Document:

EX-10.5

 Exhibit 10.5 

EXECUTION COPY 
  

 
 MASTER INVESTMENT AGREEMENT 

BY AND AMONG 
 COMPAÑIA
HOTELERA GRAN PLAYA REAL S. DE R.L. DE C.V. 
 BD OPERADORA DE SERVICIOS S.A. DE C.V. 

INMOBILIARIA TURÍSTICA REAL S. DE R.L. DE C.V. 

BD REAL RESORTS S. DE R.L. DE C.V. 

HOTEL GRAN CARIBE REAL S.A. DE C.V. 

THE ROYAL CANCUN S. DE R.L. DE C.V. 

ROYAL PORTO S.A. DE C.V. 
 RIVIERA
PORTO REAL S.A. DE C.V. 
 PLAYA GRAN S. DE R.L. DE C.V. 

GRAN DESING & FACTORY S. DE R.L. DE C.V. 

DESARROLLOS GCR S. DE R.L. DE C.V. 

INMOBILIARIA Y PROYECTOS TRPLAYA S. DE R.L. DE C.V. 

AND 
 PLAYA HOTELS &
RESORTS BV 
 PLAYA H&R HOLDINGS B.V. 

PLAYA RESORTS HOLDING B.V. 
  

 
 May 24, 2013 

 TABLE OF CONTENTS 

 

							
	ARTICLE I DEFINITIONS	  	 	8	  
	 SECTION 1.1
	 	 Definitions
	  	 	8	  
		
	ARTICLE II CONTRIBUTIONS AND INVESTMENTS	  	 	25	  
	 SECTION 2.1
	 	Capital Contribution into Operators Holding; Contribution, Sale and Purchase of Operators Holding and Operators Equity Interests	  	 	25	  
	 SECTION 2.2
	 	 Playa Loan and Payment of Accounts Receivable
	  	 	28	  
	 SECTION 2.3
	 	 Capital Reduction
	  	 	28	  
	 SECTION 2.4
	 	 Capital Contribution in Hotel Owners
	  	 	28	  
	 SECTION 2.5
	 	 Post Closing Legal Actions
	  	 	28	  
	 SECTION 2.6
	 	 Maintenance of Operating Leases
	  	 	30	  
	 SECTION 2.7
	 	 Transfer of Permits and Licenses
	  	 	30	  
	 SECTION 2.8
	 	 Closing
	  	 	30	  
	 SECTION 2.9
	 	 Closing Deliveries by the Real Group Members
	  	 	30	  
	 SECTION 2.10
	 	 Closing Deliveries by the Playa Group Members
	  	 	33	  
	 SECTION 2.11
	 	 Adjustments to Investment Amounts
	  	 	34	  
	 SECTION 2.12
	 	 Offset
	  	 	36	  
	 SECTION 2.13
	 	 Tax Withholding
	  	 	36	  
	 SECTION 2.14
	 	 Payments to the Real Group Members
	  	 	36	  
	 SECTION 2.15
	 	 Real Group Members Due Diligence
	  	 	37	  
	 SECTION 2.16
	 	 Base Amount
	  	 	38	  
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE REAL GROUP MEMBERS	  	 	38	  
	 SECTION 3.1
	 	 Corporate Existence and Power; Solvency
	  	 	38	  
	 SECTION 3.2
	 	 Authorization, Execution and Enforceability of Transactions
	  	 	39	  
	 SECTION 3.3
	 	 Capitalization
	  	 	39	  
	 SECTION 3.4
	 	 No Violations
	  	 	41	  
	 SECTION 3.5
	 	 Consents and Approvals
	  	 	41	  
	 SECTION 3.6
	 	 Subsidiaries and Investments
	  	 	41	  
	 SECTION 3.7
	 	 Financial Statements
	  	 	41	  
	 SECTION 3.8
	 	 Title to Assets
	  	 	43	  
	 SECTION 3.9
	 	 Absence of Certain Changes
	  	 	43	  
	 SECTION 3.10
	 	 Litigation
	  	 	43	  
	 SECTION 3.11
	 	 Material Contracts
	  	 	44	  
	 SECTION 3.12
	 	 Real Property
	  	 	46	  
	 SECTION 3.13
	 	 Personal Property
	  	 	47	  
	 SECTION 3.14
	 	 Environmental Matters
	  	 	48	  
	 SECTION 3.15
	 	 Employees
	  	 	48	  
	 SECTION 3.16
	 	 Employee Benefit Plans
	  	 	50	  
	 SECTION 3.17
	 	 Taxes
	  	 	50	  
	 SECTION 3.18
	 	 Intellectual Property Matters
	  	 	52	  
	 SECTION 3.19
	 	 Insurance
	  	 	53	  

							
	 SECTION 3.20
	 	 Indebtedness
	  	 	53	  
	 SECTION 3.21
	 	 No Brokers
	  	 	54	  
	 SECTION 3.22
	 	 Related Party Transactions
	  	 	54	  
	 SECTION 3.23
	 	 Relationships with Customers, Contractors, Subcontractors and Suppliers
	  	 	54	  
	 SECTION 3.24
	 	 Internal Controls
	  	 	55	  
	 SECTION 3.25
	 	 Ethical Practices
	  	 	55	  
	 SECTION 3.26
	 	 Bank Accounts
	  	 	56	  
	 SECTION 3.27
	 	 Budget
	  	 	56	  
	 SECTION 3.28
	 	 Merger
	  	 	56	  
	 SECTION 3.29
	 	 Securities Law Matters; Transfer Restrictions
	  	 	57	  
	 SECTION 3.30
	 	 Disclosure
	  	 	57	  
	 SECTION 3.31
	 	 Due Diligence
	  	 	57	  
	 SECTION 3.32
	 	 DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES
	  	 	57	  
	 SECTION 3.33
	 	 AS IS TRANSFER
	  	 	58	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PLAYA GROUP MEMBERS	  	 	58	  
	 SECTION 4.1
	 	 Corporate Existence and Power
	  	 	58	  
	 SECTION 4.2
	 	 Authorization, Execution and Enforceability of Transactions
	  	 	58	  
	 SECTION 4.3
	 	 No Violations
	  	 	59	  
	 SECTION 4.4
	 	 Consents and Approvals
	  	 	59	  
	 SECTION 4.5
	 	 Capital Structure; Subsidiaries and Investment
	  	 	59	  
	 SECTION 4.6
	 	 Playa Shares
	  	 	59	  
	 SECTION 4.7
	 	 Financial Statements
	  	 	60	  
	 SECTION 4.8
	 	 Playa Resorts
	  	 	60	  
	 SECTION 4.9
	 	 Senior Secured Term Loan Facility
	  	 	61	  
	 SECTION 4.10
	 	 Transactions
	  	 	61	  
	 SECTION 4.11
	 	 No Brokers
	  	 	61	  
	 SECTION 4.12
	 	 Litigation
	  	 	61	  
	 SECTION 4.13
	 	 Securities Law Matters
	  	 	61	  
	 SECTION 4.14
	 	 Due Diligence
	  	 	61	  
	 SECTION 4.15
	 	 DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES
	  	 	62	  
	 SECTION 4.16
	 	 AS IS TRANSFER
	  	 	62	  
	 SECTION 4.17
	 	 Disclosure
	  	 	62	  
		
	ARTICLE V COVENANTS AND AGREEMENTS	  	 	62	  
	 SECTION 5.1
	 	 Conduct of Business
	  	 	62	  
	 SECTION 5.2
	 	 Notices, Consents and Approvals
	  	 	65	  
	 SECTION 5.3
	 	 Investigation and Evaluation
	  	 	66	  
	 SECTION 5.4
	 	 Publicity
	  	 	66	  
	 SECTION 5.5
	 	 Confidentiality
	  	 	66	  
	 SECTION 5.6
	 	 Notification of Certain Matters
	  	 	67	  
	 SECTION 5.7
	 	 Disclosure Schedules
	  	 	68	  
	 SECTION 5.8
	 	 Further Assurances
	  	 	68	  

  
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	ARTICLE VI ADDITIONAL COVENANTS AND AGREEMENTS	  	 	68	  
	 SECTION 6.1
	 	 Deposit
	  	 	68	  
	 SECTION 6.2
	 	 Certain Tax Matters
	  	 	70	  
	 SECTION 6.3
	 	 VAT on Accounts Receivable
	  	 	71	  
	 SECTION 6.4
	 	 Transaction Taxes
	  	 	72	  
	 SECTION 6.5
	 	 Noncompetition
	  	 	73	  
	 SECTION 6.6
	 	 Consulting Agreement
	  	 	73	  
	 SECTION 6.7
	 	 Transition Services Agreement
	  	 	73	  
	 SECTION 6.8
	 	 Real Bazar Agreement
	  	 	73	  
	 SECTION 6.9
	 	 Real Travel Club
	  	 	73	  
	 SECTION 6.10
	 	 Best Day Agreement
	  	 	73	  
	 SECTION 6.11
	 	 Aircraft Purchase Agreement
	  	 	73	  
	 SECTION 6.12
	 	 Environmental Indemnity
	  	 	73	  
	 SECTION 6.13
	 	 Non-Solicitation of Employees
	  	 	73	  
	 SECTION 6.14
	 	 Certain Employment Matters
	  	 	74	  
	 SECTION 6.15
	 	 Playa’s Financing Activities
	  	 	74	  
	 SECTION 6.16
	 	 Divestiture of Excluded Assets
	  	 	75	  
		
	ARTICLE VII CONDITIONS TO CLOSING	  	 	75	  
	 SECTION 7.1
	 	 Conditions Precedent to the Parties’ Closing Obligations
	  	 	75	  
	 SECTION 7.2
	 	 Conditions to the Closing Obligations of the Playa Group Members
	  	 	76	  
	 SECTION 7.3
	 	 Conditions to the Closing Obligation of the Real Group Members
	  	 	77	  
		
	ARTICLE VIII SURVIVAL AND INDEMNIFICATION	  	 	77	  
	 SECTION 8.1
	 	 Survival
	  	 	77	  
	 SECTION 8.2
	 	 Indemnification
	  	 	79	  
	 SECTION 8.3
	 	 Indemnification Procedures
	  	 	80	  
	 SECTION 8.4
	 	 Limitations
	  	 	82	  
	 SECTION 8.5
	 	 Exclusivity of Remedies
	  	 	83	  
	 SECTION 8.6
	 	 Joint and Several Liability
	  	 	83	  
	 SECTION 8.7
	 	 Ongoing Third Party Claims
	  	 	83	  
		
	ARTICLE IX MISCELLANEOUS	  	 	84	  
	 SECTION 9.1
	 	 Termination
	  	 	84	  
	 SECTION 9.2
	 	 Effect of Termination
	  	 	85	  
	 SECTION 9.3
	 	 Notices
	  	 	86	  
	 SECTION 9.4
	 	 Expenses
	  	 	87	  
	 SECTION 9.5
	 	 Amendments; Waivers
	  	 	88	  
	 SECTION 9.6
	 	 Assignment
	  	 	88	  
	 SECTION 9.7
	 	 Governing Law
	  	 	88	  
	 SECTION 9.8
	 	 Counterparts
	  	 	89	  
	 SECTION 9.9
	 	 Entire Agreement
	  	 	89	  
	 SECTION 9.10
	 	 Headings; Knowledge of the Real Group Members and the Playa Group Members
	  	 	89	  
	 SECTION 9.11
	 	 Third Party Beneficiaries
	  	 	89	  

  
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	 SECTION 9.12
	 	 Severability
	  	 	89	  
	 SECTION 9.13
	 	 Construction
	  	 	90	  
	 SECTION 9.14
	 	 Dispute Resolution
	  	 	90	  
	 SECTION 9.15
	 	 Waiver of Punitive Damages
	  	 	92	  
	 SECTION 9.16
	 	 Disclosure Schedule, Schedules, Exhibits and Attachments
	  	 	92	  
	 SECTION 9.17
	 	 Real Group Members’ Representative
	  	 	92	  

  
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 List of Exhibits 
  

			
	Exhibit A	  	Hotel Ownership Structure
	Exhibit B	  	Reserved
	Exhibit C	  	New Interests
	Exhibit D	  	Certificate of Closing Date Bank Indebtedness
	Exhibit E	  	Proposed Form of Closing Statement
	Exhibit F	  	VAT Amount
	Exhibit G	  	Excluded Assets
	Exhibit H	  	Accounts Receivable
	Exhibit I	  	Due Diligence Materials
	Exhibit J	  	Shares in Operators
	Exhibit K	  	Merger
	Exhibit L	  	Permitted Real Estate Lien
	Exhibit M	  	Pre-Closing Construction Projects
	Exhibit N	  	Staffing Services Agreements
	Exhibit O	  	Hotels to be Acquired by Playa on Closing Date
	Exhibit P	  	Activities to be Concluded Prior to Closing
	Exhibit Q	  	Transferable Items
	Exhibit R	  	Indebtedness with Inter National Bank
	Exhibit S	  	Senior Secured Term Loan Facility
	Exhibit T	  	Capital Structure of Playa Following Closing
	Exhibit U	  	Transaction Terms and Post-Closing Requirements
	
	List of Attachments
		
	Attachment I	  	Form of Investors Agreement
	Attachment II	  	Form of ISAI Actions Power of Attorney
	Attachment III	  	Form of Other Legal Actions Power of Attorney
	Attachment IV	  	Real Group Members’ Representative Power of Attorney
	Attachment V	  	Form of Non-Competition Agreement
	Attachment VI	  	Terms of Consulting Agreement
	Attachment VII	  	Terms of Transition Services Agreement
	Attachment VIII	  	Terms of Real Bazar Agreement
	Attachment IX	  	Terms of Real Travel Club Agreement
	Attachment X	  	Terms of Best Day Agreement
	Attachment XI	  	Terms of Aircraft Purchase Agreement
	Attachment XII	  	Form of Environmental Indemnity Agreement
	Attachment XIII	  	Form of waiver and release of claims for Retained Employees
	Attachment XIV	  	Form of D&O Resignation
	Attachment XV	  	Form of Promissory Note for payment of Quarterly Payments
	Attachment XVI	  	Reserved
	Attachment XVII	  	Form of Purchase and Sale Agreement for the Additional Interest Acquisition

  
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	Attachment XVIII	  	Form of Purchase and Sale Agreement for the Operators Holding Minority Interest Sale
	Attachment XIX	  	Reserved
	Attachment XX	  	Forms of Investment in Real Documents
	Attachment XXI	  	Form of Promissory Note for Deposit
	Attachment XXII	  	Form of Power of Attorney for Transferrable Items
	Attachment XXIII	  	Form of Investment in Playa Documents

  
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 MASTER INVESTMENT AGREEMENT 

This MASTER INVESTMENT AGREEMENT (together with the Exhibits, Attachments and Schedules hereto, this “Agreement”) is made as
of the 24 day of May 2013 by and among Compañia Hotelera Gran Playa Real S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the “Operators Holding Contributing Shareholder” or the
“Operators Minority Shareholder”), BD Operadora de Servicios S.A. de C.V., a Mexican sociedad anónima de capital variable, (the “Operators Holding Minority Shareholder”, and together with the Operators
Holding Contributing Shareholder and the Operators Holding Additional Shareholder (as defined below) the “Operators Holding Shareholders”); 

BD Real Resorts S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the “Operators
Holding”, and together with Operators Minority Shareholder, the “Operators Shareholders”), Hotel Gran Caribe Real S.A. de C.V., a Mexican sociedad anónima de capital variable (the “Gran Cancun
Operator”), The Royal Cancun S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the “Royal Cancun Operator”). Royal Porto S.A. de C.V., a Mexican sociedad anónima de
capital variable (the “Royal Playa Operator”), Riviera Porto Real S.A. de C.V., a Mexican sociedad anónima de capital variable (the “Gran Playa Operator”, and together with the Gran Cancun Operator,
the Royal Cancun Operator and the Royal Playa Operator, the “Operators”); 
 Inmobiliaria Turistica Real S. de R.L. de
C.V., a Mexican sociedad de responsabilidad limitada de capital variable (“ITR”, and together with the Operators Minority Shareholder the “Hotel Owners Shareholders”, and together with the Operators Holding
Shareholders, the “Real Group Members”); 
 Playa Gran S. de R.L. de C.V., a Mexican sociedad de responsabilidad
limitada de capital variable (the “Gran Playa Owner”), Gran Design & Factory S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the “Royal Cancun Owner”),
Desarrollos GCR S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the “Gran Cancun Owner”) and Inmobiliaria y Proyectos TRPLAYA S. de R.L. de C.V., a Mexican sociedad de
responsabilidad limitada de capital variable (the “Royal Playa Owner”, and together with the Gran Playa Owner, the Royal Cancun Owner and the Gran Cancun Owner, the “Hotel Owners”); 

Playa Hotels & Resorts BV, a Dutch Besloten Vennootschap (“Playa” and, subject to the provisions of
Section 9.6, the “Playa Investor”). Playa H&R Holdings B.V., a Dutch Besloten Vennootschap (the “Playa Operators Buyer”), and Playa Resorts Holding B.V., a Dutch Besloten Vennootschap
(the “Playa Minorities Buyer”), and, and together with Playa, the Playa Operators Buyer and the Playa Investor, the “Playa Group Members”). 

RECITALS 
 A. The
Operators are companies engaged in the leasing and operation of all-inclusive resorts in Cancun and Playa del Carmen, Mexico. 

  
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 B. The Hotel Owners own the Hotels (as defined below), which are leased to, and operated by, the
Operators, as further described on Exhibit A. 
 C. The Operator Holding Shareholders directly own 100% of the equity interests in the
Operator Holding, and the Operator Holding, together with the Operators Minority Shareholder, directly own 100% of the equity interests in the Operators; 

D. The Hotel Owners Shareholders directly own 100% of the equity interests in the Hotel Owners; 

E. Pursuant to certain transactions (the “Transactions”) to be substantially as described on Exhibit U, expected to
close on or before the Closing Date, Playa will (i) directly or indirectly own the all-inclusive resorts in Mexico and the Caribbean (the “Playa Resorts”) listed on Exhibit O; and (ii) will have the capital
structure, debt structure, working capital and other features as described in such Exhibit U (collectively the “Post-Closing Requirements”). 

F. Following the Closing Date, Playa will directly or indirectly own 100% of the equity interests in the other Playa Group Members; 

G. Upon the terms and subject to the conditions set forth in this Agreement, the Parties desire to carry out certain mutual investment
transactions in order for (i) Operators Holding Contributing Shareholder to own interests in Playa, (ii) Playa to own interests in the Target Companies, and (iii) certain funds to be transferred between the parties in connection with
investments. 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and on the terms and subject to the conditions set forth herein, the Parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. Certain terms used in this Agreement are listed in alphabetical order and defined or referred
to below (such terms as well as any other terms defined elsewhere in this Agreement shall be equally applicable to both the singular and plural forms of the terms defined). 

“AAA” has the meaning set forth in Section 9.14. 

“Accounts Receivable” means that certain accounts receivable payable by the Target Companies to ITR as further described in
Exhibit H. 
 “Accumulated Labor Liability” means, to the extent not included in the calculation of the Net Working
Capital of the applicable Target Company, the aggregate amount of accrued and unpaid salary or other compensation, prima vocacional, vacaciones, aguinaldo proporctional, and any accrued benefits pursuant to Applicable Law, the Collective
Bargaining Agreements or the Benefit Plans, payable by the Target Companies or the applicable Employment Companies to 

  
 -8- 

 
the Employees with respect to the period beginning on the date each such individual began providing such services to the applicable Target Company, and ending on the Effective Time, but
excluding any applicable prima de antigüedad, and to the extent included in the calculation of the Net Working Capital, the Contributions. 

“Additional Benefits” has the meaning set forth in Section 3.15(c). 

“Additional Deposit Promissory Note” has the meaning set forth in Section 6.1(a) 

“Additional Interest Acquisition” has the meaning set forth in Section 2.1(c)(ii). 

“Additional Interest Acquisition Documents” means the Purchase and Sale Agreement substantially in the form of Attachment
XVII. 
 “Additional Interest Price” means the amount of USD$52,684,618, subject to the provisions of
Section 2.16. 
 “Adjusted Closing Statement” has the meaning set forth in Section 2.11(e). 

“Administrative Agent” means Deutsche Bank Trust Company Americas in its capacity as administrative agent and collateral
agent for a syndicate of banks, financial institutions and the other lenders under the Senior Secured Term Loan Facility. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise, and the terms “controlled” or “controlling” have meanings correlative thereto. For the avoidance of doubt, the Target Companies shall be Affiliates
of the Real Group Members until the Closing, and the Target Companies shall be Affiliates of Playa from and after the Closing. 

“Agreement” has the meaning set forth in the Preamble. 

“Aircraft Purchase Agreement” has the meaning set forth in Section 6.12. 

“Anti-Corruption Laws” means any applicable laws and regulations of Mexico implementing the OECD Convention on Combating
Bribery of Foreign Officials or other anti-corruption or anti-bribery provisions in the Applicable Laws of Mexico. 
 “Antitrust
Laws” means all statutes, rules, regulations, orders, decrees, administrative and judicial doctrines, and other laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or
restraint of trade or lessening of competition through merger or acquisition, including, the Mexican Federal Competition Law (Ley Federal de Competencia Económica). 

  
 -9- 

 “Applicable Law” means, with respect to any Person, any statute, treaty, law,
common law, ordinance, rule, regulation, code, order, writ, stipulation, injunction, judicial decision, decree, ruling, determination, finding, constitutional provision or other legally binding requirement of any Governmental Authority applicable to
such Person or any of its respective properties, assets, officers, directors, employees, consultants or agents (in connection with such officer’s, director’s, employee’s, consultant’s or agent’s activities on behalf of such
Person). 
 “Applicable Rate” means the Exchange rate published by the Bank of Mexico (Tipo de cambio publicado por el
Banco de Mexico en el Diario Oficial de la Federación para solventar obligaciones denominadas en moneda extranjera pagaderas en la República Mexicana) as in force for the date that is two (2) Busines Days prior to the Closing
Date. 
 “Balance Sheet” has the meaning set forth in Section 3.7(a). 

“Bank Indebtedness” means, as to any Person: (a) indebtedness created, issued or incurred by such Person for borrowed
money (whether by loan or the issuance and sale of debt securities or otherwise); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts (other than for borrowed
money) and accrued expenses arising and/or incurred in the ordinary course of business that constitute current liabilities in accordance with MFRS; (c) obligations of such Person in respect of letters of credit or similar instruments issued or
accepted by banks and other financial institutions for the account of any Person; or (d) capital lease obligations of such Person. 

“Bank Indebtedness Balance” means, as of the date of calculation, the outstanding balance (including without limitation any
unpaid principal, interest and fees) of all Bank Indebtedness of the Target Companies (other than Intercompany Indebtedness). 

“Base Amount” means the amount of US$411,995,720. 

“Benefit Plans” has the meaning set forth in Section 3.16(b). 

“Budget” has the meaning set forth in Section 3.27. 

“Business Day” means any day other than Saturday, Sunday and any day on which banking institutions in New York City, New
York, USA, Mexico City, Mexico or Cancun, Mexico are authorized by law or other governmental action to close. 
 “Business”
means the current business activities and operations of the Target Companies. 
 “Capital Reduction Amount” means the
amount of MX$1,848,994,948, as follows: (i) the Gran Playa Owner, the amount of MX$230,591,922, (ii) the Royal Cancun Owner, the amount of MX$434,971,831, (iii) the Gran Cancun Owner, the amount of MX$596,094,908, and (iv) the Royal
Playa Owner, the amount of MX$587,336,286. 
 “Capital Reduction” has the meaning set forth in Section 2.3(a). 

“Closing Date” means the date of the Closing. 

  
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 “Closing Payments” means the Operators Holding Minority Sale Amount, the cash
portion of the Additional Interest Price, Receivables Outstanding Amount, the Capital Reduction Amount, the Contribution Cash Consideration, the Fixed Interest Reduction Amount and the Minority Interest Sale Amount and any payments required to be
made at Closing by the Playa Group Members to the Real Group Members as set forth in this Agreement, including any payments pursuant to the Proposed Closing Statement. 

“Closing Statement” has the meaning set forth in Section 2.11(c). 

“Closing” has the meaning set forth in Section 2.8. 

“Collective Bargaining Agreements” has the meaning set forth in Section 3.15(d). 

“Confidential Information” shall mean any and all information provided by or at the direction of a Party to this Agreement
(or that Party’s agents, Representatives, employees, or consultants) to any other Party to this Agreement in connection with the Contemplated Transaction, including any and all documents or other information delivered to any such Party both
prior to and after the date hereof, and specifically including, without limitation (i) this Agreement and the terms and conditions hereunder, (ii) the fact that discussions or negotiations are taking place concerning the Contemplated
Transactions, including the status thereof or the termination of discussions or negotiations, (iii) any of the terms, conditions or other facts with respect to the Contemplated Transactions; or (iv) that Confidential Information has been
made available. Confidential Information shall not include any information which: (a) was in the public domain at the time it was disclosed or subsequently comes within the public domain other than by breach of this Agreement; (b) was
known by a Party prior to receiving such information; or (c) becomes known to a Party from third parties who are not bound by any confidentiality obligations with respect thereto. 

“Construction Projects” has the meaning set forth in Section 3.12(g). 

“Consulting Agreement” has the meaning set forth in Section 6.6. 

“Contemplated Transactions” means the transactions contemplated by this Agreement and the Transaction Documents. 

“Contract” means any legally binding contract, agreement, arrangement, lease or sublease (including leases and subleases of
real property), license, commitment, note, bond, mortgage, indenture, sales and purchase order, other instrument or other undertaking of any kind, whether written or oral. 

“Contribution Amount” means an amount calculated as follows, subject to the provisions of Section 2.16, provided
that if the application of the formula below yields an amount of less than US$50,000,000, the Contribution Amount Shall be US$50,000,000: 

CA = BA — AIP — OHMSA — ROA — CRD — FIRA — BIB — MISA 

Where, 
 CA, is the Contribution
Amount 
 BA, is the Base Amount 

  
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 AIP, is the Additional Interest Price 

OHMSA, is the Operators Holding Minority Sale Amount 

ROA, is the Receivables Outstanding Amount, converted in Dollars at the Applicable Rate 

CRD, is the Capital Reduction Amount, converted in Dollars at the Applicable Rate 

FIRA, is the Fixed Interest Reduction Amount, converted in Dollars at the Applicable Rate 

BIB, is the Bank Indebtedness Balance 

MISA, Minority Interest Sale Amount 

“Contribution Cash Consideration” means and amount equal to the Contribution Amount minus the amount of US$50,000,000,
subject to the provisions of Section 2.16. 
 “Contributions” means all contributions or payments mandated by
the Applicable Laws of Mexico to be paid by employers to a Governmental Authority for the benefit of their employees, including social security contributions, INFONAVIT (house fund), SAR (retirement fund), and any interest or penalties imposed in
connection therewith and any contributions or payments relating to employee profit sharing plans, including any interest or penalties in connection therewith. 

“D&O Resignation” has the meaning set forth in Section 7.2 (g). 

“Deposit” has the meaning set forth in Section 6.1(a). 

“Deposit Agreement” has the meaning set forth in Section 6.1(a). 

“Deposit Promissory Notes” has the meaning set forth in Section 6.1(a) 

“Direct Claim” has the meaning set forth in Section 8.3(f). 

“Disclosure Schedules” means the Schedules of this Agreement related to the representation and warranties of the Playa Group
Members in Article IV herein and/or the representation and warranties of the Real Group Members in Article III, as applicable. 

“Discovery Witness List” has the meaning set forth in Section 9.14 (f). 

“Disputes” has the meaning set forth in Section 9.14. 

“Dollars”, “US$” or “$” means United States Dollars. 

“Due Diligence Materials” means the documents, agreements, and other instruments and information (i) made available to
Playa or its Representatives in the File Transfer Protocol (FTP) maintained by the Real Group Members as of 9:00 a.m. Eastern time on the date that is three Business Days before the date of this Agreement and contained on the disks attached hereto
as Exhibit I or (ii) otherwise provided by the Real Group Members, the Target Companies, or their Affiliates or Representatives to Playa or its Representatives prior to the date of this Agreement as evidenced by written record of
delivery (including evidence of an email message delivering any such materials or updates). 

  
 -12- 

 “Due Diligence Objection Notice” has the meaning set forth in
Section 2.15(a). 
 “Document Objection Notice” has the meaning set forth in Section 2.15(b). 

“Effective Time” has the meaning set forth in Section 2.8. 

“Employees” has the meaning set forth in Section 3.15(a). 

“Employment Company” means any staffing, employment or outsourcing company, association or other corporate entity providing
personnel services to a Target Company, whether owned by a Target Company, any Real Group Member or their Related Parties, or any third party and identified on Schedule 3.15(a). 

“Environmental Claim” means any Proceeding of any nature, civil, criminal, administrative, regulatory or otherwise, Order,
lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the costs of enforcement proceedings, investigations,
cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from
any Environmental Condition, that has been served or notified to any of the Target Companies and/or the Real Group Members. 

“Environmental Condition” means (a) the presence, Release of or exposure to any Hazardous Substance, (b) any actual
or alleged violation (as evidence by the corresponding Environmental Notice) of or non-compliance with any Environmental Law or any term or condition of any Environmental Permit, and (c) the lack of any Environmental Permit. 

“Environmental Indemnity” has the meaning set forth in Section 6.12. 

“Environmental Law” means any Applicable Law of Mexico, Order issued by a Governmental Authority of Mexico or any binding
agreement with any Governmental Authority of Mexico relating to (a) presence of or exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation,
processing, production, installation, release, threatened release, disposal or remediation of any Hazardous Substances, (b) noise control, sanitation or the pollution (or the cleanup thereof) or the protection of human health, safety, animal
health or welfare, endangered, threatened or protected species, the environment (including ambient air, soil, surface water or groundwater, or subsurface strata) or natural resources, (c) any construction, development or remodeling activities
within protected areas, or areas where an Environmental Permit is needed, or (d) or the movement, destruction or relocation of flora and fauna. 

“Environmental Liabilities” means all liabilities and obligations that arise under or relate to any Environmental Condition.

  
 -13- 

 “Environmental Notice” means any written directive, visit or inspection, notice
of violation or infraction, or notice respecting any Environmental Claim issued or performed by a Governmental Authority in Mexico relating to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental
Permit. 
 “Environmental Permits” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or
other action required under or issued, granted, given, authorized by or made pursuant to Environmental Law. 
 “Expense Adjustment
Amount” has the meaning set forth in Section 2.11(a). 
 “FF&E” means furniture, fixture and
equipment. 
 “Final Accumulated Labor Liability Amount” has the meaning set forth in Section 2.11(c). 

“Final Form of Closing Statement” has the meaning set forth in Section 2.11(b). 

“Final Bank Indebtedness Balance” has the meaning set forth in Section 2.11(c). 

“Final Expense Adjustment Amount” has the meaning set forth in Section 2.11(c). 

“Final Net Working Capital Amount” has the meaning set forth in Section 2.11(c). 

“Financial Statements” has the meaning set forth in Section 3.7(a). 

“Financing Sources” has the meaning set forth in Section 6.15. 

“Financing” has the meaning set forth in Section 6.15. 

“Fixed Interest Capital Reduction” has the meaning set forth in Section 2.3(b). 

“Fixed Interest Reduction Amount” has the meaning set forth in Section 2.3(b). 

“Government List” means any of (a) the Denied Persons and Entities lists maintained by the United States Department of
Commerce, (b) the Specially Designated Nationals and Blocked Persons list maintained by the United States Department of Treasury and (c) the Terrorist Organizations and Debarred Parties lists maintained by the United States Department of
State. 
 “Governmental Authority” means (a) any sovereign nation, state, country or territory, (b) any national,
federal, regional, territorial, state, county, municipal, local or other governmental subdivision within any sovereign nation, state, country or territory, (c) any court, tribunal or any governmental department, commission, board, bureau,
agency or other instrumentality of any sovereign nation, state, country or territory, or of any national, federal, regional, territorial, state, county, municipal, local or other governmental subdivision within such sovereign nation, state, country
or territory, and (d) any regulatory, administrative or other agency, quasi-governmental authority, self-regulatory organization, or organization or political or other subdivision, department or branch of any of the foregoing. 

  
 -14- 

 “Hazardous Substance” means (a) any petrochemical or petroleum or
petroleum-derived products, oil or coal ash, radioactive materials, radon gas, asbestos or asbestos-containing material, polychlorinated biphenyls, lead based paint or urea formaldehyde foam insulation regulated under any Environmental Law,
(b) any chemicals, materials, radiation, substances, products, derivatives, compounds, mixtures, minerals or wastes, in each case, whether naturally occurring or manmade, (whether solid, liquid or gas) which are currently defined or regulated
as “hazardous substances” (material peligroso), “hazardous materials,” “hazardous constituents,” “hazardous wastes,” “extremely hazardous wastes,” “restricted hazardous wastes,”
“toxic substances,” “toxic pollutants,” “toxic air pollutants,” “pollutants” or “contaminants” or words of similar meaning and regulatory effect under any Environmental Law, and (c) any other
chemicals, materials, radiation, substances, products, derivatives, compounds, mixtures, minerals or wastes (whether solid, liquid or gas), the exposure to or treatment, storage, transportation, disposal or Release of which is prohibited, limited or
regulated by any Environmental Law. 
 “Hotels” has the meaning set forth in the Section 3.12(a). 

“IFRS” means with respect to any Person the International Financial Reporting Standards, as historically and consistently
applied by such Person. 
 “Improvements” means the buildings, improvements and structure located on the Real Property,
including the Hotels. 
 “Indebtedness” means, as to any Person: (a) indebtedness created, issued or incurred by such
Person for borrowed money (whether by loan or the issuance and sale of debt securities or otherwise); (b) indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been
assumed by such Person; (c) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the
ordinary course of business so long as such trade accounts payable are payable and paid within 90 days of the date the respective goods are delivered or the respective services are rendered; (d) obligations of such Person in respect of letters
of credit or similar instruments issued or accepted by banks and other financial institutions for the account of any Person; (e) capital lease obligations of such Person; and (f) obligations or debts of others guaranteed by such Person. 

“Indemnified Party” has the meaning set forth in Section 8.3(a). 

“Indemnifying Party” has the meaning set forth in Section 8.3(a). 

“Initial Deposit Promissory Note” has the meaning set forth in Section 6.1(a). 

“Inspection Period” has the meaning set forth in Section 2.15. 

“Inspection Period Commencement Date” has the meaning set forth in Section 2.15. 

“Insurance Policies” has the meaning set forth in Section 3.19. 

  
 -15- 

 “Intellectual Property” means all foreign and domestic (i) trademarks,
service marks, brand names, certification marks, collective marks, d/b/a’s (nombre comercial), Internet domain names, logos, symbols, trade dress, assumed names, fictitious names, trade names, and other indicia of origin, all
applications and registrations for all of the foregoing, and all goodwill associated therewith and symbolized thereby, including all extensions, modifications and renewals of same; (ii) inventions, discoveries and ideas, whether patentable or
not, and all patents, registrations, and applications therefor, including divisions, continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues; (iii) confidential and proprietary information,
trade secrets and know-how and moral rights, including processes, schematics, databases, formulae, drawings, prototypes, models, designs and customer lists; (iv) published and unpublished works of authorship, whether copyrightable or not
(including Software), copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; (v) data of any kind, including any rights to use data containing
personally-identifiable information relating to any individual, or any e-mail address; (vi) the likeness, name, signature, voice or other personal characteristics of any individual; and (vii) IT Systems. 

“Inter National Bank Debt” means any Indebtedness pursuant to the agreements described in Exhibit R. 

“Intercompany Indebtedness” means all Indebtedness owed by any Target Company to another Target Company. 

“Interests” means the equity interests in the Target Companies owned by the Real Group Members and/or by the Operators
Holding as set forth in Schedule 3.3(a). 
 “Interim Financial Statements” has the meaning set forth in
Section 3.7(a). 
 “Investment in Playa” has the meaning set forth in Section 2.1(a). 

“Investment in Playa Documents” means (a) a deed of issue of Playa Shares, (b) a contribution description executed
by Playa, (c) a resolution of the general meeting of Playa for the issue of the Playa Shares to the Operators Holding Contributing Shareholder, (d) an Operators Holding partners meeting minute, (i) approving the contribution,
assignment, sale, transfer and delivery to Playa of all of Operators Holding Contributing Shareholder’s right, title and interest in and to the Operators Holding Contributed Interest and the Operators Holding Additional Interest; and
(iii) whereby Playa is recognized as the owner of Operators Holding Contributed Interest, and Playa Operators Buyer is recognized as the owner of Operators Holding Additional Interest, and (e) the Investor Rights Agreement, each
substantially in the form of Attachment XXIII. 
 “Investment in Real” has the meaning set forth in
Section 2.4. 
 “Investment in Real Amount” means an amount equal to (i) the Capital Reduction Amount,
plus (ii) and amount in Mexican Pesos (converted at the Applicable Rate) equal to the Bank Indebtedness Balance, plus (iii) an amount equal to the Fixed Interest Reduction Amount (converted at the Applicable Rate). 

  
 -16- 

 “Investment in Real Documents” means the (i) Gran Playa Owner capital
increase and reduction partners meeting minute, (ii) Royal Cancun Owner capital increase and reduction partners meeting minute, (iii) Gran Cancun Owner capital increase and reduction partners meeting minute, (iv) Royal Playa Owner
capital increase and reduction partners meeting minute, (iv) the registration of the capital increases and reductions in the capital variations and partners registry book for each of Gran Playa Owner, Royal Cancun Owner, Gran Cancun Owner and Royal
Playa Owner, and (v) the issuance of a certificate by each of Gran Playa Owner, Royal Cancun Owner, Gran Cancun Owner and Royal Playa Owner reflecting the capital increases and reductions, each substantially in the respective forms of
Attachment XX. 
 “Investors Agreement” has the meaning set forth in Section 2.1(a). 

“IP Licenses” has the meaning set forth in Section 3.18 (b). 

“ISAI Actions” has the meaning set forth in Section 2.5(a). 

“ISAI Actions Power of Attorney” has the meaning set forth in Section 2.5(a). 

“IT Systems” means computer systems (including computer programs, software, databases, firmware, hardware and related
documentation), domain names and Internet websites. 
 “Jamaica Property” has the meaning set forth in Exhibit O

 “Knowledge of the Real Group Members”, whether capitalized or not, has the meaning set forth in
Section 9.10. 
 “Leased Real Property” has the meaning set forth in Section 3.12(c). 

“Licensed Intellectual Property” has the meaning set forth in Section 3.18(b). 

“Lien” means any mortgage, lien, claim, pledge, charge, security interest or other encumbrance of any kind, title defect,
easement or restriction, invalidity or irregularity, deed of trust, hypothecation, collateral assignment, preference, priority or other security arrangement, claim, conditional sale, title retention arrangement, lessor’s right under a capital
lease, restriction on transfer or voting, right of first offer, right of first refusal or any other right or arrangement having substantially the same legal or economic effect as any of the foregoing. 

“Losses” has the meaning set forth in Section 8.2(a). 

“Material Adverse Effect” means any effect, change, fact, event, occurrence or circumstance that adversely affects, or that
is reasonably likely to adversely affect the assets, liabilities, properties, business, operations or condition (financial or otherwise) of the Person in question in amount that exceeds $1,000,000.00. 

“Material Adverse Effect to Closing” means any effects, changes, facts, events, occurrences or circumstances that,
individually or in the aggregate, (i) results, or are reasonably likely to result in the closure of a Hotel (by a Governmental Authority) and/or (ii) adversely affect, or are reasonably likely to adversely affect the assets, liabilities,
properties, business operations or condition (financial or otherwise) of one or more of the Target Companies in an amount that exceeds $3,000,000. 

  
 -17- 

 “Material Contract” has the meaning set forth in Section 3.11(a).

 “Merger” means the merger of the Merging Companies with the Hotel Owners, as further specified on Exhibit K. 

“Merging Companies” means TRC Leasing & Design S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada
de capital variable, Desarrollos Turisticos Greal S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable, Desarrolladora Gran Porto S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de
capital variable and Proyectos Inmobiliarios TRPLAYA S. de R.L. de C.V., a Mexican sociedad de responsabilidad limitada de capital variable. 

“Mexican Pesos” or “MX$” means the currency of Mexico. 

“Mexico” means the United States of Mexico. 

“Minority Interest Sale” has the meaning set forth in Section 2.1(d). 

“Minority Interest Sale Amount” has the meaning set forth in Section 2.1(d). 

“MFRS” means the Mexican Financial Reporting Standards, as historically and consistently applied by a Target Company. 

“Net Working Capital” means, with respect to any Target Company, or any group of Target Companies taken as a whole, an amount
(expressed as a positive or negative number) equal to (A) all “current assets” of such Target Companies as of immediately prior to the Effective Time, minus (B) all “current liabilities” of such Target Companies
as of immediately prior to the Effective Time, in each case determined in all respects in accordance with MFRS. 
 “New
Interests” means the interests in the Hotel Owners to be issued at Closing by the Hotel Owners in favor of the Playa Investor pursuant to the Investment in Real Documents, representing the ownership in the Hotel Owners in the percentages
set forth in Exhibit C. 
 “Noncompetition Agreement” has the meaning set forth in Section 6.5. 

“Operating Lease” has the meaning set forth in Section 2.6. 

“Operators Holding Additional Interest” has the meaning set forth in Section 2.1(a) 

“Operators Holding Additional Shareholder” has the meaning set forth in Section 2.1(a). 

“Operators Holding Contributed Interest” means an interest (parte social) in the Operators Holding, representing 49.5%
of the issued and outstanding equity interests of Operators Holding. 
 “Operators Holding Contributing Shareholder” has
the meaning set forth in the Preamble. 

  
 -18- 

 “Operators Holding Minority Interest” means an interest (parte social) in
the Operators Holding, representing 0.5% of the issued and outstanding equity interests of Operators Holding. 
 “Operators Holding
Minority Interest Sale” has the meaning set forth in Section 2.1(c)(iii). 
 “Operators Holding Minority
Interest Sale Documents” means the Purchase and Sale Agreement substantially in the form of Attachment XVIII. 

“Operators Holding Minority Sale Amount” means an amount equal to US$526,846. 

“Operators Holding Minority Shareholder” has the meaning set forth in the Preamble. 

“Operators Minority Interest Sale Documents” means the Purchase and Sale Agreement substantially in the form of Attachment
XVIII. 
 “Operators Shareholders” has the meaning set forth in the Preamble. 

“Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered into by or with any
Governmental Authority. 
 “Other Legal Actions” has the meaning set forth in Section 2.5(b). 

“Other Legal Actions Power of Attorney” has the meaning set forth in Section 2.5(b). 

“Outside Date” has the meaning set forth in Section 9.1(b)(i). 

“Owned Intellectual Property” has the meaning set forth in Section 3.18(a). 

“Owned Real Property” has the meaning set forth in Section 3.12(a). 

“Party” means the Real Group Members collectively considered or the Playa Group Members collectively considered, and
“Parties” means the Real Group Members and the Playa Group Members collectively. Unless the context of this Agreement clearly requires otherwise (including for example by the use of “each Group Member,” “every Group
Member,” “all Group Members” or similar phrases), the Real Group Members together, and the Playa Group Members together, shall each be considered to be a single party to this Agreement. 

“Permits” means any and all permits necessary for the Target Companies to own, lease, operate or hold the Real Property,
Personal Property or to carry on the Business of the Target Companies, including but not limited to franchises, licenses, permits, concessions, filings, registrations, approvals and authorizations, certificates, variances and similar right issued or
granted by a Governmental Authority, including CONAGUA’s (comisión nacional del agua) concessions with respect to water wells, CFE (Comisión Federal de Electricidad) energy utility service agreement, CAPA
(Comisión de Agua Potable y Alcantarillado del Estado de Quintana Roo), permits to use and exploit the beach (Zona Federal Maritimo Terrestre), permits for the use and construction of the improvements located on the
Real Property, including any permits issued under any applicable PDU, POEL, environmental zoning, building codes and land use regulations, land use variance or zoning, construction licenses issued in accordance with Applicable Law or any
Environmental Permits. 
  

  
 -19- 

 “Permitted Real Estate Lien” means any easement or right of way
(“servidumbre”) that is duly recorded as such in the corresponding Registry of Property in Mexico; (ii) the lien of all ad valorem real estate taxes and assessments not yet due and payable as of the Closing Date;
(iii) local, state and federal laws, ordinances or governmental regulations, including, but not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Real Property; and (iv) the
mortgage liens securing the Bank Indebtedness set forth on Exhibit L. 
 “Person” means an individual, a
corporation, a general partnership, a limited partnership, an association, a trust, a limited liability company, a limited liability partnership, a joint venture or any other entity or organization, including a Governmental Authority or any
department, agency or instrumentality thereof. 
 “Personal Property” has the meaning set forth in Section 3.13
(a). 
 “Pesos” or “MX$” means Mexican Pesos. 

“Playa” has the meaning set forth in the Preamble. 

“Playa Fundamental Representations” means the representations and warranties of Playa set forth in Sections 4.1
(Corporate Existence and Power), 4.2 Authorization, Execution and Enforceability of Transactions), 4.6 (Playa Shares), 4.12 (DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES) and 4.13 (AS IS TRANSFER)
of this Agreement. 
 “Playa Group” means Playa and all of its direct and/or indirect Subsidiaries immediately following
the Closing. 
 “Playa Group Members” has the meaning set forth in the preamble. 

“Playa Investor” has the meaning set forth in the Preamble. 

“Playa Indemnified Parties” has the meaning set forth in Section 8.2(a). 

“Playa Operators Buyer” has the meaning set forth in the Preamble. 

“Playa Regulatory Approvals” means those authorizations, approvals, consents and filings identified on Schedule 7.1(c)
hereto to be obtained by Playa from any Governmental Authority as a condition to the Playa Group Members’ obligation to consummate the Closing. 

“Playa Resorts” has the meaning set forth in the recitals. 

“Playa Shares” means the amount of 5,952,380 of preferred shares in Playa, each issued at a value of US$8.40 and to be issued
in accordance with the terms of Exhibit V. 

  
 -20- 

 “Playa Third Party Approvals” means those authorizations, approvals, consents
and filings identified on Schedule 7.1(c) hereto to be obtained by Playa from any Third Party as a condition to the Playa Group Members’ obligation to consummate the Closing. 

“Playa Transaction Documents” has the meaning set forth in Section 2.15 

“Post-Closing Losses” means any Losses suffered by the Real Group Members as a result of a Third Party Claim (including any
Governmental Authority or any current or former Employee) arising from, or related exclusively to the ownership, or operation of the Hotels and/or the Business after the Closing, and which is not directly or indirectly caused by any negligent or
willful act or omission by any of the Real Group Members. For the avoidance of doubt (i) Post-Closing Losses shall not include any Losses that arise from or relate to the ownership, or operation of the Hotels and/or the Business before the
Closing, and (ii) any Losses resulting from a Third Party Claim that arises from or relates to the ownership, or operation of the Hotels and/or the Business both before and after the Closing, shall be appropriately apportioned. 

“Pre-Closing Construction Projects” means the construction projects approved by Playa prior to Closing and identified on
Exhibit M. 
 “Pre-Closing Losses” means any Losses suffered by the Playa Group Members and/or the Target Companies
as a result of a Third Party Claim (including any Governmental Authority or any current or former Employee) arising from, or related to the ownership or operation of the Hotels and/or the Business prior to the Closing, provided that (x) the
term “Pre Closing Losses” shall expressly exclude any Losses (the “Excluded Losses”) resulting from (i) any actual, alleged or potential breach, or non-compliance under Applicable Law for failure by the
Target Companies to obtain or renew any Permit related to the Owned Real Property, the Personal Property or the Business and/or violation, suspension, revocation or termination of any Permit to the Owned Real Property, the Personal Property and/or
the Business; (ii) any actual, alleged or potential breach or non-compliance by the Target Companies with any Environmental Laws, including any Losses arising from any Environmental Claims or the Release of Hazardous Substances;
(iii) repair, condition and maintenance of the Real Property, Personal Property and/or the Improvements; (iv) any express or implied warranty of merchantability or fitness for a particular use relating to the Real Property, Personal
Property and/or the Improvements; (v) defects, whether known or unknown, latent or patent, with respect of the Real Property, Personal Property and/or the Improvements; (vi) compliance of the Improvements with Applicable Law; (vii) any
rights of the Playa Group Members under appropriate statues to claim a diminution in consideration in connection with any of the Excluded Losses; (viii) directly or indirectly a negligent or willful act or omission by any of the Playa Group
Members; and (ix) any matters covered by the Environmental Indemnity; (y) any Losses resulting from a Third Party Claim that arises from or relates to the ownership, or operation of the Hotels and/or the Business both before and after the
Closing, shall be appropriately apportioned. 
 “Pre-Closing Tax Period” has the meaning set forth in
Section 6.2(a). 
 “Price Reduction Amount” has the meaning set forth in Section 2.16. 

  
 -21- 

 “Proceedings” means governmental, regulatory, judicial or adversarial
proceedings (public or private), litigation, citations, summons, subpoenas, suits, arbitrations, disputes, demands, claims, notices of violation, actions, causes of action, visits, inspections, audits or investigations. 

“Real Bazar Agreement” has the meaning set forth in Section 6.8. 

“Real Group Disclosure Statement” means the Disclosure Statement as it relates to the representations, warranties, covenants
and/or obligations herein of the Real Group Members. 
 “Real Group Due Diligence” has the meaning set forth in
Section 2.15. 
 “Real Group Due Diligence Documents” has the meaning set forth in Section 2.15.

 “Real Group Expenses” has the meaning set forth in Section 9.4. 

“Real Group Indemnified Parties” has the meaning set forth in Section 8.2(b). 

“Real Group Members Fundamental Representations” means the representations and warranties of the Real Group Members set forth
in Sections 3.1 (Corporate Existence and Power; Solvency), 3.2 Authorization, Execution and Enforceability of Transactions), 3.3 (Capitalization), 3.32 (DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES) and
3.23 (AS IS TRANSFER) of this Agreement. 
 “Real Group Regulatory Approvals” means those authorizations,
approvals, consents and filings identified on Schedule 7.1(c) hereto to be obtained by the Real Group Members from any Governmental Authority as a condition to the Real Group Members’ obligations to consummate the Closing. 

“Real Group Third Party Approvals” means those authorizations, approvals, consents and filings identified on Schedule
7.1(c) hereto to be obtained by the Real Group Members from any Third Party as a condition to the Real Group Members’ obligations to consummate the Closing. 

“Real Group Members” has the meaning set forth in the preamble, provided that, subject to the provisions of
Section 2.1(a), the term Real Group members shall also include the Operators Holding Additional Shareholder. 
 “Real
Group Members’ Representative Power of Attorney” has the meaning set forth in Section 2.9(n). 
 “Real
Group Members’ Representative” means Laura José Alonzo Escalante and Francisco Javier García Zalvidea, acting jointly. 

“Real Property” has the meaning set forth in Section 3.12(c). 

“Real Travel Club Agreement” has the meaning set forth in Section 6.9. 

  
 -22- 

 “Receivables Outstanding Amount” means, with respect to each of the Target
Companies, the amount set forth in Exhibit H. 
 “Registered Intellectual Property” has the meaning set forth in
Section 3.18(a). 
 “Related Party Transaction” has the meaning set forth in Section 3.22. 

“Related Party” means, with respect to a Person, (i) a current Affiliate, shareholder or other owner or equity holder,
officer or director of such Person, (ii) any Person with whom such Person or any such Affiliate, shareholder or other owner or equity holder, officer or director has any direct or indirect relation by blood, marriage or adoption, (iii) any
entity in which any such Person or any such Affiliate, shareholder or other owner or equity holder, officer or director owns any beneficial interest, other than a publicly held corporation the stock of which is traded on a national securities
exchange or in the over-the-counter market (provided that such Person or such Affiliate, shareholder, officer or director holds less than five percent (5%) of the stock of such publicly held corporation), and (iv) any Affiliate of any such
Affiliate, shareholder or other owner or equity holder, officer or director. 
 “Release” means any actual or threatened
release, emission, spill, seepage, leak, escape, leaching, discharge, injection, pumping, pouring, emptying, dumping, disposal, abandonment or allowing to escape or migrate into, through or upon the environment, including the air (indoor and
outdoor), soil, land surface or subsurface strata or within any building, structure, facility or fixture, surface water, groundwater, sewer, septic system, or waste treatment system, storage, or disposal systems. 

“Representatives” means, with respect to a Person, each of such Person’s respective directors, officers, attorneys,
accountants, employees, advisors, agents, consultants, managers, partners, Affiliates, Financing Sources and other potential sources of financing and other representatives, and those of such Person’s Affiliates. 

“Retained Employees” has the meaning set forth in Section 6.14(a). 

“Senior Secured Term Loan Facility” means that certain Senior Secured Term Loan Facility to be entered by and between Playa
Minorities Buyer and certain of its Affiliates and the lenders party thereto, as further described on Exhibit S. 
 “Senior
Secured Term Loan Facility Documents” has the meaning set forth in Section 2.15 
 “Services Agreement”
means the staffing services agreements between the Target Companies and the Employment Companies listed on Exhibit N. 

“Shares” means the shares of stock or other equity interest in each of the Operators as specified in Exhibit J. 

“Space Leases” has the meaning set forth in Section 3.12(b). 

“Straddle Period” has the meaning set forth in Section 6.2(b). 

  
 -23- 

 “Subsidiary” means, with respect to a particular Person, any corporation,
partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person, or (ii) if a partnership, limited liability company, association or other business entity, a majority of the
partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by such Person. For purposes hereof, a particular Person shall be deemed to have a majority ownership interest in a partnership,
limited liability company, association or other business entity if such Person shall be allocated a majority of partnership, limited liability company, association or other business entity gains or losses or shall be or control the manager, managing
director, managing member or board, or general partner of such partnership, limited liability company, association or other business entity. For purposes of this Agreement, all Persons in which any of the Target Companies, directly or indirectly,
holds an ownership interest shall be Subsidiaries of such Target Companies. 
 “Target Companies” means, collectively, the
Operators Holding, the Operators and the Hotel Owners. 
 “Target Company Leases” has the meaning set forth in
Section 3.12(c). 
 “Target Company Proprietary Information” has the meaning set forth in
Section 5.5(a). 
 “Tax Returns” mean all reports, returns, statements (including estimated reports, returns,
or statements), filings related to duties associated with the use of the Mexican Federal Maritime Zone (Zona Federal Maritimo Terrestre) property tax, value added Tax (impuesto al valor agregado), income Tax (impuesto
sobre la renta), flat Tax (impuesto empresarial a tasa única - IETU), and other similar filings relating to Taxes required by Applicable Law, including any schedule or attachment thereto, and including any amendment
thereof. 
 “Tax” means any national, federal, regional, state or local taxes, duties, assessments, fees, levies, or
similar governmental charges (including, for the sake of clarity, any amounts relating to the failure to file a Tax Return), together with any interest, penalties, and additions to the foregoing, imposed by any taxing authority, including all net
income, gross income, flat, value added (IVA), IETU use, transfer, concessions, license and permit duties and fees, water, trash disposal, and sewage fees, duties associated with the use of the Mexican Federal Maritime Zone (Zona
Federal Maritimo Terrestre), cooperation (including cooperacion por obras), education and community development duties and fees, levies and assessment, disability, withholding, backup withholding, payroll, unemployment,
employment, excise, severance, property (whether real or personal, including impuesto predial), windfall profits, ad valorem, occupation, or any other taxes under Applicable Law, but specifically excluding the Contributions. 

“Terminated Employees” has the meaning set forth in Section 6.13(b). 

“Termination Costs” means any and all severance, indemnity and other labor or other payments and/or benefits for which an
employer is liable under Mexico’s Federal Labor Law, any union agreements and the applicable employment agreement, arising as a result of the termination of an Employee, including without limitation any payments for which any Target Company may
be liable under the applicable Services Agreement. 

  
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 “Third Party” means with respect to any Person, any other Person that
(i) has no control directly or indirectly, through one or more intermediaries, nor controls, is controlled by or is under common control with such Person, or (ii) any individual with whom such Person, or any Affiliate, shareholder or other
owner or equity holder, officer or director of such Person, has any direct or indirect relation by blood, marriage or adoption. For purposes of this definition, the term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise, and the terms “controlled” or “controlling” have meanings correlative thereto.

 “Third Party Claim” has the meaning set forth in Section 8.4(a). 

“Threshold Amount” has the meaning set forth in Section 8.5(a). 

“Transaction Documents” means this Agreement, the Investment in Playa Documents, the Operators Holding Minority Interest Sale
Documents, Additional Interest Acquisition Documents, the Investment in Real Documents, the Aircraft Purchase Agreement, the Investors Agreement, the Consulting Agreement, the Noncompetition Agreement, the Real Bazar Agreement, the Real Travel Club
Agreement, the Transition Services Agreement, the Best Day Agreement, the Environmental Indemnity and any other written agreement signed by the Parties that is expressly identified as a “Transaction Document” hereunder, and any exhibits or
attachments to any of the foregoing, as the same may be amended from time to time. 
 “Transfer Taxes” has the meaning set
forth in Section 6.1. 
 “Transition Services Agreement” has the meaning set forth in Section 6.7.

 “United States” or “U.S.” means the United States of America and its territories. 

“VAT Amount” has the meaning set forth in Section 6.3(a). 

“Waiver and Release” has the meaning set forth in Section 6.14. 

“Year End Financial Statements” has the meaning set forth in Section 3.7(a). 

ARTICLE II 

CONTRIBUTIONS AND INVESTMENTS 

SECTION 2.1 Capital Contribution into Operators Holding; Contribution, Sale and Purchase of Operators Holding and Operators Equity
Interests. Subject to the terms and conditions of this Agreement, on the Closing Date: 
 (a) Within fifteen (15) days following the
date hereof or such other date as may be mutually agreed by the parties in writing, the Real Group Members shall cause (i) an entity incorporated under the laws of Mexico that is wholly-owned by the Real Group Members

  
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and/or its shareholders or partners and that is reasonably acceptable to Playa (the “Operators Holding Additional Shareholder”) to contribute in cash to the Operators Holding the
amount of MX$50,000, in exchange for an equity interest (the “Operators Holding Additional Interest”) representing 50% of the equity of Operators Holding, and (ii) the Operators Holding to receive such contribution and issue
the Operators Holding Additional Interest. Prior to the issuance of the Operators Holding Additional Interest, the Real Group Members shall cause the Operators Holding Additional Shareholder to execute a joinder agreement in form and substance
reasonably acceptable to Playa in order to become party to this Agreement and the other Transaction Documents to which the Operators Holding Additional Shareholder is a party, and subsequent thereto, the Operators Holding Additional Shareholder
shall be included in the definition of Real Group Members. For purposes of this Section 2.1(a), Grupo Corporativo de Pachuca, S.A. de C.V., a company incorporated under the laws of Mexico, shall be deemed to be reasonably acceptable to
Playa, provided that it is wholly-owned by the Real Group Members and/or its shareholders or partners. 
 (b) Within five (5) days
following the contribution and the issuance of the Operators Holding Additional Interest, the Real Group Members shall provide Playa with (i) a copy of the public deed whereby the minutes of the partner’s meeting at which the capital
increase of Operators Holding and the issuance of the Operators Holding Additional Interest was approved, (ii) a copy of the notation in the partners’ registry book (libro de socios) of the Operators Holding evidencing
the issuance of the Operators Holding Additional Interest, (iii) an updated schedule 3.3(a) reflecting the transactions described in Section 2.1(a), and (c) the original joinder agreement duly executed on behalf of the
Operators Holding Additional Shareholder together with evidence of the authority of the individual executing the same. 
 (c) On the Closing
Date: 
 (i) Operators Holding Contributing Shareholder will contribute, sell, assign, transfer and deliver to Playa, and Playa will acquire
and accept from Operators Holding Contributing Shareholder, all of Operators Holding Contributing Shareholder’s right, title and interest in and to the Operators Holding Contributed Interest, free and clear of all Encumbrances, which shall be
valued for purposes of this exchange at the Contribution Amount, in exchange for the assignment, transfer and delivery of the Playa Shares free and clear of Encumbrances and the payment in cash of an amount equal to the Contribution Cash
Consideration (the “Investment in Playa”). The Contribution Cash Consideration will be payable in cash in Dollars. The Investment in Playa will be consummated pursuant to the Investment in Playa Documents. In connection with the
Investment in Playa, the Operators Holding Contributing Shareholder, Playa and the other equityholders of Playa shall enter into an Investors Agreement (the “Investors Agreement”) substantially in the form of Attachment I.

 (ii) Operators Holding Additional Shareholder will sell, assign, transfer and deliver to Playa Operators Buyer, and Playa Operators Buyer
will acquire and accept from Operators Holding Additional Shareholder the Operators Holding Additional Interest, for an aggregate purchase price equal to the Additional Interest Price, (the “Additional Interest Acquisition”),
subject to the provisions of Section 2.1(e) below. The Additional Interest Acquisition will be consummated pursuant to the Additional Interest Acquisition Documents. The Additional Interest Price shall be payable, on the Closing Date, as
follows: 

  
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 (A) the amount of $50,000,000, by delivery by Playa Minorities Buyer of a promissory note for
such amount, issued in favor of the Operators Additional Shareholder in accordance with and subject to the terms of the Senior Secured Term Loan Facility Documents; and 

(B) the balance, in cash. 

(iii) Operators Holding Minority Shareholder will sell, assign, transfer and deliver to Playa Minorities Buyer, and Playa Minorities Buyer
will acquire and accept from Operators Holding Minority Shareholder the Operators Holding Minority Interest, for an aggregate purchase price equal to the Operators Holding Minority Sale Amount, payable in cash on the Closing Date (the
“Operators Holding Minority Interest Sale’’). The Operators Holding Minority Interest Sale will be consummated pursuant to the Operators Holding Minority Interest Sale Documents. 

(d) Operators Minority Shareholder will sell, assign, transfer and deliver to Playa Minorities Buyer, and Playa Minorities Buyer will acquire
and accept from Operators Minority Shareholder the Shares (the “Minority Interest Sale”), for an aggregate purchase price equal to MX$2,000, which represents the parties’ agreement as to the fair market value of the Shares,
payable in cash in Dollars at the Applicable Rate on the Closing Date (the “Minority Interest Sale Amount”). The Minority Interest Sale will be consummated pursuant to the Operators Minority Interest Sale Documents. 

(e) Following the Closing Date, the Playa Operators Buyer shall pay to the Operators Holding Additional Shareholder, additional cash
consideration for the sale of the Operators Holding Additional Interest, in the form of sixteen (16) quarterly payments (each, a “Quarterly Payment”) as follows: 

(i) The first Quarterly Payment shall be paid at the end of the first quarterly period beginning on the first day of the month immediately
following the month in which the Closing Date occurs; 
 (ii) Each Quarterly Payment shall be in an amount equal to US$1,125,000
minus the nominal value (prior to any withholdings for any concept in accordance with Applicable Law) of any amounts received by the Operators Holding Additional Shareholder (or any successor thereof) as interest during the applicable quarter
then ending in connection with the Senior Secured Term Loan Facility. 
 (iii) On the Closing Date, the Playa Group Members shall issue
sixteen (16) promissory notes in the form of Attachment XV. each in the amount of US$500,000 and maturing, respectively, on each of the dates on which the Quarterly Payments are due. Upon receipt of the amounts corresponding to each
Quarterly Payment, the Real Group Members shall return to the Playa Operators Buyer the promissory note that was due on such date, regardless of whether the amount of such Quarterly Payment is higher or lower that the face value of the applicable
promissory note. The Parties acknowledge and agree that the promissory notes described in this Section 2.1 (e)(iii) are issued exclusively for purposes of securing the payment of the applicable Quarterly Payment, and shall in no event be
deemed to constitute independent or additional payment obligations of the signatories thereof in favor of any of the Real Group Members. 

  
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 SECTION 2.2 Playa Loan and Payment of Accounts Receivable. Subject to the terms and
conditions of this Agreement, on the Closing Date (i) Playa Minorities Buyer will make a term loan to the Target Companies in the amount of the Receivables Outstanding Amount (the “Playa Loan”), and (ii) the Target
Companies will use the proceeds of the Playa Loan to pay the outstanding balance of the Accounts Receivable in full. Both the disbursement of Playa Loan and the payment of the balance of the Accounts Receivable shall be made in Dollars at the
Applicable Rate. 
 SECTION 2.3 Capital Reduction. 

(a) Within five (5) days following the date hereof or such other date as may be mutually agreed by the parties in writing, the Hotel
Owners will effect a capital reduction in favor of ITR (the “Capital Reduction”) in an aggregate amount equal to the Capital Reduction Amount and on terms mutually agreed between Playa and ITR. The Capital Reduction will be effected
without immediate distribution of moneys to ITR, and the related amounts will be recorded as a liability in the books and records of the Hotel Owners. On the Closing Date, the Target Companies will use the proceeds of the Investment in Real to pay
the outstanding balance of the Capital Reduction in full; such payment will be made in Dollars at the Applicable Rate. 
 (b) On the Closing
Date the Hotel Owners will effect a capital reduction in cash in favor of the Hotel Owners Shareholders (the “Fixed Interest Capital Reduction”) in an aggregate amount equal to MX$200,000 (the Fixed Interest Reduction
Amount”) payable in cash in Dollars at the Applicable Rate on the Closing Date, in order to redeem in their entirety any equity interests held by the Hotel Owners Shareholders, pursuant to the Investment in Real Documents. 

SECTION 2.4 Capital Contribution in Hotel Owners. Subject to the terms and conditions of this Agreement, on the Closing Date,
the Playa Investor and the Playa Minorities Buyer will make a capital contribution (the “Investment in Real”) in cash into the Hotel Owners in an amount equal the Investment in Real Amount, as specified in Exhibit C, pursuant
to the Investment in Real Documents, in exchange for the issuance of the New Interests. The Investment in Real will be paid in Dollars at the Applicable Rate. 

SECTION 2.5 Post Closing Legal Actions. 

(a) ISAI Actions. Within thirty (30) days following the date hereof, the Real Group Members will designate a reputable law firm (or
any individual attorney, including any in-house attorney working for any of the Real Group Members) reasonably acceptable to Playa to, on behalf of the Hotel Owners, file the appropriate amparo legal actions in Mexico (the “ISAI
Actions”) for purposes of obtaining the refund of the asset transfer taxes (impuesto sobre adquisición de inmuebles - ISAI) paid by the Hotel Owners in connection with the Merger, and will cause the Hotel Owners
to issue a power-of-attorney in the form attached hereto as Attachment II (each, an “ISAI Actions Power of Attorney”) for such purposes. Following the Closing, any fees, costs and expenses associated with the ISAI Actions
(including any fees, costs 

  
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and expenses payable to the law firm or attorney representing the Hotel Owners) shall be borne and paid directly by the Real Group Members, and the Real Group members shall promptly refund any
out-of–pocket cost or expense incurred by any of the Target Companies or the Playa Group Members in connection with the ISAI Actions upon request and delivery of the applicable documentation evidencing such cost or expense. Following the
Closing, upon receipt by any of the Hotel Owners of any amounts as a result of any ISAI Actions, the applicable Hotel Owner shall, within 30 days and after deduction of any applicable amounts on account of related unpaid refunds of out-of-pocket
costs or expenses or any applicable taxes, promptly pay such amounts to ITR. None of the Target Companies nor any of the Playa Group Members shall be responsible, nor shall they have any liability towards any of the Real Group Members in connection
with the ISAI Actions or their results. Playa Group Members shall not revoke or cause the Hotel Owners to revoke the ISAI Actions Power of Attorney, except: (i) for cause; or (ii) upon written request by the Real Group Members. Upon revocation
of the ISA Actions Power of Attorney the Real Group Members shall appoint another reputable law firm or individual attorney reasonably acceptable to Playa to continue the ISAI Actions and Playa Group Members shall grant or cause the Hotel Owners to
grant the corresponding powers of attorney. 
 (b) Other Legal Actions. Within thirty (30) days following the date hereof, the
Real Group Members will designate a reputable law firm (or any individual attorney, including any in-house attorney working for any of the Real Group Members) reasonably acceptable to Playa to, on behalf of the Hotel Owners, initiate and/or continue
the legal proceedings identified on Schedule 2.5(b), for the purpose of obtaining a refund from the corresponding Governmental Authority of overcharges to the Hotel Owners pertaining to periods prior to the Effective Time (the
“Other Legal Actions”), and will cause the Hotel Owners to execute a power-of-attorney in the form attached hereto as Attachment III (each, an “Other Legal Actions Power of Attorney”) for such purposes.
Following the Closing, Any fees, costs and expenses associated with the Other Legal Actions (including any fees, costs and expenses payable to the law firm or individual attorney representing the Hotel Owners in connection with the Other Legal
Actions) shall be borne and paid directly by the Real Group Members, and the Real Group members shall promptly refund any out-of–pocket cost or expense incurred by any of the Target Companies or the Playa Group Members in connection with the
Other Legal Actions upon request and delivery of the applicable invoice or documentation evidencing such cost or expense. Following the Closing, upon receipt by any of the Hotel Owners of any amounts as a result of any Other Legal Actions, the
applicable Hotel Owner shall, within 30 days and after deduction of any applicable amounts on account of related unpaid refunds of put-of-pocket costs or expenses or any applicable taxes, promptly pay such amounts to the Real Group Members or their
designee. None of the Target Companies nor any of the Playa Group Members shall be responsible, nor shall they have any liability towards any of the Real Group Members in connection with the Other Legal Actions or their results. Playa Group Members
shall not revoke or cause the Hotel Owners to revoke the ISAI Actions Power of Attorney, except: (i) for cause; or (ii) upon written request by the Real Group Members. Upon revocation of the Other Legal Actions Power of Attorney the Real
Group Members shall appoint another reputable law firm or individual attorney reasonably acceptable to Playa to continue the Other Legal Actions and Playa Group Members shall grant or cause the Hotel Owners to grant the corresponding powers of
attorney. 

  
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 SECTION 2.6 Maintenance of Operating Leases. The Hotel Owners and the Operators
have entered into the operating leases set forth on Schedule 2.6 (each an “Operating Lease”). Following the Closing Date and until January 1, 2014, the Playa Group Members shall cause the Hotel Owners and the Operators
to (i) comply with all obligations and duties under each Operating Lease, including but not limited to the obligation to pay rent; (ii) refrain from terminating, including termination by merger or otherwise, modifying or amending any
Operating Lease without the prior written consent of the Real Group Members Representative; provided that the Hotel Owners and the Operators may modify or amend any of the Operating Leases, without requiring any such consent, in order to
(x) increase or decrease the amounts payable in connection therewith, whether as rent or otherwise; and/or (y) remove any references, rights and obligations of the parties thereto and third parties in connection with certain bank loans,
including the appointment of a depositary in connection therewith, once such loans have been repaid in full. Additionally, Playa shall not cause the Hotel Owners and the Operators to merge without the prior written authorization from the Servicio
de Administración Tributaria as may be required by Applicable Law, including but not limited to Article 14(B) of the Código Fiscal de la Federación. 

SECTION 2.7 Transfer of Permits and Licenses. Within fifteen (15) days following the date hereof or as soon as reasonably
practicable, the Real Group Members shall, and shall cause their Affiliates and any third parties, as applicable, to begin the process of transferring the Permits, Environmental Permits, IT Systems, IP Licenses, Owned Intellectual Property and
Registered Intellectual Property identified on Exhibit Q (the “Transferrable Items”) to the Persons identified on such Exhibit Q. On the Closing Date, the Real Group Members shall, and shall cause their Affiliates and
any third parties to issue a special power of attorney substantially in the form of Attachment XXII to the attorneys designated by Playa in writing, and reasonably acceptable to the Real Group Members, in order to complete the transfer of any
Transferrable Items that has not been completed prior to Closing. The Real Group Members shall reasonably cooperate with Playa to accomplish the foregoing. All costs and expenses arising or in connection with the transfer of the Transferrable Items
shall be borne by the Real Group Members. 
 SECTION 2.8 Closing. The closing (the “Closing”) of the
transactions contemplated hereby shall take place in Cancun, Mexico, at a place and time to be mutually agreed by the Parties in writing, on the date that is the earlier of (i) two Business Days following the date on which the last of the
conditions precedent to Closing set forth in Article VII of this Agreement has been either satisfied or waived by the Party for whose benefit such conditions precedent exist, or (ii) the Outside Date, or such other date as the Parties
may mutually agree in writing. Unless otherwise agreed by the Parties in writing, the Closing shall be effective for all purposes as of 12:01 a.m. local time (the “Effective Time”) on the Closing Date at the place of the Closing.

 SECTION 2.9 Closing Deliveries by the Real Group Members. The Real Group Members shall deliver, or cause to be delivered,
the following to Playa or its designee at Closing: 
 (a) the stock certificates representing the Shares, free and clear of all Liens, duly
endorsed to Playa Minorities Buyer; 

  
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 (b) a certificate of the sole manager (gerente único) of the Operators
Holding, in the form of Schedule 2.9(b), certifying that (i) Playa has been registered as the owner of the Operators Holding Contributed Interest, (ii) Playa Operators Buyer has been registered as the owner of the Operators Holding
Additional Interests and (iii) Playa Minorities Buyer has been registered as the owner of the Operators Holding Minority Interest, and attaching a copy of the notation in the partners’ registry book (libro de socios) of the
Operators Holding evidencing such facts; 
 (c) a certificate of the sole manager (gerente único) or sole administrator
(administrador único), as applicable of each of the Operators, in the form of Schedule 2.9(c), certifying that Playa Minorities Buyer has been registered as the owner of the Shares and attaching a copy of the notation in
the shareholders’ registry book (libro de registro de accionistas or libro de registro de socios, as applicable) of the applicable Operator evidencing such fact and that Playa Minorities Buyer and Operators Holding are the sole owners of
the Operators; 
 (d) a certificate of the sole manager (gerente único) of each of the Hotel Owners, in the form of
Schedule 2.9 (d), certifying that (i) the Capital Reduction has been effected, and attaching a copy of the partners meeting minute, whereby the capital reduction is approved, and (ii) the Playa Investor has been registered as the
owner of the New Interests and attaching a copy of the notation in the partners’ registry book (libro de socios) of such Hotel Owner evidencing such fact; 

(e) a certificate of the sole manager (gerente único) of each Operators Shareholder, in the form of Schedule 2.9
(e), certifying (i) true and complete copies of such Operators Shareholders’ incorporation deed (escritura constitutiva) and current bylaws, and (ii) true and complete copies of the deeds containing the powers
of attorney in favor of the officers or other representatives of the individuals executing this Agreement, the other Transaction Documents and the other agreements, documents and certificates delivered by such Operators Shareholder, including true
and complete copies of the public deeds containing the powers of attorney granted for such purposes; 
 (f) a certificate of the sole
administrator (administrador único) of each Target Company that is a party to any of the Transaction Documents, in the form of Schedule 2.9 (f), certifying (i) true and complete copies of such Target
Company’s incorporation deed (escritura constitutiva) and current bylaws, (ii) resolutions duly adopted by the board of directors or equivalent governing body of such Target Company authorizing the Contemplated
Transactions, to which such Target Company is a party, and the execution, performance and delivery of all agreements, documents and transactions contemplated hereby, and (iii) true and complete copies of the deeds containing the powers of
attorney in favor of the officers or other representatives of the individuals executing this Agreement, the other Transaction Documents and the other agreements, documents and certificates delivered by such Target Company, including true and
complete copies of the public deeds containing the powers of attorney granted for such purposes; 

  
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 (g) the organizational record books and deeds (actas constitutivas, reformas de estatutos y
protocolizaciones), share registries (libro de registro de socios or accionistas, as applicable), minute books (libros de actas de asambleas y libro de actas del consejo) and capital variance books (libro de variaciones de capital) with respect to
each Target Company; 
 (h) the officer’s certificates required of the Real Group Members by Section 7.3(a); 

(i) all Transaction Documents to which any Real Group Member is a party, each duly executed by the applicable Real Group Member(s); 

(j) all Transaction Documents to which any of the Target Companies is a party, each duly executed by such Target Companies; 

(k) evidence of the receipt of the Real Group Regulatory Approvals and the Real Group Third Party Approvals; 

(l) (i) a D&O Resignation of each director and officer of each Target Company as contemplated by Section 7.3(h), (ii) an
acknowledgment of termination from each of the attorneys-in-fact as provided in Section 7.3(1), and (iii) a minute of the shareholders or partners meeting of each Target Company as applicable, duly notarized in the form of
Schedule 2.9(1), whereby, except for the ISAI Actions Power of Attorney, the Other Legal Actions Powers of Attorney and the Third Party Claims Powers of Attorney, all existing powers of attorney are revoked, new powers of attorney are granted
in favor of the persons designated by Playa in writing, and the board of managers or directors, as applicable, is appointed as designated by Playa in writing; 

(m) the Waiver and Release duly executed by each of the Retained Employees, and if applicable, by their new employer; 

(n) an irrevocable power-of-attorney in the form attached hereto as Attachment IV (each, a “Real Group Members’
Representative Power of Attorney”) executed by each Real Group Member before a notary public or attorney in the appropriate jurisdiction granting the Real Group Members’ Representative the authority to act on such Real Group
Member’s behalf; 
 (o) Certificate of Bank Indebtedness Balance as of the Closing Date certified by the sole manager (gerente
único) or sole administrator (administrador único), as applicable, of each Target Company in the form of Exhibit D, and attaching a copy of a balance statement issued by the applicable lenders dated not earlier
than one day prior to the Closing Date; 
 (p) (a) invoices issued by ITR in favor of the Target Companies evidencing the amounts due in
connection with the Accounts Receivable, which shall comply with all requirements of Applicable Law and (b) a written acknowledgment and release by ITR with respect to the payment by the Target Companies of the Account Receivables in the form
of Schedule 2.9(p); 

  
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 (q) certificate of no liens or of liens, as applicable (certificado de libertad de
gravámenes o de gravámenes) issued by the Public Registry of Property and Commerce of the State of Quintana Roo, Cancun Delegation (Registro Público de la Propiedad y del Comercio del Estado de
Quintana Roo, Delegación Cancun) and Playa del Carmen Delegation (Registro Público de la Propiedad y del Comercio del Estado de Quintana Roo, Delegación Playa del Carmen) which indicates that the Owned
Real Property is free and clear of any Liens or ownership limitation, with the exception of the Permitted Real Estate Liens; 
 (r) copies of
the public deeds cancelling the mortgage liens set forth on Exhibit L, duly executed by the applicable mortgagee, together with evidence of their presentation to the corresponding public registry of property (Registro Público de la
Propiedad y del Comercio); 
 (s) Final Form of Closing Statement and the Closing Statement duly executed by the Real Group
Members Representative; 
 (t) evidence reasonable satisfactory to Playa of the conclusion and performance of each of the activities set
forth on Exhibit P; 
 (u) evidence reasonable satisfactory to Playa of the transfer of the Transferrable Items that has been
completed prior to Closing, and powers of attorney for the completion of the transfer of the remaining Transferrable Items as required pursuant to Section 2.7; 

(v) original of the public deed (escritura de propiedad) with Public Registry of Property registration of each Real Property;

 (w) evidence reasonably satisfactory to Playa of the release from liability of the Target Companies in connection with the Inter National
Bank Debt; and 
 (x) such other agreements, consents, documents, instruments and writings as are reasonably required to be delivered by the
Real Group members or the Target Companies at or prior to the Closing Date pursuant to the terms of this Agreement. 
 SECTION 2.10
Closing Deliveries by the Playa Group Members. At the Closing, the Playa Group Members shall deliver, or cause to be delivered, the following to the Real Group Members’ Representative: 

(a) a certificate of the Secretary of Playa, in the form of Schedule 2.10(a), certifying that the Operators Holding Contributing
Shareholder has been registered as the owner of the Playa Shares; 
 (b) a certificate of the Secretary (or other authorized officer) of each
Playa Group Member in the form of Schedule 2.10(b), certifying (i) true and complete copies of such Playa Group Member’s incorporation documents and current bylaws, (ii) resolutions duly adopted by the board of directors or
equivalent governing body of such Playa Group Member and by the equity holders of Playa Group Member, if required, authorizing the execution of this Agreement and the execution, performance and delivery of all agreements, documents and transactions
contemplated hereby, and (iii) the incumbency of the officers or other representatives of the individuals executing this Agreement, the other Transaction Documents and the other agreements, documents and certificates delivered by such Playa
Group Member, including true and complete copies of the public deeds containing the powers of attorney granted for such purposes; 
  

  
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 (c) all Transaction Documents to which each of the Playa Group Members is a party, each duly
executed by such Playa Group Member; 
 (d) evidence of the receipt of the Playa Group Regulatory Approvals and the Playa Group Third Party
Approvals; 
 (e) the original Deposit Promissory Notes; 

(f) the Closing Payments in immediately available funds by wire transfer to one or more accounts of the applicable Real Group Members, as
designated by the Real Group Members’ Representative by notice to Playa not later than two Business Days prior to the Closing Date; 

(g) Final Form of Closing Statement and the Closing Statement duly executed by Playa; 

(h) evidence reasonably requested by the Real Group Members that the Transactions will be closing simultaneously with the Contemplated
Transactions, on terms substantially similar to those set forth in Exhibit U, and that as a result thereof, immediately after the Closing Playa will meet the requirements listed therein under “Closing Requirements”; 

(i) a copy of the executed Senior Secured Term Loan Documents; 

(j) a duly executed promissory note as described in Section 2.1(c)(ii)(A) in the amount of USD$50,000,000; 

(k) a duly executed promissory note as specified in Section 2.1(e) in connection with the Quarterly Payments; 

(l) such other agreements, consents, documents, instruments and writings as are reasonably required to be delivered by the Playa Group Members
at or prior to the Closing Date pursuant to this Agreement. 
 SECTION 2.11 Adjustments to Investment Amounts. 

(a) Attached hereto as Exhibit E is a statement (the “Proposed Form of Closing Statement”), in draft form,
(i) setting forth, in reasonable detail, the Real Group Members’ good faith estimate of, as of immediately prior to the date hereof, (A) the Bank Indebtedness Balance, (B) any unpaid Real Group Expenses for which any Target
Company is liable (the “Expense Adjustment Amount”), (C) the Accumulated Labor Liability of all the Target Companies, and (D) the Net Working Capital of the Target Companies, including, in each case, a summary of the
required calculations, both per individual Target Company and on a consolidated and combined basis; and (ii) attaching an estimated balance sheet of each of the Target Companies as of immediately prior to the date hereof. From the date hereof
and until 

  
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Closing the Real Group Members shall: (xx) provide weekly updates to the Proposed Closing Statement, as applicable; (yy) provide Playa and its Representatives full and timely access to all
supporting work papers and other documentation used in, and the personnel responsible for preparation of, the Proposed Form of Closing Statement; and (zz) continue to categorize all items of income, expense, assets and liabilities in the same manner
as set forth in the Proposed Form of Closing Statement, and as set forth in the Final Form of Closing Statement, once determined as provided in Section 2.11 (b). 

(b) Within twenty (20) days of receipt of the Proposed Closing Statement, the Real Group Members Representative and Playa shall meet in
person to review, discuss and in good faith cooperate and mutually agree upon a final form of closing statement (the “Final Form of Closing Statement”). The Final Form of Closing Statement shall be duly signed by the Real Group
Members Representative and Playa. 
 (c) Two (2) days prior to the Closing Date, the Real Group Members and Playa shall jointly update
the Final Form of Closing Statement and the estimated balance sheet of each of the Target Companies as may be necessary, so that the amounts set forth therein are estimated as of the Closing Date. Such update shall be prepared, and the resulting
amounts shall be calculated, in a manner and using a methodology that is consistent with the amounts, calculations and methodology set forth in the Final Form of Closing Statement, and Parties agree to in good faith cooperate and resolve any
differences and discrepancies that may arise between them during the updating process. As updated in accordance with this Section 2.11 (c) (i) the Bank Indebtedness Balance of the Target Companies shall be referred to as the
“Final Bank Indebtedness Balance”; (ii) the unpaid Real Group Expenses for which the Target Companies are liable shall be referred to as the “Final Expense Adjustment Amount”; (iii) the Accumulated Labor
Liability of all the Target Companies shall be referred to as the “Final Accumulated Labor Liability Amount”; and (iv) the Net Working Capital of the Target Companies shall be referred to as the “Final Net Working
Capital Amount”, and the statement containing all such amounts, which shall be duly signed by Playa and the Real Group Members Representative shall be referred to as the “Closing Statement”. 

(d) On the Closing Date, the Parties shall each make (subject to offset) the following payments as applicable, in immediately available funds
by wire transfer to a bank account designated in writing by the Party entitled to receive such payment, in each case subject to the provisions of Section 2.14: 

(i) The Real Group Members shall pay to Playa an amount equal to the sum of (1) the Final Expense Adjustment Amount, (2) the Final
Accumulated Labor Liability Amount, and (3) the amount of the Price Reduction Amount, if any; provided that, with respect to the payment of such amounts any amounts included in the calculation of the Proposed Net Working Capital shall be
deducted from the payment in order to avoid duplication. 
 (ii) If the Final Net Working Capital Amount is greater than zero, then the
excess amount shall be paid to the Real Group Members’ Representative (for payment to the Real Group Members) by Playa. 
  

  
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 (iii) If the Final Net Working Capital Amount is less than zero, then the deficient amount shall
be paid by the Real Group Members to Playa. 
 (e) Within sixty (60) days after the Closing Date, Playa shall prepare and submit to the
Real Group Members a revised version of the Closing Statement (the “Adjusted Closing Statement”), setting forth, in reasonable detail, any adjustments required by Playa to be made to the amounts set forth therein, together with any
applicable calculations and reasonable explanations. Such Adjusted Closing Statement shall be prepared, and the resulting amounts shall be calculated, in a manner and using a methodology that is consistent with the amounts, calculations and
methodology set forth in the Final Form of Closing Statement, and Parties agree to in good faith cooperate and resolve any differences and discrepancies that may arise between them during the adjustment process. Within ten (10) days of the
presentation the Adjusted Closing Statement, the Parties shall in good faith cooperate and resolve any differences and discrepancies that may exist in connection with the Adjusted Closing Statement, and pay or refund any amounts as may be required
in order to adjust the amounts paid on the Closing Date as provided in Section 2.11(d). 
 (f) The Proposed Form of Closing
Statement, the Revised Form of Closing Statement and the Closing Statement shall be prepared, and the amounts, calculations and information contained therein, shall in each case be determined, in accordance with MFRS, as consistently applied by the
Target Companies in their most-recent audited Financial Statements. 
 SECTION 2.12 Offset. The Playa Group Members and the
Target Companies shall have the right to offset against any unpaid amounts to the Real Group Members, any amounts that are or may become payable to any Playa Group Member and/or the Target Companies (i) pursuant to Article VIII hereof as
a result of any Third Party Claim, and/or (ii) pursuant to Article VIII as a result of a Direct Claim following a final binding and non-appealable court order, judgment or arbitral award confirming or otherwise providing for the right of
the applicable Playa Group Member to receive payment of such amount. The foregoing limitation shall not in any way affect the right of the Playa Indemnified Parties to receive payment of any unpaid amounts and/or to bring any. claim for
indemnification in accordance with the terms of this Agreement. 
 SECTION 2.13 Tax Withholding. Notwithstanding any provision
of this Agreement to the contrary, all payments made pursuant to this Article II shall be reduced by any amounts of Taxes that are required by Applicable Law to be deducted and withheld therefrom, provided that if withholding or deduction is
required pursuant to Applicable Law, no such amounts shall be deducted or withheld if the applicable payee thereof shall present to applicable payor a valid certificate(s) of exemption from withholding or deduction or a Tax ruling from the relevant
Governmental Authority in respect of such payment(s), and provided further, that any Party making a withholding as provided in this Section 2.13 shall deliver to the applicable payee a withholding certificate (constancia de
retención) as provided by Applicable Law. 
 SECTION 2.14 Payments to the Real Group Members. It is
acknowledged and agreed, and each of the Real Group Members hereby expressly directs, that all payments to be made to the Real Group Members under this Agreement, including payment of any adjustments as

  
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provided in Section 2.11, shall be paid by the applicable Playa Group Member to the Real Group Members’ Representative on behalf of the Real Group Members, and that the Real
Group Members’ Representative shall have sole responsibility for allocating each payment made hereunder amongst the Real Group Members and that the Playa Group Members shall not have any responsibility or liability with respect to such
allocation. Schedule 2.14 sets forth the payment instructions and wire transfer information for the Real Group Members’ Representative, which information shall be used whenever payments are to be made to the Real Group Members’
Representative or the Real Group Members pursuant to this Agreement. The Real Group Members’ Representative shall have the right from time to time to deliver to the Playa Group Members amended payment instructions and wire transfer information,
provided that the Real Group Members’ Representative shall have provided the Playa Group Members with such details at least two Business Days prior to the relevant scheduled date of payment. 

SECTION 2.15 Real Group Members Due Diligence. 

(a) On May 8, 2013, the Real Group Members delivered to Playa a list of the documents and other information (the “Real Due
Diligence Documents”) it will reasonably require to (i) confirm that the Affiliates of Playa currently own valid title over the Playa Resorts (other than the Jamaica Property), subject to only to (A) liens that will be terminated
in connection with the Transactions and (B) liens that do not materially and adversely affect the ownership or operation of the applicable Playa Resort as currently owned and/or operated by the applicable Playa Affiliate; and (ii) review
and confirm that the entities listed on Schedule 4.5 are validly existing and in good standing in their respective jurisdictions of incorporation, except to the extent such lack of good standing may not be reasonably expected to result in a
Material Adverse Effect (the “Real Group Due Diligence”). The Real Group Members shall have a period of 30 days commencing on the date hereof, to review such Real Due Diligence Documents and conduct any additional examinations,
inspections, studies and investigations that they desire in order to conduct the Real Group Due Diligence. In the event that during the Inspection Period, the Real Group Members are unable to reasonably confirm the issues described in this
Section 2.15(a), the Real Group Members shall notify Playa in writing of any objections they may have in connection therewith (the “Due Diligence Objection Notice”). Playa shall have five (5) days from delivery of
the Due Diligence Objection Notice to notify the Real Group Members in writing (A) that Playa will cure the matters identified on the Due Diligence Objection Notice on or before the Closing (or that it will give assurances reasonably acceptable
to the Real Group Members that such matters will be cured as soon as practicable following the Closing); or (B) that Playa elects not, or is unable to, cure such matters, in which case the Real Group Members shall have the right to terminate
this Agreement upon written notice to Playa. Upon such termination all of the provisions of this Agreement, except any obligations or liability expressly stated herein to survive termination, shall terminate, and the Deposit shall be released as
provided in Section 6.1(b)(ii). 
 (b) Playa shall deliver to the Real Group Members’ Representative, as soon as they are
available, (i) the final drafts of the documents whereby the Transactions will be documented (“Playa Transaction Documents”), and (ii) the documents and agreements evidencing the Senior Secured Term Loan incorporating the
terms of Exhibit S (“Senior Secured Term Loan Documents”). The Real Group Members shall have a period ending 10 days prior to Closing, to notify Playa of any objections and or modifications the Real Group Members have to 

  
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the applicable draft on the basis that it fails to conform to the requirements set forth in Exhibit S or Exhibit U, as applicable (each, a “Document Objection
Notice”). Playa shall have five (5) days from delivery of a Document Objection Notice to (A) notify the Real Group Members in writing that Playa will cure the matters identified on the Document Objection Notice to the reasonable
satisfaction of the Real Group Members or (B) that Playa elects not to cure such matters, in which case the Real Group Members shall have the right to terminate this Agreement upon written notice to Playa. Upon such termination all of the
provisions of this Agreement, except any obligations or liability expressly stated herein to survive termination, shall terminate, and the Deposit shall be released as provided in Section 6.1(b)(ii). 

SECTION 2.16 Base Amount. Notwithstanding any provision to the contrary in this Agreement or in any of the Transaction
Documents, the Parties agree that the aggregate (the “Aggregate Amount”) of the Additional Interest Price, the Operators Holding Minority Sale Amount, the Receivables Outstanding Amount, the Capital Reduction Amount, the Fixed
Interest Reduction Amount, the Bank Indebtedness Balance, the Minority Interest Sale Amount and the Contribution Amount, each converted from Mexican Pesos into Dollars at the Applicable Rate, shall in no case exceed the Base Amount (the
“Base Amount Test”). In case the Aggregate Amount exceeds the Base Amount, the Contribution Cash Consideration (and therefore the Contribution Amount) shall be reduced at Closing to the extent necessary to meet the Base Amount Test;
if once the Contribution Cash Consideration has been reduced to zero, the Aggregate Amount continues to exceed the Base Amount, the Additional Interest Price shall be reduced at Closing to the extent necessary to meet the Base Amount Test,
provided that the Additional Interest Prices shall never be less than $50,000,000; if once the Additional Interest Price has been reduced to US$50,000,000, the Aggregate Amount continues to exceed the Base Amount, the Real Group Members shall
pay at Closing to Playa the difference between the Aggregate Amount (as reduced pursuant to the provisions of this Section 2.16) and the Base Amount (the “Price Reduction Amount”) as provided in
Section 2.11(d)(i). In such event the Price Reduction Amount shall be reflected as price reduction in the Additional Interest Acquisition Documents and the Contribution and Transfer Agreement, to be proportionally allocated. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE REAL GROUP MEMBERS 

Each of the Real Group Members hereby represents and warrants to the Playa Group Members as of the date hereof and as of the Closing Date as
follows, provided, that for purposes of this Article III: 
 SECTION 3.1 Corporate Existence and Power; Solvency. 

(a) Each Real Group Member that is a corporation or other legal entity is duly organized validly existing and in good standing under the laws
of Mexico. 
 (b) Each Target Company is a sociedad anónima de capital variable or a sociedad de responsabilidad
limitada de capital variable, as applicable, duly organized validly existing and in good standing under the laws of Mexico. 

  
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 (c) True, correct and complete copies of (i) escrituras constitutivas and any
amendments to their respective bylaws, (ii) stock certificates (to the extent issued by the Target Companies), libro de registro de socios or libro de registro de accionistas, and (iii) copies of the minutes and record books
of meetings of the board of directors, managers or other governing bodies, and of meetings of shareholders, members, or other owners, in each case with respect to each of the Target Companies, have been provided in the Due Diligence Materials. 

(d) None of the Real Group Members is entering into this Agreement or the transactions contemplated hereby with the actual intent to hinder,
delay or defraud either present or future creditors. Neither Real Group Members nor the Target Companies are in a state of insolvency (concurso mercantil), bankruptcy (quiebra), dissolution (disolución) or
liquidation (liquidación), in each case within the meaning of the Commercial Insolvency Law (Ley de Concursos Mercantiles) and/or the General Law of Commercial Organizations (Ley General de
Sociedades Mercantiles) and other Applicable Law of Mexico, nor have initiated any procedure to declare insolvency, bankruptcy, dissolution or liquidation. The execution of this Agreement or the Transaction Documents will not, result in
the insolvency, bankruptcy, dissolution or liquidation of the Target Companies or the Real Group Members, provided that, within twelve (12) months after the Closing Date, the Real Group Members may dissolve or liquidate in accordance with Applicable
Law after providing Playa with (i) reasonably prior written notice thereof and including detailed information regarding the identity of the Person(s) that shall assume, as successor of the Real Group Member being dissolved or liquidated, any
rights and obligations of such Real Group Member hereunder, and (ii) reasonably satisfactory documents or instruments confirming such assumption. 

SECTION 3.2 Authorization, Execution and Enforceability of Transactions. Each Real Group Member has the requisite power and
authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to consummate the Contemplated Transactions. Schedule 3.2 lists the public deeds whereby the persons executing this Agreement on
behalf of each of the Real Group Members are duly authorized to execute this Agreement on behalf of each such Real Group Member and to undertake and complete all actions contemplated herein. All corporate, limited liability company, partnership or
similar acts and other proceedings required to be taken by each Real Group Member to authorize such Real Group Members’ execution and delivery of this Agreement and the other Transaction Documents to which such Real Group Member is a party, the
performance of its obligations hereunder and thereunder and the consummation of the Contemplated Transactions have been duly and properly taken. This Agreement and the other Transaction Documents (when executed and delivered) have been duly executed
and delivered by each Real Group Member, and constitute a legal, valid and binding obligation of each Real Group Member, enforceable in accordance with their respective terms and conditions. 

SECTION 3.3 Capitalization. 

(a) Schedule 3.3(a) sets forth, for each Target Company, its corporate domicile, its fiscal domicile, its authorized capital stock or
other equity interests, the amount, as of the date of this Agreement, and as of the Closing Date, of its outstanding capital stock or other equity interests and the record owner(s) of its outstanding capital stock or other equity interests as of the
date of this Agreement and as of the Closing Date. Except for the Interests as set forth 

  
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in Schedule 3.3(a), as of the date of this Agreement and as of the Closing Date, there are no shares of capital stock of or equity interests in any Target Company. The Interests have been
duly authorized and validly issued, are fully paid and non-assessable, and are owned beneficially and of record by the Real Group Members as set forth on Schedule 3.3(a), free and clear of any Liens, and were not (i) issued in violation
of, and are not subject to, the preemptive rights of any Person, (ii) issued in violation of, and are not subject to, any agreement or contract (including any right of first offer or right of first refusal) or (iii) issued in violation of
any Applicable Laws, statutes, orders, decrees, rules, regulations or judgments of any Governmental Authority. The Real Group Members have full voting power over the Interests, subject to no proxy, shareholders’ or similar agreement, voting
trust or other agreement relating to the voting of any of the Interests, and other than the Interests, there are no outstanding interests, shares of stock or any instruments giving the owner or holder thereof the right to vote on any matters on
which the Target Company’s equityholders may vote. No Target Company has outstanding, or is bound by, any subscription, option, warrant, or other right, call or commitment to issue, sell, pledge, transfer or otherwise dispose of, or any
obligation or commitment to purchase or otherwise acquire, any of its authorized capital stock or other equity interest or any securities convertible into or exchangeable for any of its authorized capital stock or other equity interest. 

(b) At Closing, the New Interests will have been duly authorized and validly issued, and following the Closing they will be owned beneficially
and of record by the Playa Investor, free and clear of any Liens. The New Interests will not be (i) issued in violation of, and are not subject to, the preemptive rights of any Person, (ii) issued in violation of, and will not be subject
to, any agreement or contract (including any right of first offer or right of first refusal) or (iii) issued in violation of any Applicable Laws or any Order of any Governmental Authority. 

(c) There are no dividends, distributions or similar rights that have accrued or been declared but are unpaid on the capital stock or other
equity interests of any of the Target Companies, except in connection with the Capital Reduction. There are no outstanding or authorized stock appreciation, phantom stock, stock plans or similar rights with respect to any of the Target Companies.

 (d) The minute books and stock record books of the Target Companies, all of which have been made available to Playa, are complete and
correct and have been maintained in accordance with sound business practices and requirements of Applicable Law, including the maintenance of an adequate system of internal controls. The minute books of the Target Companies contain accurate and
complete records of all meetings held, and actions taken by, the equityholders, the board of directors and committees of the board of directors (or applicable equivalent bodies) of the Target Companies, and no meeting of any such equityholders,
board or committee (or applicable equivalent bodies) has been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of such books and records will be in the possession of the Target Companies.

 (e) As of the Closing Date, the Capital Reduction has been effected in accordance with the terms and conditions set forth herein. 

  
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 SECTION 3.4 No Violations. Except as set forth on Schedule 3.4, each of the Real
Group Members’ and the Target Companies’ execution and delivery of this Agreement and the other Transaction Documents and the performance of their respective obligations hereunder and thereunder will not, assuming all of the Real Group
Regulatory Approvals and the Real Group Third Party Approvals are obtained or received, as applicable, (a) contravene or violate any Applicable Law to which any Real Group Member or any of the Target Companies is subject, (b) contravene or
violate any Order of any Governmental Authority that is applicable to any of the Real Group Members or the Target Companies, (c) contravene, violate or be ineffective under the charter or organizational documents of any Real Group Member or any
Target Company, (d) violate, be in conflict with, result in the breach of, or require the consent of any other party to, any contract, lease, license, permit or other agreement or similar instrument to or by which any Real Group Member is a
party, or give any party with rights thereunder the right, with or without the giving of notice, the passage of time or both, to terminate, cancel or accelerate the rights or obligations of any Real Group Member thereunder, or (e) violate, be
in conflict with, result in the breach of, or require the consent of any other party to, any Material Contract or give any party with rights thereunder the right, with or without the giving of notice, the passage of time or both, to terminate,
cancel or accelerate the rights or obligations of any Target Company thereunder. 
 SECTION 3.5 Consents and Approvals. Except
for the Real Group Regulatory Approvals and the Real Group Third Party Approvals, all of which will have been obtained by the Real Group Members prior to Closing, no authorization, approval, or consent of, and no registration or filing with, any
Governmental Authority or any Third Party is required to be made or obtained by any Real Group Member or any Target Company in connection with the Real Group Members’ execution and delivery of this Agreement or the other Transaction Documents
and the performance of their respective obligations hereunder and thereunder. 
 SECTION 3.6 Subsidiaries and Investments.
Other than any other Target Companies, as of the Closing Date there will be no Persons in which any Target Company owns, directly or indirectly, any shares of capital stock or other equity interests. 

SECTION 3.7 Financial Statements. 

(a) Schedule 3.7(a) includes, for each Target Company, (i) an audited balance sheet as of December 31, 2012 (except the Hotel
Owners), 2011 and 2010 and related audited statements of income and cash flows for the fiscal years then ended (with respect to each Target Company, the “Year End Financial Statements’’), and (ii) an audited balance sheet
as of December 31, 2012 and 2011 and related audited statements of income and cash flows for the fiscal years then ended, on a proforma combined basis (the “Combined Year-End Statements”) and (iii) an unaudited interim
balance sheet and P&L for such Target Company as of March 31st, 2012, on an individual basis (with respect to each Target Company, the “Interim Financial Statements”).
Within 10 days following the date hereof, the Real Group Members shall deliver to Playa as an update to Schedule 3.7(a), (x) an audited balance sheet as of December 31, 2012 for each of the Hotel Owners, and related audited
statements of income and cash flows for the fiscal year then ended (to be included as part of the Year End Financial Statements), and (y) an unaudited interim balance sheet and P&L for al Target Companies as of March 31st, 2012 on a combined basis (to be included as part of the Combined Year-End Statements). 

  
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 (b) and together with the Year End Financial Statements and the Interim Financial Statements such
Target Company’s “Financial Statements”). 
 (c) The Year End Financial Statements for each Target Company were
prepared in accordance with MFRS, are true and correct in all material respects, and fairly present, the financial position of each Target Company as of the date thereof and its results of operations and cash flows for the period then ended. The
Interim Financial Statements and the Combined Year-End Statements for each Hotel Owner were prepared in accordance with MFRS and the Interim Financial Statements for each of the other Target Companies were prepared in accordance with MFRS. The
Interim Financial Statements and the Combined Year-End Statements are true and correct in all material respects, and fairly present the financial position of the Target Companies on a combined basis as of the date thereof and their results of
operations and cash flows for the period then ended. To the knowledge of the Real Group Members, there are no events of circumstances that could reasonably have a Material Adverse Effect on the business and operations of the Target Companies and
which have not been disclosed to the Real Group Members in the Financial Statements. 
 (d) The Financial Statements have been prepared from,
and are in accordance with, the books and records of the Target Companies, which books and records are maintained in accordance with MFRS consistently applied throughout the periods indicated, and such books and records have been maintained on a
basis consistent with the past practice of the applicable Target Companies and fairly present, the financial position of the Target Companies, provided that, beginning on January 1, 2012, the books and records of the Hotel Owners have been
maintained in accordance with IFRS. 
 (e) The accounts receivable for each Target Company as listed on the Interim Financial Statements are
valid receivables arising in the ordinary course of business consistent with past practice subject to no setoffs or counterclaims and represent monies due for goods sold and delivered or services performed, and reserves in amounts consistent with
the suggestions of the applicable Target Company’s auditors in respect thereof are reflected in such Balance Sheet. At Closing, all accounts receivable of the Target Companies reflected in the Final Net Working Capital Amount will be valid
receivables arising in the ordinary course of business consistent with past practice subject to no setoffs or counterclaims representing monies due for goods sold and delivered or services performed. The Target Companies own good title to such
accounts receivable, free and clear of all Liens. The accounts payable of the Target Companies are properly reflected on the Financial Statements and arose from bona fide transactions with third parties (except as otherwise specified in Exhibit
3.7(d)) who are not Affiliates of the Target Companies, in the ordinary course of business consistent with past practice, except for the Accounts Receivable, which are payable to ITR. 

(f) There are no off-balance-sheet transactions, arrangements or obligations attributable to any Target Company. 

  
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 SECTION 3.8 Title to Assets. 

(a) With respect to each Target Company, the Real Property and the Personal Property of such Target Company as of the Closing Date will
constitute all of the assets that are necessary to permit such Target Company to continue the operation of the Business of such Target Company following the Closing Date in substantially the same manner as such operations have heretofore been
conducted. 
 (b) Each of the Target Companies has good, valid and marketable fee simple (or its equivalent, if applicable) title to the
Owned Real Property, free and clear of all Liens other than Permitted Real Estate Liens. The Target Companies who are lessees of Leased Real Property have a valid leasehold interest in the Leased Real Property, free and clear of all Liens other than
Permitted Real Estate Liens. Without limiting the foregoing, each of the Target Companies has good, valid and marketable title to all Real Property or Personal Property, or to the extent any such Real Property or Personal Property are leased, valid
leasehold interests therein, in each case free and clear of all Liens other than any Permitted Real Estate Liens. 
 SECTION 3.9
Absence of Certain Changes. 
 (a) Except as set forth in Schedule 3.9, from December 31, 2012, there has not been:
(i) any acts, events, occurrences or circumstances within the Control or Reasonable Control of the Real Group Members that have adversely affected, or could reasonably be expected to adversely affect the assets, liabilities, properties,
business, operations or condition (financial or otherwise) of the Target Companies in an amount that exceeds $3,000,000.00; or (ii) any External Events that, individually or in the aggregate, have adversely affected, or could reasonably be expected
to adversely affect the assets, liabilities, properties, business, operations or condition (financial or otherwise) of the Target Companies in amount that exceeds $5,000,000.00. 

(b) For purposes of this Section 3.9 the following terms shall have the following meanings: 

(i) “Control or Reasonable Control shall mean any acts, events, occurrences or circumstances directly resulting from the actions
or inactions of the Real Group Members, their Representatives and/or Affiliates. 
 (ii) “External Events” shall mean any
acts, events, occurrences or circumstances that are not within the Control or Reasonable Control of the Real Group Members, including but not limited Acts of God, Force Majeure, governmental actions, Orders of any Governmental Authority, civil
unrest, riots, governmental forfeitures, devaluations or similar actions to the extent they are unforeseeable and not within the Control or Reasonable Control of the Real Group Members. 

SECTION 3.10 Litigation. 

(a) Except as set forth on Schedule 3.10, no Target Company (and no business or assets thereof) is a party to, involved in or adversely
affected by any pending (or, to the Real Group Members’ knowledge, threatened) litigation (including actions, suits, claims and orders), arbitration, investigation, or other Proceeding of or before any Governmental Authority or any other
Person. Except as otherwise set forth therein, no Proceeding set forth on Schedule 3.10 could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Real Group Members have delivered to Playa copies
of all pleadings, correspondence and other documents relating to each Proceeding listed in Schedule 3.10, together with a status report regarding each such Proceeding. 

  
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 (b) There is no pending (or, to the Real Group Members’ knowledge, threatened) Proceeding
involving any Real Group Member or any Target Company of or before any Governmental Authority or other Person that is reasonably foreseeable to prevent or delay the consummation of the Contemplated Transactions. 

SECTION 3.11 Material Contracts. 

(a) Except for those contracts and agreements listed on Schedule 3.11, true, correct and complete copies of which are contained in the
Due Diligence Materials, no Target Company is a party to any Contract of the following types (each, a “Material Contract”): 
 (i)
contracts with any Real Group Member or any Affiliate of any Real Group Member or any Related Parties of the Target Companies or the Real Group Members (other than those listed on Schedule 3.11); 

(ii) contracts or other arrangements involving contractual commitments or payments by any Target Company or to any Target Company in excess of
$50,000 annually, including contracts for the purchase of, or payment for, supplies, products or services and contracts to sell or supply products or to perform services; 

(iii) contracts pursuant to which any Target Company is subject to continuing indemnification or “earn-out” obligations; 

(iv) aircraft charter agreements, guarantees of aircraft leases or related contracts; 

(v) hotel management agreements, hotel marketing agreements, franchise agreements, license agreements, allotment agreements and other related
contracts; 
 (vi) contracts or agreements for construction, management or other services in connection with the Construction Projects; 

(vii) tour operator agreements or related contracts; 

(viii) surety trust or escrow agreements, letters of credit or depository agreements in support of charter air transportation; 

(ix) contracts intended to provide a hedge against, or payments in respect of, changes in interest rates, currencies or commodities; 

(x) partnership, limited liability company, joint venture agreements or strategic alliance agreements; 

  
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 (xi) contracts limiting or restraining any Target Company from engaging or competing in any
lines or business with any Person or within any geographic area, including contracts containing exclusivity provisions; 
 (xii) contracts
or other documents evidencing Indebtedness (including loan agreements, notes, mortgages, indentures, security agreements, letters of credit or other contracts for the borrowing or lending of money), including any intercompany payables, receivables
and loans between any Target Company and any of the Real Group Members or their Affiliates or Related Parties; 
 (xiii) contracts involving
commitments to make capital expenditures or purchases, sales, leases or licenses of assets or interests in any Person involving $50,000 or more individually; 

(xiv) contracts providing for or requiring the issuance of equity securities (or securities or other instruments convertible into or
exchangeable for equity securities) by any Target Company; 
 (xv) contracts or other agreements for the purchase, sale or lease of real
property; 
 (xvi) licenses or other agreements relating to Intellectual Property; 

(xvii) collective bargaining agreements (other than the Collective Bargaining Agreements listed on Schedule 3.17(c)); 

(xviii) employment contracts, consulting agreements, termination or severance agreements, change of control agreements or similar agreements
(other than employment contracts for non-managerial hotel employees and the Services Agreements); 
 (xix) contracts entered into within the
last five years between any Target Company and any former officer, director or affiliate of any Target Company or any Real Group Member, and contracts including any consulting or similar contracts or contracts pursuant to which such Target Company
has an obligation to indemnify such current or former officer, director or affiliate; and 
 (xx) contracts the termination or loss of which
would be reasonably likely to result in a Material Adverse Effect. 
 (b) Each Target Company has duly complied with all obligations and
duties that it owes under each Material Contract. No Target Company is a party to any Material Contract of which it or, to the Real Group Members’ knowledge, any other party, is in default, no Target Company has given or received any
correspondence or other notice (whether written or oral) with respect to any actual, alleged or potential violation, repudiation, breach or default under or any demand for renegotiation or termination with respect to any Material Contract, and to
the Real Group Member’s knowledge there has been no change, effect, event, occurrence, state of facts or development that, with notice or the passage of time or both, could constitute a default under any Material Contract. Each Material
Contract is legal, valid and binding on the 

  
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Target Companies and the other parties thereto, is in full force and effect and is enforceable against the Target Companies and to the Real Group Members knowledge against the other parties
thereto in accordance with its terms (except as such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or general principles of
equity). 
 (c) With respect to each Contract of the Target Companies other than the Material Contracts, (i) each Target Company has
duly complied with the obligations and duties that it owes under each such contract, agreement, instrument, obligation, arrangement or undertaking, (ii) no Target Company, and to the Real Group Members knowledge, no other party, is in default
of any such Contract and no Target Company has given or received any correspondence or other notice (whether written or oral) with respect to any actual, alleged or potential violation, repudiation, breach or default under or any demand for
renegotiation or termination with respect to any such Contract; and (iii) each such Contract is legal, valid and binding on the Target Companies and on the other parties thereto, is in full force and effect and is enforceable against the Target
Companies and against the other parties thereto in accordance with its terms (except as such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’
rights generally or general principles of equity). 
 SECTION 3.12 Real Property. 

(a) Schedule 3.12(a) lists all real property owned by the Target Companies (collectively, the “Owned Real Property”),
including the applicable (i) background title deeds, (ii) real estate identification tax number (cuenta predial), (iii) water account number, (iv) the true and correct legal description of each parcel of Owned Real
Property, and (v) a complete list of all hotels located on any parcel of the Real Property (the “Hotels”). 
 (b)
Except for leases set forth on Schedule 3.12(b) under which a Target Company is the lessor (the “Space Leases”) and leases solely between Target Companies, none of the Owned Real Property is leased, subleased or licensed to
any other Person. Each Space Lease is a valid and binding obligation of the applicable Target Company, enforceable against such Target Company and each other party thereto in accordance with its terms (except as such enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or general principles of equity) and is in full force and effect, and neither such Target Company nor, to the
Real Group Members’ knowledge, any other party thereto is in default of its obligations thereunder beyond any applicable notice and cure periods. 

(c) Schedule 3.12(c) lists all real property leased by the Target Companies (the “Leased Real Property” and, together
with the Owned Real Property, the “Real Property”), including a description of the lease agreement pursuant to which any Target Company is a lessee of real property (the “Target Company Leases”). None of the Leased
Real Property is subleased or licensed to, or otherwise used by, any Person other than the applicable Target Company. Each Target Company Lease is a valid and binding obligation of the applicable Target Company, enforceable against such Target
Company and each other party thereto in accordance with its, terms (except as such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights
generally or general principles of equity) and is in full force and effect, and neither such Target Company nor, to the Real Group Members’ knowledge, any other party thereto is in default of its obligations thereunder beyond any applicable
notice and cure periods. 

  
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 (d) Except as otherwise set forth in Schedule 3.12(d), there are no agreements or other
commitments to any Governmental Authority or any other Person that would impose upon any Target Company an obligation to dedicate any of the Owned Real Property for public purposes or to construct, install or maintain any improvements of a public or
private nature on or off the Owned Real Property. 
 (e) No Real Property is subject to any agreement or other restriction of any nature
whatsoever (recorded or unrecorded) prohibiting any Target Company’s right to convey or to use it, and there are no outstanding options or rights of first refusal to purchase any Real Property, or any portion thereof or interest therein. 

(f) With respect to each Target Company, the Owned Real Property and the Leased Real Property constitutes all of the real property required to
conduct the business of such Target Company as presently conducted. Other than the Owned Real Property identified on Schedule 3.12(a) and the Leased Real Property identified on Schedule 3.12(b), no Target Company owns, uses, leases or
operates any real property. 
 (g) Schedule 3.12(g) sets forth a description of the plans, timeline, budget and progress report for
any repair, renovation, construction or renewal project being carried out at any of the Hotels (the “Construction Projects”). With respect to each Construction Project, the applicable Target Company has entered into construction
contracts and/or construction management contracts and architectural contracts with builders, managers and architects that are well-known and of good repute within the hotel construction industry. No work has been performed or materials supplied on
or to any Real Property (including the Construction Projects), except for (i) work or materials for which full payment has been made and (ii) work or materials for which payment has been properly recorded on the books and records of the
applicable Target Company. 
 (h) The Real Group Members have not received any notice of any pending condemnation proceedings
(procedimientos de expropiación) relating to any parcel of Real Property and, to the Real Group Members’ knowledge, no such condemnation proceedings (procedimientos de expropiación) have been threatened relating to
any parcel of Real Property. 
 (i) The Pre-Closing Construction Projects have been completed. All work performed and materials supplied on
or to any Real Property in connection with the Pre-Closing Construction Projects have been paid in full. 
 SECTION 3.13 Personal
Property. 
 (a) Schedule 3.13 sets forth a true and correct list of all tangible personal property, assets and FF&E owned or
leased by the Target Companies in the conduct of the Business (the “Personal Property”), as well as all tangible personal property, assets and FF&E used in the conduct of the Business that is owned by any Person other than the
Target Companies 

  
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(the “Third Party Personal Property”). Each Target Company has good and valid record and marketable title to, or a valid leasehold interest in, its respective Personal Property,
free and clear of all Liens, and has the right to use the Third Party Personal Property as currently used, which right shall continue to be valid and enforceable following the Closing. The Personal Property constitutes all of the personal property
required to conduct the Business as currently conducted. All Personal Property owned or leased by each Target Company is located in the Hotels or otherwise is in the possession of such Target Company. 

(b) The current inventory of each Target Company is good and usable and is capable of being consumed and used in the ordinary course of
business for the specific purpose for which such inventory was intended to be used at levels sufficient for the continuation of the business of each Target Company consistent with past practice. 

SECTION 3.14 Environmental Matters. 

(a) Schedule 3.14(a) sets forth a true and complete list of all Environmental Permits issued to the Target Companies by the applicable
Governmental Authority. Except as set forth on Schedule 3.14(a), the Target Companies do not hold any other Environmental Permits, whether required or not by any Environmental Law. Except as otherwise set forth in Schedule 3.14(a),
none of the Real Group Members nor the Target Companies have been served with any Environmental Notice or written communication regarding any material change in the status or terms and conditions of any of the Target Companies’ Environmental
Permits. It is agreed and acknowledged by the Playa Group Members that the representations and warranties in this Section 3.14 will not give rise to any indemnity rights in favor of the Playa Group Members, except as otherwise expressly
provided in the Environmental Indemnity. 
 (b) Except as otherwise set forth in Schedule 3.14(b), there are no pending (or, to the
Real Group Members’ knowledge, threatened) Environmental Claims involving the Target Companies or their assets or properties, that have been filed against and served on the Real Group Members by the corresponding Governmental Authority or any
Person. Neither the Real Group Members nor any of the Target Companies has been served (in accordance with the requirements of Applicable Law) with any Environmental Notice or Environmental Claim, or any request for information pursuant to
Environmental Law. 
 (c) The Real Group Members have provided or otherwise made available to Playa and listed in Schedule 3.14(c) any
and all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models and other similar documents with respect to the business or assets of the Target Companies or any currently or formerly
owned, operated or leased real property which are in the possession or control of the Real Group Members or the Target Company related to compliance with Environmental Laws, Environmental Claims or an Environmental Notice or the Release of Hazardous
Substances. 
 SECTION 3.15 Employees. 

(a) Schedule 3.15(a) contains a true and complete list of any individuals that as of the Closing provide personal services to the Target
Companies, whether as a direct employee, agent, contractor or consultant of a Target Company, or as an employee, contractor, 
  

  
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 associate, partner or member of an Employment Company, and including without limitation hotel and corporate
office personnel (the “Employees”), specifying their position, whether they are full-time, part-time or on a leave of absence (and the type of leave), and the name of the Employment Company through which such individual has been
employed. Accurate and correct information regarding current salary or wage rates, bonus or other compensation (including prima de antigúedad, vacaciones, prima vocacional and aguinaldo) of each of the Employees listed in
Schedule 3.15(a) has been provided to Playa in writing.. Schedule 3.15(a) also lists all members of the boards of directors, boards of managers or similar governing bodies of each of the Target Companies. 

(b) Except for the Services Agreements, true, correct and complete copies of which are contained in the Due Diligence Materials, no Target
Company is a party to or bound by any contracts, consulting agreements or termination or severance agreements in respect of any officer, managerial level Employee or former Employee, consultant or independent contractor of the Target Companies. No
Target Company has made directly nor has it instructed or allowed the Employment Company to make any written or verbal commitments to any of the officers, Employees or former employees, consultants or independent contractors of the Target Companies
with respect to compensation, promotion, retention, termination, severance, change in control or similar matters, in connection with the Contemplated Transactions or otherwise. The Target Companies have caused the Employment Company to properly
classify individuals providing services to any Target Company as independent contractors or employees, as the case may be. 
 (c) Detailed
information on the conditions of employment and the employment benefits applicable to each of the Employees, in excess of those required under Applicable Law or pursuant to the Collective Bargaining Agreements (the “Additional
Benefits”) has been provided to Playa in writing. 
 (d) Schedule 3.15(d) contains a list of all collective bargaining
agreements currently in effect relating to the Employees of the Target Companies (the “Collective Bargaining Agreements”), true, correct and complete copies of which have heretofore been made available in the Due Diligence
Materials. Except as described in Schedule 3.15(d), (i) there has been no work stoppage due to labor disagreements experienced by any Target Company in the past three years; (ii) no written (or, to Real Group Members’
knowledge, other) notice has been received from any Governmental Authority of any unfair labor practice charge or complaint against any Target Company pending or, to the Real Group Members’ knowledge, threatened before any Governmental
Authority with respect to the Employees; (iii) no arbitration proceeding arising out of or under any Collective Bargaining Agreement other than proceedings arising in connection with individual employee grievance procedures is pending against
any Target Company; and (iv) there is no labor strike, slowdown, work stoppage, other job action, lockout, arbitration, grievance or other labor dispute involving any of the Employees of any Target Company actually pending or, to the Real Group
Members’ knowledge, threatened. There are no complaints, charges or claims against any Target Company or the Employment Company pending or, to the Real Group Members’ knowledge, threatened based on, arising out of, in connection with, or
otherwise relating to the employment or termination of employment of any Employee, or the failure to employ by any Target Company of any individual. Each Target Company (and Employment Company with respect to the Employees) is in material compliance

  
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with all Applicable Laws relating to the employment of labor, including all such Applicable Laws relating to wages, hours, social security obligations, collective bargaining, discrimination,
safety and health, workers’ compensation, immigration and the collection and payment of withholding and/or social security Taxes pension, housing and other Contributions and any similar Tax. 

SECTION 3.16 Employee Benefit Plans. 

(a) There are no Employee pension plans or unfunded pension fund liabilities or collective bargaining agreements (other than the Collective
Bargaining Agreements set forth on Schedule 3.15(d)) in existence relating to the Employees. 
 (b) Except as otherwise set forth on
Schedule 3.16(b), there are no written or oral employment, employee benefit, bonus, incentive, deferred compensation, retirement, stock purchase, equity or equity-based compensation, severance, salary continuation, consulting, termination,
change in control, welfare benefit, fringe benefit or other compensation plans, policies, agreements, arrangements, practices, or procedures maintained, participated in or contributed to by any Target Company for current or former Employees,
consultants or directors of any Target Company, or with respect to which any Target Company has any obligation or liability, contingent or otherwise, for current or former Employees, consultants or directors of any Target Company, except to the
extent required under Applicable Law or as part of the Additional Benefits (collectively, the “Benefit Plans”). 
 (c)
Except as set forth on Schedule 3.16(c), there are no pending Proceedings arising from or relating to the Benefit Plans (other than routine benefit claims). 

(d) None of the Benefit Plans provide for post-employment life or health coverage for any participant or any beneficiary of a participant,
except as may be required under Applicable Law. 
 (e) Neither the execution and delivery of this Agreement or the other Transaction
Documents nor the consummation of the Contemplated Transactions will result in (i) any payment becoming due to any Employee, consultant or director of any Target Company, (ii) the provision of any benefits or other rights to any Employee,
consultant or director of any Target Company, (iii) the increase, acceleration or provision of any payments, benefits or other rights to any Employee, consultant or director of any Target Company, or (iv) require any contributions or
payments to fund any obligations under any Benefit Plan. 
 SECTION 3.17 Taxes. 

(a) The Target Companies have duly and timely filed all Tax Returns required under Applicable Law to be filed by each Target Company on or
before the date hereof with respect to all applicable Taxes. No penalties or other charges are or will become due with respect to any of the Tax Returns by reason of the late filing thereof. All of the Tax Returns are true and complete in all
respects. The Target Companies either: (i) except for those Taxes that are being disputed in good faith and through appropriate legal procedures as set forth on Schedule 3.17(a)(i), have paid all Taxes due or claimed to be due by any
Taxing authority in connection with any of the Tax Returns (without regard to whether or not such Taxes are shown 

  
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as due on such Tax Returns); or (ii) have established adequate reserves in conformity with MFRS consistently applied for the payment of such Taxes on the books and records of the Target
Companies. The charges, accruals, and reserves for Taxes reflected on the books of the Target Companies through the end of the last period for which the Target Companies ordinarily record items on their books (excluding any provision for deferred
income Taxes reflecting either differences between the treatment of items for accounting and income Tax purposes or carryforwards) are sufficient for the payment of all accrued and unpaid Taxes, whether or not such Taxes are yet due and payable and
excluding any Taxes being disputed as set forth in Schedule 3.17(a)(i), for or with respect to the period and for which any Target Company may be liable in its own right (including by reason of being a member of the same affiliated group) or
as a transferee of the assets of, or successor to, any company, person, association, partnership, joint venture or other entity. Since the end of the last period for which the Target Companies ordinarily record items on their books, none of the
Target Companies has engaged in any transaction, or taken any other action, other than in the ordinary course of business. 
 (b) No Target
Company is a party to an agreement relating to the sharing, allocation or payment of, or indemnity for, Taxes. No Target Company is or has ever been a member of an affiliated, consolidated, combined or unitary group, or a party to any arrangement as
a result of which liability of the Target Company to a Governmental Authority is determined or taken into account with reference to the activities of any other Person. No Target Company has entered into any agreement or arrangement with any
Governmental Authority with regard to the Tax liability of any Target Company affecting any Tax period for which the applicable statute of limitations, after giving effect to extensions or waivers, has not expired. 

(c) To the knowledge of the Real Group Members no Target Company is liable for the payment of Taxes in any country outside of Mexico. 

(d) No assessment of Taxes has been proposed or, to the Real Group Members’ knowledge, threatened, and except as set forth on Schedule
3.17(a)(i), there are no audits or other proceedings (including, without limitation, informal reviews or requests for information) by any taxing authority pending or, to the Real Group Members’ knowledge, threatened, with respect to Taxes
of any Target Company. 
 (e) The charges, accruals and reserves for Contributions (including, as part of any charges, accruals or reserves
for amounts payable to the Employment Companies) reflected on the books of the Target Companies through the end of the last period for which the Companies ordinarily record items on their books, are sufficient for the payment of all unpaid
Contributions, whether or not such Contributions are disputed or are yet due and payable, and for which such Target Company may be liable in its own right (including by reason of being a member of the same affiliated group) or successor to, any
company, person, association, partnership, joint venture or other entity. 
 (f) No Tax will be imposed on any of the Target Companies as a
result of the Contemplated Transactions, except as set forth in Schedule 3.17(f), and on or before the Closing the Target Companies will have paid all such Taxes or will have established adequate reserves in conformity with MFRS consistently
applied for the payment of such Taxes on the books and records of the Target Companies. 
  

  
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 (g) The financial statements and Tax situation of the Target Companies have been audited by
Mancera S.C. (Ernst & Young) and such accountant has determined that except for those Taxes that are being disputed in good faith and through appropriate legal procedures as set forth on Schedule 3.17(a)(i), all Taxes due and payable
by the Target Companies with respect to the years so audited have been fully and properly paid. No Target Company is currently the beneficiary of any extension of time within which to file any Tax Return. No Target Company has waived any statute of
limitations with respect to Taxes or agreed to an extension of time with respect to a Tax assessment or deficiency which waiver or extension is currently in effect. Except as set forth in Schedule 3.17(g), no issue has been raised by any
Governmental Authority in any prior examination of a Target Company which, by application of the same or similar principles, could reasonably be expected to result in a proposed Tax deficiency for any subsequent taxable period. 

(h) No Target Company will be required to include any adjustment in taxable income for a tax period (or portion thereof) beginning after the
Closing Date as a result of a change in accounting method for a tax period ending on or before the Closing Date. Except as provided in Schedule 3.17(h), no Target Company will be required to include for a tax period (or portion thereof)
ending after the Closing Date taxable income attributable to a transaction occurring in a tax period ending on or before the Closing Date. 

(i) Schedule 3.17(i) lists all transfer pricing studies completed or commissioned by the Target Companies, which evaluate the arm’s
length nature of the material related party transactions involving any Target Company, copies of which have been provided to Playa in the Due Diligence Materials. 

SECTION 3.18 Intellectual Property Matters. 

(a) Schedule 3.18(a) sets forth a true and complete list of (i) all Intellectual Property owned by any of the Target Companies that
is registered, or for which an application to register has been filed and is pending, in any jurisdiction (the “Registered Intellectual Property”), and (ii) all unregistered Intellectual Property that is owned by any of the
Target Companies (collectively with the Registered Intellectual Property, the “Owned Intellectual Property”). The Target Companies own the Owned Intellectual Property and the Registered Intellectual Property free and clear of all Liens.

 (b) Schedule 3.18(b) sets forth a true and complete list of all Intellectual Property licensed to or otherwise used by the Target
Companies (the “Licensed Intellectual Property”) and a description of the license agreements related thereto (the “IP Licenses”). The Target Companies possess adequate and valid rights to use all of the Licensed
Intellectual Property. Each of the IP Licenses is legal, valid and binding on the Target Companies and the other parties thereto, is in full force and effect and is enforceable against the Target Companies and against the other parties thereto in
accordance with its terms (except as such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or general principles of equity). 

  
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 (c) Except as otherwise set forth on Schedule 3.18(c), none of the Registered Intellectual
Property or any of the other Intellectual Property used by any Target Company, nor the validity of the Target Companies’ rights to use such Intellectual Property has been challenged and is not being contested in any litigation to which any
Target Company is a party nor, to the Real Group Members’ knowledge, has any such litigation been threatened. Except as otherwise set forth on Schedule 3.18(c), to the Real Group Members’ knowledge, the use of the Owned Intellectual
Property and the Licensed Intellectual Property by the Target Companies does not conflict with, infringe upon or violate the Intellectual Property rights of any Person (and none of the Real Group Members or the Target Companies has received notice
to such effect). Except as otherwise set forth on Schedule 3.18(c), to the Real Group Members’ knowledge, no third party is infringing any of the Owned Intellectual Property. 

(d) The Real Group Members and the Target Companies have taken reasonable measures to protect the confidentiality of all Intellectual Property
used by the Target Companies (except for such Intellectual Property whose value would be unimpaired by disclosure). 
 (e) The IT Systems
used to operate the business of the Target Companies are adequate for the operation as currently operated and consistent with past practice. The Target Companies are in compliance with all terms and conditions governing the use of any software used
in connection with such IT Systems. 
 SECTION 3.19 Insurance. Schedule 3.19-A sets forth a true and correct list of all
insurance policies and bonds (fianzas) carried by or for the benefit of the Target Companies or with respect to which any Target Company is a named insured (the “Insurance Policies”), specifying the insurer, amount of and
nature of coverage (including a description of whether such policies are “claims made” or “occurrence based” policies) and the date through which coverage will continue by virtue of premiums already paid. The Due Diligence
Materials contain true and complete copies of all Insurance Policies. All insurance policies of the Target Companies have been and are in full force and effect and all insurance premiums due thereon have been paid in full when due. No notice of
cancellation or termination of any Insurance Policy has been received (or to the knowledge of the Real Group Members or any Target Company issued) by any Real Group Member or any Target Company. The Insurance Policies are in such amounts and against
such risks as is customary and adequate for companies of similar size in the industries and locations in which the Target Companies operate and are sufficient to comply with Applicable Law. Except as set forth on Schedule 3.19-B, there are no
pending claims against such Insurance Policies as to which insurers have denied liability and there exist no claims that have not been timely submitted by any Target Company to its related insurers. All of the Insurance Policies are in full force
and effect and will be maintained by the Target Companies in full force and effect as they apply to any matter, action or event relating to the Target Companies occurring through the Closing Date, and no Target Company has reached or exceeded its
policy limits for any insurance policies in effect at any time during the past five years. No insurer under any Insurance Policy has cancelled or generally disclaimed liability or indicated any intent to do so or not renew any such policy. All
material claims in respect of the Target Companies under the Insurance Policies have been filed in a timely fashion. 
 SECTION 3.20
Indebtedness. Except as described on Schedule 3.20, none of the Target Companies has any Indebtedness outstanding. Complete and correct copies of all instruments (including all amendments, supplements, waivers, certificates and consents)
relating 

  
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to any Indebtedness of any of the Target Companies have been provided to Playa in the Due Diligence Materials. Except as described on Schedule 3.20, (i) no Target Company is a
guarantor or is otherwise liable for any Indebtedness (including Indebtedness for borrowed money) of any other Person (including any Real Group Member, any Affiliate of a Real Group Member or any Related Party) and (ii) no Person (including any
Real Group Member, any Affiliate of a Real Group Member or any Related Party) is a guarantor or is otherwise liable for any Indebtedness (including Indebtedness for borrowed money) of any Target Company. There is no default, or any event, fact,
circumstance or development that, with or without notice or passage of time, could constitute a default on the part of the Real Group Members or the Target Companies and to the knowledge of the Real Group Members, a default by any other party
thereto, under any contract or agreement with respect to Indebtedness of any of the Target Companies. 
 SECTION 3.21 No
Brokers. Except as specified in Schedule 3.21, no broker or finder has acted directly or indirectly for any of the Real Group Members or the Target Companies in connection with this Agreement or the Contemplated Transactions, and no
broker or finder is entitled to any brokerage or finder’s fee or other commission in respect thereof based in any way on agreements, arrangements or understandings made by or on behalf of any of the Target Companies. All fees, commissions,
charges, costs or expenses payable to the brokers or finders listed on Schedule 3.21 will be paid by the Real Group Members, and no Target Company will be liable for the payment or reimbursement of any such amount. 

SECTION 3.22 Related Party Transactions. Except with respect to agreements solely between or among the Target Companies, any
Transaction Documents or as set forth on Schedule 3.22, no Related Party of any of the Target Companies or any of the Real Group Members has any direct or indirect interest in (a “Related Party Transaction”) (a) any
contract, arrangement or understanding with, or relating to, the Target Companies or the properties or assets of the Target Companies, (b) any loan, arrangement, understanding, agreement or contract for or relating to the Target Companies or
the properties or assets of the Target Companies, (c) any property (real, personal or mixed), tangible or intangible, used or currently intended to be used by the Target Companies, (d) any cause of action or claim whatsoever against any
Target Company, or (e) any Person that is, or is engaged in business as, a competitor, lessor, lessee, supplier, distributor, sales agent, customer or client of the Target Companies (excepting less than 5% stock holdings for investment purposes
in securities of publicly held and traded companies). No Related Party to any of the Target Companies or any of the Real Group Members has made or received any payments not correctly categorized and fully disclosed in the Target Companies’
books and records in connection with or in any way relating to or affecting any of the Target Companies. As of the Closing Date, the Related Party Transactions specified in Schedule 3.22 will have been terminated without any further liability
for the Target Companies prior to Closing. 
 SECTION 3.23 Relationships with Customers, Contractors, Subcontractors and
Suppliers. Except as may otherwise be reasonable during the normal course of business and consistent with past practice, each Target Company maintains good relations with its respective customers, contractors, subcontractors and suppliers, and
no event has occurred that would cause a Material Adverse Effect on any Target Company’s relations with any such customer, contractor, subcontractor or supplier under a Material Contract. No customer, contractor,

  
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subcontractor or supplier (or former customer, contractor, subcontractor, or supplier) of a Target Company under a Material Contract during the last 12 months has canceled, terminated or made any
threat to cancel or otherwise terminate its contract. None of the Real Group Members or the Target Companies have received any notice to the effect that any current customer, contractor, subcontractor, or supplier under a Material Contract may
terminate or alter its business relations with the Target Companies, as a result of this Agreement, the Contemplated Transactions or otherwise. 

SECTION 3.24 Internal Controls. Each Target Company maintains accurate books and records reflecting its assets and liabilities
and maintains internal accounting controls that are proper and adequate for non-public companies and that provide assurance that (i) no Target Company maintains any off-the-book accounts and that each Target Company’s assets are used only
in accordance with such Target Company’s management directives, (ii) transactions are executed with management’s authorization, (iii) transactions are recorded as necessary to permit preparation of the financial statements of
such Target Company and to maintain accountability for such Target Company’s assets and obligations, (iv) access to the assets of such Target Company is permitted only in accordance with appropriate internal accounting controls or
management’s authorization, (v) the reporting of assets of such Target Company is compared with existing assets at regular intervals, and (f) accounts, notes and other receivables and inventory are recorded accurately, and proper and
adequate procedures are implemented to effect the collection of accounts, notes and other receivables on a current and timely basis. 

SECTION 3.25 Ethical Practices. None of the Real Group Members or any of the Target Companies, nor any Representative of any
Real Group Member or any Target Company, nor, to the Real Group Members’ knowledge, any joint venture partner of a Real Group Member or any Target Company, has offered or given, and no Real Group Member nor any Target Company has any knowledge
that any Person that has offered or given on its behalf, anything of value to: (a) any official, member, employer or customer of a Governmental Authority, any political party or official thereof, or any candidate for political office;
(b) any customer or member of the government; or (c) any other Person, in any such case while knowing or having reason to know that all or a portion of such money or thing of value may be offered, given or promised, directly or indirectly,
to any customer, member of the government or candidate for political office for the purpose of the following: (i) influencing any action or decision of such Person, in his or its official capacity, including a decision to fail to perform his or
its official function; (ii) inducing such Person to use his or its influence with any Governmental Authority to affect or influence any act or decision of such Governmental Authority to assist any Real Group Member or any Target Company in
obtaining or retaining business for, or with, or directing business to, any Person; (iii) securing any improper advantage; (iv) where such payment is or was contingent upon the issuance, amendment, renewal or other action with respect to
any Permit or Contract or that would otherwise be in violation of any Applicable Law; or (v) where such payment would constitute a bribe, kickback or illegal or improper payment to assist any Real Group Member or any Target Company in obtaining
or retaining business for, or with, or directing business to, any Person, in each case in violation of applicable Anti-Corruption Laws. To the Knowledge of the Real Group Members, no Target Company has violated or is in violation of any provision of
any Anti-Corruption Laws, and to the Knowledge of the Real Group Members each payment made by any Target Company with respect to its business to customers, consultants or similar Persons is properly and accurately recorded on the books and records
of the applicable Target Company in accordance with MFRS. 

  
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 SECTION 3.26 Bank Accounts. Schedule 3.26 accurately sets forth, with
respect to each account maintained by or for the benefit of any of the Target Companies at any bank or other financial institution: (a) the name and location of the institution at which such account is maintained; (b) the name in which
such account is maintained and the account number of such account; (c) the current balance in such account; and (d) the names of all authorized signatories and other individuals authorized to draw on or make withdrawals from such account.
Schedule 3.26 also sets forth the name of each Person holding a power of attorney from any of the Target Companies in connection with such accounts and a brief description thereof. 

SECTION 3.27 Budget. Schedule 3.27 sets forth a true and complete copy of the annual operating budget and the annual
capital expenditure for each Target Company (each, a “Budget”) for calendar year 2013, duly approved by management of the applicable Target Companies as of the date of this Agreement, which provide sufficient details with respect to
proposed capital expenditures and major building expenditures, an estimate of costs and expenses, revenue and profit, a marketing budget and a schedule of replacement of FF&E, in each case, for the following fiscal year for each Target Company.
The Playa Group Members agree and acknowledge that the Budget is provided solely for informational purposes, and that the Playa Group Members shall not rely on the Budget in making a determination as to the viability or performance of the Target
Companies and the entering into of this Agreement and the consummation of the Contemplated Transactions. 
 SECTION 3.28
Merger. (a) The Merger has been completed and is valid, binding and enforceable against third parties; (b) all corporate, limited liability company, partnership or similar acts and other proceedings required to be taken by each Real
Group Member and each Target Company to authorize the execution and delivery of any and all documents necessary to consummate the Merger, including but not limited to a merger agreement (acuerdo de fusion), and to consummate the
Merger, have been duly and properly taken in accordance with Applicable Law; (c) all authorizations, approvals, or consents of, and all registrations or filings with, any Governmental Authority required to be made or obtained by any Real Group
Member and any Target Company in accordance with Applicable Law in connection with the Merger have been obtained and made and are in full force and effect; (d) the Merger does not (i) contravene, violate or be ineffective under the charter
or organizational documents of any Real Group Member or any Target Company, (ii) violate, be in conflict with or result in the breach of any contract (including any Material Contract), lease, license, permit or other agreement or similar
instrument to or by which any Real Group Member or any Target Company is a party, or give any party with rights thereunder the right, with or without the giving of notice, the passage of time or both, to terminate, cancel or accelerate the rights or
obligations of any Real Group Member, any Merging Company or any Target Company thereunder, and all authorizations, approvals or consents of third parties required under any such contract, lease, license, permit or other agreement or similar
instrument have been obtained by the Real Group Members and the Target Companies; (e) the Merging Companies have ceased to exist by virtue of the Merger, and all rights, interests, assets, properties, liabilities and obligations of each of the
Merging Companies have been assigned and transferred to the applicable Hotel Owner as successor by virtue of the Merger, and such assignment and transfer is valid, binding and enforceable against 

  
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third parties; and (f) except as set forth in Schedule 3.28(f) no Taxes have been or will be imposed on any of the Target Companies as a result of the Merger, and as of the Closing
Date, all such Taxes (including all transfer, documentary, sales, use, real property transfer, stock transfer, recording, stamp, registration and other similar Taxes, and all conveyance fees, recording charges and other fees and charges (together
with any interest or penalty, addition to tax or additional amount) have been duly paid to the applicable Governmental Authority prior to Closing. 

SECTION 3.29 Securities Law Matters; Transfer Restrictions. Subject to the representations and warranties of Playa Group Members
set forth in Article IV herein and any other representations, warranties, covenant and agreements set forth in the Investment in Playa Documents, the Real Group Members acknowledge and agree that they (a) have such knowledge and
experience in financial and business matters that they are capable of evaluating the merits and risks of its investment in the Playa Shares, and they understand and are able to bear any economic risks associated with such investment (including the
inherent risk of losing all or part of its investment in Playa); (b) have access to such information concerning Playa as they deem necessary to execute and deliver, and perform obligations under, this Agreement, and (c) understand that
after the Closing the transfer of the Playa Shares by the Operators Holding Contributing Shareholder may be subject to restrictions pursuant to Applicable law, the bylaws of Playa and the Investors Agreement. 

SECTION 3.30 Disclosure. The Real Group members have made available to Playa all the information reasonably available to the
Real Group Members that Playa has requested in connection with its due diligence activities, inspections, and studies of the Target Companies and the entering into this Agreement and the other Transaction Documents and the consummation of the
Contemplated Transactions. All disclosure provided to Playa regarding the Target Companies, their Business and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Real Group Members is to
the Knowledge of the Real Group Members true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein or herein, in
the light of the circumstances under which they were made, not misleading. 
 SECTION 3.31 Due Diligence. Except to the extent
provided in Section 2.15, the Real Group Members have completed their due diligence activities, inspections, and studies of the Playa Shares and as a result are prepared, on and subject to the terms and conditions of this Agreement, to
consummate the Contemplated Transactions. 
 SECTION 3.32 DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES. THE REAL
GROUP MEMBERS ACKNOWLEDGE AND AGREE THAT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE PLAYA GROUP MEMBERS HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY NEGATE AND DISCLAIM ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF
ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE PLAYA SHARES, PLAYA AND ITS SUBSIDIARIES, THEIR BUSINESS, OPERATIONS OR ASSETS. 

  
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 SECTION 3.33 AS IS TRANSFER. THE REAL GROUP MEMBERS ACKNOWLEDGE AND AGREE THAT, TO
THE MAXIMUM EXTENT PERMITTED BY LAW, AND EXCEPT FOR THE OBLIGATIONS OF THE PLAYA GROUP MEMBERS SET FORTH IN THIS AGREEMENT, THE INVESTMENT IN THE PLAYA SHARES AS PROVIDED FOR IN THIS AGREEMENT IS MADE ON AN “AS IS” CONDITION AND BASIS WITH
ALL FAULTS. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PLAYA GROUP MEMBERS 

The Playa Group Members hereby represent and warrant to the Real Group Members as of the date hereof and as of the Closing Date as follows:

 SECTION 4.1 Corporate Existence and Power. 

(a) Each Playa Group Member that is a corporation or other legal entity is duly organized and validly existing and in good standing under the
laws of its jurisdiction of organization. 
 (b) No member of the Playa Group or any part of its assets or undertakings is involved in or
subject to any form of bankruptcy, involuntary liquidation, receivership, administration, arrangement or scheme with creditors, moratorium, interim or provisional supervision by the court or court appointee, whether in the jurisdiction of the place
of incorporation or in any other jurisdiction, whether in or out of court. The execution of this Agreement or the Transaction Documents will not, result in the bankruptcy, liquidation, receivership, administration, arrangement or scheme with
creditors, moratorium, interim or provisional supervision by the court or court appointee, whether in the jurisdiction of the place of incorporation or in any other jurisdiction, whether in or out of court, of any member of the Playa Group. No
member of the Playa Group has stopped or suspended payment of its debts, become unable to pay its debts or otherwise become insolvent in any relevant jurisdiction. 

SECTION 4.2 Authorization, Execution and Enforceability of Transactions. Each Playa Group Member has the requisite power and
authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to consummate the Contemplated Transactions. All acts and other proceedings required to be taken by each Playa Group Member to authorize
such Playa Group Member’s execution and delivery of this Agreement and the other Transaction Documents to which such Playa Group Member is a party, the performance of its obligations hereunder and thereunder and the consummation of Contemplated
Transactions have been duly and properly taken, except as specified on Schedule 4.2 and for those acts and proceedings that constitute a condition to Closing. This Agreement has been or will be duly executed and delivered by each Playa Group
Member and constitutes a legal, valid and binding obligation of such Playa Group Member, enforceable in accordance with their respective terms and conditions, except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium, or other laws affecting the enforcement of creditors’ rights in general, and except that the enforceability of this Agreement and the other Transaction Documents are subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). 
  

  
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 SECTION 4.3 No Violations. Except as set forth on Schedule 4.3, each Playa
Group Member’s execution and delivery of this Agreement and the other Transaction Documents to which such Playa Group Member is a party and the performance of its obligations hereunder and thereunder will not (a) assuming all of the Playa
Regulatory Approvals and the Playa Third Party Approvals are obtained or received, as applicable, contravene or violate any Applicable Law to which such Playa Group Member is subject, (b) contravene or violate any Order of any Governmental
Authority that is applicable to such Playa Group Member, or (c) contravene, violate or be ineffective under the charter or organizational documents of such Playa Group Member, (d) violate, be in conflict with, result in the breach of, or
require the consent of any other party to, any contract, lease, license, permit or other agreement or similar instrument to or by which any Playa Group Member is a party, or give any party with rights thereunder the right, with or without the giving
of notice, the passage of time or both, to terminate, cancel or accelerate the rights or obligations of any Playa Group Member thereunder. 

SECTION 4.4 Consents and Approvals. Except for the Playa Regulatory Approvals and the Playa Third Party Approvals, all of which
shall have been obtained prior to the Closing, no authorization, approval, or consent of, and no registration or filing with, any Governmental Authority or any Third Party is required to be made or obtained by any Playa Group Member in connection
with such Playa Group Members’ execution and delivery of this Agreement or the other Transaction Documents to which such Playa Group Member is a party and the performance of its obligations hereunder and thereunder. 

SECTION 4.5 Capital Structure; Subsidiaries and Investment. 

(a) Schedule 4.5, sets forth a true, correct and complete copy of the organizational chart of Playa immediately following the Closing
Date. At Closing, Playa will directly or indirectly acquire, own and control, the Subsidiaries set forth on Schedule 4.5. At Closing the Capital Structure of Playa shall be substantially as described on Exhibit T. Other than as
described in Schedule 4.5, immediately after the Closing there will be no other issued and outstanding shares of Playa. 
 (b)
Following the Closing, and except in connection and as security for the Senior Secured Term Loan Facility, there will be no Lien on, over or affecting any of the issued and outstanding shares of Playa or the issued and outstanding shares of its
direct and/or indirect Subsidiaries, nor is there any commitment to give or create any of the foregoing, and no person has claimed to be entitled to any of the foregoing. There are no outstanding depository receipts in relation to the issued and
outstanding shares of Playa and the issued and outstanding shares of its direct and/or indirect Subsidiaries. 
 SECTION 4.6 Playa
Shares. At Closing, the Playa Shares will have been duly authorized and validly issued, and following the Closing they will be owned beneficially and of record by the Operators Holding Contributing Shareholder, free and clear of any Liens. The
Playa Shares will not be (i) issued in violation of, and are not subject to, the preemptive rights of any Person, (ii) issued in violation of, and will not be subject to, any agreement or contract (including any right of first offer or
right of first refusal) or (iii) issued in violation of any Applicable Laws of any Governmental Authority. Except as provided in the Investors Agreement or Schedule 4.6, there are no outstanding options or rights of first refusal to
acquire 
  

  
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 the Playa Shares. Except as otherwise set forth in Schedule 4.6 or as provided in the Transaction
Documents, neither Playa nor any of its Subsidiaries, has outstanding, or is bound by, any subscription, option, warrant, or other right, call or commitment to issue, sell, pledge, transfer or otherwise dispose of, or any obligation or commitment to
purchase or otherwise acquire, any of its authorized capital stock or other equity interest or any securities convertible into or exchangeable for any of its authorized capital stock or other equity interest. 

SECTION 4.7 Financial Statements. 

(a) Schedule 4.7(a) includes an audited balance sheet of each of the entities that owns a Playa Resort as of December 31, 2011 and
2010 and related audited statements of income and cash flows for the fiscal years then ended (the “Playa Financial Statements”). Within 30 days following the date hereof, Playa shall deliver to the Real Group Members Representative
as an update to Schedule 4.7(a), an unaudited balance sheet of each of the entities that owns a Playa Resort as of December 31, 2012 and related audited statements of income and cash flows for the fiscal years then ended. 

(b) The Playa Financial Statements were prepared in accordance with the applicable generally accepted accounting principles consistently
applied as required by Applicable Law. The Playa Financial Statements are true and correct in all material respects and fairly present, the financial position of the applicable Playa Resort as of the date thereof and its results of operations and
cash flows for the period then ended. To the knowledge of Playa there are no events of circumstances that could reasonably have a Material Adverse Effect on the business and operations of the applicable Playa Resort which have not been disclosed to
the Real Group Members in the Playa Financial Statements. 
 (c) The Playa Financial Statements have been prepared from, and are in
accordance with, the books and records of Playa and its Subsidiaries, which books and records are maintained in accordance with the applicable generally accepted accounting principles as required under Applicable Law and consistently applied
throughout the periods indicated, and such books and records have been maintained on a basis consistent with the past practice of Playa and its Subsidiaries. 

(d) The accounts receivable for each of the Playa Resorts as listed in the Financial Statements are valid receivables arising in the ordinary
course of business consistent with past practice subject to no setoffs or counterclaims and represent monies due for goods sold and delivered or services performed, and reserves in amounts consistent with the suggestions of the auditors of Playa in
respect thereof are reflected in such Financial Statements. 
 (e) There are no off-balance-sheet transactions, arrangements, obligations or
relationships attributable to Playa or any of its Subsidiaries. 
 SECTION 4.8 Playa Resorts. At Closing, Playa will directly
or indirectly acquire the Playa Resorts set forth on Exhibit O. 

  
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 SECTION 4.9 Senior Secured Term Loan Facility. At Closing, the Secured Term Loan
Facility will have been completed as set forth on Exhibit S in accordance with the terms of the Senior Secured Loan Facility Documents. The Senior Secured Loan Facility Documents have been or will be at Closing duly executed and delivered by
each Playa Group Member and constitute the legal, valid and binding obligation of such Playa Group Member, enforceable in accordance with their respective terms and conditions, except as may be limited by bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium, or other laws affecting the enforcement of creditors’ rights in general, and except that the enforceability of the Senior Secured Loan Facility Documents are subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law). 
 SECTION 4.10 Transactions. At Closing,
the Transaction will have closed in accordance with the terms of the Playa Transaction Documents, and as a result thereof Playa and its Subsidiaries will be substantially in compliance with the terms described on Exhibit U. The Playa
Transaction Documents have been or will be on or before Closing duly executed and delivered by each Playa Group Member and constitute the legal, valid and binding obligation of such Playa Group Member, enforceable in accordance with their respective
terms and conditions, except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, or other laws affecting the enforcement of creditors’ rights in general, and except that the enforceability of the
Playa Transaction Documents are subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

SECTION 4.11 No Brokers. No broker or finder has acted directly or indirectly for the Playa Group Members in connection with
this Agreement or the Contemplated Transactions, and no broker or finder is entitled to any brokerage or finder’s fee or other commission in respect thereof based in any way on agreements, arrangements or understandings made by or on behalf of
the Playa Group Members. 
 SECTION 4.12 Litigation. There is no pending or, to the knowledge of the Playa Group Members,
threatened litigation, arbitration, investigation, or other Proceeding involving the Playa Group Members of or before any Governmental Authority that is reasonably likely to prevent or materially delay the consummation by the Playa Group Members of
the Contemplated Transactions or the Transactions, other than any investigation or other proceeding by any Governmental Authority, including any antitrust authority, arising from the Contemplated Transactions. 

SECTION 4.13 Securities Law Matters. Subject to the representations and warranties of Real Group Members set forth in Article
IV herein, Playa acknowledges and agrees that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its investment in the Target Companies, and it understands and is able
to bear any economic risks associated with such investment; and (b) had access to such information concerning the Target Companies as it deemed necessary to execute and deliver, and perform its obligations under this Agreement. 

SECTION 4.14 Due Diligence. Playa has completed its due diligence activities, inspections, and studies of the Target Companies
and as a result is prepared, on and subject to the terms and conditions of this Agreement, to consummate the Contemplated Transactions. 

  
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 SECTION 4.15 DISCLAIMER OF ADDITIONAL REPRESENTATIONS AND WARRANTIES. THE PLAYA
GROUP MEMBERS ACKNOWLEDGE AND AGREE THAT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE REAL GROUP MEMBERS HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY NEGATE AND DISCLAIM ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF
ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO. CONCERNING OR WITH RESPECT TO THE TARGET COMPANIES, THEIR BUSINESS, OPERATIONS OR ASSETS, INCLUDING BUT NOT LIMITED TO THE
MAINTENANCE, REPAIR, CONDITION, DESIGN, MARKETABILITY AND FITNESS FOR A PARTICULAR USE OF THE REAL PROPERTY AND/OR THE PERSONAL PROPERTY, COMPLIANCE OF THE IMPROVEMENTS WITH ANY APPLICABLE LAW AND ANY RIGHTS OF PLAYA UNDER APPROPRIATE STATUES TO
CLAIM DIMINUITION OF CONSIDERATION IN CONNECTION THEREWITH. 
 SECTION 4.16 AS IS TRANSFER. THE PLAYA GROUP MEMBERS
ACKNOWLEDGE AND AGREE THAT, TO THE MAXIMUM EXTENT PERMITTED BY LAW, AND EXCEPT FOR THE OBLIGATIONS OF THE REAL GROUP MEMBERS SET FORTH IN THIS AGREEMENT, THE INVESTMENT IN THE TARGET COMPANIES AS PROVIDED FOR IN THIS AGREEMENT IS MADE ON AN “AS
IS” CONDITION AND BASIS WITH ALL FAULTS. PLAYA GROUP MEMBERS WITH PLAYA GROUP MEMBERS’ COUNSEL, HAVE FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, AND UNDERSTAND THE SIGNIFICANCE AND EFFECT THEREOF. 

SECTION 4.17 Disclosure. Subject to Section 2.15, Playa has made available to the Real Group Members all the
information reasonably available to Playa that the Real Group Members requested in connection with the Real Group Due Diligence and the consummation of the Contemplated Transactions. All disclosures provided to the Real Group Members regarding the
Playa Shares, the Playa Group Members, their Affiliates, business and assets and the acquisition of the Playa Resorts, furnished by or on behalf of Playa is to the knowledge of Playa true and correct in all material respects and does not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein or herein, in the light of the circumstances under which they were made, not misleading. 

ARTICLE V 
 COVENANTS AND
AGREEMENTS 
 SECTION 5.1 Conduct of Business. 

(a) Each Real Group Member covenants and agrees that, except (x) as set forth on Schedule 5.1(a), (y) as expressly
contemplated by this Agreement, or (z) as otherwise discussed between Playa and the Real Group Members, each Real Group Member shall, and the Real Group Members shall cause each of the Target Companies to, between the date hereof and the
Closing Date, conduct the business of each of the Target Companies in the ordinary course consistent with historical and customary operating practices, and in a prudent and efficient manner in accordance with a reasonable business judgment. 

  
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 (b) Without limiting the generality of the foregoing, the Real Group Members, shall not, and
shall cause the Target Companies not to, without first discussing it with Playa, to directly or indirectly: 
 (i) fail to continue as
currently maintained and consistent with past practice, all insurance policies of the Target Companies in full force and effect, except where coverage is terminated and replaced by comparable coverage; 

(ii) incur, make, or commit or enter into any agreement to incur or make, any expense, capital expenditure, or enter or acquire any other
obligation, having a value in excess of $100,000; 
 (iii) enter into any Contract, arrangement or commitment which will be effective for a
period of one (1) year after the Closing Date. 
 (iv) amend or propose to amend any Target Company’s bylaws or comparable
organizational documents; 
 (v) split, combine or reclassify any outstanding shares of any Target Company’s capital stock or other
equity interests, effect a recapitalization or similar event or accelerate the vesting of any options, restricted stock, stock appreciation rights or similar rights; 

(vi) declare, set aside or pay any dividends on, or make any distributions in respect of, any of the Shares or any of the capital stock or
equity interests of the Target Companies; 
 (vii) redeem, purchase, acquire, or offer to acquire any of the Shares or any shares of any
Target Company’s capital stock or other equity interests or do any capital reduction; 
 (viii) except as otherwise provided in this
Agreement, issue, sell, pledge, transfer or dispose of, or agree to issue, sell, pledge, or dispose of (A) any of the shares or any capital stock or other equity interests of any of the Target Companies, (B) any bonds, debentures, notes or
other Indebtedness of any Target Company, (C) any securities convertible into or exchangeable for, or any options, warrants or rights of any kind to acquire, any of the shares or any capital stock or other equity interests of any of the Target
Companies, or (D) any “phantom” stock, “phantom” stock rights, stock appreciation rights or stock-based performance units, in each case, in any of the Target Companies; 

(ix) directly or indirectly acquire (by merger, consolidation, acquisition of stock or assets or otherwise) (A) any Person or any
business or division of any Person, (B) any capital stock or other equity interests of any Person, (C) any bonds, debentures, notes or other Indebtedness of any Person, (D) any securities convertible into or exchangeable for, or any
options, warrants, or rights of any kind to acquire, any capital stock or other equity interests of any Person or any voting securities or convertible or exchangeable securities, or (E) any “phantom” stock, “phantom” stock
rights, stock appreciation rights or stock-based performance units, in each case, in any Person; 

  
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 (x) assume or guarantee any Indebtedness to any Person; 

(xi) fail to timely pay any Indebtedness or Taxes when due (other than those disputed in good faith and through appropriate legal procedures);

 (xii) other than reasonable loans made consistent with past and customary practices to Employees that are not Related Parties to any of
the Target Companies or the Real Group Members, make or commit to make any investments in or capital contributions to, or loans or advances to, any Person, or forgive or discharge in whole or in part any outstanding loans or advances to other
Persons; 
 (xiii) dissolve, create any Subsidiary, effect a reorganization or liquidation of any kind or otherwise alter any Target
Company’s corporate existence; 
 (xiv) except in the ordinary course of business, (A) take any action to alter the compensation
of, or to pay bonuses or other special remuneration to, any directors, officers, employees or consultants of any Target Company, (B) institute, alter or terminate any severance or termination pay practices with respect to any directors,
officers, employees or consultants of any Target Company, (C) alter the benefits payable under any Target Company’s severance or termination pay practices, or (D) otherwise amend or create any material obligations with respect to
compensation, severance or benefits to any director, officer, employee or consultant of any Target Company; 
 (xv) except (A) in
accordance with Section 6.14(a), in the ordinary course of business with respect to non-managerial or executive Hotel-level personnel, or in the case of voluntary resignation, cause any director, officer, Employee or consultant of any
Target Company to cease to be related to such Target Company, or (B) cause any individual who is not related to an Target Company to become related to such Target Company other than routine hiring in the ordinary course of business of the
applicable Target Company of any employee or consultant with an annual base salary that does not exceed $80,000; 
 (xvi) (A) except as
may be required by any Governmental Authority, make or change (or have made or changed on its behalf) any election relating to Taxes, including any change in accounting method for Tax purposes and/or change in Tax classification, (B) file any
Tax Return other than in a manner consistent with past practice, or (C) enter into any material closing, settlement or other agreement with any Governmental Authority relating to, or which would have a material effect on, Taxes of any of the
Target Companies; 
 (xvii) make any changes to the accounting methods, principles or practices of any Target Company, except as required by
Applicable Law or by any Governmental Authority; 
 (xviii) pay, discharge or satisfy any claims, liabilities or obligations other than in
the ordinary course of business consistent with past practice, or fail to pay or otherwise satisfy any accounts payable, liabilities or obligations when due and payable; 

  
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 (xix) except in the ordinary course of business and consistent with past practice, initiate or
institute any litigation, action, suit or Proceeding (other than routine collection of bills) or settle or agree to settle any litigation, action, suit or Proceeding relating to any Target Company in an amount in excess of $50,000; 

(xx) enter into any new line of business; or 

(xxi) enter into any agreement with respect to any of the matters set forth in this Section 5.1(b). 

SECTION 5.2 Notices, Consents and Approvals. 

(a) The Parties shall reasonably cooperate with each other in determining whether any action by or in respect of, or filing with, any
Governmental Authority is required in connection with the consummation of the Contemplated Transactions, and with preparing and filing with the Applicable Governmental Authority the Real Group Regulatory Approvals and the Playa Regulatory Approvals.
Subject to the terms and conditions of this Agreement, the Parties shall use commercially reasonable efforts to take or cause to be taken all actions and to do, or cause to be done, all things necessary to consummate and make effective as promptly
as practicable the Contemplated Transactions, including using commercially reasonable efforts to (i) promptly prepare and file all necessary documentation, and (ii) effect all necessary applications, notices, petitions and filings and execute all
agreements and documents to obtain the Real Group Regulatory Approvals, the Playa Regulatory Approvals, the Real Third Party Approvals and the Playa Third Party Approvals. Each Party shall bear its respective costs and expenses incurred in
connection with obtaining such consents and approvals. 
 (b) Without limiting the generality of the foregoing, each Party shall (and the
Real Group Members shall cause the Target Companies to), as promptly as practicable after the date hereof and in no event later ten (10) calendar days after the date hereof, prepare and file (or cause to be prepared and filed), with the
appropriate Governmental Authorities, all notifications, registrations and filings for receipt of those Real Group Regulatory Approvals and Playa Regulatory Approvals for which the Real Group Members or the Playa Group Members have responsibility.
Each Party shall use its commercially reasonable efforts to supply promptly all information and documentary material requested by any Governmental Authority (including the Mexican Federal Competition Commission and other international competition
authorities) in connection with the notifications, registrations and filings pursuant to this Section 5.2, to the extent applicable to such Party. The Parties agree to make commercially reasonable efforts to avoid or eliminate as soon as
possible each and every impediment under any Antitrust Laws that may be asserted by any Governmental Authority so as to enable the Parties to expeditiously consummate the Closing; provided that no Party nor any of its Affiliates shall be required to
commit to or effect, by consent decree, order, or otherwise, the sale or disposition of any of its assets, shares, properties or businesses. 

(c) The Real Group Members and Playa shall have the right to review and comment in advance on all material filings relating to Real Group
Regulatory Approvals and the Playa Regulatory Approvals made by any Party. The Parties shall in good faith consider such comments before making any such filings. Subject to applicable confidentiality restrictions or restrictions required by
Applicable Law, each of Playa and the Real Group Members will notify the other promptly upon receipt of: (i) any comments or questions from any officials of any 

  
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 Governmental Authority in connection with any filings made pursuant to this Section 5.2 and
(ii) any request by any officials of any Governmental Authority for amendments or supplements to any filings made pursuant to any Applicable Laws and rules and regulations of any Governmental Authority or answers to any questions, or the
production of any documents relating to any filings made pursuant to this Section 5.2. To the extent reasonably practicable, all discussions, telephone calls and meetings with a Governmental Authority regarding any filings made pursuant
to this Section 5.2. shall include representatives of Playa and the Real Group Members. Subject to Applicable Law, the Parties will consult and cooperate with each other in connection with any analyses, appearances, presentations,
memoranda, briefs, arguments, and proposals made or submitted to any Governmental Authority regarding the filings made pursuant to this Section 5.2 by or on behalf of any Party. 

SECTION 5.3 Investigation and Evaluation. From the date of this Agreement until the Closing Date, the Parties shall, and shall
cause their Subsidiaries, including but not limited to the Target Companies to (a) during reasonable hours and under reasonable circumstances, give the other Party and its employees, accountants and other Representatives access to, and the
right to investigate, as the case may be, Playa’s (and its Subsidiaries’) or Target Companies’ prospects, businesses, assets, Contracts, rights, liabilities, obligations, properties, facilities, documents and books and records, and
(b) promptly following the request thereof by the other Party, seek to arrange such meetings and telephone conferences with third parties, including vendors, suppliers, contractors, customers and employees of, as applicable, Playa (and it
Subsidiaries) or the Target Companies, as may be necessary and appropriate for such other Party to conduct a review of the relations, as the case may be, of Playa (and its Subsidiaries) or the Target Companies, with such Persons; provided that such
meetings and telephone conferences shall be conducted in a manner which would not be expected to adversely interfere with the operations or business relationships of, as the case may be, Playa (and its Subsidiaries) or the Target Companies, with
such Persons. The Parties, and shall cause their subsidiaries to, fully cooperate with the conduct of due diligence by the other Party and its Representatives. 

SECTION 5.4 Publicity. Neither Playa (nor any of its Affiliates), the Real Group Members (nor any of their Affiliates) nor the
Target Companies (nor any of their Affiliates) shall issue any press release or otherwise make any public statement (except for releases and public statements required under Applicable Law) with respect to the Contemplated Transactions (including if
the Contemplated Transactions fails to close in accordance with the terms of this Agreement) without first consulting with and obtaining the written approval of Playa, in the case of the Real Group Members or the Target Companies, or without first
consulting with and obtaining the written approval of the Real Group Members’ Representative, in the case of Playa. 
 SECTION
5.5 Confidentiality. 
 (a) The Parties acknowledge that the Confidential Information is and has been so furnished on the
condition that the Parties maintain the confidentiality thereof. Accordingly, the Parties agree not to: (i) to use, or allow any of their Representatives or others to use, any portion of the other Party’s Confidential Information for any
purpose except in connection with the Contemplated Transactions; (ii) disclose or allow disclosure to others of any portion of the other Party’s Confidential Information, except to any Representative on a need-to-know basis after they have
been informed of the confidential nature of the Confidential 

  
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 Information; (iii) disclose or allow disclosure to Persons other than the Parties’ Representatives that
the other Party’s Confidential Information has been made available to it, that the Parties are entering into the Contemplated Transactions, and the nature and scope of such Contemplated Transactions; (iv) make or allow to be made copies of
or otherwise reproduce any of the other Party’s Confidential Information except to the extent necessary for the purpose of carrying out the Contemplated Transactions. If the Closing does not occur and this Agreement is terminated, the Parties
shall within five (5) days of written request from the other Party return, or cause to be returned, to the other Party all copies of such other Party’s Confidential Information without retaining, or permitting retention of, any copy
thereof. The Parties acknowledge and agree that monetary damages would not be a sufficient remedy for any breach of any provision of this Section 5.5 by the other, and that in addition to all other remedies which any Party hereto may
have, each Party will be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach. No failure or delay by any Party hereto in exercising any right, power or privilege hereunder will operate as a
waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. Notwithstanding the foregoing, it is agreed and understood that after
the Closing, Playa shall be the owner of all the Confidential Information pertaining to the Target Companies (the “Target Company Proprietary Information”) and shall have the exclusive right to use such Target Company Proprietary
Information. 
 (b) In the event that a Party or any of their Affiliates is requested or required (by oral or written request for information
or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand or similar process or by Applicable Law) to disclose any part of the other Party’s Confidential Information such Party shall notify the other Party
promptly of the request or requirement so that said Party may seek an appropriate protective order or waive compliance with this Section 5.5(b). If, in the absence of a protective order or receipt of a waiver hereunder, a Party or its
Affiliate is, on the advice of counsel, compelled to disclose such Confidential Information, such Party may so disclose such Confidential Information; provided that they shall use reasonable commercial efforts to obtain reliable assurance that
confidential treatment will be accorded to such Confidential Information. 
 (c) From and after the Closing, each of the Real Group Members
and their Affiliates who do not continue as an Employee or consultant of a Target Company following the Closing, shall cease all use of the Target Company Proprietary Information, and each such Employee or consultant shall use the Target Company
Proprietary Information only in connection with its duties as such. Notwithstanding the foregoing, the Real Group Members shall have the right to use the Target Company Proprietary Information as may be reasonably required to carry out the ISAI
Actions and the Other Legal Actions. 
 SECTION 5.6 Notification of Certain Matters. From the date of this Agreement until the
Closing Date, the Real Group Members shall give prompt notice to Playa, and Playa shall give prompt notice to the Real Group Members’ Representative, of any written notice or other written communication received by such Party from any
Governmental Authority in connection with the Contemplated Transactions or from any Person alleging that the consent of such Person is or may be required in connection with the Contemplated Transactions. In addition, from the date hereof to the
Closing (i) Playa shall give prompt notice to the Real Group Members Representative upon first becoming aware of any event, change, effect or circumstance that is 

  
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 reasonably likely to prevent or delay the satisfaction of the conditions to Closing under this Agreement;
provided that delivery by Playa to the Real Group Members of any notice pursuant to this Section 5.6 shall not limit or otherwise affect the conditions or remedies available to the Real Group Members under Article VI, Section 7.1,
Section 7.3, Article VIII or Section 9.1, and (ii) the Real Group Members shall give prompt notice to Playa upon first becoming aware of any event, change, effect or circumstance that is reasonably likely to prevent or delay the
satisfaction of the conditions to Closing under this Agreement; provided that delivery by the Real Group Members to Playa of any notice pursuant to this Section 5.7 shall not limit or otherwise affect the conditions or remedies available to
Playa Group Member under Section 7.1, Section 7.2, Article VIII or Section 9.1. 
 SECTION 5.7 Disclosure
Schedules. From time to time prior to the Closing, the Real Group Members shall promptly supplement or amend the Disclosure Schedules as called for by the representations and warranties set forth in Article III to reflect any event,
condition or circumstance first existing or arising after the date of this Agreement that, if existing as of the date of this Agreement, would have been required to be described or set forth on such Disclosure Schedule or that is necessary to
correct or complete any information in such Disclosure Schedule that has been rendered inaccurate or incomplete by such subsequent event, condition or circumstance. No supplement or amendment to any Disclosure Schedule will have any effect for the
purpose of determining satisfaction of the conditions set forth in Section 7.1 or 7.2 or any other rights (including any rights under Article VIII) that the Playa Group Members may have in respect of the
accuracy or completeness of the representations or warranties to which said Disclosure Schedule applies as of the date of this Agreement or as of the Closing Date. 

SECTION 5.8 Further Assurances. Subject to the terms and conditions of this Agreement, each Party shall use reasonable
commercial efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary under any Applicable Law, to consummate or implement the Contemplated Transactions as promptly as practicable, including providing
information reasonably requested by other Persons necessary for such Persons to evaluate whether to provide any required consent; provided, however, that the foregoing shall not be deemed to require either Party to waive compliance by the other
Party and its Affiliates of its respective covenants or obligations under this Agreement or to waive conditions to the Closing required to be satisfied by the other Party. Each of the Real Group Members and the Playa Group Member shall execute and
deliver, and shall cause the Target Companies, as appropriate or required and as the case may be, to execute and deliver, such other documents, certificates, agreements and other writings and to take such other actions as may be necessary to
consummate or implement the Contemplated Transactions. 
 ARTICLE VI 

ADDITIONAL COVENANTS AND AGREEMENTS 

SECTION 6.1 Deposit. 

(a) On May 3rd, 2013, Playa delivered to the Real Group Members a deposit in an
amount equal to Five Million Dollars ($5,000,000.00) (the “Initial Deposit”) in accordance with the terms of the Deposit Agreement dated as of May 2, 2013, by and among the Parties (the “Deposit Agreement”).
Concurrent with the execution of the Deposit Agreement, 

  
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 the Real Group Members executed and delivered to Playa a promissory note (the “Initial Deposit Promissory
Note”) in the amount of one million four hundred thousand Dollars (USD$ 1,400,000). From the date hereof the Deposit Agreement shall be of no further force and effect and the terms of the Initial Deposit shall be governed by the terms of
this Agreement and the Initial Deposit Promissory Note. On May 31, 2013 Playa shall deliver to the Real Group Member’s Representative an additional deposit in an amount equal to Two Million Dollars ($2,000,000.00) (the “First
Additional Deposit”), upon receipt by Playa of a duly executed promissory note for such amount (the “First Additional Deposit Promissory Note”) substantially in the form of Attachment XXI. On the business day
following the date on which the Playa Group Members receive final approval from the Mexican Comisión Federal de Competencia with respect to the Contemplated Transactions, Playa shall deliver to the Real Group Member’s
Representative an additional deposit in an amount equal to Three Million Dollars ($3,000,000.00) (together with the Initial Deposit and the First Additional Deposit, the “Deposit”), upon receipt by Playa of a duly executed
promissory note for such amount (the “Second Additional Deposit Promissory Note”, and together with the Initial Deposit Promissory Note and the First Additional Deposit Promissory Note, the “Deposit Promissory
Notes”) substantially in the form of Attachment XXI. The Deposit shall be distributed in accordance with the terms of this Agreement. The failure of Playa to timely deliver the Deposit hereunder shall entitle the Real Group Members,
at the Real Group Member’s sole option, to terminate this Agreement. 
 (b) Upon termination of this Agreement by the Real Group
Member’s Representative: 
 (i) pursuant to the provisions of Section 9.1(b)(i), whereby the failure to consummate the
Closing by such date is caused exclusively by (A) the failure of the Parties to obtain any approvals or other actions required under any Antitrust Laws, as provided in Section 7.1(a) or (B) the failure by the Playa Group
Members to receive the proceeds of the Financing as set forth in Section 7.2(d), including those under the Senior Secured Term Loan, the (x) Real Group Member’s shall have the right to retain a portion of the Deposit in the amount
of $1,800,000.00 (one million eight hundred thousand Dollars), and (y) the Real Group Member’s Representative shall deliver the balance thereof (the “Refundable Amount”) to Playa; 

(ii) pursuant to the provisions of (1) Section 9.1(b)(i), whereby the failure to consummate the Closing by such date is
caused by the Playa Group Members (A) failure to meet the conditions set forth in Section 7.3(a) and their inability to deliver the certificate described in Section 7.3(a)(iii) and/or (B) failure to deliver the
deliveries set forth in Section 2.10, unless such failure is caused by the Playa Group Members failure to receive the proceeds of the Financing, in which case the provisions of Section 6.1(b)(i) shall apply,
(2) Section 9.1(b)(ii), (3) Section 2.15(a), or (4) Section 2.15 (b), then, the Real Group Members shall (x) have the right to retain a portion of the Deposit in the amount of $3,600,000.00
(three million six hundred thousand Dollars), and (y) shall deliver the balance thereof (the “Deposit Balance”) to Playa; 

(iii) other than as specified in Sections 6.1(b)(i), and (ii), or as otherwise provided herein, the Real Group Member’s
Representative shall return the Deposit to Playa; 

  
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 (c) Upon termination of this Agreement pursuant to the provisions of Section 9.1(a),
or by the Playa Group Members pursuant to the provisions of Section 9.1(c), the Real Group Member’s Representative shall return the Deposit to Playa; 

(d) On the Closing Date, the Deposit shall be at the Real Group Members election (i) credited towards the payment of the Receivables
Outstanding Amount; or (ii) refunded to Playa and paid to the Real Group Members as part of the Closing Payments. The Real Group Members shall within five (5) days prior to the Closing Date notify Playa in writing of their election. 

(e) For the avoidance of doubt, the Deposit Balance and/or the Refundable Amount, as the case may be, shall be in all cases fully refundable to
Playa upon the termination of this Agreement, and therefore the existence of any dispute between the Parties with respect to the cause of the termination of the Agreement and whether the Real Group Members are required to return to Playa the full
amount of the Deposit or only the Deposit Balance or the Refundable Amount, may not be used by the Real Group Members as justification for refusing or delaying the return of the Deposit Balance or the Refundable Amount, as the case may be. If the
Real Parties delay or refuse the return of the Deposit Balance or the Refundable Amount, as the case may be, to Playa, the full amount of the Deposit shall then become refundable to Playa notwithstanding any provision to the contrary in this
Agreement. 
 (f) The provisions of this Section 6.1 shall survive the termination of this Agreement. 

SECTION 6.2 Certain Tax Matters. 

(a) The Real Group Members shall, at their sole cost and expense, prepare and file (or cause to be prepared and filed) in a timely manner all
Tax Returns of the Target Companies for any Tax period ending on or prior to the Closing Date (each, a “Pre-Closing Tax Period”) in accordance with past practice and Applicable Law; provided, however, that for the avoidance of
doubt, the Real Group Members (and their Affiliates other than the Target Companies) shall continue to be responsible for the filing of their respective Tax Returns for all Tax periods. The Real Group Members shall provide to Playa drafts (in
substantially final form) of all Tax Returns which are related to a Target Company and for which the Real Group Members are responsible for the filing pursuant to this Section 6.2 no later than two (2) days prior to the due date for any
such Tax Return, and shall consider in good faith any comments to such draft Tax Returns provided by Playa but shall not be required to make any changes based on such comments, and shall provide copies of all such Tax Returns to Playa promptly after
filing. 
 (b) Playa shall, at its sole cost and expense, prepare and file (or cause to be prepared and filed) in a timely manner all Tax
Returns of the Target Companies for any Tax period that includes, but does not end on, the Closing Date (each, as “Straddle Period”) in accordance with past practice and Applicable Law. Playa shall provide to the Real Group Members,
drafts of the portions of all such Tax Returns which are related to a Target Company and for which Playa is responsible for the filing pursuant to this Section 6.2 no later than five (5) days prior to the due date for any such Tax
Return, and shall consider in good faith any 

  
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 comments to such draft Tax Returns provided by the Real Group Members but shall not be required to make any
changes based on such comments, and shall provide copies of all such Tax Returns to the Real Group Members promptly after filing. In the case of any Taxes that are imposed on a periodic basis and are payable for a Straddle Period, the portion of
such Tax attributed to the Pre-Closing Tax Period, to the extent not considered in the calculation of the Net Working Capital Amount, shall (x) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to
be the amount of such Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date, and the denominator of which is the number of days in the entire taxable
period, and (y) in the case of any Tax based upon or related to income or receipts be deemed equal to the amount which would be payable if the relevant taxable period ended on the Closing Date. 

(c) The Real Group Members agree to furnish or cause to be furnished to Playa, upon request, as promptly as practicable and to the extent that
the information remains in the custody and control of the Real Group Members, such information and assistance reasonably requested by Playa relating to the Target Companies and their respective assets and operations, as are reasonable necessary for
the preparation of any Tax Returns for which Playa is responsible, claim for refund or audit, and the prosecution or defense of any claim, suit, or proceeding relating to any proposed adjustment. 

SECTION 6.3 VAT on Accounts Receivable. 

(a) The Real Group Members acknowledge and agree that, as a consequence of the payment of the outstanding balance of the Accounts Receivable to
ITR, and pursuant to the provisions of the Mexican VAT Law (Ley del Impuesto al valor Agregado), ITR shall be required to pay to the applicable Governmental Authorities VAT in the amount of MX$ 81,203,888, as specified in

Exhibit F, generated in connection with the transactions giving rise to the Accounts Receivable (the “VAT Amount”). 

(b) ITR agrees to timely pay the VAT Amount to the applicable Governmental Authorities as required by Applicable Law, to file any applicable
VAT returns as required by Applicable Law and to comply with all obligations related thereto. Playa (directly or through its Representatives) shall be entitled to supervise all activities performed by ITR in connection with the payment of the VAT
Amount and other activities in compliance with any required obligations, in order to ensure that such payments and activities are performed in accordance with Applicable Law and that any VAT Amounts may be subject to credit by the Target Companies
in the future, and ITR agrees to cooperate with Playa for such purpose. Promptly following the payment of the VAT Amount by ITR to the applicable Governmental Authorities, the Real Group Members shall furnish Playa with evidence reasonably
satisfactory to Playa of such payment, including copies of the applicable tax returns and payment receipts, as well as any other documents required by Applicable Law in order to allow the Hotel Owners to record such VAT Amount as paid and credit it
against any VAT to be collected by the Hotel Owners. Upon delivery of evidence of payment of the VAT Amount as set forth above, it shall be conclusively deemed that ITR has timely complied with their obligations under this Section 6.3 (b).

  
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 (c) Following the Closing, the Hotel Owners shall refund to ITR any portion of the VAT Amount
that the Hotel Owners credit or offset against any VAT charged or collected by the Hotel Owners in connection with their respective operations, or that is otherwise refunded to the Hotel Owners by any Governmental Authority. For this purpose, the
Hotel Owners shall deliver to ITR, within thirty (30) days of (i) the filing of any VAT return by each Hotel Owner in which any portion of the VAT Amount is offset or credited, or (ii) the receipt of any refund from any Governmental
Authority, a statement including a calculation, in reasonable detail, of the amounts so offset, credited or received, together with copies of the applicable VAT returns used in the preparation of such statement, if applicable. The Hotel Owner shall
pay to ITR the portion of the credited VAT Amount as described in each statement within five (5) days of the delivery of the applicable statement, via wire transfer to the account indicated from time to time in writing by ITR. 

(d) Notwithstanding anything to the contrary in this Section 6.3, on or before the fourth
(4th) anniversary of the Closing Date, Playa shall reimburse or shall cause the Hotel Owners to reimburse to the Real Group Members the remaining unreimbursed balance of the VAT Amount,
regardless of whether such remaining balance has or not been reimbursed to the Hotel Owners or remains to be offset or credited by the Hotel Owners. The foregoing notwithstanding, the Hotel Owners shall reimburse ITR, in the aggregate, at least an
amount equal to twenty five percent (25%) of the VAT Amount per twelve (12) month period beginning on the Closing Date. 
 (e)
Nothing contained herein shall, or shall be deemed to, require the Hotel Owners or any of the Playa Group Members (i) to modify, amend or revise any filed Tax returns (including any VAT returns), or any of their respective policies, procedures
or practices regarding Taxes, or (ii) to carry out, perform, enter into or continue any activities, transactions or operations that generate for the Hotel Owners the obligation to charge or collect any VAT against which the VAT Amount can be
credited or offset. Therefore, to the extent that the Hotel Owners do not carry out any such activities, transactions or operations, or otherwise they are not required to collect or charge VAT against which the VAT Amount can be credited or offset
(or otherwise such credit or offset cannot be effected), no payments under this Section 6.3 will be made by the Hotel Owners or any of the Playa Group Members to ITR or any other Real Group Member except as provided in
Section 6.3(d) above. 
 (f) The obligations of the Hotel Owners and the Playa Group Members pursuant to this
Section 6.3 shall be conditioned upon the Real Group Members having complied with their obligations pursuant to Section 6.3(b). 

SECTION 6.4 Transaction Taxes. Except as otherwise provided in this Agreement, including Section 6.3 (VAT on Acquired
Receivables), each Party shall bear responsibility for payment of all Taxes incurred and attributable to such Party in connection with or arising out of the Contemplated Transactions (the “Transaction Taxes”). All recordation
charges and fees, notary fees, escrow agent fees and other fees and charges incurred or payable in connection with consummation of the Contemplated Transactions shall be paid one-half by the Real Group Members and one-half by Playa. Each Playa Group
Member, Target Company or Real Group Members, as applicable, will file all necessary Tax Returns (along with any required payment) and other documentation with respect to all such Transaction Taxes as required by Applicable Law, and each Party will
cooperate with the other Party in connection with such filings and, if necessary, join in the execution of any such Tax Return and other documentation. 

  
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 SECTION 6.5 Noncompetition. At the Closing, the Parties shall enter into a
Noncompetition Agreement substantially in the form of Attachment V (the “Noncompetition Agreement”). 
 SECTION
6.6 Consulting Agreement. At the Closing, the Operators and certain Affiliates of Real Group Members shall enter into a Consulting Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in
Attachment VI (the “Consulting Agreement”). 
 SECTION 6.7 Transition Services Agreement. At the
Closing, the Parties shall enter into a Transition Services Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in Attachment VII (the “Transition Services Agreement”). 

SECTION 6.8 Real Bazar Agreement. At the Closing, the Real Group Members shall cause their Affiliates to enter into the Real
Bazar Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in Attachment VIII (the “Real Bazar Agreement”). 

SECTION 6.9 Real Travel Club. At the Closing, the Real Group Members shall cause their Affiliates to enter into the Real Travel
Club Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in Attachment IX (the “Real Travel Club Agreement”). 

SECTION 6.10 Best Day Agreement. At the Closing, the Real Group Members shall cause their Affiliates to enter into the Best Day
Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in Attachment X (the “Best Day Agreement”). 

SECTION 6.11 Aircraft Purchase Agreement. At the Closing, the Real Group Members shall cause their Affiliates to, and Playa or
its designee shall, enter into the Aircraft Purchase Agreement, to be agreed between the parties thereto prior to Closing on the terms set forth in Attachment XI (the “Aircraft Purchase Agreement”). 

SECTION 6.12 Environmental Indemnity. At the Closing, the Real Group Members shall enter into the Environmental Indemnity
Agreement substantially in the form of Attachment XII (the “Environmental Indemnity”). 
 SECTION 6.13
Non-Solicitation of Employees. For a period of two years from and after the Closing Date, none of the Real Group Members nor any Affiliate or a Related Person of a Real Group Member, without the prior written approval of Playa, directly or
indirectly hire or solicit any individual who is an Employee of any Target Company to terminate his or her Employment relationship with Playa of any of its Affiliates or any of the Target Companies; provided, that the provisions of this
Section 6.13 shall not apply with respect to any Employee that is terminated by the applicable Target Company. 

  
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 SECTION 6.14 Certain Employment Matters. 

(a) On or prior to the Closing Date, each of the directors and officers of the Target Companies shall tender to the applicable Target Company a
D&O Resignation. In addition to and without limiting the foregoing, prior to the Closing Date, the Real Group Members shall cause each of the persons identified on Schedule 6.14(a) (the “Retained Employees”) to cease
their Employment with the Target Companies (whether by resignation, termination or transfer (sustitución patronal) to a Real Group Member effective as of or prior to the Effective Time), with no liability or cost to any Playa Group
Member or any Target Company payable after the Closing Date. Each of the Retained Employees shall execute and deliver to Playa and to the applicable Target Company a waiver and release of claims (“Waiver and Release”) in the form
attached hereto as Attachment XIII. 
 (b) Playa shall, on or within ninety (90) days after the Closing Date, have the right
within its exclusive discretion, to terminate up to five percent (5%) (calculated by headcount) of the Employees (including but not limited to executive and managerial personnel such as general managers, department heads, trabajadores de
confianza and trabajadores sindicalizados) (“Terminated Employees”), and the Real Group Members shall be responsible for any and all related liabilities, and shall reimburse Playa and/or the applicable Target Company for
any payment made in connection with termination of the Terminated Employees, including but not limited to any liability arising out of any accrued and unpaid salaries and wages, Social Security, SAR, INFONAVIT and profit sharing (to the extent not
already paid pursuant to Section 2.11(d)(ii) above) and any and all Termination Costs. Neither Playa nor any of its Affiliates shall for a period of two (2) years after the Closing hire any of the Terminated Employees. In the event
of a breach by Playa, Playa shall be liable to the Real Group Members for any Termination Costs paid by the Real Group Members in connection with any Terminated Employees hired by Playa. 

(c) The Real Group Members shall be responsible and shall indemnify and hold harmless the Playa Indemnitees for any and all Pre-Closing Losses
arising or in connection with any Proceedings initiated by the Employees against the Target Companies after Closing. For purposes of clarification, the Real Group Members shall not be liable for any Pre-Closing Losses arising or in connection with
termination by Playa of any of the Employees after the Closing, absent commencement of a formal Proceeding by the Employee(s) before the appropriate Governmental Authority. Beginning on the Closing Date, Playa shall be responsible and shall
indemnify, defend and hold harmless the Real Group Indemnitees from and against any and all Post-Closing Losses arising or in connection with the Employees, other than the Retained Employees or the Terminated Employees. The obligations of the
Parties set forth in this Section 6.14(c) shall survive the Closing for one year. 
 SECTION 6.15 Playa’s
Financing Activities. Prior to the Closing, the Real Group Members shall, and shall cause the Target Companies and its Representatives to exercise commercially reasonable efforts to provide all cooperation reasonably requested by Playa in
connection with the arrangement of all debt and/or equity financing (the “Financing”), including without limitation the Senior Secured Term Loan Facility, required for purposes of the Investment in Real, the Playa Loan, the
Operators Holding Minority Interest Sale and the payment of the Contribution Cash Consideration, including (i) furnishing Playa and any entity or entities that commit to provide or otherwise enter into agreements in connection with any
Financing proposed to be provided to Playa or any of its Affiliates in connection with the 

  
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 transactions contemplated hereby (the “Financing Sources”) with financial and other information
regarding the Target Companies that is reasonably requested by the Financing Sources or Playa and which information is within the reasonable control of the Real Group Members, (ii) assisting with the preparation of, reviewing and consulting
with respect to the preparation of agreements, offering documents and materials and other documentation (including review of schedules for completeness) reasonably required in connection with the Financing, (iii) participating in a reasonable
number of meetings, drafting sessions, presentations and due diligence sessions and (iv) otherwise reasonably cooperating with Playa to satisfy the conditions precedent to the Financing to permit the proceeds thereof to be made available to Playa
immediately upon the Closing Date, provided that no unreasonable burden is imposed on the Real Group Members, the Target Companies or its Representatives. Each of the Real Group Members hereby consents to the Playa Group Member’s use of the
Target Companies’ names, trademarks, service marks and logos in connection with the Financing prior to the Closing Date; provided that the Playa Group Member shall use such trademarks, services marks or logos solely in a manner that is not
intended to nor is reasonably likely to harm or disparage Real Group Members or the Target Companies or the reputation or goodwill of Real Group Members or the Target Companies. 

SECTION 6.16 Divestiture of Excluded Assets. The Real Group Members acknowledge and agree that the assets and contracts listed
in Exhibit G (the “Excluded Assets”) are not necessary for the conduct of the business of the Target Companies. Therefore, prior to the Closing, the Real Group Members shall have caused the Target Companies to (i) sell,
distribute to the Real Group Members or otherwise dispose of the assets listed on Exhibit G and (ii) terminate or assign to the Real Group Members the agreements and contracts listed on such Exhibit G. The Real Group Members shall inform
Playa in advance in writing of all actions it proposes to take after the date hereof to transfer the Excluded Assets from the Target Companies, shall provide Playa in advance with copies of all documents (which must be reasonably satisfactory to
Playa’s counsel) it intends to use to effectuate such transfers, shall consider in good faith the view of Playa in connection with such transfers and shall undertake such transfers in a manner reasonably designed to eliminate any potential
future liability of the Playa Group Members and/or the Target Companies in connection with such Excluded Assets or their transfer. 

ARTICLE VII 
 CONDITIONS
TO CLOSING 
 SECTION 7.1 Conditions Precedent to the Parties’ Closing Obligations. The obligations of the Playa
Group Members and the Real Group Members to consummate the Closing are subject to the fulfillment or satisfaction (or waiver by the applicable Party), prior to or at the Closing, of each of the following conditions precedent: 

(a) any approvals or other actions required under any Antitrust Laws shall have been obtained; and 

(b) no effective Order issued by a Governmental Authority, shall be in effect which restrains or prohibits the consummation of the Closing in
accordance with this Agreement, and no lawsuit or other Proceeding shall have been commenced by any Governmental Authority (other than at the request or with the acquiescence, approval or consent of any of the Parties) for the purpose of obtaining
any such Order, and no notice shall have been received by any of the Playa Group Members, the Real Group Members or any of the Target Companies from any Governmental Authority indicating an intent to restrain, prevent, materially delay or
restructure the Contemplated Transactions. 

  
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 (c) the Playa Group Members shall have received all Playa Regulatory Approvals and all Playa
Third Party Approvals listed on Schedule 7.1(c) and the Real Group Members shall have received all Real Group Regulatory Approvals and all Real Group Third Party Approvals listed on Schedule 7.1(c). 

SECTION 7.2 Conditions to the Closing Obligations of the Playa Group Members. The obligations of the Playa Group Members to
consummate the Closing are subject to the fulfillment or satisfaction (or waiver by Playa), prior to or at the Closing, of each of the following additional conditions precedent: 

(a) (i) the representations and warranties of the Real Group Members contained in this Agreement shall be true and correct in all respects, in
each case at and as of the date of this Agreement and at and as of the Closing, as if made at and as of each such date (except that those representations and warranties which by their terms are made as of a specific date shall be required to be true
and correct only as of such date); (ii) each of the Real Group Members shall have complied with and performed all of its obligations hereunder required to be complied with or performed by it on or prior to the Closing Date; and (iii) Playa
shall have received a certificate to the foregoing effect from an authorized officer of each Real Group Member; 
 (b) Playa shall have
received the deliveries set forth in Section 2.9; 
 (c) between the date of this Agreement and the Closing Date, there shall not have
occurred (nor shall Playa have become aware of) any Material Adverse Effect to Closing; 
 (d) the Playa Group Member shall have received the
proceeds of the Financing, including the Senior Secured Term Loan; 
 (e) The Retained Employees shall have ceased to be Employed by the
Target Companies as provided in Section 6.14(a), and shall have each executed and delivered a Waiver and Release; 
 (f) each of
the directors and officers (administradores únicos o gerentes) of the Target Companies shall have tendered to Playa and the applicable Target Company a resignation letter in the form attached hereto as Attachment
XIV (each, a “D&O Resignation”) on or prior to the Closing, which resignations shall become effective at the Effective Time; 

(g) the Real Group Members shall have terminated the authorization of each Person listed on Schedule 3.26 as an authorized signatory to
or authorized to draw on or make withdrawals from any bank account of any of the Target Companies, effective as of the Effective Time; and 

  
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 (h) The Real Group Members shall have revoked all powers of attorney identified in Schedule
3.28, and shall provide to Playa a written communication from each such Attorney-in-fact acknowledging such revocation. 
 SECTION
7.3 Conditions to the Closing Obligation of the Real Group Members. The obligations of the Real Group Members to consummate the Closing are subject to the fulfillment or satisfaction (or waiver by the Real Group Members), prior to or at
the Closing, of the following additional conditions precedent: 
 (a) (i) the representations and warranties of the Playa Group Members
contained in this Agreement shall be true and correct in all respects, in each case at and as of the date of this Agreement and at and as of the Closing, as if made at and as of each such date (except that those representations and warranties which
by their terms are made as of a specific date shall be required to be true and correct only as of such date); (ii) the Playa Group Members shall have performed all of its obligations hereunder required to be performed by it at or prior to the
Closing Date; and (iii) the Real Group Member shall have received a certificate to the foregoing effect from an authorized representative of Playa; 

(b) the Real Group Members shall have received the Closing Payments; 

(c) the Real Group Members shall have received the deliveries set forth in Section 2.10; 

(d) the Senior Secured Term Loan Documents shall have been executed in accordance with the terms of Exhibit S; 

(e) the Transactions shall have closed simultaneously with the Contemplated Transactions, on terms substantially similar to those set forth in
Exhibit U, and that as a result thereof, immediately after the Closing Playa will meet the requirements listed therein under “Closing Requirements”; 

(f) the capital structure of Playa shall be in substantially similar form as Exhibit T; and 

(g) the Playa Shares shall have been issued in accordance with the terms of Exhibit V. 

ARTICLE VIII 
 SURVIVAL
AND INDEMNIFICATION 
 SECTION 8.1 Survival 

(a) Subject to the provisions of Section 8.1(b) below or as may be otherwise set forth herein, following the Closing, the
representations, warranties and indemnification obligations of the Parties contained herein, and all rights with respect thereto, shall survive the Closing and shall continue in full force and effect until the first anniversary of the Closing Date,
and thereafter no Party shall have any further right to make indemnification claims under Section 8.2(a) or Section 8.2(b), as the case may be; provided, however, that: 

  
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 (i) the Real Group Members Fundamental Representations and the Playa Fundamental
Representations, and the right to make indemnification claims with respect thereto, shall survive the Closing indefinitely, 
 (ii) the
representations and warranties contained in Section 3.8(b) (Title to Owned Real Estate) and Section 3.25 (Ethical Practices) and the right to make indemnification claims with respect thereto, shall survive the Closing until
the tenth (10th) anniversary of the Closing Date 
 (iii) the representations and
warranties contained in Section 3.24 (Related Party Transactions) and Section 3.7(e) (No Off-Balance Sheet Liabilities), and the right to make indemnification claims with respect thereto, shall survive the Closing until the
fifth (5th) anniversary of the Closing Date, 
 (iv) the representations and
warranties contained in Sections 3.10 (Litigation) and 3.17 (Taxes), and the right to make indemnification claims with respect thereto shall survive until ninety (90) days following expiration of the applicable statute of
limitations; 
 (v) the right to make indemnification claims: 

(A) pursuant to Section 8.2(a)(i) or 8.2(b)(i) shall survive the Closing for the same survival period as the representation
and warranty it refers to as provided in Section 8.1(a); 
 (B) pursuant to Sections 8.2(a)(ii), 8.2(a)(iii),
8.2(a)(vii), 8.2(a)(viii), 8.2(a)(ix), 8.2(a)(x), 8.2(b)(ii) and 8.2(b)(iii) shall survive until ninety (90) days following expiration of the applicable statute of limitations, provided that in
case the applicable statute of limitations in connection with any particular Tax is extended as a result of the filing by any of the Target Companies of a voluntary amendment to the applicable Tax Return the right to seek indemnification pursuant to
Section 8.2(a)(iii) with respect to such Tax in respect of the Tax period for which such amendment was filed shall survive only until the date that was 90 days after the applicable statute of limitations prior to its extension as a
result of such filing; 
 (C) pursuant to Sections 8.2(a)(xi) and 8.2(a)(xii) shall survive until the first anniversary of the
Closing Date; 
 (D) pursuant to Sections 8.2(a)(iv), 8.2(a)(vi) and 8.2(b)(iv) shall survive until the second
anniversary of the Closing Date. 
 (E) pursuant to Section 8.2(a)(v) shall survive until 90 days following the date on which a
final and non-appealable resolution is issued in connection with the matters set forth in Schedule 3.10. 
 (F) pursuant to
Section 8.2(b)(v) shall survive until the fifth (5th) anniversary of the Closing Date, including as specified in Section 6.14(c). 

  
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 (b) Notwithstanding anything to the contrary herein, any right to make a claim for
indemnification with respect to any representation or warranty that would otherwise terminate in accordance with this sentence will continue to survive if a written notice in accordance with the applicable provision of Section 8.3 is
delivered by the Indemnified Party to the Indemnifying Party on or prior to such termination date until the related claim for indemnification has been satisfied or otherwise resolved as provided in Article VIII but only with respect to the
matters described in such notice. 
 (c) Except as otherwise provided in this Section 8.1, with respect to any covenants or
agreements set forth herein that by their terms are intended to be performed after the Closing Date, shall survive until ninety (90) days following expiration of the applicable statute of limitations; 

SECTION 8.2 Indemnification. 

(a) From and after the Closing and subject to the survival rights set forth in Section 8.1 and the limitations set forth in
Section 8.4(a), the Real Group Members, jointly and severally, hereby indemnify the Playa Group Members and each of their respective Affiliates and Representatives (together, in each case, with their respective successors and permitted
assigns, and following the Closing, including the Target Companies, the “Playa Indemnified Parties”) against, and agree to hold them harmless from, any and all Proceedings, claims, causes of action, assessments, losses, damages,
costs, expenses, liabilities, judgments, awards, fines, sanctions, penalties, charges and amounts paid in settlement, including reasonable costs, fees and expenses of attorneys, accountants and other agents or representatives of such Person
(“Losses”) arising out of, resulting from or related to: 
 (i) any inaccuracy of any representation or any breach of any
warranty made by the Real Group Members in this Agreement; 
 (ii) any breach, nonfulfillment or nonperformance of any of the covenants,
agreements or obligations of the Real Group Members contained in this Agreement; 
 (iii) any liability with respect to (1) Taxes of
the Real Group Members or any of their direct or indirect investors; (2) except as otherwise expressly provided herein, Taxes of the Real Group Members or any of the Target Companies arising from any of the Contemplated Transactions;
(3) Taxes of the Target Companies and/or Contributions related to the Employees of the Target Companies to the extent attributable to (A) any Pre-Closing Tax Period, and (B) any Straddle Period (provided that Taxes and/or
Contributions related to a Straddle Period shall be determined in accordance with Section 6.2(b)); and (4) Taxes arising from any of the matters described on Schedule 3.17 (a)(i); (5) Taxes imposed by reason of any
Target Company’s liability under any agreement relating to the apportionment of Taxes (any such agreement or arrangement, a “Tax Sharing Agreement”). For purposes of clarification the indemnity rights of the Playa Group Members
hereunder shall not include any indemnification for Losses arising out of or related to any deferred income tax provisions, including their . calculation. 

(iv) any Real Group Expenses not satisfied in full prior to the Closing Date or accounted for in Section 2.11; 

(v) any matters described on Schedule 3.10 (Litigation); 

  
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 (vi) any claims of brokers or finders engaged by the Real Group Members; 

(vii) the ISAI Actions; 
 (viii)
the Other Legal Actions 
 (ix) the VAT Amount, including its calculation and payment to the applicable Governmental Authorities, and any
interest and penalties payable in connection therewith; 
 (x) any claims from the Retained Employees and the Terminated Employees; and 

(xi) any Pre-Closing Losses not otherwise specified in this Section 8.2(a), including as specified in Section 6.14(c).

 (b) From and after the Closing and subject to the limitations set forth in Section 8.4(b), the Playa Group Members hereby
jointly and severally indemnity the Real Group Members and each of their Affiliates and Representatives (together, in each case, with their respective successors and permitted assigns, the “Real Group Indemnified Parties”) against,
and agrees to hold them harmless from, any and all Losses arising out of, resulting from or related to: 
 (i) any inaccuracy of any
representation or any breach of any warranty made by the Playa Group Members in this Agreement; 
 (ii) any breach, nonfulfillment or
nonperformance of any of the covenants, agreements or obligations of the Playa Group Member contained in this Agreement; 
 (iii) any
liability with respect to (1) Taxes of the Playa Group Members or any of their direct or indirect investors in connection with the Contemplated Transactions; (2) Taxes of the Target Companies to the extent attributable to any Post-Closing
Tax Period; 
 (iv) any claims of brokers or finders engaged by the Playa Group Members; and 

(v) any Post-Closing Losses, including as specified in Section 6.14(c). 

SECTION 8.3 Indemnification Procedures. 

(a) Promptly after receipt by a Playa Indemnified Party or a Real Group Member Indemnified Party (hereinafter collectively referred to as an
“Indemnified Party”) of notice by a Third Party (including any Governmental Authority) of any Proceeding initiated by such Third Party with respect to which such Indemnified Party may be entitled to receive payment from the Playa
Group Member or the Real Group Members for any Losses hereunder (a “Third Party Claim”), such Indemnified Party shall within 15 days thereafter notify in writing the 

  
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Playa Group Member or the Real Group Member, as the case may be (the “Indemnifying Party”); provided, however, that the failure to so timely notify the Indemnifying Party shall
relieve the Indemnifying Party from liability under this Article VIII with respect to such Third Party Claim only if, and only to the extent that, such failure to notify the Indemnifying Party adversely affects the Indemnifying Party’s rights,
defenses and/or ability to negotiate a discount of the amount claimed otherwise available to the Indemnifying Party with respect to such Third Party Claim; provided that failure by an Indemnified Party to notify in writing the Indemnifying Party
within twelve months after the Indemnified Party’s receipt of notice of a Third Party Claim shall be conclusively deemed to have adversely affected the Indemnifying Party’s rights, defenses and/or ability to negotiate a discount of the
amount claimed with respect to such Third Party Claim and the Indemnifying Party shall be released from liability under this Article VIII. 

(b) The Indemnifying Party shall have the right, upon written notice delivered to the Indemnified Party within 10 days thereafter, to assume
the defense of such Third Party Claim, including the employment of counsel (including in-house counsel) reasonably satisfactory to the Indemnified Party and the payment of the fees and disbursements of such counsel; provided that the Indemnified
Party shall have the right to defend such claim prior to any assumption of the defense by the Indemnifying Party. 
 (c) The assumption of
the defense of any such Third Party Claim by the Indemnifying Party shall not constitute assumption by the Indemnifying Party of responsibility for all Losses resulting from any such Third Party Claim. The Indemnifying Party shall only be
responsible for Losses attributable to such Indemnifying Party. In the event that the liability for any Third Party Claim is shared between the Indemnifying Party and the Indemnified Party then Losses shall be apportioned prorata between the
Indemnified Party and the Indemnifying Party. Conversely, in the event that any Third Party Claim which defense has been assumed by the Indemnifying Party results in an award or judgment of monetary damages in favor of the Indemnified Party, the
amount of such award or judgment shall be apportioned pro-rata between the Indemnified Party and the Indemnifying Party. 
 (d) In the event
that the Indemnifying Party declines or fails to assume the defense of any Third Party Claim on the terms provided above or to employ counsel reasonably satisfactory to the Indemnified Party, in either case within such 10-day period, then the
Indemnified Party may employ counsel to represent or defend it in any such Third Party Claim and the Indemnifying Party shall pay the reasonable fees and disbursements of such counsel as incurred, as well as the costs of any deposits, bonds or other
payments required to be made for purposes of defending the Claim. In any Third Party Claim with respect to which indemnification is being sought hereunder, the Indemnified Party or the Indemnifying Party, whichever is not assuming the defense of
such action, shall have the right to participate in such matter and to retain its own counsel at such Party’s own expense. The Indemnifying Party or the Indemnified Party, as the case may be, shall at all times use reasonable efforts to keep
the other reasonably apprised of the status of the defense of any matter the defense of which it is maintaining and to cooperate in good faith with the other with respect to the defense of any such matter, including but not limited to providing any
Confidential Information and Target Company Proprietary Information as may be required for purposes of such defense. 

  
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 (e) No Indemnified Party may settle or compromise any Third Party Claim or consent to the entry
of any judgment with respect to which indemnification is being sought hereunder without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld), unless such settlement, compromise or consent includes an
unconditional release of the Indemnifying Party from all liability arising out of such claim (including liability for indemnification hereunder). In determining whether to grant any consent for any settlement or compromise of a Third Party Claim in
accordance with the foregoing sentence, the Indemnifying Party shall consider only the merits of the Third Party Claim and the terms of the compromise or settlement. An Indemnifying Party may not settle or compromise any claim or consent to the
entry of any judgment with respect to which indemnification is being sought hereunder without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld; provided that it shall be reasonable for the
Indemnified Party to withhold its consent unless such settlement, compromise or consent (A) includes an unconditional release of the Indemnified Party from all liability arising out of such claim, (B) does not contain any admission or
statement suggesting any wrongdoing or liability on behalf of the Indemnified Party, (C) does not contain any equitable order, judgment or term which in any manner affects, restrains or interferes with the business of the Indemnified Party or
any of the Indemnified Party’s Affiliates and (D) does not provide for or result in the incurrence by the Indemnified Party of future obligations or liabilities of any nature whatsoever. In the event that any Indemnified Party or
Indemnifying Party, as the case may be, shall submit to the other a request for consent to settle or compromise an Indemnified Claim as required pursuant to this Section 8.3(b), if the recipient of such consent request fails to respond to such
request within 30 days of the date of its deemed received in accordance with Section 9.3, such failure to respond shall be deemed as a granting of consent by the applicable Party. 

(f) In the event an Indemnified Party claims a right to Losses pursuant to this Agreement in any circumstance or manner other than in
connection with a Third Party Claim (a “Direct Claim’’), such Indemnified Party shall, promptly following the incurrence of such Losses (or the Indemnified Party becoming aware of such Losses), send written notice of such
Direct Claim to the appropriate Indemnifying Party, which notice shall specify the basis for such Direct Claim. As promptly as possible after the Indemnified Party has given such notice, the Parties shall establish the merits and amount of such
Direct Claim (by mutual agreement, litigation, arbitration or otherwise). 
 (g) In the event an Indemnified Party shall be entitled to
indemnification under more than one provision of Section 8.2(a) or Section 8.2(b), as the case may be, such Indemnified Party may, in its discretion, choose the provision or provisions pursuant to which indemnification is claimed. 

SECTION 8.4 Limitations. 

(a) The Playa Group Members shall not be entitled to indemnification with respect to any inaccuracy of any representation or any breach of any
warranty described in Section 8.2(a)(i), (x) unless such matter was the subject of a written notice given by a Playa Indemnified Party pursuant to Section 8.3(a) within the survival period following the Closing Date specified
for each respective matter in Section 8.1, and (y) unless and until the aggregate Losses of all Playa Indemnified Parties (taken as a whole) shall exceed $200,000 (the “Threshold

  
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Amount”), in which event the Playa Indemnified Parties may claim indemnification for the amount of all such Losses, including the Threshold Amount. Notwithstanding the foregoing, the
limitations set forth in this Section 8.4(a) shall not apply to: (i) any claims or Losses with respect to breaches or inaccuracies of any Real Group Member Fundamental Representation, or (ii) any claims or Losses with respect to
fraud or criminal acts or omissions. 
 (b) The Real Group Members shall not be entitled to indemnification with respect to any inaccuracy of
any representation or any breach of any warranty described in Section 8.2(b)(i), (x) unless such matter was the subject of a written notice given by a Real Group Indemnified Party pursuant to Section 8.3(a) within the survival
period following the Closing Date specified for each respective matter in Section 8.1, and (y) unless and until the aggregate Losses of all Real Indemnified Parties (taken as a whole) shall exceed the Threshold Amount, in which event the
Real Indemnified Parties may claim indemnification for the amount of all such Losses, including the Threshold Amount. Notwithstanding the foregoing, the limitations set forth in this Section 8.4(b) shall not apply to any claims or Losses
with respect to (i) the Playa Fundamental Representations; or (ii) fraud or criminal acts or omissions. 
 SECTION 8.5
Exclusivity of Remedies. 
 (a) The Parties acknowledge and agree that (x) after the Closing, the sole and exclusive remedy with
respect to any breach of this Agreement shall be a claim for Losses (whether by contract, in tort or otherwise, and whether in law, in equity or both) made pursuant to (and subject to the limitations of) this Article VIII; provided that
notwithstanding the foregoing, nothing in this Article VIII shall limit the right of any Party (A) to pursue an action for or to seek remedies with respect to claims for fraud or (B) to seek specific performance or other equitable
relief; and (y) before the Closing, the Parties shall be entitled only to the termination and other remedies set forth in Sections 9.1 and 9.2, and indemnification under this Article VIII shall not apply. 

(b) Each Party expressly acknowledges and agrees that prior to the Closing it shall have all remedies available at law or in equity, including
the remedy of specific performance, in the event of a breach of any representation, warranty, covenant or agreement made by any other Party in this Agreement. 

SECTION 8.6 Joint and Several Liability. The Real Group Members shall be jointly and severally liable for the representations,
warranties, covenants and agreements of the Real Group Members set forth in this Agreement and shall be jointly and severally liable for any payments with respect to indemnification due to the Playa Group Members under this Article VIII. The Playa
Group Members shall be jointly and severally liable for the representations, warranties, covenants and agreements of the Playa Group Members set forth in this Agreement and shall be jointly and severally liable for any payments with respect to
indemnification due to the Real Group Members under this Article VIII. 
 SECTION 8.7 Ongoing Third Party Claims. The
Third Party Claims identified on Schedule 8.7, are ongoing Third Party Claims that following the Closing will fall within the indemnity obligations of the Real Group Members hereunder. As a result, the Real Group Members hereby agree to
assume the defense of such Third Party Claims following the Closing. 

  
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 To accomplish the foregoing, the Real Group Members have designated the law firm(s) or in-house attorney(s)
identified on Schedule 8.7 and granted the powers of attorney identified on Schedule 8.7 (“Third Party Claims Powers of Attorney”). Playa Group Members shall not revoke or cause the Hotel Owners to revoke the Third
Party Claims Power of Attorney, except: (i) for cause; or (ii) upon written request by the Real Group Members. Upon revocation of the Third Party Claims Power of Attorney the Real Group Members shall appoint another reputable law firm or
individual attorney reasonably acceptable to Playa to continue the “Third Party Claims Power of Attorney and Playa Group Members shall grant or cause the Hotel Owners to grant the corresponding powers of attorney. 

ARTICLE IX 

MISCELLANEOUS 
 SECTION
9.1 Termination. This Agreement may be terminated prior to the Closing as follows: 
 (a) by mutual written consent of Playa and
the Real Group Members’ Representative; 
 (b) by the Real Group Members’ Representative: 

(i) if the Closing has not occurred on September 30, 2013 (the “Outside Date”), unless failure to consummate the Closing
by such date is caused, in whole or in part, by the failure of the Real Group Members to perform in all material respects any of their respective covenants or agreements contained in this Agreement; provided, however, that Playa shall be
entitled to extend the Outside Date through March 30, 2014 by paying to the Real Group Members an additional deposit in the amount of Ten Million Dollars (US$10,000,000) on or before September 30, 2013, which amount shall also make part of
the Deposit. Notwithstanding anything to the contrary in this Agreement, upon such extension of the Outside Date, the amount of US$5,000,000 from the Deposit shall be non-refundable to Playa, unless this Agreement is terminated pursuant to the
provisions of Section 9.1(c)(ii), in which case the full amount of the Deposit shall be refundable to Playa. 
 (ii) if any of
the Playa Group Members shall breach any of its representations, warranties, covenants or agreements contained in this Agreement, where the effect of such event, circumstance or breach would be to cause the conditions to the obligation to consummate
the Closing of the terminating Party not to be capable of being satisfied; provided, that prior to any such termination, the Real Group Member’s Representative shall provide notice to Playa specifying the breach and, if such breach is capable
of cure within a period of 30 days, giving to the Playa Group Members 30 days to cure such breach, it being understood that in the event the breach is timely cured, the Real Group Member’s Representative shall not have the right to terminate
this Agreement; or 
 (iii) if a Governmental Authority shall have issued an Order or taken any other action permanently enjoining,
restraining or otherwise prohibiting the consummation of the Contemplated Transactions and such order, decree or other action shall have become final and nonappealable; provided, however, that the right to terminate this Agreement pursuant to this
Section 9.1(b)(iii) shall not be available if any of the Real Group Members has initiated such Proceeding, or that has not taken any and all actions required by this Agreement necessary to oppose, contest and resist, and to have lifted,
rescinded or vacated, such order, decree or judgment before it became final and nonappealable. 

  
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 (iv) in accordance with the terms of Section 2.15, herein. 

(c) by the Playa Group Members, if: 

(i) the Closing has not occurred on or before the Outside Date (or, unless failure to consummate the Closing by such date is caused, in whole
or in part, by the failure of the Playa Group Members to perform in all material respects any of their respective covenants or agreements contained in this Agreement; 

(ii) any of the Real Group Members shall breach any of its representations, warranties, covenants or agreements contained in this Agreement,
where the effect of such event, circumstance or breach would be to cause the conditions to the obligation to consummate the Closing of the terminating Party not to be capable of being satisfied; provided, that prior to any such termination, Playa
shall provide notice to the Real Group Member’s Representative specifying the breach and, if such breach is capable of cure within a period of 30 days, giving to the Real Group Members 30 days to cure such breach, it being understood that in
the event the breach is timely cured, Playa shall not have the right to terminate this Agreement 
 (iii) if a Governmental Authority shall
have issued an Order or taken any other action permanently enjoining, restraining or otherwise prohibiting the consummation of the Contemplated Transactions and such order, decree or other action shall have become final and nonappealable; provided,
however, that the right to terminate this Agreement pursuant to this Section 9.1(c)(iii) shall not be available if any of the Playa Group Members has initiated such Proceeding, or that has not taken any and all actions required by
this Agreement necessary to oppose, contest and resist, and to have lifted, rescinded or vacated, such order, decree or judgment before it became final and non-appealable. The foregoing, shall not limit or otherwise affect the Real Group Members
rights to retain or receive a disbursement of the Deposit or any portion thereof, in accordance with the terms of Section 6.1(b)(i). 

(d) Any Party desiring to terminate this Agreement pursuant to this Section 9.1 shall give written notice of such termination to
the other Party to this Agreement. 
 (e) Notwithstanding anything to the contrary in this Section 9.1, termination by Playa or
the Real Group Members in accordance with the terms hereunder shall not limit or otherwise affect the Real Group Members rights to retain or receive a disbursement of the Deposit or any portion thereof, in accordance with the terms of
Section 6. 
 SECTION 9.2 Effect of Termination. In the event of the termination of this Agreement under
Section 9.1: 
 (a) this Agreement shall forthwith become null and void and have no further force or effect (except for this
Section 9.2 and Sections 6.1 (Deposit), 5.5 (Confidentiality), 9.4 (Expenses), 9.14 (Consent to Jurisdiction, etc.) and 9.15 (Waiver of Punitive Damages and Jury Trial), which shall remain in full force
and effect following such termination); and 

  
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 (b) neither Party shall have any liability or obligation to the other in respect of this
Agreement, provided that; 
 (i) if the Contemplated Transactions fail to close as a result of the breach of any covenant or agreement
herein by any Party, such Party shall be liable to the other Party and each of its Affiliates and Representatives (together with their successors and assigns) for all costs and expenses (including reasonable attorneys’ fees and expenses)
actually incurred by such other Party in connection with this Agreement and the Contemplated Transactions, and for all losses, claims, demands, liabilities, obligations, costs, expenses, penalties, fines, assessments, judgments and damages sustained
or incurred by such other Party as a result of such breach. 
 (ii) if the Contemplated Transactions fail to close as a result of the breach
of any representation or warranty, such Party shall be liable to the other Party and each of its Affiliates and Representatives (together with their successors and assigns) for all costs and expenses (including reasonable attorneys’ fees and
expenses) actually incurred by such other Party in connection with this Agreement and the Contemplated Transactions; and 
 (iii) each
Party shall be liable to the other Party for any breach of any provisions of this Agreement that survive the termination hereof. 
 (iv) It
is expressly agreed and understood that the liabilities of Playa to the Real Group Members under Section 9.2 (b) shall be reduced by the amount of any portion of the Deposit that is retained to the Real Group Members pursuant
to Section 6.1 (b) hereof. 
 (c) It is expressly agreed and understood that a Party shall not be deemed to be in breach of a
covenant or agreement under this Agreement solely for failure to obtain a consent or approval from a Third Party or Governmental Authority authorizing the consummation of the Contemplated Transactions, including but not limited to the Real Group
Regulatory Approvals and the Playa Regulatory Approvals. The foregoing, shall not limit or otherwise affect the Real Group Members rights to retain or receive a disbursement of the Deposit or any portion thereof, in accordance with the terms of
Section 6. 
 SECTION 9.3 Notices. All notices, requests, demands, waivers and other communications required or
permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) sent by a reputable next-day or overnight courier service, (iii) delivered by email as
follows: 
 If to a Playa Group Member, to: 

Playa Hotels & Resorts 

3950 University Drive, Suite 301 

Fairfax, VA 22030 
 Attention: CEO
and Chairman. 
 Email: BDW@playaresorts.com 

  
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 with a copy to: 

Playa Hotels & Resorts 

3950 University Drive, Suite 301 

Fairfax, VA 22030 
 Attention:
General Counsel 
 Email: david.camhi@playaresorts.com 

If to a Real Group Member, to: 

Av. Bonampak, L-7, Mza. 2, S.M. 10, 

Fraccionamiento Malecón Cancún, Primer Piso, Torre “A”. 

Cancun, Quintana Roo, C.P. 77500 

Attention: Francisco Garcia Zalvidea 

Email: fjgarcia@realresorts.com 

with a copy to: 
 International
Practice Group, P.C. 
 1350 Columbia Street, Suite 500 

San Diego, CA 92101 
 Attention:
Guillermo Marrero, Esq 
 Email: gmarrero@ipglaw.com 

All such notices, requests, demands, waivers and other communications shall be deemed to have been received (x) if by personal delivery,
on the day of such delivery if prior to 5:00 p.m., (y) if by next-day or overnight courier service, on the day delivered, and (z) if by email, on the Business Day on which such email was delivered as evidenced by electronic record,
provided that the subject line must contain readily identifiable notice that the email is being delivered as an official notice pursuant to this Agreement. The above addresses and electronic mail addresses may be changed and additional addresses and
electronic mail addresses added by any Party by written notice to the other Party; provided that no notice of a change of address or electronic mail address shall be effective until two business days following actual receipt of such notice. 

SECTION 9.4 Expenses. Except as otherwise provided in this Agreement and except for any notary fees and public registry of
property and commerce (Registro Publico de la Propiedad y el Comercio) registration fees incurred as a result of the consummation of the Contemplated Transactions and which fees shall be split equally between the Playa Group
Members and the Real Group Members, the Playa Group Members and the Real Group Members shall each be responsible for and pay their own expenses incidental to the preparation of this Agreement, the carrying out of the provisions of this Agreement and
the consummation of the Contemplated Transactions. The Real Group Members shall be responsible for and pay all expenses of the Real Group Members and the Target Companies (including any Taxes) incidental to the preparation of this Agreement, the
carrying out of the provisions of this Agreement, and the consummation of the Contemplated Transactions (the “Real Group Expenses”). For the avoidance of doubt, the Real Group Members shall cause the Target Companies not to incur
any expenses of the Real Group Members. 

  
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 SECTION 9.5 Amendments; Waivers. 

(a) This Agreement shall not be amended or modified except by written instrument duly executed by each of the Parties. Any term or provision of
this Agreement may be waived at any time by the Party entitled to the benefit thereof by a written instrument duly executed by such Party. 

(b) No waiver by any Party hereto, whether express or implied, of any right under any provision of this Agreement shall constitute a waiver of
such Party’s rights under any other provision of this Agreement, nor shall any such waiver constitute a waiver of such Party’s right at any other time. No failure by any Party hereto to take any action with respect to any breach of this
Agreement or default by the other Party shall constitute a waiver of such Party’s right to enforce any provision of this Agreement against such other Party or to take action with respect to such breach or default or of any subsequent breach or
default by such other Party. 
 SECTION 9.6 Assignment. This Agreement may not be assigned by the Playa Group Members, on the
one hand, or the Real Group Members, on the other hand, without the prior written consent of the other, and any attempted assignment in violation of the foregoing shall be null and void; provided that (i) Playa shall be entitled to designate or
one or more Affiliates of Playa, to make the Investment In Real and in favor of whom the New Interests shall be issued, which entities shall, prior to the Closing, execute joinder agreements in form and substance reasonably acceptable to the Real
Group Members in order to become party to this Agreement and the other Transaction Documents to which the Playa Investor is a party, and (ii) the Real Group Members may cause Operators Holding Majority Shareholder shall be entitled to assign,
prior to Closing, all or a portion of the Operators Holding Contributed Interest and/or all or a portion of the Operators Holding Additional Interest to one or more entities that are wholly-owned by the Real Group Members and/or their shareholders
or partners and that are reasonably acceptable to Playa, which entities shall, prior to the Closing, execute joinder agreements in form and substance reasonably acceptable to Playa in order to become party to this Agreement and the other Transaction
Documents to which the Operators Holding Contributing Shareholder is a party, and subsequent thereto, such entities shall be entitled to effect, in all or in part as applicable, the Investment in Playa and/or the Majority Interest Acquisition, and
shall be included in the definition of Operators Holding Contributing Shareholder. This Agreement and the rights of the Parties shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

SECTION 9.7 Governing Law. Subject to the provisions of Section 9.14(e), this Agreement shall be governed by and
construed in accordance with the domestic laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. 

  
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 SECTION 9.8 Counterparts. This Agreement may be executed in any number of
counterparts and any Party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. This
Agreement shall become binding when one or more counterparts taken together shall have been executed and delivered by the Parties. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of
the other counterparts. 
 SECTION 9.9 Entire Agreement. This Agreement, the other Transaction Documents and any other
agreements contemplated hereby or thereby constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, among the Parties with
respect to the subject matter of this Agreement except as otherwise expressly provided in this Agreement. In case of conflict between the terms of this Agreement and the terms of any of the other Transaction Documents (and any other documents or
agreements required to be executed by the Parties and/or their Affiliates in connection with the Contemplated Transactions), the terms of this Agreement shall control. 

SECTION 9.10 Headings; Knowledge of the Real Group Members and the Playa Group Members. All section headings contained in this
Agreement are for convenience of reference only, do not form a part of this Agreement, and shall not affect in any way the meaning or interpretation of this Agreement. For purposes of Article III and, to the extent applicable, any other
portion of this Agreement, “knowledge of the Real Group Members” or “known by the Real Group Members” and each phrase having equivalent meaning (e.g., “to the Real Group Members’ knowledge”) shall mean the actual
or constructive knowledge of any officer or director of any of the Target Companies and/or the Real Group Members and/or of any of those individuals identified on Schedule 9.10 hereto, after, and assuming, conduct of reasonable investigation
and inquiry into the affairs or business of the Target Companies, the Real Group Members and/or their respective Affiliates, as the context requires. For purposes of Article IV and, to the extent applicable, any other portion of this
Agreement, “knowledge of Playa” or “known by Playa” and each phrase having equivalent meaning (e.g., “to Playa’s knowledge”) shall mean the actual or constructive knowledge of any officer or director of Playa
and/or the Playa Group Members, after, and assuming, conduct of reasonable investigation and inquiry into the affairs or business of Playa, the Playa Group Members and/or their respective Affiliates, as the context requires. 

SECTION 9.11 Third Party Beneficiaries. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their respective successors and permitted assigns; provided that that each Indemnified Party shall have the right to enforce the obligations of the applicable
Indemnifying Party with respect to Article VIII. 
 SECTION 9.12 Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party. Upon such a determination, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 

  
 -89- 

 SECTION 9.13 Construction. Unless the context of this Agreement clearly requires
otherwise, (a) references to the plural include the singular, the singular the plural, the part the whole, (b) references to any gender include all genders, (c) “or” has the inclusive meaning frequently identified with the
phrase “and/or,” (d) “include,” “includes” and “including” has the inclusive meaning frequently identified with the phrase “but not limited to,” (e) references to “hereof,”
“hereunder” or “herein” relate to this Agreement in its entirety and not to any particular Article, Section or provision hereof, and (f) section, subsection, paragraph, schedule and exhibit references are to this Agreement
unless otherwise specified. Unless the context otherwise requires, the term “party” when used in this Agreement means a party to this Agreement. References in this Agreement to a Party or other Person include their respective successors
and assigns. With regard to each and every term and condition of this Agreement, the Parties understand and agree that the same have or has been mutually negotiated, prepared and drafted, and that if at any time the Parties desire or are required to
interpret or construe any such term or condition or any agreement or instrument subject thereto, no consideration shall be given to the issue of which Party actually prepared, drafted or requested any term or condition of this Agreement. Any period
of time hereunder ending on a day that is not a Business Day shall be extended to the next Business Day. 
 SECTION 9.14 Dispute
Resolution. The Parties agree that any and all disputes relating to or arising from this Agreement (“Disputes”) and the Transaction Documents shall be finally resolved by binding arbitration administered by the American
Arbitration Association (“AAA”) in accordance with its International Arbitration Rules and subject to the following controlling modifications: 

(a) Mediation. The Parties agree that no court action or arbitration with respect to any Disputes may be commenced until the matter has
been submitted to the AAA for non-binding mediation in Toronto, Canada, in accordance with its International Mediation Rules. Either party may commence mediation by providing to the AAA a written request for mediation, setting forth the subject of
the dispute and the relief requested. The parties agree to participate in the mediation in good faith and to share equally the costs of mediation. Neither party may commence arbitration with respect to the matters submitted for mediation until after
the completion of the initial mediation session, or 30 days of the for mediation, whichever occurs first. 
 (b) Preemptive Effect.
The terms and conditions set forth herein shall take precedence over the AAA rules or procedures to the contrary. Although the arbitration shall be governed by the AAA International Arbitration Rules, those rules shall be interpreted and applied in
a manner that is consistent with the letter and spirit of these specific provisions and in the event of conflict or overlap these provisions shall be deemed to prevail. 

  
 -90- 

 (c) Composition and Selection of the Panel. The Arbitration shall be commenced by the
sending a demand for arbitration to the AAA in a AAA office designated for the receipt of demands for international arbitrations. The Arbitration shall be conducted by a panel of three arbitrators. The party serving the Demand For Arbitration shall
present the name of its selected arbitrator with its Demand. The responding party shall identify its appointed arbitrator within 20 days of receiving notice of the Demand for Arbitration. The third arbitrator, who shall serve as the Chair, will be
appointed by the other two arbitrators within 15 days of the appointment of the second arbitrator. If any arbitrator appointments are not made as provided herein, either party may apply to the AAA for the appointment of such arbitrator. All
arbitrators are to be selected from AAA’s International Panel of Arbitrators and Mediators. Arbitrators, though party appointed, are to remain neutral and no ex-parte communications once the arbitrator is appointed. 

(d) Location and Language: The arbitration shall be conducted in English and all hearings are to take place in Toronto, Canada, unless
otherwise agreed to by the parties. 
 (e) Controlling Law. This Agreement and any and all Disputes shall be governed by the laws of
the State of New York, excluding conflict of law principles. If the Applicable Laws of Mexico are designated in some other section of this Agreement as the law to determine a particular issue or to otherwise control the obligation(s) of a Party
(such as tax filings, environmental, permits and labor issues), then the Applicable Laws of Mexico will control those issues or obligations even if inconsistent with the laws of the State of New York. 

(f) Discovery & Experts. Discovery is to be limited to the following, unless otherwise agreed to in writing by the parties:
(1) Parties are to exchange a demand for production of documents within 15 days of the date on which all three arbitrators have been appointed; documents will be produced within 30 days thereafter, unless otherwise agreed to by the parties or
ordered by the arbitrators. Documents produced shall be bates stamped numerically by each party with an identifier; (2) Within 30 days of the deadline for the mutual exchange and production of documents by the Parties, the Parties shall
mutually exchange a list of witnesses they intend to call at the arbitration hearing (the “Discovery Witness List”). A party will not be permitted to call a witness at the hearing if his/her name is not disclosed on the Discovery
Witness List. Thereafter, each party may take up to four fact witness depositions. Fact witness depositions noticed by a party will be taken at the offices of the opposing party’s counsel unless otherwise agreed to by the parties or ordered by
the arbitrators. Each fact witness deposition shall not exceed 7 hours of questioning time. Fact witness depositions are to be completed within 60 days of the deadline for the mutual exchange of the production of documents; (3) No
interrogatories, request for admission or other written discovery shall be permitted; (4) Within 30 days of the end of the period for the depositions of fact witnesses, the Parties shall designate expert witnesses. Expert witness discovery
shall be governed by the Federal Rules of Civil Procedure, with the schedule for such discovery being determined by the parties’ agreement or the order of the arbitrators, however, expert depositions shall be completed within 60 days of the
designation date. Designation and discovery of rebuttal experts will be available upon agreement of the parties or order of the arbitrators; (5) 5 days in advance of the date of each expert deposition the party designating that expert shall
make the experts file (to the extent it is discoverable under the Federal Rules of Civil Procedure) available to the other Party. 

  
 -91- 

 (g) Arbitration Hearing. The arbitration hearing shall take place within 60 days of the
completion of expert discovery with a pre-hearing schedule to be determined by agreement of the parties or order of the arbitrators. Such pre-hearing procedures shall include, to the extent appropriate, the exchange of final witness lists, the
exchange of final exhibit lists, pre-hearing briefs, and pre-hearing rebuttal briefs. The arbitration shall take place on consecutive days until completed (to the extent possible), with the arbitral panel to issue a written, reasoned award. The
arbitral decision shall be final, binding and not subject to appeal or collateral attack. The arbitral decision may be confirmed, converted, or registered as a court judgment in the Ontario Superior Court of Justice or any other court of competent
jurisdiction. A party may execute the arbitral award or judgment in any state or country that has jurisdiction over the party against whom execution is sought. 

(h) Attorneys Fees and Costs. Attorney’s fees and costs shall be awarded to the prevailing Party as determined by the Arbitral
panel. 
 SECTION 9.15 Waiver of Punitive Damages. 

(a) THE PARTIES TO THIS AGREEMENT EXPRESSLY WAIVE AND FOREGO ANY RIGHT TO RECOVER PUNITIVE DAMAGES IN ANY ARBITRATION, LAWSUIT, LITIGATION OR
PROCEEDING ARISING OUT OF OR RESULTING FROM ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS, EXCEPT IN THE EVENT OF FRAUD OR TO THE EXTENT SUCH DAMAGES ARE PAYABLE TO A THIRD PARTY. 

(b) EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF THE FOREGOING WAIVERS, (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (iii) IT MAKES SUCH WAIVERS VOLUNTARILY, AND
(iv) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.15. 

SECTION 9.16 Disclosure Schedule, Schedules, Exhibits and Attachments. The Disclosure Schedule, and all Schedules, Exhibits and
Attachments, referred to herein are intended to be and hereby are specifically made a part of this Agreement. 
 SECTION 9.17 Real
Group Members’ Representative. 
 (a) By execution and delivery of this Agreement, and in connection with the acceptance of any
portion of any payment amount hereunder, each Real Group Member hereby irrevocably authorizes, constitutes and appoints Laura Jose Alonzo Escalante and Francisco Javier García Zalvidea, acting jointly, as the true and lawful agent and
attorney-in-fact of the Real Group Members with full powers of substitution to act in the name, place and stead of such Real Group Members with respect to (i) the power to execute any amendment to this Agreement or any of the other Transaction
Documents, or to waive any rights or benefits hereunder or thereunder, as Real Group Members’ Representative shall deem necessary or appropriate in his sole discretion, (ii) the performance of the obligations and rights of the Real 

  
 -92- 

 Group Members under this Agreement and the other Transaction Documents, including the power to do or refrain from
doing all such further acts and things, and to execute, deliver and receive all such documents, waivers, extensions and amendments as the Real Group Members’ Representative shall deem necessary or appropriate in his sole discretion in
connection with any of the Contemplated Transactions, and (iii) the receipt of moneys payable under this Agreement to the Real Group Members. Each Real Group Member hereby acknowledges and agrees that all actions and inactions by the Real Group
Members’ Representative hereby authorized shall be binding upon such Real Group Member. 
 (b) The appointment of the Real Group
Members’ Representative shall be deemed coupled with an interest and shall be irrevocable. The Playa Group Member and all other Persons may conclusively and absolutely rely, without inquiry, upon any actions of the Real Group Members’
Representative as the acts of the Real Group Members in all matters referred to in this Agreement. Each Real Group Member hereby ratifies and confirms all actions (or failures to act) that the Real Group Members’ Representative shall do or
cause to be done by virtue of the Real Group Members’ Representative appointment as attorney-in-fact of the Real Group Members. 
 (c)
By execution and delivery of this Agreement, Laura Jose Alonzo Escalante and Francisco Javier García Zalvidea hereby accept their appointment as the Real Group Members’ Representative. The Real Group Members’ Representative is
authorized to act on behalf of the Real Group Members notwithstanding any dispute or disagreement among the Real Group Members, and the Playa Group Member and all other Persons shall be entitled to rely on any and all action taken by the Real Group
Members’ Representative under this Agreement without liability to, or obligation to inquire of, the Real Group Members. If Laura José Alonzo Escalante and/or Francisco Javier García Zalvidea resigns or ceases to function in such
capacity for any reason whatsoever, then the successor Real Group Members’ Representative shall be the person(s) that a majority of the Real Group Members shall appoint in writing. 

(d) Each Real Group Member hereby covenants and agrees with the Playa Group Members that such Real Group Member shall execute a Real Group
Members’ Representative Power of Attorney before a notary public in the appropriate jurisdiction granting the Real Group Members’ Representative the authority to act on such Person’s behalf. Each Real Group Member shall deliver a Real
Group Members’ Representative Power of Attorney to the Playa Group Member at Closing. 
 (e) It is acknowledged and agreed that to the
extent any term or provision of this Agreement or the Transaction Documents requires or allows an election to be made or other action to be taken by the Real Group Members, or grants any rights to the Real Group Members, that all such elections
shall be made, actions taken and rights exercised solely by the Real Group Members’ Representative, and that the Playa Group Member shall not have any obligation to accept any communications from or elections by any of the Real Group Members
directly. No actions taken, rights exercised or elections made by any of the Real Group Members shall be valid unless such actions, rights or elections are made by and through the Real Group Members’ Representative. 

  
 -93- 

 (f) Notwithstanding the foregoing or any provision of this Agreement to the contrary, it is
acknowledged and agreed that the appointment of the Real Group Members’ Representative by the Real Group Members is for the convenience of the Playa Group Members, and that there shall be no limitation whatsoever upon the right and ability of
the Playa Group Members to enforce this Agreement and the other Transaction Documents directly against each of the Real Group Members. The Playa Group Members shall have the right to exercise all rights and remedies under this Agreement and the
other Transaction Documents, and all rights and remedies available under law and in equity, directly against each of the Real Group Members. 

[remainder of page intentionally left blank] 

  
 -94- 

 IN WITNESS WHEREOF, the Parties have duly executed this Master Purchase Agreement or have caused
this Master Purchase Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

									
	COMPAÑIA HOTELERA GRAN PLAYA REAL S. DER.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	BD OPERADORA DE SERVICIOS S.A. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	INMOBILIARIA TURISTICA REAL S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	BD REAL RESORTS S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	HOTEL GRAN CARIBE REAL S.A. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 Signature page to Master Investment Agreement 

									
	THE ROYAL CANCUN S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	ROYAL PORTO S.A. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	RIVIERA PORTO REAL S.A. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	PLAYA GRAN S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	GRAN DESING & FACTORY S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	DESARROLLOS GCR S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  
 -2- 

									
	INMOBILIARIA Y PROYECTOS TRPLAYA S. DE R.L. DE C.V.
					
	By:	 	/s/ Francisco J. Garcia	 		 	By:	 	/s/ Laura J. Alonzo
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	
	PLAYA HOTELS & RESORTS B.V.
					
	By:	 	/s/ Bruce Wardinski	 		 	By:	 	   

	Name:	 	Bruce Wardinski	 		 	Name:	 	
	Title:	 	Managing Director	 		 	Title:	 	
	
	PLAYA H&R HOLDINGS B.V.
					
	By:	 	/s/ Bruce Wardinski	 		 	By:	 	   

	Name:	 	Bruce Wardinski	 		 	Name:	 	
	Title:	 	Managing Director A	 		 	Title:	 	
	
	PLAYA RESORTS HOLDING B.V.
					
	By:	 	/s/ Bruce Wardinski	 		 	By:	 	   

	Name:	 	Bruce Wardinski	 		 	Name:	 	
	Title:	 	Managing Director A	 		 	Title:	 	

  
 -3-EX-10.9

 Exhibit 10.9 

Execution Version 
 HOTEL ASSET
PURCHASE AGREEMENT 
 BY AND BETWEEN 

SFI BELMONT, LLC, 
 A
DELAWARE LIMITED LIABILITY COMPANY 
 AS LENDER AND SELLER, 

ROSE HALL RESORT, L.P., 
 A
DELAWARE LIMITED PARTNERSHIP 
 AS OWNER, 

AND 
 ROSE HALL JAMAICA RESORT
B.V., 
 A PRIVATE LIMITED LIABILITY COMPANY INCORPORATED IN THE NETHERLANDS 

AS BUYER 
 DATED AS OF: MAY 6,
2013 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	1.	 	 Sale, Purchase Price and Closing
	  	 	3	  
			
		 	 1.1       Purchase Price
	  	 	3	  
			
		 	 1.2       Allocation of Purchase Price
	  	 	3	  
			
		 	 1.3       Deposit and Earnest Money; Stamp Duty
	  	 	4	  
			
		 	 1.4       General Consumption Tax
	  	 	8	  
			
		 	 1.5       Closing
	  	 	8	  
			
	2.	 	 Assets to be Sold
	  	 	9	  
			
	3.	 	 Excluded Property; Non-Assumed Liabilities
	  	 	11	  
			
		 	 3.1       Excluded Property
	  	 	11	  
			
		 	 3.2       Non-Assumed Liabilities
	  	 	12	  
			
	4.	 	 As-Is Purchase
	  	 	12	  
			
	5.	 	 Owner’s and Lender’s Representations and Warranties
	  	 	14	  
			
		 	 5.1       Representations and Warranties
	  	 	14	  
			
		 	 5.2       Bring Down of Representations and Warranties
	  	 	19	  
			
		 	 5.3       Survival of Representations and Warranties
	  	 	20	  
			
		 	 5.4       Owner’s Knowledge
	  	 	20	  
			
		 	 5.5       Limitation on Owner’s Representations and
Warranties
	  	 	20	  
			
	6.	 	 Buyer Representations and Warranties
	  	 	21	  
			
	7.	 	 Closing Costs
	  	 	21	  
			
	8.	 	 Due Diligence
	  	 	22	  
			
	9.	 	 Vesting; Purchase Price Undertaking
	  	 	22	  
			
		 	 9.1       Vesting
	  	 	22	  
			
		 	 9.2       Purchase Price Undertaking
	  	 	22	  
			
	10.	 	 Casualty
	  	 	22	  
			
		 	 10.1     Material Casualty
	  	 	22	  
			
		 	 10.2     Non-Material Casualty
	  	 	23	  

  
 i 

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
		 	 10.3
	  	Survival	  	 	23	  
			
	11.	 	 Condemnation
	  	 	23	  
				
		 	 11.1
	  	Material Condemnation	  	 	23	  
				
		 	 11.2
	  	Non-Material Condemnation	  	 	24	  
			
	12.	 	 Conditions to Closing
	  	 	24	  
				
		 	 12.1
	  	Buyer’s Conditions	  	 	24	  
				
		 	 12.2
	  	Owner’s Conditions	  	 	25	  
				
		 	 12.3
	  	Failure of Condition	  	 	25	  
				
		 	 12.4
	  	Cooperation	  	 	26	  
			
	13.	 	 Closing Deliveries
	  	 	27	  
				
		 	 13.1
	  	Lender’s and/or Owner’s Closing Deliveries	  	 	27	  
				
		 	 13.2
	  	Buyer’s Closing Deliveries	  	 	29	  
				
		 	 13.3
	  	Distribution of Funds	  	 	30	  
			
	14.	 	 Apportionments; Expenses; Transition
	  	 	30	  
				
		 	 14.1
	  	Apportionments	  	 	30	  
				
		 	 14.2
	  	Deposits	  	 	31	  
				
		 	 14.3
	  	Room Revenue and Golf Fees	  	 	32	  
				
		 	 14.4
	  	Accounts Receivable; Accounts Payable	  	 	32	  
				
		 	 14.5
	  	Guest Property	  	 	32	  
				
		 	 14.6
	  	Gift Certificates	  	 	32	  
				
		 	 14.7
	  	Accounting	  	 	33	  
				
		 	 14.8
	  	House Funds	  	 	33	  
				
		 	 14.9
	  	Other Transition Activities	  	 	33	  
				
		 	 14.10
	  	Post-Closing Adjustments	  	 	34	  
			
	15.	 	 Employee Arrangements
	  	 	34	  
				
		 	 15.1
	  	Termination of Hotel Employees	  	 	34	  
				
		 	 15.2
	  	Hiring of Hotel Employees	  	 	35	  

  
 ii 

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
	16.	 	 Default and Indemnification
	  	 	35	  
				
		 	 16.1
	  	Owner or Lender Default	  	 	35	  
				
		 	 16.2
	  	Buyer Default	  	 	36	  
				
		 	 16.3
	  	No Default	  	 	36	  
				
		 	 16.4
	  	Access Indemnity	  	 	36	  
				
		 	 16.5
	  	Remedies Exclusive	  	 	37	  
			
	17.	 	 Owner’s Pre-Closing Covenants
	  	 	37	  
				
		 	 17.1
	  	Maintenance of Assets	  	 	37	  
				
		 	 17.2
	  	Bookings	  	 	37	  
				
		 	 17.3
	  	Contracts	  	 	38	  
				
		 	 17.4
	  	Insurance	  	 	39	  
				
		 	 17.5
	  	Golf Course Lease	  	 	39	  
				
		 	 17.6
	  	Special Assessments	  	 	39	  
				
		 	 17.7
	  	Tenancies	  	 	39	  
				
		 	 17.8
	  	Hazardous Materials	  	 	39	  
				
		 	 17.9
	  	Buyer Applications	  	 	39	  
				
		 	 17.10
	  	Employee Roster	  	 	39	  
				
		 	 17.11
	  	Negative Covenants	  	 	40	  
				
		 	 17.12
	  	Beach Parcel	  	 	40	  
				
		 	 17.13
	  	Assumed Contract Estoppels	  	 	40	  
			
	18.	 	 Further Assurances
	  	 	40	  
			
	19.	 	 Expenses
	  	 	41	  
			
	20.	 	 Notices
	  	 	41	  
			
	21.	 	 Assignment
	  	 	43	  

  
 iii 

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
	22.	 	 Counterparts
	  	 	43	  
			
	23.	 	 Choice of Law; Arbitration
	  	 	44	  
				
		 	 23.1
	  	Choice of Law	  	 	44	  
				
		 	 23.2
	  	Arbitrator	  	 	44	  
				
		 	 23.3
	  	Arbitration Proceedings	  	 	44	  
				
		 	 23.4
	  	Miscellaneous	  	 	44	  
				
		 	 23.5
	  	Decision	  	 	45	  
				
		 	 23.6
	  	Litigation	  	 	45	  
				
		 	 23.7
	  	Qualified Person	  	 	45	  
				
		 	 23.8
	  	Survival	  	 	45	  
			
	24.	 	 Interpretation
	  	 	45	  
			
	25.	 	 No Party Deemed Drafter
	  	 	46	  
			
	26.	 	 Time
	  	 	46	  
			
	27.	 	 Severability
	  	 	46	  
			
	28.	 	 Entire Agreement, Etc.
	  	 	46	  
			
	29.	 	 Waiver
	  	 	46	  
			
	30.	 	 Independent Provisions
	  	 	47	  
			
	31.	 	 Third Parties
	  	 	47	  
			
	32.	 	 Electronic Signatures
	  	 	47	  
			
	33.	 	 Confidentiality
	  	 	47	  
			
	34.	 	 Business Day
	  	 	47	  
			
	35.	 	 Broker’s Commission
	  	 	48	  
			
	36.	 	 Exclusivity
	  	 	48	  
			
	37.	 	 Termination of Ritz Carlton Agreement
	  	 	48	  

  
 iv 

 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
	38.	 	 Lender Releases
	  	 	48	  
			
	39.	 	 Termination of Golf Course Purchase Option
	  	 	48	  
			
	40.	 	 Private Sale Under Power; Lender’s Limited Obligations
	  	 	48	  
			
	41.	 	 Registered Agent, Jurisdiction and Venue
	  	 	49	  

  
 v 

 Exhibits 
  

			
	A-1	  	Description of Hotel Land
	A-2	  	Description of Golf Course Land
	A-3	  	Description of Beach Parcel
	A-4	  	Description of RHDL Parcel
	B	  	HMF Wiring Instructions
	C	  	Form of GCTA Letter
	D	  	Intellectual Property
	E	  	Form of Owner’s Bring Down Certificate
	F	  	Ritz Carlton Termination Confirmation
	G	  	Form of Assignment of Trade Marks
	H	  	Assignment and Assumption of Golf Course Lease
	I	  	Form of Estoppel
	J	  	Form of RHDL Parcel Purchase and Sale Agreement

 Schedules 
  

			
	2(b)	  	Excluded Tangible Personal Property
	2(d)	  	Assumed Contracts
	5.1(c-1)	  	Non-Permitted Encumbrances
	5.1(c-2)	  	Disputes
	5.1(f)	  	Uncured Violations
	5.1(j)	  	Leases
	5.1(r)	  	Insurance Coverages
	5.1(s)	  	Excluded Operator Property and Excluded Branded Property
	5.4	  	Knowledge Parties

  
 vi 

 HOTEL ASSET PURCHASE AGREEMENT 

This HOTEL ASSET PURCHASE AGREEMENT (this “Agreement”) is made and entered into on this 6th of May, 2013 (the “Effective Date”), by and between ROSE HALL RESORT, L.P., a Delaware limited partnership, having its principal office at c/o RFA Management Company, LLC,
1908 Cliff Valley Way, Atlanta, Georgia 30329 (“Owner”), SFI BELMONT LLC, a Delaware limited liability company, having its principal office at c/o iStar Financial, Inc., 1114 Avenue of the Americas, 39th Floor, New York, New York 10036 (“Lender”), as seller, and ROSE HALL JAMAICA RESORT B.V., a private limited liability company incorporated in the Netherlands, having its
registered office at Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands, TRN34245708 and a business office at 3950 University Drive, Suite 301, Fairfax, Virginia 22030, USA (“Buyer”). Owner, Lender and Buyer shall
hereinafter be referred to herein collectively as the “Parties” and individually as a “Party”. 

RECITALS 
 A. Owner
is the owner of the resort property in the Parish of St. James, Jamaica commonly known as The Ritz-Carlton Golf & Spa Resort, Rose Hall, Jamaica, comprised of four hundred twenty-seven (427) rooms with approximately eighteen
thousand three hundred (18,300) square feet of indoor meeting and pre-function space, a spa and fitness center, and an outdoor swimming pool and deck (the “Hotel”) and located on the real property described in Exhibit
A-1 attached hereto (the “Hotel Land”). 
 B. In connection with its ownership of the Hotel, Owner
(i) operates a golf course (the “Golf Course”) on that certain real property described in Exhibit A-2 attached hereto (the “Golf Course Land”) which is leased by Owner from Rose Hall (Developments)
Limited (“RHDL”) pursuant to that certain Lease Agreement dated January 1, 1999, between Owner and RHDL, as amended by an Agreement to Amend Lease dated 1999 between Owner and RHDL, a Notice of Renewal of Golf Course Lease
Agreement dated January 14, 1999 from Owner and RHDL, a Supplemental Lease dated June 11, 2004 between Owner and RHDL, an Agreement dated as of April 24, 2000 between RHDL and Rose Hall Resort Limited, in its capacity as the general
partner of Owner, a Second Supplemental Agreement to Lease dated as of April 24, 2000 between RHDL and Owner, and a Third Supplemental Agreement to Lease dated June 2004 between Owner and RHDL (as amended, the “Golf Course Lease”)
and (ii) leases from Rose Hall Energy Company (“Power Plant Equipment Lessor”), successor by assignment to Southern Company Energy Solutions, Inc. (“SCES”), four (4) diesel power generators and related
equipment located on the Hotel Land (the “Power Plant Equipment”) pursuant to that certain Equipment Lease Agreement dated as of April 26, 1999, between SCES, as lessor, and Owner, as lessee, as assigned by SCES to Power Plant
Equipment Lessor by a Non-recourse Sale and Assignment dated as of March 2006, and as further amended by a Lease Modification Agreement between Owner and Power Plant Equipment Lessor dated as of March 2006 (the “Power Plant Equipment
Lease”). 
 C. The Ritz-Carlton Hotel Company of Jamaica Limited, a Jamaica private limited company
(“Operator”) manages the Hotel and the Golf Course pursuant to that certain Operating Agreement dated as of July 6, 1998, by and between Operator and Owner, as amended by First Amendment to Operating Agreement dated as of
June 11, 2004 (as amended, the “Ritz Carlton Agreement”), which Operator and Owner have agreed to terminate as of the Closing Date (as defined in Section 1.5 below). 

  
 1 

 D. Lender holds a loan (the “First Priority Loan”) secured,
inter alia, by (i) a registered mortgage encumbering Owner’s interest in the Hotel Land and all improvements located thereon and the Owner’s leasehold in the Golf Course and all improvements located thereon (the “First
Loan Security Documents”), and (ii) that certain Debenture dated June 11, 2004, encumbering Owner’s interest in all tangible and intangible personal property related to the ownership and operation of the Hotel Land and all
improvements located thereon and the Golf Course and all improvements located thereon (the “Security Agreement”; with the First Loan Security Documents and all other documents evidencing and securing the First Priority Loan, being,
collectively, the “First Loan Security Documents”), and the Development Bank of Jamaica Limited (“DBJ”), as successor in interest to National Investment Bank of Jamaica Limited, holds a loan (the “Second
Priority Loan”) secured, inter alia, by a mortgage (the “Second Mortgage”) encumbering the Hotel Real Property. 

E. Owner is and continues to be in default of its payments under the First Priority Loan secured by the First Loan Security Documents
and is unable to pay the amounts due to Lender under the First Loan Security Documents. 
 F. Lender has made numerous attempts over
the last two years to exercise its power of sale over the Assets (as defined in Section 2 below) but has prior to now been unable to identify a purchaser. 

G. Buyer has now agreed to purchase the Assets but insists that the representations, warranties and covenants contained herein be
provided as a condition to purchase. 
 H. Owner accepts the need for the Assets to be sold by Lender under its power of sale as the
Assets are in need of substantial maintenance, repair, and improvement, and inasmuch as Owner has no funds with which to pay for such maintenance, repairs and improvements, the value of the Assets will continue to decline. 

I. Owner has no alternative but to accept the Purchase Price (as defined below) as the best price obtainable for the Assets
notwithstanding that the Purchase Price does not satisfy in full the amount due to Lender under the Hotel First Mortgage, and to agree to the sale of the Assets to Buyer on the terms hereinafter set forth, having made its own strenuous efforts to
sell the Assets over the last two years, Buyer’s offer as described herein being, to Owner’s actual knowledge, the only offer forthcoming for the Assets to date. 

J. Buyer desires to purchase from Lender, and Lender is willing to sell to Buyer, under its powers of sale in the First Loan Security
Documents and on the terms and subject to the conditions of this Agreement, the Hotel as a going concern and Owner’s interest in all of the Assets. 

K. After Closing, Buyer intends to (i) temporarily close the Hotel for renovation and development to enhance the value of the Hotel
as a going concern by bringing the Hotel to a market standard and providing for the more efficient operation of the Hotel; and (ii) reopen the Hotel for business promptly follow completion of such renovation and development. 

  
 2 

 ACCORDINGLY, in consideration of Buyer’s payment to each of Lender and Owner of Ten
United States Dollars (US$10.00), the mutual promises and covenants set forth herein and other good and valuable consideration, the receipt, sufficiency and adequacy of which the Parties hereby acknowledge, the Parties agree as follows: 

1. Sale, Purchase Price and Closing. 

1.1 Purchase Price. Upon and subject to the terms and conditions set forth herein, on the Closing Date Lender agrees to transfer, convey
and sell to Buyer under Lender’s power of sale contained in the First Loan Security Documents, and Buyer agrees to purchase from Lender, the Assets for and in consideration of the sum of Sixty-Three Million Three Hundred Thousand and No/100ths
United States Dollars (US$63,300,000.00) (the equivalent for stamp duty purposes only, if applicable, being Six Billion Two Hundred Eighty-Three Million One Hundred Seven Thousand Three Hundred Sixty and no/100ths Jamaican Dollars (J$6,283,107,360.00) (the “Purchase Price”). The Purchase Price shall be paid to Lender, as provided herein, in the form of cash or immediately available funds and
in the manner provided in Section 13.3 below on the Closing Date. 
 1.2 Allocation of Purchase Price. Lender, Owner and
Buyer hereby covenant and agree that the Purchase Price shall be allocated among the following components of the Assets as follows using in each case the exchange rate of 99.2592 Jamaican Dollars per US$1): 

 

	 	(1)	Hotel Real Property (as defined in Section 2(a) below): US$55,704,000.00 

 (the
equivalent amount for stamp duty purposes only, if applicable, being Five Billion Five Hundred Twenty-Nine Million One Hundred Thirty-Four Thousand Four Hundred Seventy-Seven and no/100ths
Jamaican Dollars (J$5,529,134,477.00)). 
  

	 	(2)	Personal Property (as defined in Section 2(d) below) and Inventory (as defined in Section 2(c) below): US$6,330,000.00 

(the equivalent amount for stamp duty purposes only, if applicable, being Six Hundred Twenty-Eight Million Three Hundred Ten Thousand Seven
Hundred Thirty-Six and no/100ths Jamaican Dollars (J$628,310,736.00)), of which US$1,000 is specifically allocated to the portion of the Intellectual Property (as hereinafter defined) comprised of
trademarks. 
  

	 	(3)	Golf Course Leasehold (as defined in Section 2(a) below): US$1,266,000.00 

 (the
equivalent amount for stamp duty purposes only, if applicable, being One Hundred Twenty-Five Million Six Hundred Sixty-Two Thousand One Hundred Forty-Seven and 20/100ths Jamaican Dollars
(J$125,662,147.20)). 
 The Parties acknowledge that the Golf Course is not currently profitable and therefore has nominal, if any, value to Buyer. The
Parties have therefore agreed to an allocation of the Purchase Price to the Golf Course Lease as set forth in clause (3) above, which reflects such nominal value to Buyer. 

  
 3 

 1.3 Deposit and Earnest Money; Stamp Duty. 

(a) Procedure for Stamping. 

(i) By close of business on May 7, 2013, subject to the full execution and delivery of this Agreement, (1) Buyer shall deliver
confirmation to Lender and Owner that Buyer has initiated a wire transfer for the deposit with Buyer’s Jamaican Attorneys-at-Law, Myers Fletcher & Gordon (“MFG”), in accordance with the wiring instructions set forth on
Exhibit B attached hereto, the amount of Four Million United States Dollars (US$4,000,000) (such amount together with any interest thereon shall be referred to hereinafter as, the “Earnest Money”) and by close of business on
May 8, 2013, four (4) original fully executed counterparts of this Agreement (the “PSA Counterparts”) shall be delivered by the Parties to Owner’s Jamaican Attorneys-at-Law, Hart Muirhead Fatta
(“HMF”). 
 (ii) HMF is hereby authorized and directed, on or before the date which is three (3) days after receipt of
the PSA Counterparts, to deliver the PSA Counterparts to The Tax Administration Jamaica (Stamp Duty and Transfer Tax Unit) (the “Tax Administration”) for purposes of the Tax Administration’s assessment of the stamp duty and
transfer tax with respect to this Agreement and the issuance of a written notice (the “Assessment Notice”) setting forth the assessed stamp duty and transfer tax with respect to this Agreement (the “Assessed
Amounts”). 
 (iii) HMF shall thereafter use all reasonable efforts to ensure that the assessment by the Tax Administration is
diligently undertaken, processed and completed. HMF shall collect the Assessment Notice from the Tax Administration promptly after such notice is issued, but in any event within no more than one (1) business day of issuance. 

(iv) Promptly upon HMF’s receipt of the Assessment Notice from the Tax Administration, but in any event on the same business day of
HMF’s receipt of same, HMF shall provide an electronic copy of the Assessment Notice to each of the Parties and to MFG in accordance with the notice procedures set forth in Section 20 below 

(b) Additional Deposit. 

(i) On or before the date (the “Additional Deposit Funding Date”) that is ten (10) days after the date of issuance of the
Assessment Notice by the Tax Administration, and subject to satisfaction of the Additional Deposit Conditions Precedent (as defined in Section 1.3(c) below), Buyer shall deliver to and deposit with MFG, in accordance with the wiring
instructions set forth on Exhibit B attached hereto, (1) an additional amount (the “Additional Deposit”) sufficient to cause the total amount on deposit with MFG pursuant to this Agreement to equal the amount of
US$5,127,340.00 (“Estimated Assessment Amount”), plus, (2) the amount required to cover the registration fees payable to facilitate the registration of the transfer of the Hotel Land in the name of Buyer (being approximately
0.5% of the consideration for the Hotel Land) (the “Registration Fees”) and an additional estimated amounts to cover any bank charges payable in connection with dealing with these funds. The amount deposited by Buyer with MFG
pursuant to this Section 1.3(b)(i) together with any interest thereon shall be referred to hereinafter as the “Additional Deposit.” The Earnest Money and the Additional Deposit are sometimes collectively referred to
herein as the “Deposit.” Buyer shall promptly deliver confirmation to Lender and Owner and MFG that Buyer has initiated a wire transfer to MFG of the Additional Deposit. 

  
 4 

 (ii) The Deposit shall be held in escrow by MFG with its bankers, the National Commercial Bank
Jamaica Limited (the “Escrow Bank”), in an interest bearing account and disbursed by MFG pursuant to this Agreement and the Escrow Agreement to be entered into by the Parties and MFG in the form attached hereto as Exhibit K.

 (iii) The Deposit shall be applied toward the payment of the Purchase Price in accordance with this Agreement or, in the event the Closing
(as defined in Section 1.5 below) does not occur, (1) the Earnest Money shall be disbursed to Lender or Buyer in accordance with this Agreement; and (2) the Additional Deposit shall be returned to Buyer. 

(iv) If the Assessment Notice is not issued within twenty-one (21) days of HMF’s delivery of this Agreement to the Tax Administration
in accordance with Section 1.3(a)(ii) above, this Agreement shall terminate automatically and the Parties shall have no further liability hereunder to the other Parties (except as expressly stated otherwise in this Agreement). The
Parties undertake and agree that in the event of the termination of this Agreement pursuant to this Section 1.3(b)(iv) they shall issue to MFG a joint notice signed by a representative of each Party acknowledging the termination of this
Agreement in accordance with this Section 1.3(b)(iv) and directing MFG to pay the Earnest Money to Buyer in accordance with wire instructions provided by the Buyer in writing to MFG, and MFG shall thereupon be authorized and directed to
make such payment to Buyer. The provisions of this Section 1.3(b)(iv) shall survive the termination of this Agreement. 
 (v) If
the Assessment Notice is issued within the twenty-one (21) day period described in Section 1.3(b)(iv) above, but reflects an aggregate assessed value for the Assets in excess of the Estimated Assessed Amount, the procedure described
in this Section 1.3(b)(v) shall apply with respect to the payment of the portion of the Assessed Amounts which exceeds the Estimated Assessed Amounts (such portion, the “Increased Assessed Amounts”). 

 

	 	(1)	Lender shall have the right, but not the obligation, to elect to fund the Increased Assessed Amounts by electronic delivery of written notice to Owner, Buyer, MFG and HMF within two (2) days following Lender’s
receipt from HMF of a copy of the Assessment Notice. In the event Lender elects to fund the Increased Assessed Amounts in accordance with this Section 1.3(b)(v)(1), Lender shall pay to HMF on or before the Additional Deposit Funding Date
an amount equal thereto (the “Lender’s Stamp Duty Contribution”). 

  

	 	(2)	 If Lender does not elect to fund the Increased Assessed Amounts as provided above, this Agreement shall terminate
without further action by any Party, and the Parties undertake and agree that in this event they shall issue to MFG a joint notice signed by a representative of each Party acknowledging the termination of this Agreement in accordance with this
Section 1.3(b)(v)(2) and directing MFG to pay the Earnest Money to 

  
 5 

	 	Buyer (less any bank charges related thereto) in accordance with wire instructions provided by the Buyer in writing to MFG, and upon receipt of such joint notice MFG shall thereupon be authorized and directed to make
such payment to Buyer and no Party shall thereafter have any liability hereunder to any other Party (except as expressly stated otherwise in this Agreement). The provisions of this Section 1.3(b)(v)(2) shall survive the termination of
this Agreement. 

 (vi) Within two (2) business days after the Additional Deposit Funding Date provided that the Escrow
Bank has confirmed that it has received the Additional Deposit, MFG is hereby authorized and directed to convert to Jamaican dollars so much of the Deposit as is required to settle and pay the Assessed Amounts or the Assessed Amounts less any
Lender’s Stamp Duty Contribution, as the case may be, (it being understood that any bank charges related to such conversion shall be deducted from the Deposit and that such conversion shall be undertaken at the exchange rate charged by the
Escrow Bank), and MFG shall then deliver to HMF a cheque for the Assessed Amounts or the Assessed Amounts less any Lender’s Stamp Duty Contribution, as the case may be, made payable to the Tax Administration together with a cheque (the
“NLA Cheque”) for the Registration Fees made payable to the National Land Agency. The NLA Cheque shall be held by HMF in escrow and shall be used solely for the purposes of causing the transfer of the Hotel Land to be registered in
the name of the Buyer or its permitted assignee. 
 (vii) HMF shall, upon receipt of the amounts sufficient to pay the Assessed Amounts
(including any Lender’s Stamp Duty Contribution, if applicable) promptly, but in any event within one (1) business day of receipt of the same, pay the Assessed Amounts to the Tax Administration; 

(viii) HMF shall use all reasonable efforts to ensure that Tax Administration diligently affixes the required stamps to the Agreement following
such payment, and that the duly stamped Agreement is promptly collected from Tax Administration following stamping; 
 (ix) Upon receipt of
the duly stamped Agreement from Tax Administration, HMF shall (1) promptly deliver a duly stamped copy of the Agreement, together with a copy of the Transfer Tax Receipt, to each of the Parties and (2) hold the original duly stamped
Agreement together with the Original Transfer Tax Receipt in escrow on behalf of the Parties, to be released only pursuant to and in accordance with this Agreement. 

(x) HMF is hereby authorized and directed following receipt of the undertaking referred to in Section 9.2 to submit the original
duly stamped Agreement to the Tax Administration for the purposes of causing any instruments of transfer required to facilitate the completion of the transaction contemplated in this Agreement to be duly cross-stamped reflecting the payment of the
Assessed Amount, and HMF shall, upon the return to it of the original duly stamped Agreement by the Tax Administration continue to hold same in escrow to be released only pursuant to and in accordance with this Agreement. 

  
 6 

 (xi) In the event that this Agreement is terminated in accordance with its terms at any time
prior to the completion of registration of the Hotel Land in the name of the Buyer or its permitted assignee, the Parties undertake and agree that they shall issue to MFG and HMF a joint notice signed by a representative of each Party acknowledging
the termination of this Agreement and directing MFG to issue directions to the Escrow Bank for the cancellation of the NLA Cheque and directing the payment by MFG to Buyer of the Registration Fees (together with any interest thereon but less any
bank charges related thereto) in accordance with wire instructions provided by the Buyer in writing to MFG. Upon receipt of such joint notice MFG shall thereupon be authorized and directed to issue such directions to the Escrow Bank and make such
payment to Buyer and HMF’s authority hereunder to use the NLA Cheque to facilitate registration shall thereupon terminate. The provisions of this Section 1.3(b)(xi) shall survive the termination of this Agreement. 

(c) Buyer’s obligation to fund the Additional Deposit pursuant to this Agreement is conditioned upon the satisfaction (or waiver in
writing by Buyer in its sole discretion) of the following conditions (collectively, the “Additional Deposit Conditions Precedent”) on and as of the Additional Deposit Funding Date: 

(i) Owner shall have delivered to Buyer an original of the Owner’s Bring Down Certificate dated as of the business day immediately prior
to the Additional Deposit Funding Date, duly executed by Owner; 
 (ii) Owner shall have performed and satisfied its obligations under this
Agreement in all material respects to the extent to be performed and satisfied by Owner on or prior to the Additional Deposit Funding Date; and 

(iii) The representations and warranties of Owner set forth in this Agreement (as confirmed by Owner’s Bring Down Certificate delivered
pursuant to the immediately preceding clause (ii)) shall be true and correct in all material respects as of the Additional Deposit Funding Date; 

(iv) A purchase and sale agreement with respect to the RHDL Parcel, in form and substance reasonably agreed to by Owner and Buyer, shall have
been duly executed by all parties thereto; and 
 (v) No injunction or other court order shall have been issued which has not been discharged
that prohibits or makes impossible the consummation of the Closing on the Closing Date. 
 (d) Each of Owner and Buyer shall use commercially
reasonable efforts, at no cost or expense to Owner or Buyer, as applicable, other than those required by this Agreement, to satisfy, by the Additional Deposit Funding Date, the Additional Deposit Conditions Precedent to the extent the satisfaction
of such conditions is within its control. In the event of any failure of any of the Additional Deposit Conditions Precedent, which failure is not a result of a breach of or default under this Agreement by Owner or Buyer, respectively, the sole right
of Buyer with respect to such failure shall be either (i) to terminate this Agreement by delivering written notice of such termination to Lender and Owner together with a reasonably detailed description of the purported failure of the
Additional Deposit Conditions Precedent, in electronic format and with a copy to each of HMF and MFG, on or prior to 1:00 p.m. (EDT) on the Additional Deposit 

  
 7 

 
Funding Date, in which event the Earnest Money held by MFG (together with any interest earned thereon) shall be returned to Buyer and each of the Parties shall thereafter have no further
obligations or liabilities to the other hereunder, except as expressly provided otherwise in this Agreement; or (ii) waive in writing the satisfaction of such Additional Deposit Condition Precedent and fund the Additional Deposit in accordance
with and subject to the terms of this Agreement. In the event of any failure of any of the Additional Deposit Conditions Precedent, which failure is the result of or relates to any breach or default by Owner or Buyer hereunder, the Party not in
breach or default hereunder may pursue its remedies with respect to such breach or default as set forth in Section 16 below. Notwithstanding anything herein to the contrary, the election by Buyer to fund the Additional Deposit pursuant to this
Section 1.3(c) shall not relieve the Owner of any obligation or liability to Buyer for Owner’s breach of any representation or warranty of Owner set forth in this Agreement, so long as Buyer has no knowledge of such breach at the time
Buyer funds the Additional Deposit. 
 1.4 General Consumption Tax. The Parties intend that the transactions contemplated herein
represent the sale of the Hotel as a going concern, notwithstanding Buyer’s intent to temporarily close the Hotel after Closing for renovations and improvements, and, accordingly, the Parties intend that Section 23(2) of the General
Consumption Tax Act (the “GCTA”) shall apply. Buyer has informed Owner that Buyer understands that Operator currently is the party duly registered under the GCTA for the Hotel and Owner agrees to use commercially reasonable efforts
to cause Operator (a) to maintain such GCTA registration through the Closing Date, and (b) at Closing to execute and deliver to Buyer or its designee a letter in substantially the form attached hereto as Exhibit C (the “GCTA
Letter”), which shall be delivered by Buyer or its designee to the Commissioner of General Consumption Tax (the “GCTA Commissioner”) after the Closing, in order to in order to notify the GCTA Commissioner of the cessation
of Operator’s taxable activities pursuant to Section 31(1)(a) of the GCTA. Owner acknowledges and agrees that Buyer may deliver an additional letter to the GCTA Commissioner prior to Closing seeking confirmation from the GCTA Commissioner
that there will not be any taxes payable under the GCTA with respect to this Agreement and the transaction contemplated herein. To the extent that the GCTA Commissioner nevertheless determines that the sale of the Hotel as contemplated herein is not
a sale of a going concern, any tax required to be paid under the GCTA as a result of such determination shall be the sole responsibility of Buyer. Notwithstanding any provision herein to the contrary, in the event a Party breaches any of its
covenants set forth in this Section 1.4, and such breach results in the assessment of the GCTA tax which would not otherwise have been assessed but for the breach, the breaching Party shall be responsible for any tax required to be paid under the
GCTA as a result of such breach. The provisions of this Section 1.4 shall survive the Closing and shall not merge with the provisions of any closing documents. 

1.5 Closing. Subject to the satisfaction or waiver of the conditions precedent in accordance with Section 12 below, the
closing of the transfer, sale and conveyance contemplated herein in accordance with the provisions of this Agreement (the “Closing”) shall take place on June 17, 2013, as may be extended pursuant to Sections 10 and 11
below, or such earlier or later date as may be agreed to in writing by the Parties each in its sole discretion (the “Closing Date”). 

  
 8 

 2. Assets to be Sold. 

At the Closing, upon satisfaction or waiver of all conditions thereto as set forth herein, Lender shall transfer, convey and assign to Buyer as
beneficial owner under Lender’s powers of sale contained in the First Loan Security Documents, free from all charges, liens, equities and encumbrances other than the Permitted Exceptions (as defined in Section 5.1(j) below), and
Buyer shall accept and assume, all right, title and interest of Owner as of the Closing Date in and to the following assets (collectively, the “Assets”): 

(a) Real Property. All interests and estates of Owner in (i) the Hotel Land, together with all easements, vacated streets and
alleys, rights and interests appurtenant thereto, and all buildings, structures, structural equipment, fixtures and improvements thereon including, without limitation, all heating, plumbing, ventilation, electrical, fire, safety, security and
mechanical systems owned by Owner and used in the operations of the Hotel (with such buildings, structures, structural equipment, fixtures and improvements being collectively, the “Hotel Improvements”), with the Hotel Land and the
Hotel Improvements being sometimes herein referred to collectively as the “Hotel Real Property”; and (ii) the lessee’s leasehold interest in and rights under the Golf Course Lease in and to the Golf Course Land and all
buildings, structures, structural equipment, fixtures and improvements located on the Golf Course Land and used in the operations of the Golf Course (with such buildings, structures, structural equipment, fixtures and improvements being
collectively, the “Golf Course Improvements”) (Owner’s leasehold interest in the Golf Course Land and the Golf Course Improvements are collectively referred to herein as the “Golf Course Leasehold”). The Hotel
Improvements and the Golf Course Improvements are sometimes collectively referred to herein as the “Improvements.” The Hotel Real Property and the Golf Course Leasehold are sometimes collectively referred to herein as the
“Real Property”; 
 (b) Tangible Personal Property. All tangible personal property which is owned by Owner, located
at and used in the operations of the Hotel and/or the Golf Course, including, without limitation, all vehicles, furniture, furnishings, artwork, appliances, televisions and other video equipment, telephone and other communications equipment, audio
equipment, linens, bedding, dinnerware, glassware, tableware, floor coverings, window coverings, office equipment, kitchen equipment, maintenance and cleaning equipment, rugs, mats, golf carts, golf course maintenance equipment, replacement parts
and other tangible personal property of every kind and description (other than Inventories, as defined in Section 2(c) below) located on the Effective Date at the Hotel or the Golf Course or in Operator’s leased space in the
Warehouse (as defined in Schedule 2(d) to this Agreement) (and all replacements implemented between the Effective Date and the Closing Date), but excluding the tangible personal property located at the Hotel and/or the Golf Course that
comprises Excluded Property (as defined in Section 3.1 below) and is described on Schedule 2(b) attached hereto. The tangible personal property, other than the Excluded Property, described in this Section 2(b) is
sometimes collectively referred to herein as the “Tangible Personal Property”; 
 (c) Inventories. All inventories at
and for the Hotel and the Golf Course, whether opened or unopened, including without limitation all inventory in storerooms, refrigerators, pantries and kitchens, alcoholic and non-alcoholic beverages in wine cellars, bars or elsewhere in the Hotel
or Golf Course facilities or in Operator’s leased space in the Warehouse, merchandise intended for sale or resale, fuel, mechanical supplies, stationery, guest supplies, maintenance and 

  
 9 

 
housekeeping supplies and other expensed supplies and similar items (including, without limitation, to the extent any of the same have been purchased by or on behalf of Owner to be used or sold
at the Hotel or Golf Course, but have not yet been delivered to the Hotel or Golf Course), and replacements in the case of supplies, materials and inventories consumed or sold between the Effective Date and the Closing Date, but excluding the
Excluded Property (collectively, “Inventories”); provided that the Purchase Price shall not be affected by any fluctuations in the value of Inventories between the Effective Date and the Closing to the extent fluctuations occur in
accordance with Section 17.1 below; 
 (d) Intangible Personal Property. All of Owner’s rights under and interests in
the following (whether in Owner’s or Operator’s possession or control), but excluding any intangible personal property described in the immediately following clauses (i) through (xii) that constitutes Excluded Property:
(i) to the extent assignable, the service, maintenance, utility, supply and other agreements and contracts and the equipment leases relating to the operations of the Hotel and/or the Golf Course and to the Power Plant Equipment that are set
forth on Schedule 2(d) attached hereto (collectively, the “Assumed Contracts”); (ii) to the extent available to Owner, surveys, architectural and engineering drawings, plans and specifications, other engineering and
other design products, tests and reports relating to the Real Property, the Tangible Personal Property and/or the Power Plant Equipment and other technical descriptions and technical documents relating to the Real Property, the Tangible Personal
Property and/or the Power Plant Equipment; (iii) the contracts, reservations and other arrangements for guest rooms, meeting and conference rooms, pre-function areas, events, tee times, food service and/or other facilities or services to be provided
or supplied from the Hotel after the Re-Opening Date (as defined in Section 17.1 below), if any, and from the Golf Course after the Closing Date, if any, (the “Bookings”), and the aggregate amount of any deposits
received by or on behalf of Owner (whether paid in cash or by credit card) as a deposit for any Bookings, if any, (the “Advance Deposits”), but only to the extent, if at all, that such Bookings and Advance Deposits exist as of the
Closing; (iv) to the extent available to Owner, all equipment maintenance records, reports, parts, operating manuals, security codes and other intangible materials of any kind owned by Owner and relating to the ownership and/or operation of the
Hotel equipment, the Golf Course equipment and/or the Power Plant Equipment; (v) telephone numbers and physical addresses relating to the ownership or operation of the Hotel and/or the Golf Course; (vi) to the extent transferable and owned
by and held in the name of Owner, the Special Hotel License issued for the Hotel pursuant to the Spirit License Act (the “Permit”) and all other licenses, variances, certificates, permits and other authorizations, consents and
approvals relating to the construction, ownership, operation, occupancy, maintenance or use of the Hotel, the Golf Course and/or the Power Plant Equipment, if any; (vii) to the extent transferable and owned by and held in the name of Owner, all
warranties, guaranties and indemnities by third parties relating to the Hotel, the Golf Course and/or any of the Assets; (viii) all personnel information regarding the Hotel and Golf Course employees to the extent made available by Operator to
Owner, including, without limitation, an employee roster (setting forth the name and position for each employee); (ix) to the extent transferable, all trademarks, trade names, service marks, copyrights, websites and domain names, relating to
the trade names listed on Exhibit D attached hereto (with all such listed trade names being the “Intellectual Property”); (x) all goodwill associated with the Hotel and/or the Golf Course; (xi) copies of such other
documents pertaining to the Hotel and the Golf Course as Buyer may reasonably request prior to Closing from Owner which are in Owner’s possession or control or which are in Operator’s possession or control and available to Owner; with all
of the foregoing as described in the immediately preceding clauses (i) through (xi) being collectively the “Intangible Personal Property” and, together with the Tangible Property, the “Personal Property”;
and 

  
 10 

 (e) Additions and Improvements. Any and all additions and improvements to and replacements
of any of the foregoing Assets as described in Sections 2(a) through 2(d) above occurring between the Effective Date and the Closing Date; provided, however, that Owner shall not cause or permit any such addition, improvement or replacement to be
commenced or made other than (i) in accordance with Section 17 below; (ii) following Buyer’s prior written consent thereto (which consent may be given, not given or conditioned in Buyer’s sole discretion); or (iii) to
the extent required by applicable law (in which event Owner shall pay all costs and expenses incurred in connection with such addition, improvement or replacement). 

For the avoidance of doubt, it is hereby declared that the sale and purchase of each of the Assets is interdependent and shall be completed simultaneously.

 3. Excluded Property; Non-Assumed Liabilities. 

3.1 Excluded Property. Notwithstanding anything to the contrary herein, the following are expressly excluded from the definition of
Assets under this Agreement (collectively, the “Excluded Property”): (a) all tangible and intangible personal property or inventory owned or leased by tenants, concessionaires, licensees, guests or employees of Owner, Operator,
or any other third party; (b) all insurance policies relating to the Assets and in effect prior to the Closing Date, including, without limitation, general liability, operational liability (including hotel and innkeepers’ liability and
liquor liability), business interruption, fire and casualty policies, and except as set forth in Section 10 below all proceeds and claims thereunder as well as any prepayments thereunder; (c) Owner’s rights under the Ritz
Carlton Agreement; (d) except to the extent of monies subject to proration and to be credited to Owner in accordance with Section 14 below, refunds, rebates, or other proceeds from third party claims, or any interest thereon, for
periods or events occurring prior to the Apportionment Time (as defined in Section 14.1 below); (e) any property (including proprietary information) owned by Operator or any of its affiliates (“Excluded Operator
Property”); (f) any property bearing the trademarks, tradenames, service marks, copyrights or domain names of Operator or any of its affiliates including, without limitation, the Ritz Carlton Name Property and the Ritz Carlton
Merchandise (each as defined in Section 14.1(v) below) (“Excluded Branded Property”); (g) except to the extent of monies subject to proration hereunder and to be credited to Owner in accordance with
Section 14 below, if any, monies on deposit in any Hotel and/or Golf Course operating account, reserve account (including any reserve for replacement of furniture, fixtures and equipment), or other account; (h) except to the extent
of monies subject to proration hereunder and to be credited to Owner in accordance with Section 14 below, deposits for utilities and under any service, maintenance, utility, supply and other agreements and contracts and equipment leases
relating to the operations of the Hotel and/or the Golf Course (including, without limitation, the Assumed Contracts); (i) except to the extent of monies subject to proration hereunder and to be credited to Owner in accordance with
Section 14 below, prepaid Permit fees; (j) except to the extent of monies subject to proration hereunder and to be credited to Owner in accordance with Section 14 below, other items prepaid by or on behalf of Owner;
(k) title to the Golf Course Land; and (1) title to the Power Plant Equipment. 

  
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 3.2 Non-Assumed Liabilities. Unless otherwise specifically set forth herein to the
contrary, any indebtedness, accounts payable, liabilities, claims, damages, losses or obligations of any kind or nature related to Owner, Operator or the Assets for the period prior to the Apportionment Time shall be retained, be the responsibility
of and be paid by Owner, and Buyer shall not be or become liable therefor, except to the extent Buyer receives a credit therefor or otherwise expressly assumes in writing such liabilities pursuant to this Agreement or any other documents executed by
Buyer and delivered to Lender at Closing (the “Non-Assumed Liabilities”). Any indebtedness, accounts payable, liabilities, claims, damages, losses or obligations of any kind or nature related to Buyer or to the Assets for the
periods from and after the Apportionment Time shall be retained, be the responsibility of and be paid by Buyer, and neither Lender nor Owner shall be or become liable therefor. The provisions of this Section 3.2 shall survive the Closing
and shall not merge with the provisions of any closing documents. 
 4. As-Is Purchase. 

(a) BUYER ACKNOWLEDGES AND AGREES THAT UPON THE CLOSING, LENDER WILL SELL AND CONVEY TO BUYER, AND BUYER WILL ACCEPT THE ASSETS, “AS IS,
WHERE IS, WITH ALL FAULTS.” BUYER FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL AGREEMENTS OR ORAL WARRANTIES OR REPRESENTATIONS COLLATERAL TO OR AFFECTING LENDER, OWNER, OWNER’S AFFILIATES OR ANY OTHER PERSON. NEITHER LENDER NOR
OWNER IS LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE OR OTHER PERSON (TOGETHER WITH OWNER AND OWNER’S AFFILIATES,
THE “OWNER PARTIES”), UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO HEREIN. BUYER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE “AS IS, WHERE IS” NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR
OTHER ADVERSE MATTERS THAT MAY BE ASSOCIATED WITH THE ASSETS. BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, UNDERSTANDS THE SIGNIFICANCE OF EACH AND AGREES THAT THE DISCLAIMERS AND
OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT AND THAT LENDER WOULD NOT HAVE AGREED TO SELL THE ASSETS TO BUYER FOR THE PURCHASE PRICE WITHOUT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. 

(b) OTHER THAN THE MATTERS REPRESENTED IN SECTION 1.4 AND SECTION 5 HEREOF AND IN ANY INSTRUMENT EXECUTED AND DELIVERED BY LENDER
OR OWNER AT CLOSING, BY WHICH ALL OF THE PROVISIONS OF THIS AGREEMENT ARE LIMITED, BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF THE OWNER PARTIES, AND BUYER HEREBY ACKNOWLEDGES
THAT NO SUCH REPRESENTATIONS OR WARRANTIES HAVE BEEN MADE OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LENDER AND OWNER EACH SPECIFICALLY DISCLAIMS, AND NEITHER THE OWNER PARTIES NOR ANY OTHER
PERSON IS 

  
 12 

 
MAKING, ANY REPRESENTATION, WARRANTY OR ASSURANCE WHATSOEVER TO BUYER, AND NO WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED, ARE MADE BY LENDER OR THE OWNER
PARTIES OR RELIED UPON BY BUYER WITH RESPECT TO THE STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE ASSETS, OR ANY PORTION THEREOF, INCLUDING (i) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY,
(ii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (iii) ANY RIGHTS OF BUYER UNDER APPROPRIATE LAWS OR REGULATIONS TO CLAIM DIMINUTION OF CONSIDERATION, (iv) ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS,
WHETHER KNOWN OR UNKNOWN, WITH RESPECT TO THE ASSETS, (v) THE FINANCIAL CONDITION OR PROSPECTS OF THE ASSETS AND (vi) THE COMPLIANCE OR LACK THEREOF OF THE REAL PROPERTY OR THE IMPROVEMENTS WITH GOVERNMENTAL REGULATIONS, INCLUDING
ENVIRONMENTAL LAWS, NOW EXISTING OR HEREAFTER ENACTED OR PROMULGATED, IT BEING THE EXPRESS INTENTION OF LENDER, OWNER AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE ASSETS WILL BE CONVEYED AND TRANSFERRED TO BUYER IN THEIR
PRESENT CONDITION AND STATE OF REPAIR, “AS IS, WHERE IS, WITH ALL FAULTS.” 
 (c) BUYER REPRESENTS THAT IT IS A KNOWLEDGEABLE,
EXPERIENCED AND SOPHISTICATED BUYER OF REAL ESTATE, AND THAT IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF BUYER’S CONSULTANTS IN PURCHASING THE ASSETS. BUYER HAS BEEN GIVEN A SUFFICIENT OPPORTUNITY TO CONDUCT AND HAS CONDUCTED SUCH
INSPECTIONS, INVESTIGATIONS AND OTHER INDEPENDENT EXAMINATIONS OF THE ASSETS AND RELATED MATTERS AS BUYER DEEMS NECESSARY, INCLUDING THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AND WILL RELY UPON SAME AND NOT UPON ANY STATEMENTS OF LENDER OR
THE OWNER PARTIES NOT EXPRESSLY STATED IN THIS AGREEMENT AND/OR IN ANY INSTRUMENT EXECUTED AND DELIVERED BY LENDER OR OWNER AT CLOSING. BUYER ACKNOWLEDGES THAT ALL INFORMATION OBTAINED BY BUYER WAS OBTAINED FROM A VARIETY OF SOURCES, AND NEITHER
LENDER NOR OWNER WILL BE DEEMED TO HAVE REPRESENTED OR WARRANTED THE COMPLETENESS, TRUTH OR ACCURACY OF ANY OF THE DOCUMENTS OR OTHER INFORMATION FURNISHED OR OTHERWISE MADE AVAILABLE TO BUYER EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. EXCEPT
FOR THE NON-ASSUMED LIABILITIES, UPON THE CLOSING, BUYER WILL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER’S INSPECTIONS AND INVESTIGATIONS. 

(d) THE TERMS AND CONDITIONS OF THIS SECTION 4 WILL EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT OR THE CLOSING, AS THE CASE MAY
BE, WILL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS AND ARE HEREBY DEEMED INCORPORATED INTO THE CLOSING DOCUMENTS AS FULLY AS IF SET FORTH AT LENGTH THEREIN. 

  
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 5. Owner’s and Lender’s Representations and Warranties. 

5.1 Representations and Warranties. Owner, and Lender solely with respect to the representation set forth in
Section 5.1(a)(ii) below, each represents and warrants to Buyer that the following representations and warranties are true and correct in all material respects as of the Effective Date (as Owner’s representations shall be updated as
of the business day immediately prior to the Closing Date pursuant to Section 5.2 below): 
 (a) Authority. (i) Owner
is a limited partnership validly existing and in good standing under the laws of the State of Delaware and duly registered under Part X of the Companies Act of Jamaica, and Owner has all requisite power and authority to enter into this Agreement and
all documents now or hereafter to be executed and delivered by Owner pursuant to this Agreement and to perform its obligations under this Agreement and under such documents and has taken all action (statutory or otherwise) necessary to execute,
deliver and exercise its rights and perform its obligations hereunder. The person executing on behalf of Owner this Agreement and all documents now or hereafter to be executed and delivered by Owner pursuant to this Agreement has been duly
authorized to execute such documents on behalf of Owner. Owner has, or prior to Closing shall have, obtained any consents necessary for it to enter into and perform under this Agreement. 

(ii) Lender is a limited liability company validly existing and in good standing under the laws of the State of Delaware, and Lender has all
requisite power and authority to enter into this Agreement and all documents now or hereafter to be executed and delivered by Lender pursuant to this Agreement and to perform its obligations under this Agreement and has taken all action (statutory
or otherwise) necessary to execute, deliver and exercise its rights and perform its obligations hereunder. The person executing on behalf of Lender this Agreement and all documents now or hereafter to be executed and delivered by Lender pursuant to
this Agreement has been duly authorized to execute such documents on behalf of Lender. Lender has, or prior to Closing shall have, obtained any consents necessary for it to enter into and perform under this Agreement. 

(b) No Violation. The execution, delivery and performance by Owner of and under this Agreement will not result in a violation by Owner
of its obligations under any (i) judgment or order entered by any court or governmental body; (ii) governmental statute, ordinance, code, rule or regulation; or (ii) contract or agreement or indenture, in each case that is binding on
Owner or any of the Assets. 
 (c) Title to Real Property; Encumbrances. 

(i) The Hotel Land and the Golf Course Land are described in Exhibit A-1 and Exhibit A-2, respectively, which exhibits are
accurate in all respects, and the Hotel Land and the Golf Course Land comprise all the land owned, leased, controlled or occupied by the Owner for the purpose of the Hotel and the Golf Course, subject to Section 5.1(c)(ii) below. To
Owner’s knowledge all of the land comprising the Hotel Land and the Golf Course Land is registered land under the Registration of Titles Act. To Owner’s knowledge, Owner is the registered proprietor of and owns fee title to the Hotel Land,
subject only to (i) the liens, encumbrances, easements, restrictions and covenants and other matters set forth on the 

  
 14 

 
Certificate of Title for the Hotel Land and the Golf Course Land in effect as of the Effective Date (collectively, the “Registered Exceptions”). Owner shall cause the liens,
encumbrances, easements, restrictions and covenants listed on Schedule 5.1(c-1) attached hereto (collectively, the “Non-Permitted Encumbrances”) to be wholly discharged on or before Closing. To Owner’s actual knowledge,
Owner is registered as the lessee of the Golf Course Land. To Owner’s knowledge, the other Assets are owned free and clear by Owner except for the Registered Exceptions. Owner and/or Lender has arranged with all holders of Non-Permitted
Encumbrances for the release and discharge of all Non-Permitted Encumbrances and will satisfy prior to Closing each Non-Permitted Encumbrance. Owner is fully entitled to vacant possession of the Hotel Land subject only to the rights of Hotel guests,
Golf Course guests, Hotel and Golf Course employees and others necessary for the current operation of the Hotel and Golf Course and has exclusive possession of the Golf Course Land subject only to the rights of Hotel guests, Golf Course guests,
Hotel and Golf Course employees and others necessary for the current operation of the Hotel and Golf Course. At Closing, Owner shall give to Buyer vacant possession of the Hotel Land and exclusive possession of the Golf Course Land. Upon delivery of
possession of the Assets to Buyer at Closing as contemplated by this Agreement, all right, title and interest in and to the Real Property and the other Assets will be transferred to Buyer free and clear of all liens, encumbrances, easements,
restrictions and covenants and other rights of third parties, except for the Registered Exceptions that are not Non-Permitted Encumbrances (the “Permitted Exceptions”). There are no pending or, to Owner’s knowledge, threatened
disputes regarding boundaries, easements, covenants or other matters relating to any of the Hotel Land and the Golf Course or their use other than as set out in Schedule 5.1(c-2) attached hereto. 

(ii) Notwithstanding anything to the contrary in Section 5.1(c)(i) above, Buyer acknowledges that, as of the Effective Date,
(1) the land described on Exhibit A-3 (the “Beach Parcel”) is not registered land under the Registration of Titles Act and Owner does not own fee simple title thereto and (2) title to the land described on
Exhibit A-4 (the “RHDL Parcel”) is registered under the name of RHDL and Owner does not own fee simple title thereto. 

(d) No Condemnation. There is no pending or, to Owner’s knowledge, threatened condemnation, eminent domain or similar proceeding
with respect to all or any portion of the Real Property or the Golf Course Land. 
 (e) Agreements with Governmental Authorities.
Neither Owner nor any of its affiliates has entered into any unrecorded commitment or agreement with any governmental authority affecting the ownership or operation of all or any portion of the Real Property, the Golf Course Land, the Hotel, the
Golf Course or any of the other Assets. 
 (f) Compliance. To Owner’s knowledge, except as set forth on Schedule 5.1(f)
attached hereto, Owner has not received any written notice from any governmental authority that any of the Assets or the Power Plant Equipment, or any portion thereof, is in violation of any applicable fire, health, building, use, occupancy,
environmental, zoning or other law, code, rule, ordinance, statute, order, directive, regulation or other requirement affecting the Assets or the Power Plant Equipment, as applicable, where such violation remains outstanding. To Owner’s
knowledge, except as set forth on Schedule 5.1(f) attached hereto, there are no presently uncured violations of any applicable governmental statute, ordinance, code, rule or regulation affecting the Assets or the Power Plant Equipment. 

  
 15 

 (g) Litigation. There is no pending or, to Owner’s knowledge, threatened action,
suit, governmental or administrative investigation or arbitration proceeding against or affecting Owner or any of the Assets, or arising out of the ownership, lease, management or operation of any of the Assets, this Agreement or the transaction
contemplated by this Agreement, which will remain outstanding following Closing. 
 (h) Assumed Contracts and Golf Course Lease. Owner
has delivered to Buyer true, complete, and correct copies of (i) the Golf Course Lease (including, but not limited to, any amendments, modifications, side letters or other written agreements relating thereto); and (ii) all of the Assumed
Contracts (including, but not limited to, any amendments, modifications, side letters or other written agreements relating thereto) currently in effect (or that will be in effect after Closing). Each of the Assumed Contracts and the Golf Course
Lease is in full force and effect, and except with respect to defaults, failures or other circumstances, if any, that will be fully satisfied or cured by Owner or the other party to such agreement at or prior to the Closing, Owner has not received
any notice alleging or claiming any default or failure of performance thereunder which has not heretofore been cured or satisfied, and to Owner’s knowledge (A) there are no defaults thereunder, (B) no events have occurred that with
notice or the passage of time or both would constitute a default by Owner or any other party thereto and (C) there exist no offsets or defenses to the performance of all obligations thereunder. All Assumed Contracts on which stamp duty is
payable have been duly stamped or prior to Closing will, to the extent possible using commercially reasonable efforts, be duly stamped. As of the Closing, other than the Assumed Contracts, there are no other contracts, agreements or commitments
whether conditional or unconditional and no arrangements or undertakings that will be legally binding on Buyer. 
 (i) Environmental.
To Owner’s knowledge, Owner has not received any notice of or relating to any alleged violation of or non-compliance of any of the Assets or the Power Plant Equipment with any applicable laws, regulations, codes of practice and other similar
controls and advice made or issued by national or local government or by any other regulatory body relating to the protection of the environment (including without limitation the prevention of pollution of any land, water, or air due to the release,
escape, or other emission of any substance including radioactive substances or the production, transportation, storage, treatment, recycling or disposal of waste or the making of noise) that are now in existence and, where relevant, enforceable (the
“Environmental Laws”), which violation or non-compliance remains outstanding. 
 (j) Tenancies. To Owner’s
knowledge, there are no leases, licenses, concessions or other agreements granting any occupancy, possessory or entry rights in or to the Real Property other than (i) as set forth on Schedule 5.1(j) attached hereto (the
“Leases”), which Leases shall be terminated by Owner prior to Closing in accordance with Section 17.6 below, and (ii) the Registered Exceptions and the Assumed Contracts. 

(k) Rights of Others. No party has any right of first refusal, right of first offer or option to purchase or with respect to all or any
part of the Assets. 

  
 16 

 (l) Personal Property. The items, amounts and quantities of the Tangible Personal Property
as of the Effective Date together with any Excluded Property constituting tangible personal property, are, and as of the Closing will be, adequate and sufficient for the operation of the Hotel and the Golf Course in a manner consistent with the
manner in which the Hotel and Golf Course have been operated during the twelve-month period immediately preceding the Effective Date. There is no Tangible Personal Property or Inventory used in the operation of the Hotel or the Golf Course, as
applicable, as they are being operated as of the Effective Date, that is not either located at the Hotel or Golf Course or being delivered to the Hotel or the Golf Course. There is no Tangible Personal Property or Inventory located at or used in
connection with the operation of the Hotel or the Golf Course that is owned by any person or entity other than Owner. As of the Closing Date, all of the Tangible Personal Property, the Inventory and the Intangible Personal Property is owned by Owner
free and clear of all liens, encumbrances and security interests except for the Permitted Exceptions. As of the Effective Date, there is no material tangible personal property located at the Hotel, the Warehouse or the Golf Course, which is used in
the operation of the Hotel and/or the Golf Course, that is owned by any person or entity other than Seller (except for certain items of the Excluded Property). 

(m) No Management Agreements. Other than the Ritz Carlton Agreement (which shall be terminated by Owner as of the Closing without any
cost or expense to Buyer) and the Assumed Contracts, there are no hotel management, property management or asset management agreements that relate to or encumber the Real Property, the Hotel, the Golf Course or the Power Plant Equipment. Owner has
the right to terminate the Ritz Carlton Agreement effective as of the Closing as required by this Agreement. 
 (n) Bankruptcy. Owner
has not (i) commenced a voluntary case with respect to it or its assets, or to Owner’s knowledge had entered against it a petition, for relief under any bankruptcy act, and is not the subject of any petition, order or decree under any law
or statute relative to bankruptcy, insolvency or other relief for debtors; (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator, or similar official in any federal, state, or
foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate all or substantially all of its assets or any of the Assets; or (iii) made a general assignment for the benefit of creditors. 

(o) OFAC. Owner (i) is not in violation of any Anti-Terrorism Law (as defined below); (ii) is not a Prohibited Person (as
defined below); and (iii) is not and will not knowingly (1) conduct any business or engage in any transaction or dealing with any Prohibited Person, including the making or receiving any contribution of funds, goods or services to or for
the benefit of any Prohibited Person; (2) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 (as defined below); or (3) engage in or
conspire to engage in any transaction that evades or avoids, or has the purpose or intent of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. As used herein:
(1) “Anti-Terrorism Law” is defined as any law relating to terrorism or money-laundering, including Executive Order No. 13224 and the USA Patriot Act (as defined below); (2) “Executive Order
No. 13224” is defined as the United States Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, relating to “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism”; (3) “Prohibited Person” is defined as (A) person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (B) a person or
entity owned or controlled by, or acting for or on behalf of, any person or entity listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 

  
 17 

 
(C) a person or entity with whom any lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a person or entity who commits, threatens or
conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; (E) a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the
United States Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/offices/eotffc/sdn/tllsdn.pdf or at any replacement website or other official publication of such list; or (F) a person or entity
who is affiliated with a person or entity described in clauses (A)-(E) of this definition; and (4) “USA Patriot Act” is defined as the “Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001” (Public Law 107-56) of the United States. 
 (p) Employment. All of the
employees currently employed at or for the Hotel and the Golf Course are employed solely by Owner or Operator. There is and has been no collective bargaining agreement, or any other agreement, with any union or employee representative, relating to
the Hotel or the Golf Course. There have been no employee or union organization activities, strikes, boycotts, work slowdowns, employee walkouts, work stoppages or employer lockouts at or with respect to the Hotel or the Golf Course during the past
twelve (12) months. As at Closing all employees of the Hotel and the Golf Course will have been terminated before or as of the Closing Date and all salaries and other emoluments including holiday pay, income tax, education tax, national
insurance payments, contributions to retirement benefit schemes required under Jamaican law to be paid, will have been paid or will be paid at Closing in full. The termination of all employees of the Hotel and the Golf Course (including any former
employees made redundant prior Closing Date) have been or will be carried out in accordance with the Employment (Termination and Redundancy Payments) Act and all notice pay or redundancy payments due to such employees have been paid or will be paid
at Closing in full. 
 (q) Intellectual Property. Owner has not received written notice alleging that the Intellectual Property or the
operation of the Hotel and/or the Golf Course infringes upon or otherwise violates the intellectual property rights of any third party. No settlement agreements, consent agreements, or similar agreements, or judgments, court orders, or similar
obligations to which Owner or its affiliates are a party, limit Owner’s rights to own, use, or possess any of the Intellectual Property. 

(r) Insurance. Owner is maintaining, and will maintain through Closing, in full force and effect the insurance policies with the
coverage for the Assets described in Schedule 5.1(r) attached hereto (collectively, the “Insurance Policies”). Owner has not received, and to Owner’s knowledge Operator has not received, any written notice
from any insurer or board of fire underwriters of any defects or inadequacies with respect to the Assets or any part or component thereof that that have not been cured or repaired and that would be reasonably likely to have a material adverse effect
on the insurability of the Assets or cause any material increase in the premiums for insurance for the Assets. 
 (s) Operator
Property. A true, correct and accurate list of all Excluded Operator Property and Excluded Branded Property is set forth on Schedule 5.1(s) attached hereto. 

  
 18 

 (t) Permit. To Owner’s actual Knowledge, the Permit is in full force and effect and
is not conditioned or restricted except as set forth in such Permit. Owner has not received any written notice alleging any breach or violation of any provision, condition or limitation of the Permit or any notice of non-renewal, suspension or
revocation of the Permit that has not been dismissed or cured. 
 (u) Due Diligence Materials. Prior to the Effective Date, Owner
provided to or made available to Buyer all material non-proprietary information relating to the Assets and the Power Plant Equipment in Owner’s (or its legal counsel’s) possession or control which Buyer has requested (the
“Due Diligence Materials”). To Owner’s knowledge, Owner has not failed to deliver to Buyer any other information in the possession or control of Owner or Owner’s legal counsel that would render the Due
Diligence Materials incomplete or inaccurate in any material respect. 
 5.2 Bring Down of Representations and Warranties. The
Owner’s representations and warranties set forth in Section 5.1 above shall all be remade as of the business day immediately prior to each of the Additional Deposit Funding Date and the Closing Date pursuant to a certificate in
substantially the form of Exhibit E attached hereto (each, “Owner’s Bring Down Certificate”). Owner shall deliver Owner’s Bring Down Certificate to Buyer in electronic format not later than 2:00 p.m.
(EDT) on the business day immediately prior to each of the Additional Deposit Funding Date and the Closing Date. If Owner’s Bring Down Certificate discloses any new matters (i.e., a matter which was not disclosed in Owner’s original
representations and warranties as set forth in this Agreement) arising out of circumstances first occurring after the Effective Date, which circumstances have a material adverse effect on the value of the Assets as a whole, are unrelated to
Owner’s closure of the Hotel to accommodate Buyer’s post-closing renovation activities, and are not capable of being resolved by Owner prior to or at Closing, then Buyer may elect by written notice to Lender, Owner, MFG and HMF in
electronic format, to either (A) waive such disclosure and complete the funding of the Additional Deposit and/or the purchase of the Assets, as applicable, in accordance with the terms of this Agreement, or (B) terminate this Agreement in
which event MFG shall pay the balance of the Deposit then held by MFG to Buyer, and Lender, Owner and Buyer shall have no further rights or obligations under this Agreement, except those which expressly survive termination; provided, however, that
in the event of a termination of this Agreement pursuant to the foregoing clause (B) occurring after the Additional Deposit Funding Date, HMF shall also release to MFG the original stamped copy of this Agreement duly marked
“cancelled” together with the Original Transfer Tax Receipt so as to allow MFG to invoke the Unwind Procedure (as defined in Section 12.3 below) and upon recovery of the Stamp Duty and Tax Refund (as defined in
Section 12.3 below), the Stamp Duty and Tax Refund shall be paid to Buyer, less and except the pro rata portion of the Stamp Duty and Tax Refund attributable to Lender’s Stamp Duty Contribution theretofore made by Lender, if any
(“Lender’s Deposit Refund Amount”), which Lender’s Deposit Refund Amount will be paid by MFG to Lender. Buyer’s failure to deliver such a notice to Lender, Owner, MFG and HMF prior to 1:00 p.m. on the
Additional Deposit Funding Date or prior to the scheduled time for Closing, as applicable, shall be deemed Buyer’s election to waive such inaccuracy and to fund the Additional Deposit and/or to complete the purchase of the Assets, as
applicable, in accordance with the terms of this Agreement. 

  
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 5.3 Survival of Representations and Warranties. Owner’s representations and
warranties set forth in this Agreement, as amended or supplemented in Owner’s Bring Down Certificates, shall not survive the Closing. 

5.4 Owner’s Knowledge. As used in this Agreement, the phrase “to Owner’s knowledge” or words of similar import shall
mean the actual knowledge of the individuals set forth on Schedule 5.4 attached hereto (collectively, the “Knowledge Parties”), after conducting reasonable investigation of the matters being represented and
warranted. The Knowledge Parties shall have no personal liability for a breach of a representation or warranty set forth in this Agreement. 

5.5 Limitation on Owner’s Representations and Warranties. 

(a) BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT OR ANY CLOSING DOCUMENT, (I) THE
PURCHASE OF THE ASSETS SHALL BE ON AN “AS IS,” “WHERE IS,” “WITH ALL FAULTS BASIS,” SUBJECT TO REASONABLE WEAR AND TEAR FROM THE EFFECTIVE DATE UNTIL CLOSING, AND (II) NONE OF LENDER, OWNER, OPERATOR OR ANY OWNER
AFFILIATE, OR ANY OF THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, PARTNERS, TRUSTEES, DIRECTORS, OFFICERS, MANAGERS, EMPLOYEES, AGENTS OR REPRESENTATIVES, NOR ANY PERSON PURPORTING TO REPRESENT ANY OF THE FOREGOING, HAVE MADE ANY REPRESENTATION,
WARRANTY, GUARANTY, PROMISE, PROJECTION OR PREDICTION WHATSOEVER WITH RESPECT TO THE ASSETS OR ANY ASPECT OR PORTION THEREOF, WRITTEN OR ORAL, EXPRESS OR IMPLIED, ARISING BY OPERATION OF LAW OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY REPRESENTATION OR WARRANTY AS TO (A) THE CONDITION, QUANTITY, QUALITY, USE, OCCUPANCY OR OPERATION OF THE ASSETS OR ANY PORTION THEREOF, (B) THE PAST, PRESENT OR FUTURE
REVENUES OR EXPENSES WITH RESPECT TO THE ASSETS, (C) THE COMPLIANCE OF THE ASSETS OR ANY PORTION THEREOF OR THE OPERATION OF THE ASSETS WITH ANY ZONING REQUIREMENTS, BUILDING CODES OR OTHER APPLICABLE LAW, OR (D) THE ACCURACY OF ANY
ENVIRONMENTAL REPORTS OR OTHER INFORMATION SET FORTH IN THE OWNER DUE DILIGENCE MATERIALS PROVIDED TO BUYER WHICH WERE PREPARED FOR OR ON BEHALF OF OWNER. BUYER ACKNOWLEDGES AND AGREES THAT BUYER IS NOT RELYING ON ANY STATEMENT MADE OR INFORMATION
PROVIDED TO BUYER BY LENDER, OWNER, OPERATOR OR ANY AFFILIATE OF OWNER, OR ANY OF THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, PARTNERS, TRUSTEES, DIRECTORS, MANAGERS, OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES, OR ANY PERSON PURPORTING TO REPRESENT
ANY OF THE FOREGOING, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY OWNER IN THIS AGREEMENT OR IN ANY CLOSING DOCUMENT. 

  
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 (b) IF BUYER HAS KNOWLEDGE PRIOR TO CLOSING OF A BREACH OF ANY REPRESENTATION OR WARRANTY MADE BY
OWNER IN THIS AGREEMENT AND BUYER NEVERTHELESS ELECTS TO CLOSE THE TRANSACTION CONTEMPLATED HEREUNDER, SUCH REPRESENTATION OR WARRANTY BY OWNER WITH RESPECT TO SUCH MATTER SHALL BE DEEMED TO BE MODIFIED TO REFLECT SUCH BUYER’S KNOWLEDGE. 

6. Buyer Representations and Warranties. 

Buyer represents and warrants to Lender and Owner that the following representations and warranties are true and correct in all material
respects as of the Effective Date: 
 (a) Authority. The entity constituting Buyer that is executing this Agreement is a wholly owned
subsidiary of Playa Hotels & Resorts, S.L. (“Playa”), and is a private limited liability company existing and in good standing under the laws of Netherlands, and has all requisite power and authority to enter
into this Agreement and all documents now or hereafter to be executed and delivered by Buyer pursuant to this Agreement and to perform its obligations under this Agreement and under such documents. The person executing on behalf of Buyer this
Agreement and all documents now or hereafter to be executed and delivered by Buyer pursuant to this Agreement has been duly authorized to execute such documents on behalf of Buyer. Buyer has, or prior to Closing shall have, obtained any consents
necessary for it to enter into and perform under this Agreement. 
 (b) No Violation. The execution, delivery and performance by Buyer
of and under this Agreement will not result in a violation by Buyer of its obligations under any (i) any judgment or order entered by any court or governmental body; (ii) any governmental statute, ordinance, code, rule or regulation; or
(iii) any contract or agreement or indenture, in each case that is binding on Buyer. 
 (c) OFAC. Buyer (i) is not in
violation of any Anti-Terrorism Law; (ii) is not a Prohibited Person; and (iii) is not and will not knowingly (1) conduct any business or engage in any transaction or dealing with any Prohibited Person, including the making or
receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person; (2) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order
No. 13224; or (3) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose or intent of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

7. Closing Costs. 
 Lender shall be
responsible at Closing for the payment from the Purchase Price of (i) all expenses of Owner as set forth in Section 19 below; (ii) one hundred percent (100%) of any transfer tax or assessment applicable to the conveyances
and transfers contemplated by this Agreement, and (iii) fifty percent (50%) of stamp duties and registration fees applicable to the conveyances and transfers contemplated by this Agreement. Buyer shall be responsible for or pay at Closing
(i) all expenses of Buyer as set forth in Section 19 below; (ii) fifty percent (50%) of stamp duties and registration fees applicable to the conveyances and transfers contemplated by this Agreement; and (iii) any GCTA
tax required to be paid by Buyer pursuant to Section 1.4 above. 

  
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 8. Due Diligence. 

Buyer hereby acknowledges and agrees that, prior to its execution of this Agreement, Buyer has had access to the Assets, the Hotel and the Golf
Course, and to information concerning the Assets, the Hotel and the Golf Course, and that Buyer enters into this Agreement recognizing that Buyer does not have the right to additional due diligence under this Agreement. Except for the
representations and warranties of Owner expressly made in this Agreement, Buyer is and will be relying upon its own due diligence and inspections and the advice of its own counsel and consultants. 

9. Vesting; Purchase Price Undertaking. 

9.1 Vesting. Buyer and Owner agree that title to and possession of the Assets shall vest in Buyer no later than the completion of
Closing. 
 9.2 Purchase Price Undertaking. On May 31, 2013, Buyer shall procure the delivery to HMF of an undertaking reasonably
acceptable to Lender, Owner and HMF for payment of the balance of the Purchase Price at Closing; provided that Lender, Owner and HMF agrees that such undertaking may be provided by MFG or by a Jamaican financial institution reasonably acceptable to
Lender, Owner and HMF. 
 10. Casualty. 

10.1 Material Casualty. If the Assets or any portion thereof is damaged or destroyed by fire or any other casualty prior to Closing (a
“Casualty”), Owner shall give written notice of such Casualty to Lender and Buyer promptly after the occurrence of such Casualty. If the amount of the repair, restoration or replacement required by a Casualty equals or
exceeds Two Million Dollars United States Dollars (US$2,000,000) (a “Material Casualty”), then Buyer shall have the right, in its sole discretion, to (i) terminate this Agreement in which event MFG shall pay the
balance of the Deposit then held by MFG to Buyer and, in the event of a termination of this Agreement occurring after the Additional Deposit Funding Date, HMF shall also release to MFG the original stamped Agreement duly marked “cancelled”
together with the Original Transfer Tax Receipt so as to allow MFG to invoke the Unwind Procedure and upon recovery of the Stamp Duty and Tax Refund, the Stamp Duty and Tax Refund shall be paid to Buyer, less the Lender’s Deposit Refund Amount,
if any, which MFG shall pay to Lender, and Lender, Owner and Buyer shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (ii) proceed to Closing, without terminating this
Agreement, in which case Owner shall (A) credit the amount of the applicable insurance deductible against the Purchase Price, and (B) transfer and assign to Buyer all of Owner’s right, title and interest in and to all proceeds from
all casualty and lost profits insurance policies maintained by Owner with respect to the Assets affected by such Casualty, except those proceeds allocable to lost profits for the period prior to the Closing; provided, however, that until such time
as Buyer receives written confirmation from the applicable insurer, reasonably satisfactory to Buyer, acknowledging the assignment of such claim and agreeing to acknowledge Buyer as the insured under such policies for purposes of such claim, Owner
shall continue to use commercially reasonable efforts, but at no material cost to Owner, to pursue the insurance proceeds thereunder on behalf of Buyer. Buyer shall make an election under this Section 10.1 by

  
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giving written notice to Owner on or before twenty (20) days after Owner’s delivery to Buyer of written notice of such Casualty. If Buyer fails to make an election under this
Section 10.1 within such twenty (20) day time period, Buyer shall be conclusively deemed to have elected to proceed to Closing pursuant to clause (B) of this Section 10.1. If the Closing Date is scheduled to occur
within Buyer’s twenty (20) day election period, the Closing Date shall be extended until the tenth (10th) day after the expiration of such twenty (20) day election period. 

10.2 Non-Material Casualty. In the event of any Casualty which is not a Material Casualty and with respect to which at least eight-five
percent (85%) of the amount of the repair, restoration or replacement required by such Casualty is covered by Owner’s insurance policies, as determined by Buyer in its reasonable discretion, then Buyer shall not have the right to terminate
this Agreement, but shall proceed to Closing, in which case Owner shall (A) credit the amount of the applicable insurance deductible against the Purchase Price, and (B) transfer and assign to Buyer all of Owner’s right, title and
interest in and to all proceeds from all casualty and lost profits insurance policies maintained by Owner with respect to the Assets, except those proceeds allocable to lost profits for the period prior to the Closing; provided, however, that until
such time as Buyer receives written confirmation from the applicable insurer, reasonably satisfactory to Buyer, acknowledging the assignment of such claim and agreeing to acknowledge Buyer as the insured under such policies for purposes of such
claim, Owner shall continue to use commercially reasonable efforts, but at no material cost to Owner, to pursue the insurance proceeds thereunder on behalf of Buyer. In the event of any Casualty which is not a Material Casualty and with respect to
which less than eight-five percent (85%) of the amount of the repair, restoration or replacement required by such Casualty is covered by Owner’s insurance policies, as determined by Buyer in its reasonable discretion, then the provisions
of Section 10.1 above shall apply as if such Casualty were a Material Casualty. 
 10.3 Survival. The provisions of this
Section 10 shall survive the Closing. 
 11. Condemnation. 

11.1 Material Condemnation. If the event of any actual or threatened condemnation or taking pursuant to the power of eminent domain of
all or any portion of the Real Property, or any proposed sale in lieu thereof (a “Condemnation”), Owner shall give written notice of such Condemnation to Lender and Buyer promptly upon Owner’s receipt of notice of
such Condemnation. If the Condemnation would (i) result in any material reduction or restriction in access to the Hotel Land, the Golf Course Land or the Improvements, or (ii) have a materially adverse effect on the operation of the Hotel
or the Golf Course (a “Material Condemnation”), then Buyer shall have the right, in its sole discretion, to (A) terminate this Agreement, in which case MFG shall pay to Buyer the balance of the Deposit held by MFG
and, in the event of a termination of this Agreement occurring after the Additional Deposit Funding Date, HMF shall also release to MFG the original stamped Agreement duly marked “cancelled” together with the Original Transfer Tax Receipt
so as to allow MFG to invoke the Unwind Procedure and upon recovery of the Stamp Duty and Tax Refund, the Stamp Duty and Tax Refund shall be paid to Buyer less the Lender’s Deposit Refund Amount, if any, which MFG shall pay to Lender, and
Lender, Owner and Buyer shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (B) proceed to Closing, without terminating this Agreement, in which case Lender and Owner shall
assign to Buyer all of 

  
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Lender’s and Owner’s respective right, title and interest in all proceeds and awards from such Condemnation. Buyer shall make an election under this Section 11.1 by giving
written notice to Lender and Owner within twenty (20) days after Owner’s delivery to Buyer of written notice of such Condemnation. If Buyer fails to make an election under this Section 11.1 within such time period, Buyer shall
be conclusively deemed to have elected to proceed to Closing pursuant to clause (B) of this Section 11.1. If the Closing Date is scheduled to occur within Buyer’s twenty (20) day election period, the Closing Date shall be
extended until the tenth (10th) day after the expiration of such twenty (20) day election period. 
 11.2 Non-Material
Condemnation. In the event of any Condemnation of any Real Property other than a Material Condemnation, Buyer shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Owner shall assign to Buyer all of
Owner’s right, title and interest in all proceeds and awards from such Condemnation. 
 12. Conditions to Closing. 

12.1 Buyer’s Conditions. Buyer’s obligation to consummate Closing pursuant to this Agreement is conditioned upon the
satisfaction (or waiver in writing by Buyer in its sole discretion) of the following conditions on and as of the Closing Date: 
 (i) Owner
shall have completed all of the deliveries required to be made by Owner under Section 13.1 below; 
 (ii) Owner shall have
performed and satisfied its other obligations under this Agreement in all material respects; 
 (iii) The representations and warranties of
Owner set forth in this Agreement (as confirmed and/or updated by Owner’s Bring Down Certificate delivered pursuant to Section 13.1(a)(iv)) below shall be true and correct in all material respects as of the Closing; 

(iv) Lender shall have transferred title to the Assets (including title to the Hotel Land under the Registration of Titles Act in the name of
Buyer or its nominee) under its powers of sale in the First Loan Security Documents free and clear of all charges, liens, equities and encumbrances, save for the Permitted Exceptions; and all of the Non-Permitted Encumbrances shall have been fully
released and discharged; 
 (v) Owner shall have caused RHDL to enter into a binding contract substantially in accordance with the form of
agreement to be agreed upon by Owner and Buyer, acting reasonably, and attached hereto within five (5) business days following the Effective Date as Exhibit J, agreeing for nominal consideration to transfer title to the RHDL Parcel under
the Registration of Titles Act in the name of Buyer or its nominee free and clear of all charges, liens, equities and encumbrances save for restrictive covenants and easements (if any) endorsed on the parent Certificate of Title and such easements
if any as are obvious and apparent, in each case as of the Effective Date, such transfer to occur simultaneously with the transfer of title to the Assets, if reasonably possible, and if not, as soon as practically possible after Closing; 

  
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 (vi) There shall be no unpaid tax or assessment (or any fine or penalty related thereto) which is
then due and that constitutes a lien, charge or encumbrance against any of the Assets; 
 (vii) At no cost or expense to Buyer, the Ritz
Carlton Agreement shall have been validly terminated in accordance herewith; 
 (viii) At no cost or expense to Buyer, the employment of each
of the Hotel and Golf Course employees employed by Owner or Operator shall have been validly terminated as required hereunder; Owner shall have paid, or arranged for payment in full in the manner provided by this Agreement of, any related redundancy
payments and accrued benefits to such employees; and Owner shall have provided to Buyer reasonable evidence of such termination and payment or payment arrangement; 

(ix) No injunction or other court order shall have been issued which has not been discharged that prohibits or makes impossible the
consummation of the Closing on the Closing Date; and 
 (x) The Assumed Contracts, Golf Course Lease, and Power Plant Equipment Lease shall
each have been duly stamped in the amount of any stamp duty due with respect thereto to the extent required by law to be enforceable. 
 12.2
Owner’s Conditions. Lender’s and Owner’s obligation to consummate Closing pursuant to this Agreement is conditioned upon the satisfaction (or waiver in writing by Lender and Owner in their sole discretion) of the following
conditions on and as of the Closing Date: 
 (i) Buyer shall have completed all of the deliveries required to be made by Buyer under
Section 13.2 below; 
 (ii) Buyer shall have performed and satisfied its other obligations under this Agreement in all material
respects; 
 (iii) The representations and warranties of Buyer shall be true and correct in all material respects as of the Closing; 

(iv) Buyer’s delivery of an undertaking in accordance with Section 9.2 above; and 

(v) No injunction or other court order shall have been issued that prohibits or makes impossible the consummation of the Closing on the Closing
Date. 
 12.3 Failure of Condition. Each of Lender, Owner and Buyer shall use commercially reasonable efforts, at no cost or expense
to Lender, Owner or Buyer, as applicable, other than those required by this Agreement, to satisfy, by the Closing Date, such conditions as are stated in Section 12.1 and Section 12.2 above to the extent the satisfaction of
such conditions is within its control. In the event of any failure of any of the conditions stated in either Section 12.1 or Section 12.2 above, which failure is not a result of a breach of or default under this Agreement by
Lender, Owner or Buyer, respectively, the sole right of the Party benefited by such condition 

  
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with respect to such failure shall be either (i) to terminate this Agreement by delivering written notice of such termination to the other Party in electronic format, with a copy to MFG and
HMF, on or prior to the Closing Date, in which event, the balance of the Deposit then held by MFG will be returned to Buyer, and HMF shall also release to MFG the original stamped Agreement duly marked “cancelled” together with the
Original Transfer Tax Receipt so as to allow MFG to invoke the Unwind Procedure and upon recovery of the Stamp Duty and Tax Refund, the Stamp Duty and Tax Refund shall be paid to Buyer less the Lender’s Deposit Refund Amount, if any, which MFG
shall pay to Lender, and Lender, Owner and Buyer shall have no further rights or obligations under this Agreement, except those which expressly survive such termination; or (ii) waive in writing the satisfaction of such condition and proceed to
Closing in accordance with and subject to the terms of this Agreement. For purposes hereof, the “Unwind Procedure” shall mean the presentment by MFG or HMF, as applicable, to the Stamp Commissioner of (i) the
original stamped copy of this Agreement duly marked “cancelled” and (ii) with the Original Transfer Tax Receipt, together with MFG or HMF, as applicable, representing that the transfer of title in the Real Property contemplated under
this Agreement has not and will not occur and seeking a refund of the transfer tax and stamp duties theretofore paid in conjunction with the stamping of this Agreement (the “Stamp Duty and Tax Refund”). Buyer, Lender
and Owner recognize and agree that the exchange rate between the Jamaican Dollar and the United States Dollar may not be the same on the date the Unwind Procedure is invoked hereunder as such exchange rate was on the dates the Earnest Money and
Additional Deposit were paid and accordingly acknowledge that the Stamp Duty and Tax Refund will be paid by the Stamp Commissioner in Jamaican Dollars. Payment of the full Stamp Duty and Tax Refund to the respective Party entitled thereto hereunder
will also be in Jamaican Dollars and will be accepted by such Party as being in full and final settlement of any amount due under the Unwind Procedure; provided, however, that in the event Lender is entitled under this Agreement to liquidated
damages to be paid from the Stamp Duty and Tax Refund, notwithstanding any provision herein to the contrary, Lender shall receive its respective pro rata share of such Stamp Duty and Tax Refund calculated in accordance with the ratio of the Earnest
Money amount and the Lender’s Stamp Duty Contribution amount, if any, to the Assessed Amounts (“Seller’s Liquidated Damages Amount”) and Buyer shall receive the remainder of such Stamp Duty and Tax Refund. In
the event of any failure of any of the conditions stated in either Section 12.1 or Section 12.2 above, which failure is the result of or relates to any breach or default by Lender, Owner or Buyer hereunder, the Party not in
breach or default hereunder may pursue its remedies with respect to such breach or default as set forth in Section 16 below. 

12.4 Cooperation. Buyer and Owner each hereby agrees to use good faith efforts to cooperate with the other to proceed, as promptly as is
reasonably practicable, to seek to obtain all necessary consents and approvals from any applicable governmental or regulatory authorities, lenders, or other third parties required to consummate the transaction contemplated by this Agreement, and to
endeavor to comply with all other legal and contractual requirements for the consummation of the transaction contemplated by this Agreement and in accordance herewith. 

  
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 13. Closing Deliveries. 

13.1 Lender’s and/or Owner’s Closing Deliveries. 

(a) At Closing, Owner and/or Lender, as applicable, shall deliver, or cause to be delivered, to Buyer, or at Buyer’s direction to HMF, the
following: 
 (i) A written confirmation of the termination of the Ritz Carlton Agreement, in the form attached hereto as Exhibit F
and dated as of the Closing Date, duly executed by Owner and Operator. 
 (ii) A duly executed Assignment of Trade Marks in the form attached
hereto as Exhibit G and any other instrument of assignment of the Intellectual Property (satisfactory in form to Buyer) assigning all the Intellectual Property together with all original Certificates of Registration for such Intellectual
Property. 
 (iii) Two (2) duly executed original counterparts of the Preliminary Closing Statement required by
Section 14.10 below, executed by Lender and/or Owner. 
 (iv) An original of the Owner’s Bring Down Certificate dated as of
the business day immediately preceding the Closing Date, duly executed by Owner. 
 (v) Written evidence from the Office of Titles, the
Companies Office of Jamaica and the Island’s Record Office, if applicable, confirming that releases and discharges of any and all security interests, mortgages, deeds of trust, liens and/or other encumbrances against any of the Assets
(including, without limitation, the First Mortgage, the Second Mortgage, and all other Non-Permitted Encumbrances, and excepting only the Permitted Exceptions and liens and encumbrances created by Buyer) have been duly recorded or registered. 

(vi) A list of all outstanding Bookings and Advance Deposits, as of the Closing Date, if any. 

(vii) Any affidavits, transfer documents or certificates required by any applicable governing body or law from or to be signed by Owner or
Lender to complete this transaction. 
 (viii) A certificate signed on behalf of Owner (together with documentary evidence in form
satisfactory to Buyer evidencing the matters below) certifying that (a) notice of redundancy has been given to the Minister of Labour and Social Security and the employment of all employees of the Hotel has been terminated in accordance with
the Employment (Termination and Redundancy Payments) Act as of the Apportionment Time; (b) all redundancy payments to which such employees are entitled consequent upon such termination have been paid in full in accordance with the Employment
(Termination and Redundancy Payments) Act and written statement indicating how such payment was calculated has been delivered to each employee; (c) all other sums to which such employees are entitled whether by virtue of any contract or statute
has been paid in full in accordance with such contract or statute; and (d) each such employee has acknowledged receipt of such payments in full and final satisfaction of all sums to which they are entitled. 

  
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 (ix) The Duplicate Certificates of Title for the Hotel Land duly endorsed with a transfer of the
Hotel Land, provided that Owner’s obligation to deliver this title shall be subject to Buyer or MFG having provided HMF with an undertaking in accordance with Section 9.2 above. 

(x) Two (2) duly executed original counterparts of the Assignment and Assumption of Golf Course Lease in form agreed to by Owner and Buyer
acting reasonably, executed by Owner, which Assignment and Assumption of Golf Course Lease will provide for the termination of the purchase option in the Golf Course Lease (the “Assignment and Assumption of Golf Course
Lease”). 
 (xi) A Certificate of Payment of Taxes issued by the Collector of Taxes for St. James confirming that all
property taxes on the Hotel Land have been paid to the Closing Date. 
 (xii) A receipt from the National Water Commission confirming that
all water and sewerage rates due in respect of the Hotel Land have been paid to the Closing Date. 
 (xiii) Letters of Possession addressed
to the National Water Commission, Jamaica Public Service Company Limited and the Collector of Taxes advising of the change in ownership of the Hotel Land. 

(xiv) Opinion of Owner’s counsel in customary form reasonably satisfactory to Buyer confirming inter alia the power and authority of Owner
to satisfy its obligations under this Agreement and confirming that no consent or approval which has not been obtained is required in order for the Owner to validly satisfy its obligations under this Agreement. 

(xv) A certified copy of the return registered with the Companies Office of Jamaica updating the register as to the Owner’s corporate
documents, directors and changing the person resident in Jamaica to accept service on behalf of Owner. 
 (xvi) Duly executed estoppels in
the forms of Exhibit I-1, Exhibit I-2 and Exhibit I-3 attached hereto with respect to each of the Golf Course Lease, the Power Plant Equipment Lease and the Power Plant Equipment Operation Agreement (as defined in
Section 17.2(b) below), respectively, with no modifications or exceptions added thereto, except as approved in writing by Buyer. 

(xvii) A copy of each of the Power Plant Equipment Lease Amendment and the Power Plant Equipment Operation Agreement Amendment entered into in
accordance with Section 17.2(b) below. 
 (xviii) All other documents reasonably required to effectuate the transaction
contemplated by this Agreement or which are otherwise required or contemplated by this Agreement, executed and acknowledged, to the extent applicable, by Owner or Lender. 

(xix) Notices to the counterparties under the Assumed Contracts of the assignment of the Assumed Contract. 

  
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 (b) At Closing, Owner shall deliver to Buyer (or to the extent in the sole possession and control
of Operator, Owner shall use commercially reasonable efforts to cause Operator to deliver to Buyer): 
 (i) Copies of all equipment operating
manuals in the possession or control of Owner. 
 (ii) Written notice executed by Owner notifying all interested parties, in a form to be
reasonably approved by Buyer and Owner, that the Assets have been conveyed to Buyer and directing that all payments (for periods occurring subsequent to the Closing Date), inquiries and the like be forwarded to Buyer at the address to be provided by
Buyer in such notice. 
 (iii) All keys, security codes and combinations to all locks (including, without limitation, those used by Owner or
Operator) which are necessary for the ownership and operation of the Assets. 
 (iv) Originals if originals are available of the Permit
together with any other licenses, variances, certificates, permits and other authorizations, consents and approvals relating to the construction, ownership, operation, occupancy, maintenance or use of the Hotel, the Golf Course and/or the Power
Plant Equipment in Owner’s (or Operator’s) possession or control. 
 (v) Originals, or if originals are unavailable copies, of all
the Assumed Contracts (duly stamped to the extent required by Buyer pursuant to Section 17.2(b)) and the Permit (and other evidence of the Assets, as applicable) assumed by Buyer at the Closing that are in the possession or control of
Owner (or Operator). 
 (vi) All Assets which are capable of passing by delivery. 

13.2 Buyer’s Closing Deliveries. At Closing, Buyer shall deliver, or cause to be delivered, to Owner, or at Owner’s direction
to HMF, the following: 
 (i) Two (2) duly executed original counterparts of the Preliminary Closing Statement required by
Section 14.10 below, executed by Buyer. 
 (ii) Two (2) duly executed original counterparts of the Assignment and Assumption
of Golf Course Lease executed by Buyer. 
 (iii) Any documents or certificates required by any applicable governing body or law from or to be
signed by Buyer to complete this transaction. 
 (iv) All other documents reasonably required to effectuate the transaction contemplated by
this Agreement or which are otherwise required or contemplated by this Agreement, executed and acknowledged, to the extent applicable, by Buyer. 

  
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 13.3 Distribution of Funds. Upon completion of all of the deliveries required to be made
by Owner and Buyer pursuant to Sections 13.1 and 13.2 above, respectively, and confirmation that title to the Assets is vested in Buyer as contemplated herein: 

(i) Buyer and Owner shall cause written instructions to be delivered electronically to each other and to MFG and HMF certifying that Closing
has taken place in accordance with the provisions of this Agreement; 
 (ii) HMF shall release to Buyer a copy of this Agreement, duly
stamped with the payment of stamp duty under the Stamp Duties Act of Jamaica and transfer taxes under the Transfer Tax Act of Jamaica; 

(iii) MFG shall release and disburse to Lender the balance of the Deposit then held by MFG, if any; and 

(iv) Buyer shall pay, or take such additional actions (if any) as are necessary to cause to be released, to Lender in immediately available
funds by wire transfer in accordance with wire transfer instructions to be provided by Owner to Buyer in writing prior to the Closing, the Purchase Price adjusted in accordance with the provisions of this Agreement, less the amount of the Deposit
exclusive of Lender’s Stamp Duty Contribution, if any. 
 14. Apportionments; Expenses; Transition. 

14.1 Apportionments. Except as otherwise expressly provided in this Agreement, all income and expenses of the Hotel and the Golf Course
with respect to the period prior to the Closing Date shall be for the account of Owner, and all income and expenses of the Hotel and the Golf Course with respect to the period from and after the Closing Date shall be for the account of Buyer. The
following specific apportionments shall be made between the Parties at the Closing as of midnight on the day immediately preceding the Closing Date (the “Apportionment Time”): 

(i) Property taxes shall be apportioned on the basis of the fiscal period for which assessed; provided that if a tax bill for the current
period has not yet been issued, the apportionment shall be based on Owner’s reasonable estimate of such items based on the assessed value of the Asset taxed for the fiscal year which it is being assessed, or the prior year’s tax bill, in
either case with a re-proration subsequent to Closing within thirty (30) days after a current tax bill has been received by either Owner or Buyer. Any property tax in respect of periods prior to the Closing Date will be the responsibility of
Owner. Taxes for any taxable period that includes (but does not end on the day immediately preceding the Closing Date) shall be allocated to the period prior to the Closing Date based on the amount of such taxes for the entire taxable period
multiplied by a fraction, the numerator of which is the number of days in the portion of such period ending on the day immediately preceding the Closing Date and the denominator of which is the total number days in such period. 

(ii) Water and sewer service charges and charges for gas, electricity, telephone and all other public utilities shall be apportioned between
Owner and Buyer based on the time at which the corresponding services are consumed. If there are meters measuring the consumption of water, gas or electric current to be apportioned hereunder, then Owner shall endeavor to cause such meters to be
read as of the Closing Date, and Owner shall pay all utility charges relating to the period before such meter reading upon receipt of statements therefor. Buyer shall be responsible for causing such utilities and services to be charged to Buyer
effective as of the 

  
 30 

 
Closing Date, and Buyer shall be liable for and shall pay all utility charges for such services rendered from and after the Closing Date. To the extent any such meters are not read as of the
Closing Date, the corresponding charges with respect to the Hotel and the Golf Course shall be prorated effective as of the Closing Date by utilizing an estimate of such charges reasonably approved by both Buyer and Owner based on prior bills with
respect thereto. Any deposits or credits made or issued with respect to the foregoing services relating to the period prior to the Closing Date shall be credited to Owner. Any apportionment made pursuant to this Section 14.1(iii) shall
be subject to adjustment as provided in Section 14.10 below. 
 (iii) Amounts which have been prepaid or are payable under
(a) the Golf Course Lease; (b) the Power Plant Equipment Lease; and (c) the other Assumed Contracts, shall be apportioned between Owner and Buyer as of the Closing Date. 

(iv) All prepaid operating expenses shall be apportioned between Owner and Buyer as of the Closing Date. 

(v) Buyer shall receive a credit at Closing for the reasonable, documented cost to be incurred by Buyer for replacing the items at the Hotel
and the Golf Course bearing the Ritz Carlton name and/or logo and used in the operation of the Hotel as of the Closing Date (collectively, the “Ritz Carlton Name Property”) with comparable items without such name and
logo; provided, however, that (a) the Buyer’s total credit for such costs shall in no event exceed an amount equal to the lesser of (1) the Hotel’s cost of acquisition of the Ritz Carlton Name Property being replaced; or
(2) Two Hundred Fifty Thousand United States Dollars (US$250,000) and (b) merchandise offered for sale at the Hotel and/or the Golf Course as of the Closing Date and bearing the Ritz Carlton name or logo (the “Ritz Carlton
Merchandise”) shall not be deemed to constitute part of the Ritz Carlton Name Property. Owner shall, at its sole cost and expense, cause all of the Ritz Carlton Name Property and all such Ritz Carlton Merchandise to be removed from
the Hotel and the Golf Course on or before the Closing Date, if practical, or if not practical within seven (7) days following the Closing Date; provided, however, that Buyer shall receive reasonable prior written notice of such removal and
such removal shall (x) be undertaken during reasonable business hours, (y) not interfere with Buyer’s renovation of the Hotel and (z) be undertaken in a manner that does not damage the Hotel and/or the Golf Course. Owner shall
have the right to store during such period, at Owner’s sole cost, expense and risk, any Ritz Carlton Name Property and Ritz Carlton Merchandise remaining at the Hotel or Golf Course after the Closing Date; provided, however, that Buyer shall
have the right to reasonably direct Owner where at the Hotel and/or the Golf Course to store such remaining Ritz Carlton Name Property or Ritz Carlton Merchandise, and Buyer shall have no liability to Owner or Operator for any loss, damage or
destruction of or to any such remaining Ritz Carlton Name Property or Ritz Carlton Merchandise. 
 (vi) All other income, expense, charges
and fees shall be apportioned between Owner and Buyer as of the Apportionment Time and in the manner customary for apportionment of similar items for similar transactions. 

14.2 Deposits. Buyer shall at Closing assume responsibility for the amount of any deposits credited to Buyer hereunder, and shall hold
Owner harmless from any and all claims based thereon to the extent Buyer has received such a credit. 

  
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 14.3 Room Revenue and Golf Fees. All revenues received or to be received from transient
Hotel guests on account of room rents or Golf Course users on account of golf fees for the period ending at the Apportionment Time shall belong to Owner, and for the period beginning at the Apportionment Time such revenues shall belong to Buyer.

 14.4 Accounts Receivable; Accounts Payable. 

(a) All accounts receivable for revenue accrued prior to the Apportionment Time (“Owner’s Accounts Receivable”)
shall belong to Owner. Owner (or Operator on Owner’s behalf) shall have the right to receive, collect, discharge and compromise all Owner Accounts Receivable. Following the Closing, Buyer shall forward to Owner any amounts received by Buyer
on account of Owner’s Accounts Receivable, subject to the terms of this Section. Other than the foregoing, Buyer shall have no obligation with respect to any Owner’s Accounts Receivable, and Buyer shall not be required to take any legal
proceeding or action to effect collection of any Owner’s Accounts Receivable on behalf of Owner. With regard to any payment made within the twelve (12) month period following Closing from any person or entity who is indebted to the Hotel
or the Golf Course with respect to both Owner’s Accounts Receivable and accounts receivable accruing subsequent to the Apportionment Time, if the periods to which such payments relate are not specifically identified by the payor, or are
otherwise not readily discernible, such payment shall be applied first to the payment in full of any amounts due on accounts accruing subsequent to the Apportionment Time and then to Owner’s Accounts Receivable. The provisions of this
Section 14.4(a) shall survive the Closing for a period of twelve (12) months and shall not merge with the provisions of any closing documents. 

(b) Any indebtedness, accounts payable, liabilities or obligations of any kind or nature related to Owner or the Assets for the periods prior
to the Apportionment Time shall be retained and paid by Owner, and Buyer shall not be or become liable therefor, except to the extent Buyer receives a credit therefor at Closing or Buyer otherwise expressly assumes any such liability, account
payable or obligation in writing pursuant to this Agreement. 
 (c) Any indebtedness, accounts payable, liabilities or obligations of any
kind or nature related to Buyer or the Assets for the periods from and after the Apportionment Time shall be retained and paid by Buyer, and Owner shall not be or become liable therefor. 

(d) The provisions of Section 14.4(b) and Section 14.4(c) shall survive the Closing and shall not merge with the
provisions of any closing documents. 
 14.5 Guest Property. All baggage or other property of patrons or employees of the Hotel or the
Golf Course checked or left in the custody of the Hotel or the Golf Course as of the Closing Date, shall be removed by Owner on or prior to Closing and Buyer shall have no liability or responsibility with respect thereto. 

14.6 Gift Certificates. From and after the Closing Date, Buyer shall not have any obligation to honor, and Owner shall not assign to
Buyer hereunder, any Marriott Rewards points or any other gift certificates, gift cards, vouchers, trade outs or barter agreements issued with respect to and/or redeemable at the Hotel and/or the Golf Course for full or partially complementary
rooms, merchandise, products, food and beverages, or services to be provided at or from the Hotel and/or the Golf Course. 

  
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 14.7 Accounting. Except as otherwise expressly provided herein, all apportionments and
adjustments shall be made on an accrual basis in accordance with the International Financial Reporting Standards (“IFRS”) taking into account that Buyer is intending to temporarily close the Hotel for renovations following the
Closing. An accounting of the apportionments and adjustments to the Purchase Price to be made pursuant to this Agreement shall be prepared by Owner’s and Buyer’s representatives at the Hotel on the Closing Date. The results of such
accounting and apportionment shall be incorporated into the Preliminary Closing Statement to be provided to Buyer at the Closing, and shall be subject to further adjustment as provided in Section 14.10 below. 

14.8 House Funds. At Closing, Owner shall remove and retain or caused to be removed and retained all the cash on hand at the Hotel and
the Golf Course as of the Closing Date, and such cash on hand shall not become the property of Buyer as of the Closing. 
 14.9 Other
Transition Activities. 
 (a) From and after the Effective Date and until the Closing, and for so long as Buyer is not in default under
this Agreement, Owner shall (and shall use commercially reasonable efforts to cause Operator to) reasonably cooperate with Buyer to coordinate a smooth transition of the ownership and management of the Hotel and the Golf Course to Buyer as of the
Closing. In connection with the same, upon reasonable advance notice from Buyer in electronic format, Owner shall (and shall use commercially reasonable efforts to cause Operator to) provide Buyer with such reasonable access to the Hotel and the
Golf Course as is reasonably necessary to allow Buyer to establish and conduct customary transitional activities at the Hotel and the Golf Course in preparation of Buyer or Buyer’s designee taking over management operations of the Hotel and the
Golf Course after the Closing; provided, however, that Buyer agrees to conduct such activities in a manner so as to not adversely interfere with or disrupt the day-to-day operations of the Hotel and the Golf Course or the experience of their
respective guests. 
 (b) From and after the Effective Date, Buyer will endeavor in good faith to negotiate with Operator with respect to
Operator’s request for the use of reasonable space at the Hotel on a short-term basis after the Closing Date for Operator’s transition activities. 

(c) From and after the Effective Date and until the Closing, and for so long as Buyer is not in default under this Agreement, Playa, pursuant
to the terms of the access agreement, shall, following reasonable advance notice from Buyer to Owner in electronic format, cause and arrange for Playa to have reasonable access to the Hotel, the Warehouse and the Golf Course to from time-to-time to
perform an initial inspection and inventory, and to perform subsequent and/or follow-up inspections and inventories, of the Tangible Personal Property; provided, however, that any such inspection and/or inventory shall be conducted in a manner that
does not (i) materially and adversely interfere with or disrupt the day-to-day operations of the Hotel and/or the Golf Course or the experience of their respective guests; or (ii) cause any material damage to the Hotel, the Golf Course or any
Tangible Personal Property. Owner or Operator may have a representative accompany Playa’s representatives at any such inspection or inventory; 

  
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provided, however, that Owner or Operator shall not delay or obstruct any Playa inspection or inventory that complies with the requirements of this Section 14.9(c). Any action by Buyer or
Playa pursuant to this Section 14.9(c) shall be subject to the terms of the Access Agreement (as defined in Section 16.4). 
 14.10
Post-Closing Adjustments. 
 (a) Preliminary Closing Statement. Owner shall prepare and provide to Lender and Buyer, at least
three (3) business days before the Closing Date, a proposed closing statement reflecting the Purchase Price, the Deposit to be applied thereto and the prorations and apportionments to be made pursuant to this Agreement. Lender, Owner and Buyer
shall thereafter exercise commercially reasonable efforts to agree to such revisions thereto, if any, as may be necessary to prepare an accurate “Preliminary Closing Statement” for the Closing to be delivered pursuant
to Section 13 above. 
 (b) Final Statement. For purposes of this Section 14.10, all items described in this
Section 14.10 and reflected on a Preliminary Closing Statement prepared by Owner are deemed the estimates of the prorations, credits and other adjustments subject to adjustment hereunder. No later than ninety (90) days after the Closing
Date, Buyer shall prepare and deliver to Lender and Owner a proposed final closing statement (a “Final Statement”) for the Closing, which shall correct the estimates and (if necessary) other amounts used in the
Preliminary Closing Statement, as adjusted in accordance with facts discovered by either Party after Closing. Lender and/or Owner shall have ten (10) business days to review such proposed Final Statement and to either approve the same or to
request changes thereto by written notice to Buyer. If Lender and/or Owner requests changes to the proposed Final Statement, the Parties shall work together in good faith to finalize the Final Statement within five (5) business days of such
written notice. If Lender and/or Owner and Buyer are unable to resolve their disagreements with respect to a proposed Final Statement within five (5) business days after Buyer’s receipt of such written notice from Lender and/or Owner, then
the dispute shall be submitted to an independent accounting firm mutually agreed upon by Owner and Buyer, and such accounting firm shall make a determination regarding the dispute within twenty (20) days after being engaged for such purpose.
The accounting firm’s final determination shall be binding on both Parties and shall constitute the agreed upon Final Statement hereunder with respect to the Closing. Costs related to the engagement of the accounting firm shall be borne equally
by Lender and Buyer. Within five (5) business days after a Final Statement has been agreed upon by Lender and Buyer, Lender or Buyer (as the case may be) shall pay to the other the net amount, if any, owing and not then paid as shown by such
agreed upon Final Statement. 
 15. Employee Arrangements. 

15.1 Termination of Hotel Employees. Effective at and as a result of the Closing of the transaction contemplated hereby, the employment
of all of the Hotel and Golf Course employees will and shall terminate at the Apportionment Time. Owner shall be solely responsible for taking any and all such actions to implement such termination and for giving any termination notices required by
applicable law with respect to such termination. Owner shall be solely responsible for payment of any and all costs relating to such termination and to the employment of such employees prior to such termination, including without limitation, payment
of all accrued (as of the Apportionment Time) wages, salaries, bonuses, commissions, incentives, redundancy pay and/or benefits, vacation, holiday, personal and sick time, and all payments to be made and actions to be taken under any employment
benefit plans. 

  
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 15.2 Hiring of Hotel Employees. Buyer may, but shall not be obligated to, hire any of the
former or current Hotel and/or Golf Course employees to work at the Hotel and/or Golf Course, with any such employment by Buyer being effective from and after the Apportionment Time with respect to Golf Course employees and at such time after
Buyer’s renovation of the Hotel with respect to Hotel employees, and in case on such terms and conditions as Buyer shall in its sole discretion deem appropriate. Buyer shall incur no liability for redundancy pay in respect of any period prior
to the Apportionment Time, the continuity of the period of employment for such employees being deemed to be broken in accordance with section 13 of the Employment (Termination and Redundancy Payments) Act pursuant to Owner’s termination of such
employees in accordance with this Agreement. Owner shall, after the Effective Date, make arrangements, reasonably acceptable to Owner and Buyer, for Buyer to meet with and interview the employees at the Hotel and the Golf Course for the purpose of
enabling Buyer to determine before Closing which, if any, of such employees to hire or engage to work at or for the Hotel and/or Golf Course after the Apportionment Time. Owner shall not be released from its obligations with respect to the
termination of the Hotel and/or Golf Course employees at the Hotel and/or Golf Course, as required pursuant to this Agreement, by any election by Buyer to hire any of such employees to work at the Hotel and/or the Golf Course with respect to any
period after Closing. 
 16. Default and Indemnification. 

16.1 Owner or Lender Default. In the event the transaction contemplated by this Agreement fails to close on the Closing Date due to the
default of Lender or Owner hereunder, and Buyer has satisfied all of its obligations under this Agreement, Buyer’s sole and exclusive remedy shall be to either (i) bring an action for specific performance of Lender’s and Owner’s
obligations to close under this Agreement; or (ii) terminate this Agreement by written notice of termination given to Lender, Owner, MFG and HMF, in which event (A) MFG shall deliver to Buyer the balance of the Deposit held by MFG and HMF
shall release to MFG the original stamped copy of this Agreement duly marked “cancelled” together with the Original Transfer Tax Receipt so as to enable MFG to invoke the Unwind Procedure and upon recovery of the Stamp Duty and Tax Refund,
the Stamp Duty and Tax Refund shall be paid to Buyer, less the Lender’s Deposit Refund Amount, if any, which MFG shall pay to Lender, and (B) solely if Owner’s or Lender’s default hereunder is of a nature that makes it
impractical or impossible for Buyer to pursue specific performance of Owner’s or Lender’s obligations to close under this Agreement, then Owner shall also reimburse Buyer for the actual out of pocket cost and expenses incurred by Buyer in
connection with the negotiation and documentation of this Agreement, Buyer’s due diligence and Buyer’s preparations to close the transaction contemplated hereby, up to and including the amount of Seven Hundred Fifty Thousand United States
Dollars (US$750,000), and neither Party shall thereafter have any liability hereunder to the other Party (except as expressly stated otherwise in this Agreement). For the avoidance of doubt, the foregoing Seven Hundred Fifty Thousand United States
Dollars (US$750,000) limit on Owner’s reimbursement of Buyer’s costs and expenses shall not apply to any costs and expenses (including reasonable attorney’s fees) incurred by Buyer in enforcing its right to collect

  
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such reimbursement from Owner. Delivery of the original stamped copy of this Agreement duly marked “cancelled” together with the Original Transfer Tax Receipt to MFG in accordance with
the foregoing clause (A), shall to the extent of the duty and or tax noted as paid on such Agreement be deemed to be a refund of such amount to Buyer. 

16.2 Buyer Default. In the event this transaction fails to close on the Closing Date due to the default of Buyer hereunder, and Owner
has satisfied all its obligations under this Agreement, Owner’s and Lender’s sole and exclusive remedy shall be to terminate this Agreement by written notice of termination given to Buyer, MFG and HMF, in which event (a) if
Buyer’s default occurs prior to the payment by HMF of the Assessed Amounts pursuant to Section 1.3(b)(vii) above, then MFG shall (i) pay to Lender from the Deposit a sum equal to the Earnest Money amount, (ii) the balance
of funds from the Deposit then held by MFG not paid to Lender as aforesaid shall be paid by MFG to Buyer, and (iii) no Party shall thereafter have any liability hereunder to the other Party (except as expressly stated otherwise in this
Agreement), and (b) if Buyer’s default occurs after HMF has paid the Assessed Amounts pursuant to Section 1.3(b)(vii) above, HMF shall utilize the original stamped copy of this Agreement duly marked “cancelled” together
with the Original Transfer Tax Receipt to invoke the Unwind Procedure and, upon recovery of the Stamp Duty and Tax Refund, (i) Lender shall be paid as liquidated damages, Seller’s Liquidated Damages Amount as provided in
Section 12.3 above, (ii) the balance of funds from the Deposit then held by MFG, if any, together with the balance of the Stamp Duty and Tax Refund not paid to Lender as aforesaid shall be paid to Buyer, and (iii) no Party
shall thereafter have any liability hereunder to the other Party (except as expressly stated otherwise in this Agreement). Lender’s liquidated damages contemplated by this Section 16.2 are not intended to be a penalty, but rather
have been agreed upon by the Parties because actual damages that will be sustained by Lender and/or Owner as a result of such fault of Buyer would be extremely difficult to determine. 

16.3 No Default. In the event this Agreement is not otherwise terminated by either Party pursuant to the terms hereof and the
transaction contemplated hereby fails to close on the Closing Date due to no default by Buyer, Lender or Owner, this Agreement shall be deemed terminated, MFG shall deliver to Buyer the balance of the Deposit then held by MFG and HMF shall release
to MFG the original stamped copy of this Agreement duly marked “cancelled” together with the Original Transfer Tax Receipt to enable MFG to invoke the Unwind Procedure, the Stamp Duty and Tax Refund will be paid to Buyer less the
Lender’s Deposit Refund Amount, if any, which MFG shall pay to Lender, and no Party shall thereafter have any liability hereunder to the other Party (except as expressly stated otherwise in this Agreement). 

16.4 Access Indemnity. Nothing herein is intended to terminate or otherwise reduce the indemnification obligations of Playa pursuant to
paragraph 2 of that certain Limited Access Agreement (the “Access Agreement”) dated as of February 20, 2013, entered into by and between Owner and Playa. Buyer hereby confirms that Playa’s indemnification
obligations under paragraph 2 of the Access Agreement are intended to survive the execution of this Agreement, the termination of this Agreement and the Closing contemplated hereunder, and at Owner’s request Buyer agrees to provide written
confirmation from Playa that such indemnifications remain in full force and effect. 

  
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 16.5 Remedies Exclusive. By the express agreement of Buyer, Lender and Owner, the remedies
set forth in Section 16.1 and Section 16.2 above constitute the sole remedies at law or in equity available to Buyer and Owner, as the case may be, on account of the other Party’s breach of its obligations to close under this
Agreement, provided, however, to the extent any terms or provisions of this Agreement are expressly stated to survive the Closing and transfer of title to the Assets or the termination of this Agreement, Buyer, Lender and Owner shall each have all
remedies with respect thereto as may be available at law or in equity. In no event, however, shall either Party be liable for any consequential, special, indirect or punitive damages. 

17. Owner’s Pre-Closing Covenants. 

17.1 Maintenance of Assets. From and after the Effective Date through the Closing, Owner shall (and shall cause Operator to) use
commercially reasonable efforts to operate, manage and maintain the Assets in a prudent manner and substantially consistent with the way the Assets are being maintained as of the Effective Date; provided, however, that Owner shall not have any
obligation by reason of this Section 17 to make any capital improvements to the Real Property. Owner shall (and shall cause Operator to) maintain Inventory, supplies and other Tangible Personal Property (other than Excluded Property) in
a manner reasonably equivalent to the Inventory, supplies and other Tangible Personal Property (other than Excluded Property) in place on the Effective Date, and resupply, substitute or replace any of such items as may be depleted in the ordinary
course of business. The Parties acknowledge and agree that Buyer intends to temporarily close the Hotel for renovations after Closing and that, notwithstanding anything to the contrary in this Section 17.1, Owner (i) shall be
permitted to allow Hotel Inventory and supplies that are of a perishable nature to diminish in the ordinary course of business (and not be resupplied, substituted or replaced) and (ii) shall cancel certain contracts, reservations and other
arrangements for guest rooms, meeting and conference rooms, pre-function areas, events, tee times, food service and/or other facilities or services to be provided or supplied from the Hotel and the Golf Course after the Closing Date as provided in
Section 17.1 below. 
 17.2 Bookings. 

(a) After the Effective Date, Owner shall, on or prior to the Closing Date, at Owner’s sole cost and expense, cancel any contracts,
reservations and other arrangements for guest rooms, meeting and conference rooms, pre-function areas, events, tee times, food service and/or other facilities or services to be provided or supplied from the Hotel with respect to the period from and
after the Closing Date through and including December 31, 2013. For the avoidance of doubt, Owner may, but shall not be required to, cancel any contracts, reservations and other arrangements for guest rooms, meeting and conference rooms,
pre-function areas, events, tee times, food service and/or other facilities or services to be provided or supplied (i) with respect to the Hotel, to the extent relating to the period from and after January 1, 2014 (the
“Re-Opening Date”) and (ii) with respect to the Golf Course. Buyer shall not be required to honor any contracts, reservations and other arrangements for guest rooms, meeting and conference rooms, pre-function
areas, events, tee times, food service and/or other facilities or services to be provided or supplied from the Hotel during the period from and after the Closing Date until (but not including) the Re-Opening Date. 

  
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 (b) Between the Effective Date and the Closing, Owner shall be under no obligation to engage in
special marketing efforts with respect to the Hotel and/or the Golf Course, but may continue to accept, but shall not be obligated to accept, commercially reasonable Bookings for the Hotel and the Golf Course in the ordinary course of business
consistent with past practices as of the Effective Date; provided, however, that any new Bookings with respect to the Hotel may be accepted solely for the period from and after the Re-Opening Date. Notwithstanding the foregoing, after the Effective
Date, Owner shall not (and shall cause Operator not to) accept any merit employee reservations, corporate discount reservations, or any other discounted reservations with respect to the Hotel or the Golf Course for the period after the Closing Date,
and Owner shall (or shall cause Operator to), on or prior to the Closing Date, cancel or cause to be rebooked at standard rates for the Hotel or the Golf Course, as applicable, any such discounted reservations that apply to the period after the
Closing Date. Buyer shall not be required to honor any such discounted reservations in effect after the Closing Date. 
 17.3
Contracts. Between the Effective Date and the Closing, subject to the provisions of this Section 17.3, Owner shall (and shall cause Operator to) obtain Buyer’s written consent prior to entering into any new service,
maintenance, utility, supply or other agreement or contract or equipment lease relating to the operations of the Hotel and/or the Golf Course or to the Power Plant Equipment, which are not terminable at Closing, or terminating or modifying any
Assumed Contract. Notwithstanding the foregoing, the Parties agree that Owner shall cause all service, maintenance, utility, supply or other agreements or contracts or equipment leases relating to the operations of the Hotel and/or the Golf Course
or to the Power Plant Equipment, other than the Assumed Contracts, to be terminated effective on or prior to the Closing without cost or liability to Buyer. Owner shall ensure all Assumed Contracts, (except as otherwise hereafter expressly agreed to
by Buyer) are duly stamped prior to Closing in the amount of any stamp duty due with respect thereto. Prior to the Closing, (a) Owner and Yancey Power Systems, Inc. (“Yancey”) shall execute a valid amendment of
the existing Power Plant Equipment Operation Agreement pursuant to which the parties thereto grant Owner, its successors and assigns, a thirty (30) day termination right (exercisable with or without cause and without payment of any fee or
penalty), which amendment shall be in form and substance reasonably satisfactory to Buyer (the “Power Plant Equipment Operation Agreement Amendment”), and (b) Owner and Rose Hall Resort Energy Company, LLC shall
execute a valid amendment of the existing Power Plant Equipment Lease pursuant to which the parties thereto agree that the Amendment to Equipment Lease Agreement dated December 31, 1999, is void and of no further force and effect and that the
“Power Plant Equipment Lease,” as defined below is comprised of only the original lease and those amendments identified in said definition, which amendment shall be in form and substance reasonably satisfactory to Buyer (the
“Power Plant Equipment Lease Amendment”). “Power Plant Equipment Operation Agreement” shall mean that certain Operations and Maintenance Agreement between Southern Company Energy Solutions, Inc. and
Owner, dated April 26, 1999, as amended by that certain Assumption and Modification Agreement between Owner and Yancey, dated November 23, 2004, effective January 1, 2005. The “Power Plant Equipment
Lease” shall mean that certain Equipment Lease Agreement between Southern Company Energy Solutions, Inc. and Owner, dated April 26, 1999, as amended by that certain Amendment No. 2 to Equipment Lease Agreement between Owner
and Southern Company Energy Solutions, LLC, dated November 23, 2004, and that certain Lease Modification Agreement between Owner and Rose Hall Resort Energy Company, LLC dated March 2006. 

  
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 17.4 Insurance. Owner shall (and shall cause Operator to) (i) maintain in full force
and effect, from the Effective Date until the Closing Date, the Insurance Policies (including, without limitation, renewal or replacement of expiring policies) as in effect as of the Effective Date and (ii) timely pay all premiums and other charges
with respect thereto. 
 17.5 Golf Course Lease. From and after the Effective Date through the Closing, Owner shall comply with its
obligations under the Golf Course Lease, including, without limitation, the payment of all monetary obligations thereunder. Owner shall not modify, amend, terminate or cancel the Golf Course Lease. 

17.6 Special Assessments. Owner shall promptly notify Buyer in writing of any written notice Owner (or any of Owner’s affiliates)
receives after the Effective Date and prior to Closing with respect to any pending special assessment with respect to the Assets. 
 17.7
Tenancies. On or prior to the Closing Date, Owner shall, at its sole cost and expense, terminate the Leases. Buyer shall not have any liability with respect to the Leases or in connection with Owner’s termination thereof. 

17.8 Hazardous Materials. Prior to the Closing Date, Owner shall remove from the Hotel Land and Golf Course Land or cause such removal
in accordance with applicable laws all chemical and hazardous wastes or materials generated by the dry cleaning operations at the Hotel prior to the Closing. 

17.9 Buyer Applications. Within two (2) business days after presentment by Buyer, Owner shall deliver to Buyer a letter in form
reasonably satisfactory to Owner authorizing, to the extent Owner has the right to do so (i) Buyer to apply for licenses for the operation of the Hotel, Golf Course and Power Plant Equipment; and (ii) the appropriate governmental agencies
to use documents in the existing license files with respect to the Hotel, Golf Course and Power Plant Equipment in connection with Buyer’s applications to operate the same. 

17.10 Employee Roster. Buyer understands from direct discussion with Operator that Operator is willing to provide the following
information with respect to Hotel and Golf Course employees who give Operator written authorization to release their information: (a) name; (b) current job title; (c) current wage rate; and (d) length of service with the Hotel
and/or Golf Course. Within five (5) business days after the Effective Date, Seller agrees to submit a written request to Operator, with a copy to Buyer, requesting that Operator provide the foregoing information to Buyer; provided, however,
that to the extent Operator provides such information to Owner (instead of directly to Buyer), Owner shall promptly forward such information to Buyer. In no event will Owner or Lender have any responsibility or liability if Operator does not provide
the requested information. Within five (5) business days after the Effective Date, Owner shall also cause to be delivered to Buyer a list made available by Operator to Owner of all employees at and who work for the Hotel and the Golf Course as
of the Effective Date, together with a description of such employees’ current job title. 

  
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 17.11 Negative Covenants. From the Effective Date until the Closing Date, Owner shall not
(and shall cause Operator not to) take any of the following actions without the prior express written consent of Buyer, which consent may be granted, not granted or conditioned in Buyer’s sole discretion: (a) make or permit to be made any
material alterations to or upon the Real Property or the Power Plant Equipment or any part of the Real Property or the Power Plant Equipment; (b) grant any liens or encumbrances upon the Real Property or any other Assets that will not be
discharged upon the Closing in accordance with Section 12.1 above; or (c) remove or permit the removal from the Real Property or the Power Plant Equipment of any fixtures, mechanical equipment, or any other item included in the Real
Property or Power Plant Equipment, as applicable, except in the ordinary course of business, as necessary for repairs or replacements of worn out or obsolete items. 

17.12 Beach Parcel. (a) Owner shall cooperate with Buyer to commence the process to cause the Beach Parcel to be duly registered
under the Registration of Titles Act in the name of Buyer or its nominee; provided, however, that such cooperation shall be without cost to Owner or Lender. Owner shall (i) provide Buyer within seven (7) days of the Effective Date with
such documents, invoices and such information as are readily accessible to Owner in respect of the costs incurred in the dredging, dumping, compacting and reclamation of the Beach Parcel, (ii) within seven (7) days of presentment by Buyer
and subject to the reasonable approval of Owner, submit an application prepared for Owner by Buyer to the Commissioner of Lands in the required form to acquire the Beach Parcel, providing therewith Owner’s most current Beach License and such
other supporting documents readily accessible to Owner as may be required, (iii) cooperate with the regulatory and governmental authorities and Buyer throughout the acquisition process, and (iv) nominate such transferee as Buyer shall direct to
take title to the Beach Parcel at Closing. Buyer shall bear all of the cost of such acquisition, including, without limitation, the cost of the application, any surveys required and the purchase price and all other costs associated with the
acquisition of the Beach Parcel when determined. Notwithstanding anything in this Section 17.12(a) to the contrary, in no event shall Buyer be responsible for any attorneys’ fees incurred by Owner or Lender, if any, in connection with this
Section 17.12(a). 
 (b) Owner will use commercially reasonable efforts to agree with Buyer on the form for the purchase and sale
agreement with respect to the RHDL Parcel and attach same hereto as Exhibit J within five (5) business days following the Effective Date. 

17.13 Assumed Contract Estoppels. Owner will use commercially reasonable efforts to provide to Buyer prior to Closing, with respect to
each Assumed Contract (other than the Golf Course Lease, the Power Plant Equipment Lease and the Power Plant Operating Agreement), (i) consents to the assignment to Buyer thereof duly executed by the applicable counter-parties thereto and
(ii) reasonable estoppels confirming that there are no outstanding payments, no defaults and no amendments to such Assumed Contract duly executed by the applicable counterparties thereto. 

18. Further Assurances. 
 After the
Closing, Lender, Owner and Buyer agree to perform such other acts, and to execute, acknowledge and deliver, such other instruments, documents and other materials as the other may reasonably request (at no cost or liability to the performing Party)
and as shall be necessary in order to effect the consummation of the transaction contemplated by this Agreement or to provide further assurances of any transfer, conveyance or assignment made pursuant to this Agreement. The provisions of this
Section 18 shall survive the Closing for a period of one (1) year. 

  
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 19. Expenses. 

All expenses incurred by or on behalf of the Parties in connection with the authorization, preparation and consummation of this Agreement
including, without limitation, all fees and expenses of agents, representatives, counsel and accountants employed by the Parties shall be borne solely by the Party which has incurred the same, except as may otherwise be expressly provided herein.
The provisions of this Section 19 shall survive (i) the Closing, and shall not be deemed merged into any instrument of conveyance delivered at the Closing; and (ii) any termination of this Agreement. 

20. Notices. 
 All notices and
demands provided or permitted to be given under this Agreement shall be in writing and must be served by personal delivery or by depositing the same with a recognized international overnight carrier (i.e., UPS, Federal Express, etc.); provided,
however, that to the extent expressly permitted to be delivered electronically pursuant to this Agreement, notices may be delivered by e-mail. All notices shall be deemed to have been given on the date of confirmed delivery if deposited with a
nationally known overnight delivery service, on the date of personal delivery, or on the date when an e-mail is sent, as applicable. Such notice shall be addressed to the Party to be notified at the address shown below, or such other address as is
designated by written notice to the other Party. 
 If to Lender: 

SFI Belmont, LLC 
 c/o iStar Financial, Inc. 

1114 Avenue of the Americas, 39th Floor 

New York, New York 10036 
 Attn: Elisha Blechner 

 Senior Vice President 
 Phone: (212)
930-9451 
 Email: eblechner@istarfinancial.com 
 With a copy
(which shall not constitute notice) to: 
 Katten Muchin Rosenman LLP 

575 Madison Avenue 
 New York, New York 10022-2585 

Attn: Victoria Shusterman, Esq. 
 Phone: (212) 940-6494 

Email: victoria.shusterman@kattenlaw.com 

  
 41 

 If to Owner: 

Rose Hall Resort, L.P. 
 c/o RFA Management Company, LLC 

1908 Cliff Valley Way 
 Atlanta, Georgia 30329 

Attention: President 
 Phone: (404) 486-4622 

Email: dcarson@rfallc.com 
 With a copy (which shall not
constitute notice) to: 
 Jones Day 
 1420 Peachtree Street,
N.E. 
 Suite 800 
 Atlanta, Georgia 30309 

Attention: Scott A. Specht, Esq. 
 Phone: (404) 581-8580 

Email: saspecht@jonesday.com 
 If to HMF: 

Hart Muirhead Fatta 
 The Victoria Mutual Building 

53 Knutsford Boulevard 
 Kingston 5, Jamaica, W.I. 

Attn: Hugh C. Hart, Esq. 
 Phone: (876) 929-9677 

Email: hchart@hmf.com.jm 
 If to Buyer: 

Rose Hall Jamaica Resort B.V. 
 c/o Playa Hotels &
Resorts 
 3950 University Drive, Suite 301 
 Fairfax, Virginia
22030 USA 
 Attn: David Camhi, General Counsel 
 Phone: (571)
529-6024 
 email: david.camhi@playaresorts.com 
 With a copy
(which shall not constitute notice) to: 
 Attn: David Klein 

Dentons US LLP 
 3350 Riverwood Parkway 

Atlanta, GA 30339 
 Phone: +1 202 408 9227 

Email: david.klein@dentons.com 

  
 42 

 And 
 Myers
Fletcher & Gordon 
 21 East Street 
 Kingston, Jamaica

 Attn: Hilary Reid, Esq. 
 Phone: 876-922-5860 

Toll Free U.S. No.: 888-772-8386/582-4886/558-6431 
 Email:
Hilary.reid@mfg.com.jm 
 If to MFG: 
 Myers
Fletcher & Gordon 
 21 East Street 
 Kingston, Jamaica

 Attn: Hilary Reid, Esq. 
 Phone: (876) 922-5860 

Toll Free U.S. No.: (888) 772-8387/582-4886/558-6431 
 Email:
hilary.reid@mfg.com.jm 
 21. Assignment. 

Neither Owner nor Buyer shall assign its rights, duties and obligations under this Agreement or any part hereof without the written consent of
the other Party, which consent may be granted or not granted in such other Party’s sole discretion; provided, however, that Buyer shall have the right, without cost to Owner or Lender, to assign its rights and obligations under this Agreement
to any person that (i) is a wholly owned subsidiary of Buyer or (ii) is a Permitted Transferee (as defined below), in each case by prior written notice of such assignment given to Owner and HMF; provided, however, any such assignment shall
not release Buyer of its obligations hereunder and following such permitted assignment, Buyer and the permitted assignee shall be jointly and severally liable for the obligations of Buyer under this Agreement. This Agreement shall be binding upon
and inure to the benefit of the Parties and their respective successors and permitted assigns. For purposes of this Section 21, “Permitted Transferee” shall mean any person (a) who is in the business
of investing in or operating hotel properties, who intends to operate the Assets as a hotel resort, and who has demonstrated sufficient financial resources to complete the purchase of the Assets subject to and in accordance with this Agreement, and
(b) is not a person generally recognized in the community as being a person of ill repute or is in any other manner a person with whom a prudent businessperson would not wish to associate in a commercial venture. 

22. Counterparts. 
 This Agreement
may be executed in counterparts, and any number of counterparts signed in the aggregate by the Parties shall constitute a single, original instrument. 

  
 43 

 23. Choice of Law; Arbitration. 

23.1 Choice of Law. This Agreement shall be governed by and construed under the internal laws of the State of New York of the United
States of America, without regard to the principles of conflicts of law; provided, however, that the legal requirements to be complied with for the transfer of the Real Property and the Golf Course Lease from Owner to Buyer shall be governed by the
laws of Jamaica. 
 23.2 Arbitrator. Any controversy or claim arising under or relating to the terms of this Agreement, and any
proceedings to enforce this Agreement or rights under this Agreement (unless explicitly exempted in this Section 23), shall be settled by final and binding arbitration administered in accordance with the then existing Commercial
Arbitration Rules (“Rules”) of the American Arbitration Association (“AAA”) by an independent arbitrator (the “Arbitrator”) selected in accordance with this
Section 23. All decisions of the Arbitrator, absent fraud, shall be final and binding on the Parties (without appeal or review) and shall be enforceable in any court of competent jurisdiction. If a dispute under this Agreement requires
resolution by arbitration, the complaining Party shall commence an arbitration of that dispute by giving written notice to the other Party that a dispute exists, such notice indicating the nature of the dispute and that the dispute requires
resolution by the Arbitrator under the terms of the Agreement. Within twenty (20) days following delivery of such notice, each Party shall propose a list of three (3) Qualified Persons (as defined in Section 23.7 below) to act
as the Arbitrator from which the Parties may jointly select one (1) Qualified Person to serve as the Arbitrator. If within ten (10) days following the submission of both lists the Parties jointly cannot agree upon a Qualified Person to
serve as the Arbitrator, a Qualified Person shall be selected as Arbitrator according to the procedures set forth in the Rules. Notwithstanding anything to the contrary contained herein, either Party, in its sole discretion, may waive any of the
Qualified Person requirements and permit an individual proposed by the other Party, who does not meet some or all of the Qualified Person requirements, to serve as the Arbitrator under this Section 23. 

23.3 Arbitration Proceedings. To the extent not inconsistent with this Section 23, the Rules shall apply to any arbitration
proceedings. In any arbitration proceeding, each Party shall submit or file any claim that would constitute a counterclaim within the same proceeding as the claim to which it relates. Any such related counterclaim that is ripe but has not been
submitted or filed in such proceeding shall be released. The arbitration proceedings shall be conducted on an individual basis, and not on a multi-plaintiff, consolidated, collective or class-wide basis. If more than one issue shall be submitted to
the same Arbitrator for resolution, each such issue shall be identified separately by the Parties in their submission to arbitration, and each such issue shall be subject to a separate decision by the Arbitrator. The Parties shall be entitled to
limited discovery, including document exchanges as ordered by the Arbitrator. In addition, the Arbitrator may, but is not required to, allow depositions. 

23.4 Miscellaneous. The authority of the Arbitrator shall be limited to deciding the matter submitted to it. All proceedings, awards and
decisions under any dispute resolution proceeding described in this Section 23 shall be strictly private and confidential. The location of any arbitration proceedings shall be New York, New York and the proceedings shall be held on
consecutive business days, in each case unless otherwise agreed by the Parties. The fees and expenses of the Arbitrator shall be shared equally by the Parties. Each Party shall bear the costs and expenses of its own counsel, expert witnesses,
discovery, research and case presentation in connection with any dispute resolution process described in this Section 23. 

  
 44 

 23.5 Decision. The Arbitrator shall notify the Parties in writing of its decision within
forty-five (45) days from the date of its selection, or such other period as the Arbitrator may determine after consulting the Parties but not longer than the time prescribed by the Rules unless agreed in writing by the Parties, but in no event
more than one hundred twenty (120) days from the date on which the Arbitrator has been selected. The decision of the Arbitrator may include an order to a Party to expunge any lis pendens which the Arbitrator deems improper or to
make any changes as are necessary to an improper lis pendens filing. 
 23.6 Litigation. Notwithstanding anything in this
Section 23 to the contrary, the Parties shall have the right to commence litigation or other legal proceedings with respect to any claims solely relating to: (i) the need to preserve or protect its proprietary or confidential
information, (ii) emergency or injunctive relief, (iii) enforcement of the dispute resolution provisions of this Agreement, or (iv) enforcement of the decision and/or award by an Arbitrator hereunder. 

23.7 Qualified Person. Each Party agrees that they shall not employ any Qualified Person utilized as an arbitrator under this
Section 23 for a period of thirty-six (36) months following the completion of such individual’s engagement as the Arbitrator, without the prior written consent of the other Party, which consent may be withheld in the
Party’s sole and absolute discretion. The engagement contract with any Qualified Person shall contain an affirmative representation by the Qualified Person that such Qualified Person will not accept employment from either Party or its
affiliates for a period of thirty-six (6) months following the completion of such individual’s engagement as the Arbitrator hereunder. For purposes hereof, “Qualified Person” means shall mean a person
familiar with the hospitality industry if the issues presented by the arbitration are specific to the hospitality industry. An individual shall be excluded as a Qualified Person if, currently or within the twelve (12) months prior to the date
of selection of such individual as the Arbitrator under this Section 23, the individual: (i) is, or has been, an employee of Buyer, Owner, Operator, Lender or any of their respective affiliates; (ii) is, or has served as, a
lawyer, advisor, or other type of consultant to Buyer, Owner, Operator, First Lender, DBJ or any of their respective affiliates; and/or (iii) is, or has been, the owner of any debt or equity position in any of the Assets or in Buyer, Owner,
Operator, First Lender, DBJ or any of their respective affiliates. 
 23.8 Survival. The provisions of this Section 23
shall survive (i) the Closing, and shall not be deemed merged into any instrument of conveyance delivered at Closing and (ii) the earlier termination of this Agreement. 

24. Interpretation. 
 The captions
and headings contained in this Agreement are for convenience purposes only. Where appropriate in the context, the singular shall be deemed to include the plural, the plural shall be deemed to include the singular, and the past, present and future
tenses shall each be deemed to include the others. The words “herein”, “hereof”, “hereunder”, and “hereby” and other similar references shall be construed to mean and include this Agreement and all

  
 45 

 
amendments and supplements hereto unless the context shall clearly indicate or require otherwise. Whenever the words “including”, “include” or “includes” are used in
this Agreement, they shall be interpreted in a non-exclusive manner. Except as otherwise expressly stated herein, all Schedule, Exhibit, and Section references in this Agreement shall be deemed to refer to the Schedules, Exhibits, and Sections in
this Agreement. 
 25. No Party Deemed Drafter. 

The Parties agree that no Party or Parties shall be deemed to be the drafter of this Agreement and that, in the event this Agreement is
construed by a court of law or arbitration tribunal, such court or arbitration tribunal shall not construe this Agreement or any provision of this Agreement against any Party as the drafter of this Agreement. 

26. Time. 
 Time is of the essence
of all of the terms and conditions of this Agreement. 
 27. Severability. 

In the event any term or provision of this Agreement shall be held illegal, invalid, unenforceable or inoperative as a matter of law, the
remaining terms and provisions of this Agreement shall not be affected thereby, but each such term and provision shall be valid and shall remain in full force and effect. 

28. Entire Agreement, Etc. 
 This
Agreement embodies the entire contract agreed upon by the Parties with respect to the purchase and sale of the Assets and the final expression thereof and supersedes any and all prior agreements and understandings, written or oral, formal or
informal (including, without limitation, any letter of intent and/or confidentiality agreement). No extensions, changes, modifications or amendments to or of this Agreement, of any kind whatsoever, shall be made or claimed by any Party, and no
notices of any extension, change, modification or amendment made or claimed by any Party shall have any force or effect whatsoever unless the same shall be set forth in writing and fully signed by Buyer and Owner. All Exhibits and Schedules which
are referred to in this Agreement and which are attached to this Agreement are expressly made and constitute a part of this Agreement. 
 29.
Waiver. 
 The failure of any Party to insist, in any one or more instances, on the performance of any term, condition, covenant,
or restriction of this Agreement shall not be construed as a waiver or relinquishment of any rights or remedies hereunder or of the future performance of any such term, condition, covenant, or restriction and the obligations of the Parties with
respect thereto shall continue in full force and effect, and no waiver shall be binding upon any Party unless set forth in a writing and signed by or on behalf of such Party. 

  
 46 

 30. Independent Provisions. 

Each representation, warranty, covenant and condition set forth in this Agreement is intended to be an independent provision, and the accuracy,
performance or satisfaction of any such provision shall have no effect on any other provision hereof or the accuracy, performance or satisfaction thereof, regardless of whether such provisions are similar. 

31. Third Parties. 
 There are no
third-party beneficiaries of this Agreement. Except by way of assignment in accordance with the terms hereof, no third party may acquire any rights or incur any liabilities hereunder. 

32. Electronic Signatures. 

Electronic scanned PDF signatures shall be deemed binding upon the Parties. 

33. Confidentiality. 
 Each of
Lender, Owner and Buyer hereby covenants for itself and its affiliates that prior to, at or following the Closing it shall not issue any press release or public statement with respect to this Agreement or the transactions contemplated by this
Agreement without the prior consent of all Parties to this Agreement (which consent shall not be unreasonably delayed or withheld), except to the extent required by law or the regulations of the United States Securities and Exchange Commission;
provided, however, that except as otherwise provided below no such announcement shall (i) be made unless the Closing has occurred or (ii) make any reference to the Purchase Price or other material terms of this Agreement except to the
extent that the same are a matter of public record or available to the public generally. If Lender, Owner or Buyer is required by law to issue such a press release or public statement, such Party shall, at least two (2) business days prior to
the issuance of the same, deliver a copy of the proposed release or statement to the other Parties for its review. In the event of any conflict between the provisions of this Section 33 and any confidentiality agreements entered into
between Lender, Owner and Buyer, the provisions of this Section 33 shall prevail. This Section 33 shall survive (i) the Closing and shall not be deemed merged into any instrument of conveyance delivered at the Closing;
or (ii) any termination of this Agreement. 
 34. Business Day. 

For purposes of this Agreement, “business day” means any day on which business is generally transacted by banks in the Parish of St.
James, Jamaica and New York City, New York, USA. If a date or the expiration date of any period that is set out in any paragraph of this Agreement falls upon a day that is not a business day, then, in such event, the date or expiration date of such
period shall be extended to the next business day. 

  
 47 

 35. Broker’s Commission. 

Each of Owner and Buyer represents to the other that it has not dealt with any broker or intermediary other than Jones Lang LaSalle in
connection with the transaction contemplated hereunder, and Owner agrees to pay Jones Lang LaSalle in its capacity as Owner’s agent any and all commissions, fees, and expenses associated with this Agreement pursuant to separate agreements if,
as and when the Closing shall occur and as provided in such separate agreements; provided, however, that in no event shall Buyer be deemed to owe to Jones Lang LaSalle any commissions, fees, or expenses in connection with this Agreement. Each of
Buyer and Owner hereby indemnifies and holds harmless the other from all loss, cost and expenses (including reasonable attorneys’ fees and expenses) arising out of a breach of its representation or undertaking set forth in this
Section 35. The provisions of this Section 35 shall survive Closing or the termination of this Agreement. 
 36.
Exclusivity. 
 Until such time as this Agreement is terminated in accordance herewith, Owner agrees not to solicit, negotiate, or
grant any other party a right to purchase all or any part of the Real Property. Until the earlier to occur of (a) June 17, 2013 (subject to extension of such outside Closing Date pursuant to Sections 10 and 11 hereof), and (b) the
date that this Agreement terminates in accordance herewith, Lender agrees not to solicit, negotiate, or grant any other party a right to purchase all of any part of the Real Property. 

37. Termination of Ritz Carlton Agreement. 

The Closing of this Agreement shall, pursuant to Section 12.1 (vii) above, be conditioned on the termination of the Ritz
Carlton Agreement as of the Closing Date. 
 38. Lender Releases. 

On or before Closing, Owner shall cause Lender and DBJ to release (or cause the release of) the First Mortgage and the Second Mortgage and any
other security interests or other encumbrances held by First Lender, DBJ or Operator encumbering the Assets or any portion thereof. 
 39. Termination
of Golf Course Purchase Option. 
 Notwithstanding anything to the contrary contained in this Agreement or in the Golf Course Lease,
in connection with Buyer’s assumption of the Golf Course Lease, Buyer for itself and its successors and assigns, as lessee under the Golf Course Lease, waives any right to exercise the option under the Golf Course Lease to purchase the Golf
Course and such purchase option shall be terminated by formal written agreement of the RHDL and Buyer at Closing pursuant to the Assignment and Assumption of Golf Course Lease. 

40. Private Sale Under Power; Lender’s Limited Obligations. 

Lender is joining in the execution of this Agreement solely for the limited purpose of effecting the sale of the Real Property pursuant to its
sale under powers in the First Loan Security Documents. Owner and Buyer agree and acknowledge that Lender has no liability to either party by virtue of its execution of this Agreement nor is Lender making any representations, warranties or covenants
under this Agreement other than the covenant to effect the sale of the Real Property as set forth in this Agreement. Owner and Buyer hereby release Lender from any and all liability that may arise from or as a result of Lender’s execution of
this Agreement. 

  
 48 

 41. Registered Agent, Jurisdiction and Venue. 

(a) Within one (1) business day after the Effective Date, Buyer shall appoint (and confirm to Owner and Lender such appointment by
electronic notice) Dentons U.S. LLP, 1221 Avenue of the Americas, New York, New York 10020-1089, Attn. David S. Hall as its duly authorized agent for the receipt of service of process in connection with the enforcement by the Parties of their rights
under this Agreement. 
 (b) Each party agrees that this Agreement and the rights and obligations of the parties hereunder shall be governed
and construed in accordance with the laws of the State of New York of the United States of America. Each party hereby submits to the exclusive (except as otherwise expressly provided below) jurisdiction of any court of competent jurisdiction located
within the County of New York, State of New York, and irrevocably agrees that, subject in all respects to the provisions of Section 23 above, all actions or proceedings arising out of or relating to this Agreement shall be litigated in
such courts. This consent to personal jurisdiction shall be self operative. Notwithstanding the aforesaid, Buyer will have the right to bring an action solely for specific performance in any court of competent jurisdiction in Jamaica for the purpose
of enforcing its rights pursuant to Section 16.1(i) of this Agreement. 
 (signature pages to follow) 

  
 49 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the Effective Date. 

 

			
	Lender:
	
	SFI BELMONT LLC
		
	By:	 	 /s/ Elisha Blechner

	Name:	 	Elisha Blechner
	Title:	 	Senior Vice President

  

  
 [Signature Page to Hotel
Asset Purchase Agreement] 

			
	Owner:
	
	ROSE HALL RESORT, L.P.
		
	By:	 	 Rose Hall Resort Limited,
 its General
Partner

		
		 	By:     /s/ Donald P. Carson            
		 	          Donald P. Carson, President

  
 [Signature Page to Hotel
Asset Purchase Agreement] 

			
	Buyer:	 	
	
	ROSE HALL JAMAICA RESORT B.V.
		
	By:	 	Bruce Wardinski,
		 	as Managing Director
		
		 	 /s/ Bruce Wardinski

		
	By:	 	 Playa Resorts Holding B.V.,
 as Managing
Director

  

					
		 	By:	 	 /s/ Bruce Wardinski

		 		 	Bruce Wardinski
		 		 	Managing Director A
			
		 	By:	 	 /s/ Ronald Kolders

		 		 	Ronald Kolders
		 		 	Managing Director B

  
 [Signature Page to Hotel
Asset Purchase Agreement] 

 EXHIBIT A-l TO HOTEL ASSET PURCHASE AGREEMENT 

Legal Description of Hotel Land 
 Firstly, ALL
THAT parcel of land part of RUNNING GUT ESTATE called NORTHERN ESTATE in the parish of SAINT JAMES being the sections shown as THIRTY-FOUR LOT TWO on the plan of part of Running Gut Estate called Northern Estates aforesaid deposited in the Office of
Titles on the 28th day of October, 1998 of the shape and dimensions and butting as appears by the said Plan and being all the land formerly comprised in Certificate of Title registered at volume 1315 Folio 607 but now comprised in Certificate of
Title registered at Volume 1436 Folio 292 of the Register Book of Titles; and 
 Secondly, ALL THOSE parcels of land part of RUNNING GUT ESTATE called
NORTHERN ESTATE in the parish of SAINT JAMES being the sections shown as THIRTY-FOUR LOTS ONE AND THREE on the plan of part of Running Gut Estate called Northern Estates aforesaid deposited in the Office of Titles on the 28th day of October, 1998 of
the shape and dimensions and butting as appears by the said Plan and being all the land formerly comprised in Certificate of Title registered at Volume 1315 Folio 608 but now comprised in Certificate of Title registered at Volume 1436 Folio 130 of
the Register Book of Titles 

  
 Exhibit A 

 EXHIBIT A-2 TO HOTEL ASSET PURCHASE AGREEMENT 

Legal Description of Golf Course Land 
 Firstly,
ALL THAT parcel of land part of THE NORTHERN ESTATES situate in the parish of SAINT JAMES formerly known as part of CINNAMON HILL and CORNWALL and LITTLE RIVER WHARF and being the Section numbered ELEVEN A on the plan of part of Rose Hall Estate,
Crawle Estate and Cinnamon Hill aforesaid deposited in the Office of Titles in the 24th day of July, 2011 of the shape and dimensions and butting as appears by the plan thereof and being all the land formerly comprised in Certificate of Title
registered at Volume 1353 Folio 804 but now comprised in Certificate of Title registered at Volume 1436 Folio 242 of the Register Book of Titles; and 

Secondly, ALL THAT parcel of land part of THE NORTHERN ESTATES situate in the parish of SAINT JAMES formerly known as part of CINNAMON HILL and CORNWALL and
LITTLE RIVER WHARF and being the Section numbered ELEVEN C on the plan of part of Rose Hall Estate, Crawle Estate and Cinnamon Hill aforesaid deposited in the Office of Titles in the 24th day of July, 2001 of the shape and dimensions and butting as
appears by the plan thereof and being all the land formerly comprised in Certificate of Title registered at Volume 1353 Folio 805 but now comprised in Certificate of Title registered at Volume 1436 Folio 295 of the Register Book of Titles; and 

Thirdly, ALL THAT parcel of land part of THE NORTHERN ESTATES situate in the parish of SAINT JAMES formerly known as part of CINNAMON HILL and CORNWALL and
LITTLE RIVER WHARF and being the Section numbered ELEVEN D on the plan of part of Rose Hall Estate, Crawle Estate and Cinnamon Hill aforesaid deposited in the Office of Titles in the 24th day of July, 2001 of the shape and dimensions and butting as
appears by the plan thereof and being all the land formerly comprised in Certificate of Title registered at Volume 1353 Folio 806 but now comprised in Certificate of Title registered at Volume 1436 Folio 893 of the Register Book of Titles. 

  
 Exhibit A 

 EXHIBIT A-3 TO HOTEL ASSET PURCHASE AGREEMENT 

Description of Beach Parcel 
  

 
 ALL THAT parcel of unregistered reclaimed land part of the Ritz Carlton Hotel, Montego Bay in the parish of St. James
comprising by estimation 3,570.12 square metres (38,428.78 square feet) of the shape and location as appears by the hatched area on the sketch plan above of the said land prepared by Richard Haddad, Commissioned Land Surveyor. 

  
 Exhibit A 

 EXHIBIT A-4 TO HOTEL ASSET PURCHASE AGREEMENT 

Description of RHDL Parcel 
 ALL THAT land called
Lot 1A Section 1 being approximately 987 sq. Metres located on the south west section of the land comprising the Hotel’s property and being all that part of land comprised in Certificate of Title registered at Volume 1426 Folio 741 of the
Register Book of Titles. 

  
 Exhibit A 

 EXHIBIT B TO HOTEL ASSET PURCHASE AGREEMENT 

MFG Wiring Instructions 
  

			
		  	        Wire Instructions (US Dollars)
		
	Bank Name:	  	National Commercial Bank Jamaica Limited
	NCB SWIFT Code:	  	JNCBJMKX
	For Further Credit to:	  	Myers Fletcher & Gordon
	Account #:	  	067712455
		
	Intermediary Bank:	  	Bank of New York Mellon, New York
	ABA Routing#:	  	021000018
	SWIFT Code	  	IRVTUS3N

  
 Exhibit B 

 EXHIBIT C TO HOTEL ASSET PURCHASE AGREEMENT 

Form of General Consumption Tax Act Letter 

[Date] 
 Taxpayer Audit and Assessment Department 

General Consumption Tax Department 
 2 Oxford Road 

Kingston 5 
 Dear Sirs 

 

	 	Re:	Notice to the Commissioner pursuant to section 32 of the General Consumption Tax Act 

 The Ritz-Carlton
Hotel Company of Jamaica Limited (“Operator”) is the operator of the Ritz-Carlton Golf & Spa Resort, Rose Hall, Jamaica (the “Hotel”) owned by [insert name of transferor/seller]
(“Owner”). Owner entered into an Agreement for Sale dated the         day of 20     ] in which its business was sold as a going concern to [insert name of
transferee/buyer] of [insert address of transferee/buyer] with effect from the [     ] day of [     ] 20[     ]. In light of this Operator has ceased with effect from the [ ] day of [ 20 ]
to operate the Hotel or to carry on the business associated therewith and wishes to deregister as a registered taxpayer for General Consumption Tax purpose with effect from [the         day of
        20 ] in accordance with clause 31(l)(a) of the General Consumption Tax Act. 
 Please note that
[transferee/buyer] will take over the business as at [the         day of         20 ]. 

Yours faithfully, 
  

	
	 [insert name of transferor/seller]
  

Per:                         
                                        

 
 Yours faithfully,

 
 [insert name of transferee/buyer]

 

Per:                         
                                        

  
 Exhibit C 

 EXHIBIT D TO HOTEL ASSET PURCHASE AGREEMENT 

Intellectual Property 
 The following trade
names: 
  

	1.	WHITE WITCH 

  

	2.	THE WHITE WITCH AT ROSE HALL 

  

	3.	WHITE WITCH GOLF COURSE 

  
 Exhibit D 

 EXHIBIT E TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Owner’s Bring Down Certificate 

Owner’s Bring Down Certificate 
 ROSE HALL
RESORT, L.P., a Delaware limited partnership (“Owner”), hereby certifies, represents and warrants to [
                    ], a [                 ], that the Owner
Representations and Warranties (hereinafter defined) are true and correct in all material respects as of and as if made on the date hereof except as set forth on Schedule 1 attached hereto and incorporated herein by this reference. As used in
this Owner’s Bring Down Certificate, the term “Owner Representations and Warranties” means all representations and warranties made by Owner in Section 5.1 of that certain Hotel Asset Purchase
Agreement, dated as of                 , 2013, between Owner and ROSE HALL RESORT JAMAICA B.V., a private limited liability company incorporated in the Netherlands (the
“Purchase Agreement”). The limitations on the duration of the Owner Representations and Warranties set forth in Section 5.3 of the Purchase Agreement as well as the other matters pertaining to the Owner
Representations and Warranties set forth in Sections 5.4 and 5.5 of the Purchase Agreement are applicable to the certification, representations and warranties made by Owner pursuant to this Owner’s Bring Down Certificate. All
capitalized terms used but not otherwise defined herein shall have the meanings ascribe thereto in the Purchase Agreement. 
 Dated: [insert date that is
one business day prior to the Additional Deposit Funding Date or Closing Date, as applicable], 2013. 
  

					
	 ROSE HALL RESORT, L.P.,
 a Delaware
limited partnership

		
	By:	 	Rose Hall Resort Limited,
		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	Donald P. Carson
		 	Title:	 	President

  
 Exhibit E 

 Schedule 1 to Owner’s Bring Down Certificate 

  
 Exhibit E 

 EXHIBIT F TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Ritz Carlton Agreement Termination Confirmation 

TERMINATION CONFIRMATION 
 Each of [
                    ] (“Owner”) and
[                    ] (“Operator”), being parties to that certain
[                                 ] dated as of
[                    ] (as modified, amended, or supplemented, the “Management Agreement”) with respect to that certain resort in
the Parish of St. James, Jamaica and formerly commonly known as The Ritz-Carlton Golf & Spa Resort (the “Resort”), hereby confirm that the Management Agreement has been terminated in its entirety and in accordance with its
terms as of this     day of         2013 (the “Termination Effective Date”) and that Operator shall have no further right or interest in or to the Resort (or any part
thereof) from and after the Termination Effective Date. 
  

			
	OWNER:	 	
		
	[                                     ]	 	
		
	By:	 	
	Name:	 	
	Its:	 	
		
	OPERATOR:	 	
		
	[                                     ]	 	
		
	By:	 	
	Name:	 	
	Its:	 	

  
 Exhibit F 

 EXHIBIT G TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Assignment of Trade Marks 

CONFIRMATORY ASSIGNMENT OF TRADE MARKS 
 THIS
CONFIRMATORY ASSIGNMENT is made on the date set out in Item 1 of the Schedule hereto BETWEEN the party whose name and particulars are set out in Item 2 of the Schedule hereto (hereinafter called “the Assignor”) of the
ONE PART and the party whose name and particulars are set out in Item 3 of the Schedule hereto (hereinafter called “the Assignee”) of the OTHER PART 

WHEREAS 
  

	1.	The Assignor is the registered proprietor of the trade marks listed in Item 6 of the Schedule hereto 

  

	2.	The Assignor agreed with the Assignee for the sale of the aforesaid trade marks to the Assignee 

  

	3.	This Assignment shall be deemed to take effect from the date set out in Item 4 of the Schedule hereto 

  

	4.	The consideration for sale and purchase of the said trade marks is the sum set out in Item 5 of the Schedule hereto which has been paid as the Assignor hereby acknowledges 

NOW THIS ASSIGNMENT WITNESSETH that for the consideration stated the Assignor hereby confirms that it has assigned the said trade marks to the Assignee

  
 Exhibit G 

 IN WITNESS whereof the Assignor and the Assignee have caused this Assignment to be executed. 

 

					
	EXECUTED on behalf of	  	 )
 )
	  	     

    

	duly authorised in the	  	)	  	
	presence of:	  	)	  	
			
	  
	  		  	
			
	EXECUTED on behalf of	  	)	  	
		  	)	  	
	duly authorised in the presence	  	)	  	                                    
                                         
                                     
	of:	  	)	  	
			
	  
	  		  	

 SCHEDULE 
  

							
	1.	  	DATE:                 The
                    day of	  	20
				
	2.	  	ASSIGNOR:	  		  	
				
	3.	  	ASSIGNEE:	  		  	
				
	4.	  	EFFECTIVE DATE:	  		  	
				
	5.	  	CONSIDERATION:	  		  	
				
	6.	  	TRADE MARK	  	REG. NO.	  	CLASS

  
 Exhibit G 

 EXHIBIT H TO HOTEL ASSET PURCHASE AGREEMENT 

[Intentionally Deleted] 

  
 Exhibit H 

 EXHIBIT I-1 TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Golf Course Lease Estoppel 

Form of Certificate of Estoppel 

This certificate is delivered pursuant to Section 13.1(a)(xvi) of the Hotel Asset Purchase Agreement, dated as of May
[     ], 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”), among SFI Belmont LLC, a Delaware limited liability company, as lender, Rose Hall Resort
L.P., a Delaware Limited Partnership, as owner (“Owner”), and Rose Hall Jamaica Resort B.V., a Netherlands private limited liability company, as buyer (“Buyer”). 

Whereas, in connection with its ownership of the resort property in the parish of St. James, Jamaica, commonly known as The Ritz-Carlton
Golf & Spa Resort, Rose Hall, Jamaica (the “Hotel”), Owner operates a golf course (the “Golf Course”) on that certain real property described in the Golf Course Lease (as defined below) (the “Golf Course Land”)
which is leased by Owner from the undersigned, Rose Hall (Developments) Limited, pursuant to that certain Lease Agreement dated January 1, 1999, between Owner and the undersigned, as amended by an Agreement to Amend Lease dated 1999 between
Owner and the undersigned, a Notice of Renewal of Golf Course Lease Agreement dated January 14, 1999, from Owner, a Memorandum acknowledging Owner’s exercise of renewal dated January 14, 1999, between Owner and the undersigned, a
Supplemental Lease dated June 11, 2004, between Owner and the undersigned, an Agreement dated as of April 24, 2000, between Rose Hall Resort Limited and the undersigned, a Second Supplemental Agreement to Lease dated as of April 24,
2000, between Owner and the undersigned, and a Third Supplemental Agreement to Lease dated June 2004 between Owner and the undersigned (as amended, the “Golf Course Lease”). 

The undersigned hereby certifies that: 
  

	 	a.	the Golf Course Lease is in full force and effect; 

  

	 	b.	there are no modifications to the Golf Course Lease other than those referred to above in this certificate; 

  

	 	c.	the description of the Golf Course Land is set forth in the Golf Course Lease; 

  

	 	d.	all amounts due in respect of rental and any other payments whatsoever due under or in connection with the Golf Course Lease have been paid up to date; no due date or payment date for any such rental or other payment
has been extended, delayed or postponed; the undersigned has no claims for indemnification from Owner under the Golf Course Lease that have not been fully performed by Owner; and there are no sums past due and owing to the undersigned or otherwise
in connection with the Golf Course Lease to any third parties; 

  

	 	e.	no notice has been given to Owner of any default under the Golf Course Lease which has not been cured and, to the undersigned’s best knowledge, no default under the Golf Course Lease exists. 

  
 Exhibit I - 1 

 The undersigned acknowledges and agrees that this Certificate may be relied upon by the Buyer or
by any prospective transferee of the Buyer’s interest under the Purchase Agreement or in the Hotel or by any holder or prospective holder of any mortgage instrument or deed to secure debt now or hereafter encumbering the Hotel. 

IN WITNESS WHEREOF the undersigned, ROSE HALL (DEVELOPMENTS) LIMITED, has hereunto set our hands and seal in execution of this
instrument as a deed on the             day of                     2013. 

[Applicable U.S. State notary form to be used if executed in the U.S.] 

 

							
	THE COMMON SEAL of ROSE HALL	 	)	  		 	
	(DEVELOPMENTS) LIMITED	 	)	  		 	
	was hereunto affixed and this	 	)	  	  
	 	
	Certificate of Estoppel signed for and	 	)	  	            Director	 	
	on behalf of the company by	 	)	  		 	
		 	)	  	  
	 	
	a Director and by	 	)	  	            Director/Secretary	 	
	Director/ Secretary in the presence of:	 	)	  		 	

  
  

Witness 
 JAMAICA S.S. 

BE IT REMEMBERED that on the             day of
                    Two Thousand and Thirteen before me the undersigned one of Her Majesty’s Justices of the Peace in and for this Island
personally came and appeared
                                        of
                                        the
attesting witness to the due execution of the foregoing Certificate of Estoppel who being by me duly sworn made oath and said that he/she was present and did see the Common Seal of Rose Hall (Developments) Limited put and affixed to the said
Certificate of Estoppel and did further see the Certificate of Estoppel signed by                     and
                    and duly executed and delivered as and for the proper act and deed of the said Rose Hall (Developments) Limited for the purposes
therein mentioned. 
  

	
	   

	Justice of the Peace for the Parish of:

  
 Exhibit I - 1 

 EXHIBIT I-2 TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Power Plant Equipment Lease Estoppel 

FORM OF CERTIFICATE OF ESTOPPEL 

This certificate is delivered pursuant to Section 13.1(a)(xvi) of the Hotel Asset Purchase Agreement, dated as of May
[     ], 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”), among SFI Belmont LLC, a Delaware limited liability company, as lender, Rose Hall Resort
L.P., a Delaware Limited Partnership, as owner (“Owner”), and Rose Hall Jamaica Resort B.V., a Netherlands private limited liability company, as buyer (“Buyer”). 

Whereas, in connection with its ownership of the resort property in the parish of St. James, Jamaica, commonly known as The Ritz-Carlton
Golf & Spa Resort, Rose Hall, Jamaica (the “Hotel”), Owner leases from the undersigned, successor by assignment to Southern Company Energy Solutions, Inc. (“SCES”), four (4) diesel power generators and related
equipment located on the Hotel Land (the “Power Plant Equipment”) pursuant to that certain Equipment Lease Agreement dated as of April 26, 1999, between SCES, as lessor, and Owner, as lessee, [as amended by an Amendment to Equipment
Lease Agreement dated as of December 31, 1999, [NOTE: THIS RECITAL TO BE REMOVED IF AMENDMENT CONFIRMING THAT THE MISSING 1999 LEASE AMENDMENT IS OF NO FURTHER FORCE OR EFFECT IS ENTERED INTO PRIOR TO EXECUTION OF THIS ESTOPPEL]] as assigned by
SCES to the undersigned by a Non-recourse Sale and Assignment dated as of March 2006, and as further amended by a Lease Modification Agreement between Owner and the undersigned dated as of March 2006 (as assigned and amended, the “Power Plant
Equipment Lease”). 
 The undersigned hereby certifies that: 
  

	 	a.	the Power Plant Equipment Lease is in full force and effect; 

  

	 	b.	there are no modifications to the Power Plant Equipment Lease other than those referred to above in this certificate; 

  

	 	c.	all amounts due in respect of rental and any other payments whatsoever due under or in connection with the Power Plant Equipment Lease have been paid up to date; no due date or payment date for any such rental or other
payment has been extended, delayed or postponed; the undersigned has no claims for indemnification from Owner under the Power Plant Equipment Lease that have not been fully performed by Owner; and there are no sums past due and owing to the
undersigned or otherwise in connection with the Power Plant Equipment Lease to any third parties; 

  

	 	d.	no notice has been given to Owner of any default under the Power Plant Equipment Lease which has not been cured and, to the undersigned’s best knowledge, no default under the Power Plant Equipment Lease exists.

  
 Exhibit I - 2 

 The undersigned acknowledges and agrees that this Certificate may be relied upon by the Buyer or
by any prospective transferee of the Buyer’s interest under the Purchase Agreement or in the Hotel or by any holder or prospective holder of any mortgage instrument or deed to secure debt now or hereafter encumbering the Hotel. 

IN WITNESS WHEREOF the undersigned, ROSE HALL RESORT ENERGY COMPANY LLC, a Georgia limited liability company, has hereunto set our hands and
seal in execution of this instrument as a deed on the             day of             2013. 

[Applicable U.S. State notary form to be used if executed in the U.S.] 

 

							
	THE COMMON SEAL of ROSE HALL	 	)	  		 	
	RESORT ENERGY COMPANY, LLC	 	)	  		 	
	was hereunto affixed and this	 	)	  	  
	 	
	Certificate of Estoppel signed for and	 	)	  	            Director	 	
	on behalf of the company by	 	)	  		 	
		 	)	  	  
	 	
	a Director and by	 	)	  	            Director/Secretary	 	
	Director/ Secretary in the presence of:	 	)	  		 	

  
  

Witness 
 JAMAICA S.S. 

BE IT REMEMBERED that on the             day of
                    Two Thousand and Thirteen before me the undersigned one of Her Majesty’s Justices of the Peace in and for this Island
personally came and appeared
                                        of
                                        the
attesting witness to the due execution of the foregoing Certificate of Estoppel who being by me duly sworn made oath and said that he/she was present and did see the Common Seal of Rose Hall Resort Energy Company, LLC put and affixed to the said
Certificate of Estoppel and did further see the Certificate of Estoppel signed by                     and
                    and duly executed and delivered as and for the proper act and deed of the said Rose Hall Resort Energy Company, LLC for the
purposes therein mentioned. 
  

	
	   

	Justice of the Peace for the Parish of:

  
 Exhibit 1 - 2 

 EXHIBIT I-3 TO HOTEL ASSET PURCHASE AGREEMENT 

Form of Power Plant Equipment Operation Agreement Estoppel 

FORM OF CERTIFICATE OF ESTOPPEL 

This certificate is delivered pursuant to Section 13.1(a)(xvi) of the Hotel Asset Purchase Agreement, dated as of May
[     ], 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”), among SFI Belmont LLC, a Delaware limited liability company, as lender, Rose Hall Resort
L.P., a Delaware Limited Partnership, as owner (“Owner”), and Rose Hall Jamaica Resort B.V., a Netherlands private limited liability company, as buyer (“Buyer”). 

Whereas, in connection with its ownership of the resort property in the parish of St. James, Jamaica, commonly known as The Ritz-Carlton
Golf & Spa Resort, Rose Hall, Jamaica (the “Hotel”), Owner has entered into an Operation & Maintenance Agreement with the undersigned, as successor to Southern Company Energy Solutions, Inc. (“SCES”) for the
operation and maintenance of the power plant and its related equipment located on the Hotel Land pursuant to that certain Operation & Maintenance Agreement dated April 26, 1999, as assigned by SCES to the undersigned and modified
pursuant to an Assumption and Modification Agreement dated November 23, 2004, between Owner and the undersigned (the “Operation & Maintenance Agreement”). 

The undersigned hereby certifies that: 
  

	 	a.	the Operation & Maintenance Agreement is in full force and effect; 

  

	 	b.	there are no modifications to the Operation & Maintenance Agreement other than those referred to above in this certificate; 

 

	 	c.	all amounts due in respect of any payments whatsoever under or in connection with the Operation & Maintenance Agreement have been paid up to date; no due date or payment date for any such payment has been
extended, delayed or postponed; the undersigned has no claims for indemnification from Owner under the Operation & Maintenance Agreement that have not been fully performed by Owner; and there are no sums past due and owing to the
undersigned or otherwise in connection with the Operation & Maintenance Agreement to any third parties; 

  

	 	d.	no notice has been given to Owner of any default under the Operation & Maintenance Agreement which has not been cured and, to the undersigned’s best knowledge, no default under the Operation &
Maintenance Agreement exists. 

 The undersigned acknowledges and agrees that this Certificate may be relied upon by the Buyer
or by any prospective transferee of the Buyer’s interest under the Purchase Agreement or in the Hotel or by any holder or prospective holder of any mortgage instrument or deed to secure debt now or hereafter encumbering the Hotel. 

  
 Exhibit I - 3 

 [EXECUTION PAGE FOLLOWS] 

  
 Exhibit I - 3 

 IN WITNESS WHEREOF the undersigned, YANCEY POWER SYSTEMS, a Georgia corporation,
has hereunto set our hands and seal in execution of this instrument as a deed on the             day of
                    2013. 
 [Applicable
U.S. State notary form to be used if executed in the U.S.] 
  

							
	THE COMMON SEAL of	 	)	  		 	
	YANCEY POWER SYSTEMS	 	)	  		 	
	was hereunto affixed and this	 	)	  	  
	 	
	Certificate of Estoppel signed for and	 	)	  	            Director	 	
	on behalf of the company by	 	)	  		 	
		 	)	  	  
	 	
	a Director and by	 	)	  	            Director/Secretary	 	
	Director/ Secretary in the presence of:	 	)	  		 	

  
  

Witness 
 JAMAICA S.S. 

BE IT REMEMBERED that on the             day of
                    Two Thousand and Thirteen before me the undersigned one of Her Majesty’s Justices of the Peace in and for this Island
personally came and appeared
                                    of     
                                    the attesting witness to the due
execution of the foregoing Certificate of Estoppel who being by me duly sworn made oath and said that he/she was present and did see the Common Seal of, YANCEY POWER SYSTEMS put and affixed to the said Certificate of Estoppel and did further
see the Certificate of Estoppel signed by                     and
                    and duly executed and delivered as and for the proper act and deed of the said YANCEY POWER SYSTEMS for the purposes
therein mentioned. 
  

	
	   

	Justice of the Peace for the Parish of:

  
 Exhibit I - 3 

 EXHIBIT J TO HOTEL ASSET PURCHASE AGREEMENT 

Form of RHDL Parcel Purchase and Sale Agreement 

AGREEMENT FOR SALE 
 THIS
AGREEMENT FOR SALE is made this             day of
                        2013 BETWEEN ROSE HALL (DEVELOPMENTS) LIMITED, a Company duly incorporated under the Laws of
Jamaica with office at Rose Hall Estate, Little River in the Parish of Saint James (“Seller”) AND ROSE HALL JAMAICA RESORT B.V., a private limited liability company incorporated in the Netherlands and having its registered office at
Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands whose TRN is 34245708 (“Buyer”) 
 WHEREAS: 

 

	(A)	Seller is the registered proprietor of ALL that parcel of land described herein (“the Said Land”) which Said Land forms a part of the land on which the resort property known as the Ritz-Carlton Golf &
Spa Resort, Rose Hall, Jamaica (“the Hotel”) is situated; 

  

	(B)	Rose Hall Resorts L.P. (“Owner”) is the registered proprietor of other lands on which the Hotel is situated (“Hotel Lands”), having purchased same from the Seller; 

 

	(C)	The Buyer is about to enter into a Hotel Asset Purchase Agreement (“PSA”) with the Owner for the purchase of the Hotel Lands and other assets of the Hotel; 

 

	(D)	The Said Land was never transferred to the Owner as it was intended that the National Water Commission (“NWC”) would establish a booster pump station thereon. Seller understands that NWC has since determined
that they no longer wish to establish a booster pump station on and have no use for the Said Land. Accordingly Seller has written to NWC by letter of the 3rd May 2013 requesting that NWC confirm in writing that they have no interest in the Said
Land. 

  

	(E)	In accordance with the terms of the PSA and the obligations of the Owner thereunder, Seller hereby agrees to sell the Said Land to the Buyer subject to the terms set out in the said PSA, the completion thereof and to
the terms hereinafter appearing. 

 NOW IT IS HEREBY AGREED as follows: 

Interpretation 
  

	1.1	In this Agreement: 

  

	 	(i)	“the Hotel Lands” mean the lands described in the Second Schedule hereto; 

  

	 	(ii)	“the Said Land” means the land described in the First Schedule hereto; 

  

	 	(iii)	“the Purchase Price” means the sum of ONE HUNDRED THOUSAND JAMAICAN DOLLARS (J$100,000.00). 

  
 Exhibit J 

 1.2 In this Agreement, unless the context otherwise requires, the singular form shall include the plural form,
and vice versa, and the masculine form shall include the feminine and neuter forms, and vice versa. 
 1.3 The clause headings in this Agreement are for
convenience only and shall not affect or be used as an aid in the interpretation of this Agreement. 
 Sale and Purchase 

2. Seller hereby agrees to sell and the Buyer hereby agrees to purchase the Said Land, upon the terms and conditions and for the price hereinafter appearing.
Purchase Price 
 3. The Purchase Price for the Said Land shall be J$100,000, the receipt whereof is hereby acknowledged. 

Completion 
 4. Subject to Clause 7.2 hereof,
Completion shall be no later than the 30th day of August 2013 (or such other date as the parties may agree) on delivery to the Buyer’s Attorney-at-law of the duplicate Certificate of Title for the Said Land duly endorsed in the name of the
Buyer and/or his nominee as the registered proprietor. 
 Seller’s Attorney-at-law 

5. Seller’s Attorneys-at-law, Hart Muirhead Fatta of 53 Knutsford Boulevard, Second Floor, Kingston 5, Jamaica, shall have carriage of sale. 

Buyer’s Attorneys-at-law 
 6. The Buyer is
represented in this transaction by Messrs Myers Fletcher & Gordon, Attorneys-at-Law of 21 East Street, Kingston, Jamaica. 
 Conditions
Precedent 
 7.1 It is a condition precedent of the coming into effect of this Agreement for Sale that same shall first be signed by Seller and
Buyer. 
 7.2 The completion by Owner and Buyer of the PSA shall be a condition precedent to the completion of this agreement. 

7.3 If on or before the 24th May 2013 (“the NWC deadline”) the NWC establishes that they have an interest in the Said Land Seller shall transfer
the Said land to the NWC and shall by the 31st May 2013 serve notice in writing on Buyer advising accordingly which shall serve to rescind this agreement. In that event any sums paid hereunder by Buyer shall be immediately refunded to
Buyer’s Attorney at Law. If no such interest is established by the NWC deadline this 

  
 Exhibit J 

 
agreement shall be completed in accordance with the terms hereof. Buyer shall indemnify Seller against all actions, liabilities, claims, damages or costs which may arise at any time, as a result
of the transfer of the Said Land to Buyer, if subsequent thereto NWC establishes that it has an interest therein and shall, in the event of such establishment of an interest by NWC, cause the Said Land to be transferred to NWC at its sole cost. This
Clause 7.3 shall survive the Completion of this Agreement. 
 7.4 Seller and Buyer declare that they are both of the view that subdivision approval ought not
to be required for the completion of this agreement as the Said land is physically subdivided from the rest of the land comprised in the certificate of title mentioned in the First Schedule hereto. Seller shall seek to obtain within seven
(7) days of the date hereof the Registrar of Titles’ written confirmation that subdivision approval is not required. If the Registrar of Titles rules that subdivision approval is required Seller shall forthwith diligently apply for and
pursue such application to the St. James Parish Council and any other relevant regulatory agency. In the event that subdivision approval has not been issued by the expiration of twelve (12) months from the date hereof (or such extended period
as the parties hereto shall agree) Buyer shall be entitled to rescind this agreement and to receive a refund of all moneys paid hereunder. In the event the St. James Parish Council or other regulatory agency refuses to grant subdivision approval
after diligent efforts made by Seller to obtain such approval, Seller shall be entitled to rescind this agreement and refund to the Buyer all moneys paid hereunder. Should Seller be unable to transfer the Said Land to Buyer as a result of its
inability to obtain subdivision approval as aforesaid. Seller agrees that it will enter into a lease agreement with Buyer for a term of 75 years with an option to renew for a further 75 years at a nominal rent of $1.00 per annum in respect of both
the original and renewed terms. 
 Undertaking 

8. The parties further agree that Seller’s Attorneys-at-Law shall not be obliged to part with the registrable documents and/or the duplicate Certificates
of Title for the Said Land, until Buyer has paid all moneys payable by Buyer hereunder to complete this sale, or has presented to Seller’ Attorneys-at-Law an undertaking in a form acceptable to them, for the payment of same. 

Possession 
 9. Possession shall be vacant on
completion of the PSA, free of the payment of mesne profits or rent prior to the Completion of this agreement. In the event the Agreement is cancelled pursuant to Clauses 7.2 or 7.3 hereof, the Buyer shall immediately vacate and deliver up
possession of the Said Land to the Seller without demand on his part. 
 Title 

10. Under the Registration of Titles Act duly endorsed in the name of Buyer and/or its nominee. 

  
 Exhibit J 

 Encumbrances 

11. Seller covenants with Buyer that at Completion there shall be no encumbrances affecting the titles to the Realty, save and except – (i) such
restrictive covenants and easements (if any) as may be endorsed on the Certificate of Title for the Said Land and (ii) such easements (if any) as are obvious and apparent,. 

Property Tax and Water Rates 
 12. Property tax and
water rates (if applicable), shall be apportioned between Seller and Buyer as at the date of possession. 
 Costs of Transfer 

13.1 The stamp duty, transfer tax, registration fees, cost of issuance of a Certificate of Title, costs of obtaining Subdivision Approval and any requisite
survey plans and any other costs or fees arising from the transfer of the Said Land to Buyer up to a maximum of US$20,000.00 shall be borne by Buyer. Any such costs over and above US$20,000.00 shall be borne by Seller PROVIDED THAT each party shall
bear their own Attorney’s fees. Buyer shall on the execution hereof advance the sum of US$1,000 on account of the costs to be incurred as aforesaid and shall thereafter pay all further costs within three (3) days of being notified by
Seller of such costs being due for payment. 
 13.2 In the event this Agreement is cancelled and any sum paid by Buyer hereunder is to be refunded, Buyer
shall be deemed to be refunded such amount paid in respect of stamp duty and transfer tax, by delivery up to him of original transfer tax receipt and the stamped Agreement duly noted as cancelled. 

Assessment 
 14. The parties hereto agree as a
condition hereto that in the event the Commissioner of Stamp Duty and Transfer Tax for the purpose of assessing Transfer Tax is of the opinion that the amount or value of the purchase price herein stated is substantially less than the market value
and seeks to assess Transfer Tax on a higher consideration, then Seller’s Attorneys-at-Law shall notify Buyer’s Attomeys-at-Law of the amount of the assessment made by the Commissioner of Stamp Duty and Transfer Tax within three
(3) days of such assessment and Buyer may within seven (7) days of receipt of such notification given by Seller’s Attomeys-at-Law elect to complete this sale by paying to Seller by way of an increase in the purchase price such amount
which will after the payment of Transfer Tax, Stamp Duty and Registration Fee on such assessed value yield to Seller the same balance of purchase money as Seller would have received had Transfer Tax Stamp Duty and Registration Fee been calculated on
a consideration of J$100,000.00 and paid in accordance with the terms of this Agreement provided that such increase in purchase price and any of the aforesaid costs of transfer does not exceed US$20,000. Any increase in purchase price in excess of
US$20,000 shall be borne by Seller. Should the Buyer pay to Seller the increase in the purchase price within the aforesaid seven (7) days this agreement shall be completed in accordance with the terms herein. Should Buyer fail to pay the

  
 Exhibit J 

 
Seller the increase in purchase price within the aforesaid period Seller shall be entitled by notice in writing to Buyer given within ten (10) days of receipt of notification of the
assessment given by Seller’s Attorneys-at-Law to treat this Agreement as rescinded and to serve upon the Buyer a Notice of Rescission, in which event, all monies paid by Buyer hereunder shall be refunded without interest and free from
deductions. 
 “As is, where is” 
 15.
The Said Land is being sold on an “as is, where is” basis, and Buyer takes and accepts the Said Land in its current state and condition. Save for the matters set forth in clause 14, any and all representations and warranties whatsoever on
the part of Seller, its servants or agents with respect to the Said Land or any part thereof, are hereby excluded. 
 Requisitions and Objections

 16. Buyer shall not make any requisitions or raise any objections or claim compensation in respect of discrepancies in the registered boundaries
and the boundaries on earth of the Said Land and/or in respect of breaches of the Restrictive Covenants endorsed on the Certificate of Title for and affecting the Said Land (if any), and waives any right to do so 

Notices 
 17. Any notice or demand to be served or
made on either party hereto shall be deemed to be sufficiently served or made as the case may be if sent by registered post addressed to that party and to its respective attorney-at-law at the addresses above stated and shall have been deemed to
have been received five (5) days after the date of posting in any Post Office in Jamaica. This method is not exclusive and shall be in addition to any other available mode of service. 

  
 Exhibit J 

 FIRST SCHEDULE 

The Said Land 
 ALL THAT land part of the
Northern Estates called Lot 1A Section 1 being approximately 987 sq. Metres located on the south west section of the land comprising the Hotel Lands and being part of land comprised in Certificate of Title registered at Volume 1426 Folio 741 of
the Register Book of Titles and shaded red on the plan attached hereto. 

  
 Exhibit J 

 SECOND SCHEDULE 

The Hotel Lands 
 Firstly, ALL THAT parcel
of land part of RUNNING GUT ESTATE called NORTHERN ESTATE in the parish of SAINT JAMES being the sections shown as THIRTY-FOUR LOT TWO on the plan of part of Running Gut Estate called Northern Estates aforesaid deposited in the Office of Titles on
the 28th day of October, 1998 of the shape and dimensions and butting as appears by the said Plan and being all the land formerly comprised in Certificate of Title registered at volume 1315 Folio 607 but now comprised in Certificate of Title
registered at Volume 1436 Folio 292 of the Register Book of Titles; and 
 Secondly, ALL THOSE parcels of land part of RUNNING GUT ESTATE called NORTHERN
ESTATE in the parish of SAINT JAMES being the sections shown as THIRTY-FOUR LOTS ONE AND THREE on the plan of part of Running Gut Estate called Northern Estates aforesaid deposited in the Office of Titles on the 28th day of October, 1998 of the
shape and dimensions and butting as appears by the said Plan and being all the land formerly comprised in Certificate of Title registered at Volume 1315 Folio 608 but now comprised in Certificate of Title registered at Volume 1436 Folio 130 of the
Register Book of Titles. 

  
 Exhibit J 

					
	SIGNED on behalf of the Seller	  	)	  	
	ROSE HALL (DEVELOPMENTS)	  	)	  	  

	LIMITED by	  	)	  	
	In the presence of:	  	)	  	
		
	  
	  	
	WITNESS	  		  	
			
	SIGNED on behalf of the Buyer	  	)	  	
	ROSE HALL JAMAICA RESORT B.V.	  	)	  	
	By	  	)	  	  

	In the presence of:	  	)	  	

  
  

                    WITNESS 

  
 Exhibit J 

 SCHEDULE 2(d) TO HOTEL ASSET PURCHASE AGREEMENT 

Assumed Contracts 
  

	1.	Air Terminal Space License Agreement dated August 25, 2006 by and between MBJ Airports Limited and Ritz-Carlton Hotel Company of Jamaica Limited 

 

	2.	Power Plant Equipment Lease 

  

	3.	Power Plant Equipment Operation Agreement 

  

	4.	Golf Course Lease 

  

	5.	Equipment Finance Agreement dated as of July 27, 2009, by and between Textron Financial Corporation and Owner (Golf Carts) 

  

	6.	Water Supply Agreement dated June 30, 1998, between Rose Hall Development, Ltd, and Owner 

  

	7.	Lease dated 2007 by and between Quality Dealers Limited and The Ritz-Carlton Hotel Company of Jamaica, Ltd, as modified by letter agreement amendment dated October 1, 2008, relating to space in the warehouse
facility located at 1211 Providence Road, Ironshore. Jamaica (the “Warehouse”) 

 Owner acknowledges that it has disclosed to
Buyer certain additional vendor contracts for the first time on the Effective Date (“Additional Contracts”) and that Buyer has not had an opportunity to review these Additional Contracts prior to Buyer’s execution of this
Agreement. Buyer reserves and shall have the right, but not the obligation, to elect to add to the “Assumed Contracts” under this Agreement any service, maintenance, utility, supply and other agreements and contracts and the equipment
leases relating to the operations of the Hotel and/or the Golf Course and to the Power Plant Equipment that Owner may disclose to Buyer for the first time from and after the Effective Date through the Closing Date, including, without limitation, the
Additional Contracts. In the event Buyer elects to add any of such additional agreements as Assumed Contracts under this Agreement, Buyer shall provide written electronic notice to Owner of such election within five (5) business days following
Buyer’s receipt of electronic notice and copies of such additional agreements. 

  
 Schedule 2(d) 

 SCHEDULE 5.1(c-1) TO HOTEL ASSET PURCHASE AGREEMENT 

Non-Permitted Encumbrances 
  

	A.	The following charges are registered at the Office of Titles against the lands comprised in the Certificates of Title registered at Volume 1436 Folio 130 and Volume 1436 Folio 292 of the Register Book of Titles,
Releases or Discharges of which are required:- 

  

									
	 NO.
	  	 INSTRUMENT
	  	 NUMBER
	  	 REG. DATE
	  	 DETAILS

	1.	  	MORTGAGE	  	1066812	  	23rd June, 1999	  	NATIONAL INVESTMENT BANK OF JAMAICA LIMITED at 11 Oxford Road, Kingston 5, Saint Andrew to secure Eight Million Eight Hundred and Eighty Thousand Dollars United States Currency with interest.
					
	2.	  	MORTGAGE	  	1306397	  	29th June, 2004 (transferred by Transfer No. 1614625 on the 16th September, 2009 and further transferred by Transfer No.
1700527 on the 13th April, 2011)	  	SFI Belmont LLC at 1114 Avenue of the Americas, 27th Floor, New York, New York 10036. United States of America to secure the monies mentioned in the mortgage stamped to cover
Sixty Three Million Dollars United States Currency with interest (having been transferred from iSTAR FINANCIAL, INC. and further transferred from iSTAR TARA LLC).
					
	3.	  	TRANSFER DELETED	  		  		  	
					
	4.	  	TRANSFER DELETED	  		  		  	
					
	5.	  	MISCELLANEOUS	  	1737284	  	19th December, 2011	  	Order of the Supreme Court of Judicature of Jamaica in Claim No. 2011 HCV 4689 dated the 16th day of November, 2011. It is hereby ordered that the land comprised in this
Certificate of Title do stand charged with payment by ROSE HALL RESORT L.P. the sum of

  
 Schedule 5.1(c-1) - 1

									
	 NO.
	  	 INSTRUMENT
	  	 NUMBER
	  	 REG. DATE
	  	 DETAILS

		  		  		  		  	Two Million Seven Hundred and Fifty Thousand United States Dollars and all interest due on the said sum. ROSE HALL RESORT L.P., its Directors, Secretary, other Officers, Servants and /or Agents each of them being hereby restrained
from disposing of, dealing with or diminishing the value of the said land comprised in this Certificate of Title in the meantime and until there is a further Order of the Court.
					
	6.	  	MISCELLANEOUS	  	1761329	  	14th May, 2012	  	Order of the Supreme Court of Judicature of Jamaica in Claim No. 2011 HCV 4689 dated the 19th day of May, 2012 whereby it is hereby ordered that the land comprised in this
Certificate of Title do stand charged with the sum of US$2,750,000, interest and costs being part of the Final Award of the American Arbitration Association International Centre for Dispute Resolution in Case No. 50517 T 00339 09 made in Washington,
District of Columbia, United States of America on April 1, 2011. ROSE HALL RESORT, L.P., its directors, secretary, other officers, servants and /or agents and each of them is hereby restrained from in any way disposing of, dealing with or
diminishing the value of the land or if sold by the registered mortgagee, from dissipating any proceeds of sale paid to ROSE HALL RESORT L.P. until seven days after the determination of the final charging order hearing.
					
	7.	  	CAVEAT	  	1616215	  	16th September, 2009	  	ISTAR TARA LLC c/o DunnCox, 48 Duke Street, Kingston to protest an Equitable interest.

  
 Schedule 5.1(c) - 2 

	B.	The Following charges are registered with the Registrar of Companies and require Releases, Discharges or Memoranda of Complete Satisfaction. 

 

											
	 Type of Charge
	  	 Mortgagee/

Chargee
	  	 Amount

Secured
	  	 Date of

Creation
 of

Charge
	  	 Date of Registration
	  	 Particulars

of Property

Charged

	Debenture	  	SFI Belmont LLC	  	US$63,000,000 with power to upstamp	  	11/6/04	  	29/6/04 and transferred on 17/05/11	  	By way of continued security a first fixed charge over the real and leasehold property fixed plant machinery fixtures and goodwill
						
	Mortgage of a Leasehold supplemental to a second mortgage dated 24/3/99	  	National Investment Bank of Jamaica	  	US$8,880,000 (equivalent to J$324,120,000)	  	24/3/99	  	20/5/99	  	Vol. 1308 Fol. 458
						
	Assignment	  	Southern Company Energy Solutions Inc.	  	US$4,264,654	  	9/1/01	  	12/1/01	  	All the company’s rights under the lease
						
	Bill of Sale	  	SFI Belmont LLC	  	US$63,000,000 with power to upstamp	  	11/6/04	  	29/6/04 and transferred on 17/05/11	  	By way of continued security all and singular several chattels
						
	Mortgage	  	SFI Belmont LLC	  	US$63,000,000 with power to upstamp	  	11/6/04	  	17/05/2011 and transferred on 17/05/11	  	 Vol. 1315
  

Folios 607 and 608
  

Vol. 1353
  

Folios 804, 805 & 806

  
 Schedule 5.1(c) - 3 

											
	 Type of Charge
	  	 Mortgagee/

Chargee
	  	 Amount

Secured
	  	 Date of

Creation
 of

Charge
	  	 Date of Registration
	  	 Particulars

of Property

Charged

	Debenture	  	National Investment Bank of Jamaica	  	US$8,880,000 (equivalent to J$324,120,000)	  	24/3/99	  	17/05/2011	  	By way of a second fixed charge over all its property both present and future wherever located
						
	Mortgage	  	National Investment Bank of Jamaica	  	US$8,880,000 (equivalent to J$324,120,000)	  	24/3/99	  	17/05/2011	  	Vol. 1315 Fol. 607 & 608

  
 Schedule 5.1(c) - 4 

 SCHEDULE 5.1(c-2) TO HOTEL ASSET PURCHASE AGREEMENT 

Disputes 
 NONE 

  
 Schedule 5.1(c-2) 

 SCHEDULE 5.1(f) TO HOTEL ASSET PURCHASE AGREEMENT 

Uncured Violations 
 Lack of
permits for the use and operation of fuel tanks at Hotel power plant (Application pending) 

  
 Schedule 5.1(f) 

 SCHEDULE 5.1(j) TO HOTEL ASSET PURCHASE AGREEMENT 

Leases 
  

	1.	Lease/Rental Agreement dated January 31, 2012 by and between Illuminat (Jamaica) Limited and The Ritz Carlton Golf & Spa Resort Rose Hall Jamaica. 

  
 Schedule 5.1(j) 

 SCHEDULE 5.1(r) TO HOTEL ASSET PURCHASE AGREEMENT 

Insurance Coverages 
 The Property is insured for
property insurance by General Accident of Jamaica, an admitted carrier in Jamaica. That policy is reinsured by a non-admitted layered program. The coverage includes a limit of USD 145,550,000 on the buildings, contents, boiler and machinery and
business interruption and a USD 50,000 deductible. The flood, windstorm/storm surge and earthquake perils have a sublimit of USD 60,000,000 each with a deductible of 2% of the value insured on earthquake and wind and USD 500,000 on flood. Coverage
includes various extensions including USD 20,000,000 on demolition and increased cost of construction, USD 50,000,000 for service interruption, USD 10,000,000 on mold and mildew, and USD 5,000,000 for fine arts. The policy is effective from
April 1, 2013 to April 1, 2014. The liability insurance is managed by Marriott Hotel and has limits of USD 100,000,000 and expires 10/1/2013. 

  
 Schedule 5.1(r) 

 SCHEDULE 5.1(s) TO HOTEL ASSET PURCHASE AGREEMENT 

Excluded Operator Property and Excluded Branded Property 

Signage: 
 Two Brass signs at guest
entrance gate 
 One Brass sign by Front Door 
 One Brass Sign
at Gate 1 
 One metal sign at Gate 3 
 One metal sign by
loading dock 
 Motto is painted on loading dock/employee entrance wall 

One sign at Salon in Spa 
 Painted signage on the side of Catering
Truck and one utility truck 
 Uniforms: 

Laundry 
 Stewarding 

Landscaping 
 Culinary 

Golf Grounds 
 Engineering 

Pool Attendants 
 Security Supervisors 

Linen: 
 Hand Towels 

Bath Towels, Bath Mats and Wash Clothes have tags that says made especially for Ritz Carlton. 

Food and Beverage: 
 Banquet
serving equipment lids have Lion Head as handle 
 Some, not a lot of silverware has The Ritz Carlton stamped in the handle 

Miscellaneous: 
 Some
clothing/goods being sold in the gift shop and golf pro shop 
 Letter head and envelopes 

Paper pads in rooms 
 Pens 

Pencils 
 Various forms such as POs and other internal forms. 

  
 Schedule 5.1(s) 

 Excluded Operator Property 

Software 
  

											
	 Software Name
	  	 Vendor
	  	Property
or Hosted	  	Purpose	  	 License
	  	 Data

	Dataworks - NeXT	  	NeXT	  	Vendor
 Hosted
	  	Retail
 Inventory

Purchasing
	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	Delphi	  	Delphi	  	Ml
Hosted	  	Sales and
Marketing	  	 Ritz-Carlton
 Proprietary
	  	Current and future business only will be shared. Hard copies of all contracts on property will be shared with Owner.
						
	Guest Metrics	  	 Guest
 metrics
	  	Property	  	F&B
 Reporting
	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	IPS Payroll	  	IPS	  	Property	  	Payroll	  		  	??
						
	Marsha	  		  	Ml
Hosted	  	Reservation
 System
	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	Maverick	  	Angoss	  	Property	  	Audio Visual
Management	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	MS Office	  	Microsoft	  	Property	  	Desktop
 Office

Software
	  		  	Computer hard drives will be purged and software will need to be reinstalled
						
	MS Outlook / Exchange	  	Microsoft	  	Ml
Hosted	  	Staff Email	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	Mystique	  	Mystique	  	Ml
Hosted	  	CRM	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer

  
 Schedule 5.1(s) 

											
						
	Peoplesoft	  	MITS	  	Ml
Hosted	  	Accounting	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer
						
	Protobase	  	SDC	  	Property	  	Credit Card
Processing	  	License can transfer with notification to vendor	  	Proprietary - Will not transfer
						
	Racoon	  		  	Unknown	  		  		  	
						
	Rain Bird	  	Rain Bird	  	Unknown	  		  		  	
						
	Scala	  	Epicor	  	Ml
Hosted	  	Accounting	  	Ritz-Carlton Proprietary - Decommissioned	  	Proprietary - Will not transfer
						
	Scorecast	  	Scorecast	  	Unknown	  		  		  	
						
	Scotiabank	  	Scotiabank	  	Unknown	  		  		  	
						
	 Vision
 Engraver
	  	Vision	  	Unknown	  		  		  	
						
	Weather Link	  	Weather Link	  	Unknown	  		  		  	
						
	WHAMS	  		  	Unknown	  		  		  	
						
	Winscontrol2	  	Winscontrol2	  	Unknown	  		  		  	
						
	Winscore	  	Servidyne	  	Vendor
 Hosted
	  	Preventative
 Maintenance
	  	Ritz-Carlton Proprietary - Decommissioned	  	Proprietary - Will not transfer
						
	EcoStar	  	EcoStar	  	Unknown	  		  		  	
						
	Transcendant	  	Transendant	  	Vendor
 Hosted
	  	Preventative
 Maintenance
	  	 Ritz-Carlton
 Proprietary
	  	Proprietary - Will not transfer

  
 Schedule 5.1(s)

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