seller will also (i) comply
with all laws and material  contracts  affecting  the Premises and will maintain
all material  Permits and Contracts in good  standing;  (ii) maintain and repair
the  Premises  and  Improvements  in the  ordinary  course  of  business  and in
accordance  with Wyndham's past  practices;  and (iii) promptly after  obtaining
knowledge thereof, notify Buyer in writing of any material adverse change in the
condition of the Premises or Improvements.

14.  Eminent  Domain.  If  prior  to the date of the  Closing,  Seller  acquires
knowledge of any pending or threatened action,  suit or proceeding to condemn or
take all or any part of the  Premises  under the power of eminent  domain,  then
Seller shall  immediately  give notice  thereof to Buyer.  If such  condemnation
gives  Tenant,  or will upon  execution of the Lease,  give Tenant the option to
terminate the Lease,  this Agreement shall be null and void,  whereupon the full
amount of the Earnest Money Deposit shall be paid by Escrow Agent to Buyer,  and
all parties  shall  thereupon  be relieved  of all further  liability  hereunder
except as expressly  provided in this Agreement.  If such  condemnation does not
give Tenant the option to terminate the Lease,  and if the Seller or its lender,
if any,  agrees to make the proceeds of any  condemnation  award  available  for
reconstruction of the  Improvements,  then the Seller will promptly commence the
reconstruction  and the parties  shall  proceed  with the Closing in  accordance
with, and subject to, the terms hereof. All excess proceeds of such condemnation
shall be  delivered to Buyer at closing or credited  against the Purchase  Price
and applied as provided in the Lease.

15. Casualty.  If prior to the date of the Closing, the Premises, or any portion
thereof,  shall be damaged or  destroyed by reason of fire,  storm,  accident or
other casualty,  then the Seller shall promptly give notice thereof to Buyer. If
such  casualty,  under  the  terms of the  Lease,  gives  Tenant  the  option to
terminate the Lease,  this Agreement shall be null and void,  whereupon the full
amount of the Earnest Money Deposit shall be paid by Escrow Agent to Buyer,  and
all parties  shall  thereupon  be relieved of all further  liability  hereunder,
except  those  which  by  the  terms  of  this  Agreement  expressly  survive  a
termination of this Agreement. If such casualty would not give Tenant the option
to terminate the Lease, and if the Seller or its lender,  if any, agrees to make
the proceeds of insurance available for reconstruction of the Improvements, then
the Seller shall reconstruct the Improvements to the condition existing prior to
such  casualty,  and in  accordance  with  the  applicable  terms  of the  Lease
governing casualty and repair during the term of the Lease, and the Closing will
occur within thirty (30) days  following the  completion of such  reconstruction
and issuance of a final certificate of occupancy in accordance with, and subject
to the terms hereof.  In such event,  all such proceeds of any insurance  (other
than the proceeds of business  interruption  insurance  applicable to the period
prior to the Closing Date) will be applied toward  reconstruction.  In the event
Buyer, at its option,  elects to close this transaction  prior to the completion
of restoration, then the proceeds of any insurance will be assigned to Buyer and
the Seller will credit Buyer at Closing  with an amount equal to the  deductible
under the applicable insurance policy.

16.  Casualty Termination Rights.

     Notwithstanding  the  provisions  of Sections 14 and 15 hereof,  Seller and
Buyer  acknowledge  and agree that in the event of a  condemnation  or taking in
excess of the  Threshold  Amount,  as  hereafter  defined,  or in the event of a

                                       30

<PAGE>

casualty  resulting in damage to the Property in excess of the Threshold Amount,
then either Seller or Buyer may terminate  this Agreement by notice to the other
party given within fifteen (15) days following the  determination  of the extent
of damage resulting from a condemnation,  taking or casualty, as mutually agreed
upon by Buyer and Seller.  For purposes  hereof,  the Threshold  Amount for each
Property separately shall be $1,000,000.00.

17.  Remedies Upon Default.

     a. In the event Buyer  breaches or defaults  under any of the terms of this
Agreement prior to or on the Closing Date, the sole and exclusive  remedy of the
Seller  shall be to receive  from  Escrow  Agent the full  amount of the Earnest
Money  Deposit,  and Buyer  shall  have no right  therein.  Buyer and the Seller
acknowledge  and  agree  that (i) the  amount  of  Earnest  Money  Deposit  is a
reasonable  estimate of and bears a reasonable  relationship to the damages that
would be  suffered  and  costs  incurred  by the  Seller  as a result  of having
withdrawn  the  Premises  from sale and the failure of Closing to occur due to a
default of Buyer under this  Agreement;  (ii) the actual  damages  suffered  and
costs incurred by the Seller as a result of such withdrawal and failure to close
due to a default of Buyer under this Agreement would be extremely  difficult and
impractical  to determine;  (iii) Buyer seeks to limit its liability  under this
Agreement to the amount of the Earnest Money  Deposit,  and any interest  earned
thereon if the transaction  contemplated by this Agreement does not close due to
a default  of Buyer  under this  Agreement;  and (iv) such  amount  shall be and
constitute valid liquidated damages;  provided, the foregoing shall not limit or
reduce Buyer's indemnification obligations to Seller contained in this Agreement
that survive a termination of this Agreement.

     b. In the event the  Seller or Wyndham  defaults  under any of the terms of
this Agreement on or prior to the Closing Date,  Buyer as its sole and exclusive
remedies  (except as specified  below) shall be entitled to (i) receive a refund
of the  Earnest  Money  Deposit and  terminate  this  Agreement,  or (ii) compel
specific performance of this Agreement,  or (iii) if specific performance is not
possible  because of a  voluntary  conveyance  or  encumbrance,  terminate  this
Agreement  and receive and recover  from Seller or Wyndham,  out of pocket costs
and expenses  incurred before and in connection with preparation for Closing not
to exceed  $250,000.00 for each Property,  plus  reasonable  attorneys' fees and
expenses  of Buyer in  collecting  such out of  pocket  costs.  In the event the
transaction  contemplated  hereby closes and  subsequent to Closing Buyer incurs
damages  resulting  from a breach of any  warranty or  representation  of Seller
and/or Wyndham as of Closing,  which is not  discovered  until after the Closing
(to the extent the same shall  survive  the  Closing)  Buyer may pursue  damages
against Seller and/or Wyndham,  jointly or severally,  provided,  however, in no
event  shall the  aggregate  liability  of Seller or  Wyndham  exceed  ten (10%)
percent of the Purchase Price paid for each Property plus reasonable  attorneys'
fees and expenses of Buyer in pursuing and  collecting  such  damages.  If Buyer
desires to elect the remedy  described in the foregoing  clause (i), Buyer shall
give the Seller written notice of any alleged  default and the Seller shall have
a period of five (5)  business  days,  to cure such default and the Closing Date
shall be extended accordingly if necessary. If Buyer desires to elect the remedy
described in the foregoing clause (ii), Buyer's suit for a specific  performance
shall be filed against Seller in a court having  jurisdiction in a County in the
State in which the Property is located,  on or before sixty (60) days  following

                                       31

<PAGE>

the  Closing  Date,  failing  which,  Buyer  shall be deemed to have  elected to
terminate this  Agreement as provided in the foregoing  clause (i). In the event
Buyer  timely  files a suit for a specific  performance,  Buyer agrees to accept
whatever title Seller has to the Property as of the Closing Date, subject to the
Permitted Exceptions and such other liens,  encumbrances or other matters (other
than  those  Monetary  Encumbrances  to be paid  and  discharged  by  Seller  as
referenced in Section 5.c(vi),  but excluding those Monetary  Encumbrances which
Seller is not obligated to discharge as referenced in Section 5.c(vi)) affecting
title to the  Property as of the original  scheduled  Closing Date (all of which
shall for purposes of this paragraph 17.b, be deemed permitted title exceptions)
with no  reduction  in the  Purchase  Price  and in no  event  shall  Seller  be
obligated  to  cure  or  remove  or  bond  against  any  title  defects,  liens,
encumbrances or other matters affecting title (other than Monetary  Encumbrances
as referenced in Section 5.c(vi) but excluding those Monetary Encumbrances which
Seller is not obligated to discharge as referenced in Section 5.c(vi)).

     c. Seller and Buyer  acknowledge  and agree that with the  exception of the
failure  of Buyer to deliver  the  Purchase  Price at Closing or the  failure of
Buyer or Seller to deliver any Closing  documents  required to be  delivered  at
Closing,  in the event of any default  alleged  hereunder by either  party,  the
party  claiming  such default shall  provide  written  notice of the same to the
defaulting  party and such  defaulting  party  shall have the period of five (5)
business days to cure the same prior to being in default hereunder.

18. Notices. All notices, elections,  requests and other communication hereunder
shall be in writing and shall be deemed given (i) when personally delivered,  or
(ii) two (2)  business  days after being  deposited  in the United  States mail,
postage prepaid,  certified or registered,  or (iii) the next business day after
being deposited with a recognized overnight mail or courier delivery service, or
(iv) when  transmitted  by  facsimile  or telecopy  transmission,  with  receipt
acknowledge upon transmission;  addressed as follows (or to such other person or
at such other address, of which any party hereto shall have given written notice
as provided herein):

     If to the Seller: WII DENVER TECH, LLC OR PAH BILLERICA REALTY COMPANY, LLC

                       c/o Wyndham International, Inc.
                       1950 Stemmons Freeway, Suite 6001
                       Dallas, Texas 75207
                       Attn: John Bohlmann
                       Phone: (214) 863-1101
                       Fax: (214) 863-1986

     with a copy to:   Akin, Gump, Strauss, Hauer & Feld, L.L.P.
                       1700 Pacific Avenue, Suite 4100
                       Dallas, Texas 75201
                       Attn: Carl B. Lee, P.C.
                       Phone: (214) 969-2726
                       Fax: (214) 969-4343

     If to Buyer:      CNL Hospitality Corp.

                                       32

<PAGE>

                         CNL at City Commons
                         450 South Orange Ave.
                         Orlando, Florida  32801
                         Attention: Mr. Charles A. Muller
                         Phone:  (407) 650-1500
                         Fax:    (407) 650-1085

     with a copy to:     Lowndes, Drosdick, Doster, Kantor &
                         Reed, P.A.
                         215 North Eola Drive
                         Post Office Box 2809
                         Orlando, Florida  32802
                         Attention: Richard J. Fildes, Esquire or
                          William T. Dymond, Jr., Esquire
                         Phone:  (407) 843-4600
                         Fax:    (407) 843-4444

     If to Wyndham:      c/o Wyndham International, Inc.
                         1950 Stemmons Freeway, Suite 6001
                         Dallas, Texas 75207
                         Attn: John Bohlmann
                         Phone: (214) 863-1101
                         Fax: (214) 863-1986

     with a copy to:     Akin, Gump, Strauss, Hauer & Feld, L.L.P.
                         1700 Pacific Avenue, Suite 4100
                         Dallas, Texas 75201
                         Attn: Carl B. Lee, P.C.
                         Phone: (214) 969-2726
                         Fax: (214) 969-4343

     If to Escrow Agent: Land America Financial Group, Inc.
                         100 North Tampa Street
                         Suite 2050
                         Tampa, FL 33602
                         Attention: Michael J. Moore, Esq. V.P.
                         Phone: (800) 359-0744
                         Fax: (813) 222-1464

19. Brokerage Commissions.  The Seller and Buyer each warrant to the other party
that no finders or  brokers  have been  involved  with the  introduction  of the
Seller and Buyer, or Buyer and Tenant,  the purchase and sale of the Property or
the execution and delivery of the Lease and the leasing of the Premises pursuant
thereto.  In the event of a breach of the  foregoing  warranties,  the breaching

                                       33

<PAGE>

party agrees to save,  defend,  indemnify  and hold  harmless the  non-breaching
party from and against any claims,  losses,  damages,  liabilities and expenses,
including but not limited to attorneys'  fees.  The  obligations of this Section
shall survive the Closing or earlier termination of this Agreement.

20.  Indemnification.  The Seller and Wyndham  acknowledge  and agree that Buyer
does not intend to become an  operator  of the  Premises  or the hotel  business
conducted  thereon  following the Closing.  Accordingly,  the Seller and Wyndham
hereby agree to jointly and severally indemnify,  save, insure and hold harmless
Buyer from and against any and all loss, cost, damage, injury or other liability
(i) for which  Seller is or may be liable to  parties  other  than  Buyer or its
Affiliates  hereunder  in  accordance  with or  pursuant  to the  terms  of this
Agreement,  including, without limitation,  reasonable attorneys' fees and costs
or (ii) arising out of events,  acts or omissions of the Seller that occurred in
connection  with the ownership or operation of the Properties  prior to Closing.
The  provisions  of this Section 20 shall not apply to any loss,  cost,  damage,
injury,  or other  liability  with  respect to  Hazardous  Materials or physical
condition  of the  Property,  the  liability  of Seller and Wyndham with respect
thereto being governed by the  representation of Seller and Wyndham set forth in
Section 11.

     The obligation of the Seller and Wyndham hereunder shall survive the
Closing.

21.  Miscellaneous Provisions.

     a. Assignment; Binding Effect. On or before Closing, Buyer shall assign all
of its rights and  obligations  hereunder  without  the  written  consent of the
Seller  to (i) CNL  Hospitality  Partners,  LP or (ii)  with the  prior  written
consent of the  Seller,  which may be withheld  in  Seller's  sole and  absolute
discretion,  to any other third party which has the financial wherewithal in the
reasonable  business judgement of the Seller to perform the obligations of Buyer
hereunder;  provided,  however,  that any  assignee of Buyer  assumes all of the
obligations  of  Buyer  hereunder.  In the  event  of any  permitted  assignment
hereunder Buyer shall thereupon be relieved of all further  liability under this
Agreement;  (other than Buyer's indemnification obligations set forth in Section
9 hereof)  except  that the  Earnest  Money  Deposit  shall not be  released  or
otherwise  adversely  affected  as a result of any such  assignment.  The Seller
shall  not,  and shall  have no have the  right  to,  assign  their  rights  and
obligations hereunder. Subject to the foregoing, this Agreement shall be binding
upon and  shall  inure  to the  benefit  of the  Buyer,  the  Seller  and  their
respective successors and assigns.

     b.  Captions.  The  several  headings  and  captions  of the  Sections  and
subsections  used herein are for  convenience  of reference only and shall in no
way be deemed to limit,  define or restrict the  substantive  provisions of this
Agreement.

     c. Entire  Agreement.  This Agreement  constitutes the entire  agreement of
Buyer and Seller  with  respect to the  purchase  and sale of the  Property  and
supersedes  any prior or  contemporaneous  agreement  with respect  thereto.  No
amendment or  modification  of this Agreement  shall be binding upon the parties
unless made in writing and signed by Seller and Buyer.

                                       34

<PAGE>

     d. Time of Essence.  Time is of the essence with respect to the performance
of all of the terms, conditions and covenants of this Agreement.

     e. Governing  Law. This  Agreement and the rights of the parties  hereunder
shall be governed by and  construed in  accordance  with the laws and customs of
the state where each Property, as applicable, is located.

     f.  Termination.  This  Agreement  shall be void and of no force and effect
unless signed by the Seller,  Wyndham and Escrow Agent and delivered to Buyer no
later than five (5) business  days  following  the date of Buyer's  execution of
this Agreement.

     g.  Counterparts.   This  Agreement  may  be  executed  in  any  number  of
counterparts and by the different  parties hereto on separate  counterparts each
of  which,  when so  executed,  shall  be  deemed  an  original,  but  all  such
counterparts shall constitute but one and the same instrument.

     h. Attorneys'  Fees. In the event any party to this Agreement  should bring
suit against the other party in respect to any matters provided for herein,  the
prevailing party shall be entitled to recover from the non-prevailing  party its
costs of court,  legal  expenses  and  reasonable  attorneys'  fees  based  upon
standard  hourly rates for services  rendered.  As used herein,  the "prevailing
party" shall include, without limitation,  any party who dismisses an action for
recovery   hereunder  in  exchange  for  payment  of  the  sums  allegedly  due,
performance of covenants allegedly breached or consideration substantially equal
to the relief sought in the action.

     i.  Certain  References.  As used in this  Agreement,  the words  "hereof,"
"herein,"  "hereunder"  and words of similar import shall mean and refer to this
entire Agreement and not to any particular article, section or paragraph of this
Agreement, unless the context clearly indicates otherwise.

     j. Time Periods.  Unless otherwise  expressly  provided herein, all periods
for performance,  approval,  delivery or review and the like shall be determined
on a "calendar" day basis.  If any day for  performance,  approval,  delivery or
review  shall fall on a Saturday,  Sunday or legal  holiday,  the time  therefor
shall be extended to the next business day.

     k. Authority.  Subject to the provisions of Section 6.a.(v) and 11.d., each
person executing this Agreement, by his or her execution hereof,  represents and
warrants that they are fully  authorized to do so, and that no further action or
consent  on the part of the party for whom they are  acting is  required  to the
effectiveness and  enforceability of this Agreement against such party following
such execution.

     l.  Severability.  If any provision of this Agreement  should be held to be
invalid or  unenforceable,  the validity  and  enforceability  of the  remaining
provisions of this Agreement shall not be affected thereby.

     m. Waiver.  One or more waivers of any covenant,  term or condition of this
Agreement by either  party shall not be construed as a waiver of any  subsequent
breach of the same  covenant,  term or  condition.  The  consent or  approval by
either  party to or of any act by the other  party  requiring  such  consent  or

                                       35

<PAGE>

approval  shall  not be  deemed to waive or  render  unnecessary  consent  to or
approval of any subsequent similar act.

     n. Relationship of the Parties. Nothing herein contained shall be deemed or
construed  by the  parties  hereto,  nor by any third  party,  as  creating  the
relationship  of  principal  and  agent or of  partnership  or of joint  venture
between the parties  hereto,  it being  understood  and agreed that no provision
contained  herein,  nor any acts of the parties hereto shall be deemed to create
the  relationship  between the parties hereto other than the relationship of the
Seller and Buyer.

     o. Confidentiality.  From and after the execution of this Agreement, except
as required by applicable law:  Buyer,  Seller and Wyndham shall keep the terms,
conditions and provisions of this Agreement and all materials  furnished by each
of them to the other in connection with this Agreement confidential and no party
shall make any public  announcements hereof unless the Buyer, Seller and Wyndham
first  approves of the same in writing,  nor shall any party disclose the terms,
condition and provisions hereof except to the Securities and Exchange Commission
and persons  who "need to know" such as their  respective  officers,  directors,
employees,   attorneys,   accountants,    engineers,   surveyors,   consultants,
financiers,  partners,  investors,  potential lessees and bankers and such other
third parties whose  assistance is required in connection with the  consummation
of this transaction.  However,  after closing, Buyer and Seller shall be free to
disclose previously confidential information in its sole, discretion.

     p. Exhibits.  The Exhibits attached hereto, and all conditions thereof, are
hereby incorporated herein as if fully set forth herein.

                                       36

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale
Agreement on the date first above written.

                        BUYER:
                        -----

                        CNL HOSPITALITY CORP.,
                        a Florida corporation

                        By:  /s/ C. Brian Strickland
                            ----------------------------------------------------
                        Print Name:  C. Brian Strickland
                                     -------------------------------------------
                        Title:  Senior Vice President
                                ------------------------------------------------

                        Date:  May 16, 2000
                               -------------------------------------------------

                        SELLER:
                        ------

                        WII DENVER TECH, LLC, a
                        Delaware limited liability company

                          By: Patriot American Hospitality, Inc., as
                          managing member

                             By:  /s/ Judy Hendrick
                                 -----------------------------------------------
                             Print Name:  Judy Hendrick
                                          --------------------------------------
                             Title: Senior Vice President, Finance and Treasurer
                                    --------------------------------------------

                             Date:  May 23, 2000
                                    --------------------------------------------

                             and

                                       37

<PAGE>

                        PAH BILLERICA REALTY COMPANY,
                        LLC, a Delaware limited liability company

                        By:  Patriot  American  Hospitality Partnership, L.P., a
                        Virginia limited partnership

                          By: PAH GP, Inc. a Delaware corporation,
                          General Partner

                             By:  /s/ Judy Hendrick
                                  ----------------------------------------------
                             Print Name:  Judy Hendrick
                                          --------------------------------------
                             Title: Senior Vice President, Finance and Treasurer
                                    --------------------------------------------

                             Date:  May 23, 2000
                                    --------------------------------------------

                          WYNDHAM:
                          -------

                          WYNDHAM INTERNATIONAL, INC.,
                          a Delaware corporation

                          By:  /s/ John Bohlmann
                               -------------------------------------------------
                          Print Name:  John Bohlmann
                                       -----------------------------------------
                          Title:  Senior Vice President, Chief Counsel
                                  ----------------------------------------------

                          Date:  May 23, 2000
                                 -----------------------------------------------

                          ESCROW AGENT:
                          -------------

                          LAND AMERICA FINANCIAL
                          GROUP, INC.

                          By:  /s/ Dana R. Ward
                               -------------------------------------------------
                          Print Name:  Dana R. Ward
                                       -----------------------------------------
                          Title:  Senior Vice President
                                  ----------------------------------------------

                          Date:  May 24, 2000
                                 -----------------------------------------------

                                       38

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