Document:

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                                                                    EXHIBIT 10.9

                             TAX INDEMNITY AGREEMENT

                                  BY AND AMONG

                        JOHN Q. HAMMONS HOTELS TWO, L.P.,

                          JOHN Q. HAMMONS HOTELS, INC.

                                JOHN Q. HAMMONS,

                                  HAMMONS, INC.

                       REVOCABLE TRUST OF JOHN Q. HAMMONS,

                                       AND

                         [JOHN Q. HAMMONS HOTELS, L.P.]

                        Dated as of ______________, 2005

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                             TAX INDEMNITY AGREEMENT

      THIS TAX INDEMNITY AGREEMENT ("Agreement") is made as of , 2005, among
John Q. Hammons ("JQH"), in his individual capacity, Hammons, Inc., a Missouri
corporation, the Revocable Trust of John Q. Hammons, dated December 28, 1989, as
amended and restated ("JQH Trust"), which is treated as owned by JQH for income
tax purposes ("JQH Trust" together with Hammons, Inc. and JQH, the
"Beneficiaries"), John Q. Hammons Hotels, Inc., a Delaware corporation, and
[JOHN Q. HAMMONS HOTELS, L.P.], a Delaware limited partnership ("Hotels LP") and
John Q. Hammons Hotels Two, L.P., a Delaware limited partnership (together with
Hotels LP, the "Hotel Partnerships").

      WHEREAS, the Hotel Partnerships own certain properties listed on Exhibit A
(the "Protected Properties") attached hereto;

      WHEREAS, the income tax burden from a sale of the Protected Properties
during JHQ's lifetime will fall disproportionately on JQH; and

      WHEREAS, Hotels LP has agreed to hold the Beneficiaries harmless from the
assumed tax burden deemed to arise from a sale of the Protected Properties
during JHQ's lifetime and to refrain from any sale of the Protected Properties
unless its net worth after any payment mandated under this Agreement will be
more than $425 million.

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
herein set forth, and for other good and valuable consideration, the parties
hereto agree as follows:

      1. Definitions. For purposes of this Agreement, the following capitalized
terms shall have the meanings set forth below:

      "Beneficiaries" are defined in the preamble to mean JQH, JQH Hammons,
Inc., and JQH Trust.

      "Code Section" refers to a section of the Internal Revenue Code of 1986,
as amended.

      "Grossed Up" refers to the way the Tax Burden is adjusted to derive an
amount that leaves the recipient with the amount of the Tax Burden after paying
income taxes on the receipt of that amount and means divided by one minus the
Tax Rate.

      "Hotel Partnerships" is defined in the recitals.

      "Hotels LP" is, collectively, defined in the recitals.

      "Indemnity Payment" is defined in Section 3 as an amount payable to a
Beneficiary equal to the Grossed Up Tax Burden on the Beneficiary.

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      "JQH Trust" is defined in the preamble and means the Revocable Trust of
John Q. Hammons, dated December 28, 1989, as amended and restated. During the
lifetime of JQH, the property and income of JQH Trust are treated as belonging
to JQH for Federal income tax purposes.

      "JQH" is defined in the preamble and means John Q. Hammons, in his
individual capacity.

      "JQH Hotels" shall mean John Q. Hammons Hotels, Inc., a Delaware
corporation.

      "Liquidation Notice" has the meaning set forth in the Partnership
Agreement.

      "Partnership Agreement" means the Fourth Amended and Restated Agreement of
Limited Partnership of [JOHN Q. HAMMONS HOTELS, L.P.,] dated as of the date
hereof, by and among JQH Hotels, JQH Trust and Hammons, Inc., a Missouri
corporation, as the same may be amended, restated, supplemented, replaced or
otherwise modified from time to time.

      "Protected Properties" are defined in the recitals as the properties
listed on Exhibit A attached hereto, but may be augmented from time to time as
provided in Section 7.

      "Subsidiaries" means corporations, partnerships, limited liability
companies, and other entities in which JQH Hotels or a Subsidiary of JQH Hotels
owns more than 50 percent of either the profits or the capital interests.

      "Tax Burden" means the income tax assumed imposed on a Beneficiary as a
result of an event giving rise to an Indemnity Payment as computed in accordance
with Section 5.

      "Tax Rate" means the rate of income tax assumed borne by a Beneficiary as
determined pursuant to Section 4.

      "2012 Notes" means the $510 million of John Q. Hammons Hotels, L.P. 8 7/8%
First Mortgage Notes due 2012.

      2. Beneficiaries' Tax Bases. The parties hereto acknowledge that
Beneficiaries are the partners under the Partnership Agreement, with shares of
liabilities (for purposes of Code Section 752) which include $195 million of the
2012 Notes and approximately $250 million of other debt (collectively, the
"Existing Guaranteed Debt") as more specifically identified on Exhibit B hereto.
Hotels LP or JQH Hotels shall give Beneficiaries thirty days advance notice of
any contemplated or possible refinancing of any Existing Guaranteed Debt to
enable Beneficiaries to determine whether they desire, in their sole and
absolute discretion, to continue, reduce or eliminate their guarantee of or any
contributory obligation with respect to any debt refinancing of such Existing
Guaranteed Debt. The terms and any change in the terms of such guarantee shall
be in a form and substance satisfactory to Beneficiaries' counsel. Hotels LP
shall, upon written request of the Beneficiaries or any of them, permit any
requesting Beneficiary to take any action not adverse to Hotels LP, JQH Hotels
or any successor general partner of Hotels

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LP necessary to increase the tax basis of the Beneficiary for Federal income tax
purposes in the Beneficiary's interest in Hotels LP, including, but not limited
to, direct or indirect guarantees or assumptions of liabilities of the Hotel
Partnerships or any of the Subsidiaries. Any such action which requires Hotels
LP, JQH Hotels, the holders of equity interests in JQH Hotels or any successor
general partner of Hotels LP to incur out-of-pocket expenses shall not be
treated as adverse for this purpose if such reasonable expenses are reimbursed
by the Beneficiaries. Any such action which maintains, as of any future date,
the Beneficiaries' absolute dollar amount of Existing Guaranteed Debt as of the
date of this Agreement under arrangements that are not materially different than
the arrangements that exist as of the date of this Agreement shall not be deemed
adverse to Hotels LP, JQH Hotels, the holders of equity interests in any of such
entities or any successor general partner of Hotels LP. For this purpose,
Beneficiaries shall be entitled to guarantee, directly or indirectly, any debt
refinancing Existing Guaranteed Debt previously directly to or indirectly
guaranteed by Beneficiaries or any one of them. The mere reduction in the tax
basis of an interest that does not cause a recognition of gain or a foreseeable
disallowance of a loss deduction shall not be deemed adverse to JQH Hotels,
Hotels LP, or the holders of any equity interests in those entities.

      3. Indemnity. Hotels LP will indemnify the Beneficiaries and hold them
harmless from the Tax Burden resulting from any violation of Hotels LP's
obligations under Section 2 of the Agreement. In addition, Hotels LP will
indemnify the Beneficiaries and hold them harmless from any Tax Burden resulting
from the voluntary disposition of any of the Protected Properties by Hotels LP
or any other entity controlled by JQH Hotels. The amount of this indemnity (the
"Indemnity Payment") will be determined from the formula described in Section 4
and Section 5 of the Agreement for determining the Tax Burden rather than by the
actual taxes paid by any Beneficiaries; the Tax Burden will be Grossed Up by
dividing it by the excess of one over the Tax Rate (i.e. Tax Burden/ 1 - Tax
Rate) to calculate the Indemnity Payment. For purposes of this Agreement, a
"voluntary disposition" means any disposition except (a) a transfer pursuant to
a foreclosure action, provided that Hotels LP use commercially reasonable
efforts to avoid any such action, or a bankruptcy proceeding or (b) a compulsory
or involuntary conversion as such terms are used in Code Section 1033, provided
that in the event of any such compulsory or involuntary conversion, Hotels LP
shall use commercially reasonable efforts to reinvest the proceeds of such
disposition to avoid gain recognition in accordance with Code Section 1033.
Hotels LP will give the Beneficiaries notice of any pending foreclosure promptly
upon becoming aware of it. JQH shall have the right, in his sole and absolute
discretion to receive a distribution of any property being foreclosed upon (with
no net value being ascribed to it) within sufficient time to cure the defaults
giving rise to the foreclosure, provided that such distribution would not
violate the terms of any credit or similar agreement to which Hotels LP is a
party.

      4. Tax Rate. The "Tax Rate" used to determine the Tax Burden, the
Indemnity Payment and the Refund Payment will be determined as the highest
combined marginal Federal, State and local income tax rate applicable to an
individual who is a resident of jurisdiction in which JQH resides on the
relevant date or dates (provided that if the jurisdiction to which the relevant
taxable income or gain is allocated or apportioned imposes income tax on a
nonresident individual at a higher combined State and local tax

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rate than the jurisdiction in which JQH resides, such higher combined State and
local tax rate shall be used), making proper allowance for the deductibility of
State and local income taxes for Federal income tax purposes (if then
applicable) but increasing the Federal rate for the effect of any deduction
disallowance applied to incomes above a threshold and ignoring the effects of
the Federal alternative minimum tax. Where different rates are prescribed for
different categories of income these rates shall be applied separately to the
separate categories of income.

      5. Tax Burden. The "Tax Burden" on a Beneficiary will be determined by
multiplying the Tax Rate by the amount of taxable income or gain (including
Section 704(c) gain or Reverse Section 704(c) gain, but excluding taxable income
or gain allocated in respect of the Preferred Allocations Percentage (as such
terms are defined in the Partnership Agreement), recognized by such Beneficiary
solely and directly from the occurrence of an event described in the first or
second sentence of Section 3 with no consideration being given in such
computation to any other tax attributes of the Beneficiaries including, without
limitation, any other deductions, losses, net operating loss carryforwards or
carrybacks, personal exemptions or other attributes that could reduce the
maximum marginal tax rate assumed applicable in this Section 5 (less the amount
of any taxable losses recognized by such Beneficiary solely and directly from
the disposition during the same taxable year of properties by Hotels LP or any
other entity controlled by Newco that would not be limited by the absence of
capital gains or other specially treated items if the Beneficiary's income
derived solely from Hotels LP) and adding together the products of different Tax
Rates and categories of taxable income pertaining to the indemnified
Beneficiary.

      6. Procedure.

            (a) Hotels LP or JQH Hotels shall inform the Beneficiaries of any
event that may give rise to a right to an Indemnity Payment at least thirty (30)
days before such event. Not less than 30 days before such event, JQH Hotels or
Hotels LP shall provide the Beneficiaries with information reasonably necessary
to estimate the income arising from the event, including without limitation
estimates of the consideration to be paid for the property, the basis and
allocated price, the portion of the gain which is subject to Code Section 704(c)
or Sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(4)(i) of the Income Tax
Regulations for each element giving rise to a different type of income
attributable either to the 1994 formation of John Q. Hammons Hotels, L.P. or as
a result of adjustments made in connection with the Partnership Agreement or
this Agreement, and any other information relevant to computation of the
Indemnity Payment requested by the Beneficiaries. Within ten (10) business days
of being notified by Hotels LP or JQH Hotels or otherwise becoming aware of an
event giving rise to a right to an Indemnity Payment, a Beneficiary will submit
to Hotels LP its calculation of the Indemnity Payment, including details of the
determination of the Tax Rate, the various categories of taxable income
applicable, and the Tax Burden. Within ten (10) business days of receiving a
calculation of an Indemnity Payment from a Beneficiary, Hotels LP shall respond
by either accepting the Beneficiary's calculation of the Indemnity Payment or
disputing the calculation. If there is a dispute about the calculation of an
Indemnity Payment the parties to the dispute shall designate an independent
third person

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knowledgeable in the field of taxation to determine the proper Indemnity
Payment. If the parties cannot agree on the person to determine the Indemnity
Payment they shall submit the issue to an arbitrator pursuant to the rules of
the American Arbitration Association as in effect at that time, who shall be
authorized to retain an expert. Expenses incurred in resolving a dispute about
an Indemnity Payment will be shared equally by the parties to the dispute.

            (b) Hotels LP shall pay the Indemnity Payment to the Beneficiaries
simultaneously with the event giving rise to a right to the Indemnity Payment,
provided that if the amount of an Indemnity Payment has not been determined
pursuant to Section 6(a) as of such date, any portion of the Indemnity Payment
that is not the subject of a dispute shall be paid at that time and any
additional Indemnity Payment that is determined to be owed shall be paid within
five (5) business days after such determination.

            (c) If Hotels LP or a Beneficiary determines in good faith that the
amount or category of taxable income resulting from the event described in the
first two sentences of Section 3 was different than was first assumed in
calculating the Tax Burden, such party shall promptly submit to the other party
a revised calculation of the Indemnity Payment, including details of the
determination of the Tax Rate, the various categories of taxable income
applicable, and the Tax Burden. Within ten (10) business days of receiving such
recalculation, the other party shall respond by either accepting the
recalculation of the Indemnity Payment or disputing the recalculation. If there
is a dispute about the recalculation of an Indemnity Payment the parties to the
dispute shall designate an independent third person knowledgeable in the field
of taxation to determine the proper Indemnity Payment. If the parties cannot
agree on the person to determine the Indemnity Payment they shall submit the
issue to an arbitrator pursuant to the rules of the American Arbitration
Association as in effect at that time, who shall be authorized to retain an
expert. Expenses incurred in resolving a dispute about a recalculated Indemnity
Payment will be shared equally by the parties to the dispute. If the
recalculated Indemnity Payment is greater than the Indemnity Payment as
originally determined, Hotels LP, shall, within five (5) business days after the
recalculated Indemnity Payment is finally determined, pay an amount equal to the
difference to the Beneficiaries. If the recalculated Indemnity Payment is less
than the Indemnity Payment as originally determined, the Beneficiaries shall,
within five (5) business days after the recalculated Indemnity Payment is
finally determined, pay an amount equal to the difference to Hotels LP.

            (d) All Indemnity Payments shall be expenses of Hotels LP for all
purposes under the Partnership Agreement.

      7. Protected Properties. If Hotels LP, or any of the Subsidiaries disposes
of any Protected Properties in a transaction or subsequent transactions in which
the basis for Federal income tax purposes either (i) carries over to the
transferred property or (ii) is used to determine the basis of any property
received in exchange or acquired as replacement property pursuant to Code
Section 1033, or (iii) both, the properties described in (i) or (ii) or both
shall be Protected Properties thereafter.

<PAGE>

      8. Waiver and Amendment. Any party hereto may waive its rights under the
Agreement at any time, and no such waiver shall operate to waive any party's
rights under the Agreement with respect to any subsequent event. Any agreement
on the part of any such party to any such waiver shall be valid only if set
forth in an instrument in writing signed by such party. The Agreement may be
amended only by a written instrument signed by the parties hereto.

      9. Term. This Agreement shall not apply to any event described in the
second sentence of Section 3 that occurs after either (i) the demise of JQH or
(ii) the delivery of the Liquidation Notice pursuant to the Partnership
Agreement.

      10. Invalid Provision. The invalidity or unenforceability of any
particular provision of the Agreement shall not affect the other provisions
hereof, and the Agreement shall be construed in all respects as if such invalid
or unenforceable provisions were omitted.

      11. Notices and Addresses. Notices and other communications to be given
under the terms of the Agreement shall be in writing and shall be either (i)
delivered by hand against receipt, (ii) sent by certified or registered mail,
postage prepaid, return receipt requested, or (iii) sent by a nationally
recognized commercial delivery service or by facsimile (provided that, in either
case, a confirmatory copy is thereafter sent by certified or registered mail):

      If to JQH Hotels or Hotels LP:

            JQH Acquisition LLC
            Carnegie Hall Tower
            152 West 57th Street, 56th Floor
            New York, New York  10019
            Attention: Mr. Jonathan D. Eilian
            Telephone: (212) 884-8827
            Facsimile: (212) 884-8753

      With a copy (which shall not constitute notice) to:

            Kaye Scholer LLP
            Three First National Plaza
            Suite 4100
            70 W. Madison Street
            Chicago, Illinois 60602
            Attention: Gary R. Silverman, Esq.
            Telephone: (312) 583-2330
            Facsimile: (312) 583-2200

<PAGE>

      If to the Beneficiaries:

            John Q. Hammons
            300 John Q. Hammons Parkway
            Suite 900
            Springfield, Missouri  65806
            Telephone: (417) 873-3595
            Facsimile: (417) 873-3511

      With a copy (which shall not constitute notice) to:

            Blackwell Sanders Peper Martin LLP
            4401 Main Street
            Suite 1000
            Kansas City, Missouri 64112
            Attention: Gary D. Gilson, Esq. and David C. Agee, Esq.
            Telephone: (816) 983-8000
            Facsimile: (816) 983-8080

or at such other address as is from time to time designated by the party
receiving the notice. Any such notice which is properly mailed, as described
above, shall be deemed to have been served as of three (3) business days after
said posting.

      12. Governing Law. This Agreement will be governed by the laws of the
State of Delaware, without regard to conflicts of laws principles.

      13. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (A) 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 SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS
VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.

      14. Jurisdiction; Service of Process. Any action or proceeding seeking to
enforce any provision of, or based on any right arising out of, this Agreement
shall be

<PAGE>

brought against any of the parties only in the Courts of the State of Delaware
or, if it has or can acquire jurisdiction, in the United States District Court
for the District of Delaware, and each of the parties consents to the exclusive
jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.
Process in any action or proceeding referred to in the preceding sentence may be
served on any party anywhere in the world.

      15. Binding Effect. This Agreement shall be binding upon the heirs,
personal representatives, successors and assigns of the parties hereto. If JQH
Hotels transfers or assigns its interest as a general partner in Hotels, L.P. to
another person subsequent to the effective time of this Agreement, JQH Hotels
specifically agrees as a condition of any such transfer or assignment that such
entity shall agree to fulfill any and all obligations of JQH Hotels under this
Agreement.

      16. Entire Agreement. This Agreement together with the Partnership
Agreement constitutes the complete agreement of the parties regarding the
subject matter hereof and supersedes any prior agreements or understandings with
respect thereto.

      17. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and which shall
together constitute one and the same instrument.

                            [Signature Page Follows]

<PAGE>

         IN WITNESS WHEREOF, each of the undersigned has executed, or caused the
Agreement to be duly executed on its behalf, as of the date first written above.

                                        JOHN Q. HAMMONS HOTELS TWO, L.P.
                                        a Delaware limited partnership

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        JOHN Q. HAMMONS HOTELS, INC.
                                        a Delaware corporation

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        JOHN Q. HAMMONS

                                        ________________________________________
                                        John Q. Hammons

                                        HAMMONS, INC.,
                                        a Missouri corporation

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        THE REVOCABLE TRUST OF JOHN Q. HAMMONS,
                                        DATED DECEMBER 28, 1989, AS AMENDED AND
                                        RESTATED

                                        By: ____________________________________
                                        Name: John Q. Hammons
                                        Title: Trustee

<PAGE>

                                        [JOHN Q. HAMMONS HOTELS, L.P.],
                                        a Delaware limited partnership

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

<PAGE>

                                    EXHIBIT A

                              PROTECTED PROPERTIES
                          UNDER TAX INDEMNITY AGREEMENT

<TABLE>
<CAPTION>
    JOHN Q. HAMMONS HOTELS, L.P.,                                   JOHN Q. HAMMONS HOTELS TWO, L.P.,
    A DELAWARE LIMITED PARTNERSHIP, d/b/a:                          A DELAWARE LIMITED PARTNERSHIP, d/b/a:
    --------------------------------------                          --------------------------------------
<S> <C>                                                        <C>  <C>
1.  Embassy Suites Montgomery                                  1.   Embassy Suites Little Rock
    Montgomery, AL                                                  Little Rock, AR

2.  Holiday Inn Sacramento Capital Plaza                       2.   Hampton Inn & Suites
    Sacramento, CA                                                  Springdale, AR

3.  Holiday Inn Denver International Airport                   3.   Marriott University Park
    Denver, CO                                                      Tucson, AZ

4.  Holiday Inn Fort Collins                                   4.   Embassy Suites on Monterey Bay
    Fort Collins, CO                                                Seaside, CA

5.  Coral Springs Marriott Hotel Golf C&CC                     5.   The Renaissance Resort at WGV
    Coral Springs, FL                                               St. Augustine, FL

6.  Cedar Rapids Marriott                                      6.   Embassy Suites Tampa
    Cedar Rapids, IA                                                Tampa, FL

7.  Embassy Suites on the River                                7.   Radisson Quad City Plaza
    Des Moines, IA                                                  Davenport, IA

8.  Holiday Inn University Park West                           8.   Capital Plaza Hotel
    Des Moines, IA                                                  Topeka, KS

9.  Capitol Plaza Hotel                                        9.   Holiday Inn University Plaza
    Jefferson City, MO                                              Bowling Green, KY

10. Embassy Suites Kansas City Airport                         10.  Embassy Suites Raleigh-Durham
    Kansas City, MO                                                 Cary, NC

11. Homewood Suites Kansas City                                11.  Renaissance Oklahoma City Hotel
    Kansas City, MO                                                 Oklahoma City, OK

12. Renaissance Charlotte Suites                               12.  Embassy Suites Portland Airport
    Charlotte, NC                                                   Portland, OR
</TABLE>

                                       11

<PAGE>

<TABLE>
<CAPTION>
    JOHN Q. HAMMONS HOTELS, L.P.,                                   JOHN Q. HAMMONS HOTELS TWO, L.P.,
    A DELAWARE LIMITED PARTNERSHIP, d/b/a:                          A DELAWARE LIMITED PARTNERSHIP, d/b/a:
    --------------------------------------                          --------------------------------------
<S> <C>                                                        <C>  <C>
13. Embassy Suites Greensboro                                  13.  Embassy Suites Charleston
    Greensboro, NC                                                  Charleston, WV

14. Homewood Suites Greensboro
    Greensboro, NC

15. Embassy Suites Downtown/Old Market
    Omaha, NE

16. Albuquerque Marriott Pyramid North
    Albuquerque, NM

17. Embassy Suites Columbia
    Columbia, SC

18. Embassy Suites Greenville
    Greenville, SC

19. Embassy Suites Airport/Conv. Ctr.
    North Charleston, SC

20. Embassy Suites
    Grapevine, TX

21. Houston Hobby Airport Marriott
    Houston, TX

22. Hampton Inn & Suites at Rodeo Center
    Mesquite, TX

23. Marriott Madison West
    Middleton, WI
</TABLE>

                                       12

<PAGE>

                                    EXHIBIT B

                            EXISTING GUARANTEED DEBT

                     To await updated (month-end) debt list

                                       13<PAGE>

                                                                   EXHIBIT 10.10

                 SPONSOR ENTITY RIGHT OF FIRST REFUSAL AGREEMENT
                                  BY AND AMONG
                                JOHN Q. HAMMONS,
                       REVOCABLE TRUST OF JOHN Q. HAMMONS,
                           HAMMONS OF NEW MEXICO, LLC,
                             HAMMONS OF FRISCO, LLC,
                            HAMMONS OF COLORADO, LLC,
                            HAMMONS OF ARKANSAS, LLC,
                       HAMMONS OF SOUTH CAROLINA, LLC, AND
                          CITY CENTER HOTEL CORPORATION
                           HAMMONS OF HUNTSVILLE, LLC
                             HAMMONS OF LINCOLN, LLC
                            HAMMONS OF FRANKLIN, LLC
                           HAMMONS OF RICHARDSON, LLC
                              RICHARDSON HAMMONS LP
                           JOHN Q. HAMMONS CENTER, LLC
                         (COLLECTIVELY, "JQH ENTITIES")
                                       AND
                   JD HOLDINGS, LLC AND ANY AFFILIATE THEREOF
                        (COLLECTIVELY, "SPONSOR ENTITY"),

                         Dated as of ____________, 2005

<PAGE>

                 SPONSOR ENTITY RIGHT OF FIRST REFUSAL AGREEMENT

      THIS RIGHT OF FIRST REFUSAL AGREEMENT (this "Agreement") is made as of
_____________, 2005 by and among John Q. Hammons ("JQH"), the Revocable Trust of
John Q. Hammons, dated December 28, 1989, as amended and restated (the "JQH
Trust"), Hammons of New Mexico, LLC, Hammons of Frisco, LLC, Hammons of
Colorado, LLC, Hammons of Arkansas, LLC, Hammons of South Carolina, LLC, City
Center Hotel Corporation, Hammons of Huntsville, LLC, Hammons of Lincoln, LLC,
Hammons of Franklin, LLC, Hammons of Richardson, LLC, Richardson Hammons, LP and
John Q. Hammons Center, LLC (collectively, with JQH and any other entity
directly or indirectly controlled by JQH which owns a Hotel Property
(hereinafter defined) now or at any time in the future, each of which will be
added as parties to this Agreement, the "JQH Entities", and each, a "JQH
Entity") and JD Holdings, LLC, and any Affiliate thereof (collectively, the
"Sponsor Entity").

      WHEREAS, in connection with a transaction whereby JQH Acquisition, LLC, a
Delaware limited liability company ("Newco"), through merger of its wholly-owned
subsidiary with John Q. Hammons Hotels, Inc., a Delaware corporation ("JQH,
Inc."), acquires all of the interests in JQH, Inc. and, indirectly, certain of
the partnership interests of John Q. Hammons Hotels, L.P., a Delaware limited
partnership, ("LP") and John Q. Hammons Hotels II, L.P., a Delaware limited
partnership, ("II LP"), in each case owned by JQH, Inc., JQH or certain of his
Affiliates (the "Formation Transaction"), Sponsor Entity desires to obtain a
right of first refusal on all Hotel Properties owned at any time by any of the
JQH Entities, and the JQH Entities are willing to grant such a right of first
refusal.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained
and for other good and valuable consideration given and received by each party,
receipt of which is hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

      1.1 Definitions. For purposes of this Agreement, the following capitalized
terms shall have the meanings set forth below:

      "Affiliate" means, with respect to any Person, any other Person directly
or indirectly controlling, controlled by or under common control with such first
Person. The term "control" (including with correlative meanings, the terms
"controlling," "controlled by" and "under common control with") shall mean
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether by reason of
membership, ownership of voting stock, partnership interests, by contract or
otherwise. For purposes of this Agreement, JQH, Inc., LP and II LP and their
respective Subsidiaries shall not be deemed to be "Affiliates" of JQH.

<PAGE>

      "Hotel Properties" shall mean interests in real property and personal
property, tangible or intangible (other than any rights to any tradename using
the name "John Q. Hammons" or "Hammons"), used in the operation of a hotel
facility, or any interests in any related convention or entertainment facility,
retail facility, parking facility or gaming facility, including, without
limitation, fee interests, leasehold interests, interests in ground leases,
easements and rights of way, air rights, surface rights, subsurface rights, debt
or equity interests in corporations, limited liability companies, joint
ventures, partnerships or other entities holding title to, or a leasehold
interest in, any of the foregoing, interests in mortgages or other security
interests in any of the foregoing, contractual management interests, and debt
instruments as the Person who holds title to, or a leasehold interest in, such
property may hold from time to time (each, a "Hotel Property").

      "JQH Subject Hotels" shall mean those Hotel Properties set forth on
Exhibit A hereto, and any Hotel Properties or any direct or indirect interests
in Hotel Properties now or hereafter acquired by JQH or any JQH Entity or any of
either of their Affiliates, including any properties under construction or being
developed or intended to be developed as Hotel Properties (each, a "JQH Subject
Hotel").

      "Person" means any individual, corporation, partnership, joint venture,
trust, unincorporated organization, other entity or governmental body, in each
case whether in such individual's or entity's own capacity or as an agent or
fiduciary of another Person.

      "Sale" shall mean any sale, assignment, lease or sublease (other than any
retail space or concession lease entered into in the ordinary course of hotel
business), transfer or other disposition, in a single transaction or as part of
a single transaction or series of transactions, of (a) any interest in title to
any JQH Subject Hotel or JQH Subject Hotels (as defined herein), or (b) any
direct or indirect ownership or debt interests in the Person that owns title to
any JQH Subject Hotel or JQH Subject Hotels, as a result of which title to such
JQH Subject Hotel would not be 100% owned by JQH or an entity 100% owned by JQH.
A Sale shall include (i) any grant of an option to purchase any JQH Subject
Hotel or JQH Subject Hotels or any interest therein or any direct or indirect
interest in the Person that owns title to, or the leasehold of, any JQH Subject
Hotel or JQH Subject Hotels, and (ii) any issuance of any debt or other security
convertible into equity interests in the Person that, directly or indirectly,
holds title to, or the leasehold of, any JQH Subject Hotel or JQH Subject
Hotels. The term "Sale" shall not include (i) a mortgage, deed of trust, or
other collateral assignment intended to provide security for a loan or other
obligation in favor of an unaffiliated third-party lender with a loan-to-value
ratio not exceeding 90% and otherwise on market terms, or any foreclosure on any
such mortgage, lien, or security interest by such unaffiliated third-party
lender, (ii) any sale of a portion of the land or improvements relating to a JQH
Subject Hotel that does not include the hotel and does not adversely affect the
operation of the JQH Subject Hotel as a hotel, or (iii) the transfer by JQH or
the applicable JQH Entity of the Hotel Property commonly known as Chateau on the
Lake, located in Branson, Missouri (the "Chateau"), by means of gift, charitable
contribution or donation to any trust or foundation as set forth in Section
3.3(b) herein. The terms "Sell" or "Sold" shall mean to dispose of, or to have
disposed of, a JQH Subject Hotel or the direct or indirect ownership interests
in the Person that owns title to a JQH Subject Hotel pursuant to a Sale.

                                        2

<PAGE>

      "Subsidiary" of any Person means any other Person that, now or at any time
hereafter, is directly or indirectly owned 50% or more (in terms of voting
securities or other voting ownership or partnership interest) by such first
Person; provided, however, that such other Person shall be deemed to be a
"Subsidiary" only so long as the foregoing test continues to be met.

                                   ARTICLE II
                             RIGHT OF FIRST REFUSAL

      2.1 Right of First Refusal Granted to Sponsor Entity.

      (a) Prior to the Sale of any JQH Subject Hotel, the applicable JQH Entity
owning such JQH Subject Hotel shall provide to Sponsor Entity a written purchase
and sale agreement, expressly subject to Sponsor Entity's rights hereunder,
executed by the Person selling such JQH Subject Hotel and a bona fide
third-party buyer, requiring a cash deposit of at least five percent (5%) of the
purchase price, refundable only if a Sponsor Acceptance Notice (defined below)
is received, but otherwise nonrefundable, and setting forth the price for each
such JQH Subject Hotel and other material terms upon which such Person has
agreed with such third-party buyer to Sell each such JQH Subject Hotel, together
with any written information provided to such third-party buyer with respect to
such JQH Subject Hotel (the "Sponsor ROFR Notice"). Upon receipt of the Sponsor
ROFR Notice, any Sponsor Entity may elect to purchase any such JQH Subject Hotel
from the applicable seller thereof by providing a notice to such JQH Entity
within thirty (30) days following the date of the Sponsor ROFR Notice (the
"Sponsor Acceptance Notice"). If no Sponsor Entity responds to the Sponsor ROFR
Notice within such thirty- (30-) day period (the "Sponsor ROFR Period"), the
Sponsor Entity shall be deemed to have declined to purchase such JQH Subject
Hotel pursuant to this Agreement.

      (b) If any Sponsor Entity exercises its right of first refusal hereunder
and sends a Sponsor Acceptance Notice within the Sponsor ROFR Period, then (i)
contemporaneously with the delivery of the Sponsor Acceptance Notice, such
Sponsor Entity shall deposit a nonrefundable amount equal to the lesser of (y)
the amount of any earnest money deposit required to be made by such third-party
buyer as set forth in the Sponsor ROFR Notice, or (z) one percent (1%) of the
purchase price set forth in the Sponsor ROFR Notice (the "Sponsor Deposit") in
escrow with a title insurance company or other escrow agent approved in advance
by the parties and (ii) the parties shall close such sale transaction on
substantially identical economic terms, except that (I) the purchase price
payable by such Sponsor Entity shall be net of any broker's commission payable
pursuant to the transaction described in the Sponsor ROFR Notice, (II) if the
Sponsor ROFR Notice describes any non-cash consideration payable as all or any
part of the purchase price of such JQH Subject Hotel, then a Sponsor Entity
shall have the right to (A) pay non-cash consideration of a similar type and of
equivalent value, and/or (B) pay cash consideration equivalent in value to such
non-cash consideration, and (III) such JQH Subject Hotel shall be transferred
(A) free and clear of any existing management agreement, (B) free and clear of
any liens or encumbrances or restrictions or agreements of any kind of any
Affiliate of JQH or any JQH Entity, and (C) if such JQH Subject Hotel is to be
transferred subject to an existing mortgage pursuant to the transaction
described

                                        3

<PAGE>

in the Sponsor ROFR Notice, then JQH, or the applicable JQH Entity selling such
JQH Subject Hotel, will pay any fee payable to the holder of such mortgage by
reason of such transfer, and (D) if any fee is payable to any licensor or
franchisor under any License Agreement affecting such JQH Subject Hotel by
reason of such transfer, JQH or the applicable JQH Entity selling such JQH
Subject Hotel, will pay any such fee. The Sale to such Sponsor Entity of such
JQH Subject Hotel shall be closed at the time and on the date specified in the
Sponsor ROFR Notice, but not earlier than sixty (60) days following the date of
the Sponsor Acceptance Notice. The closing shall take place on the terms set
forth in the Sponsor ROFR Notice, except as otherwise provided herein. If such
Sponsor Entity shall fail to consummate such sale transaction in accordance with
its terms, then the applicable seller shall have the right to sell the
applicable JQH Subject Hotel as set forth in Section 2.1(c) below, and such
seller may, as its sole and exclusive remedy, retain the Sponsor Deposit as
liquidated damages, and not as a penalty.

      (c) If no Sponsor Entity delivers a Sponsor Acceptance Notice prior to the
end of the Sponsor ROFR Period, then the applicable JQH Entity, or its
applicable Subsidiary shall, as of the end of the Sponsor ROFR Period (or the
earlier waiver of such period by the Sponsor Entity), be free thereafter to sell
the JQH Subject Hotel to such third parties on substantially identical terms as
those set forth in the Sponsor ROFR Notice, and the Sponsor Entity shall provide
to the applicable JQH Entity or the applicable Subsidiary the documents
necessary to release its recorded right of first refusal as provided herein; and
such documents shall be recorded upon closing of the sale of the JQH Subject
Hotel to such third party; provided, however, that if the JQH Entity which owns
the JQH Subject Hotel subsequently proposes to sell such JQH Subject Hotel to
such third party for a price (the "Final Price") which is less than the price
specified in the Sponsor ROFR Notice by an amount in excess of $50,000, then
such JQH Entity shall, at least thirty (30) days prior to closing of such Sale,
so notify Sponsor Entity, and Sponsor Entity shall have a period of fifteen (15)
days within which to execute (at its option) a binding agreement to purchase
such JQH Subject Hotel for the Final Price (net of any broker's commission) and
with substantially identical economic terms as such JQH Entity proposed to sell
such JQH Subject Hotel to such third party, except as otherwise provided in
Section 2.1(b) herein. If Sponsor Entity elects to execute such purchase
agreement and delivers a Sponsor Deposit with respect thereto, the applicable
JQH Entity shall be obligated to accept it, and the Sale of such JQH Subject
Hotel to such Sponsor Entity will thereafter be finalized in accordance with the
provisions of Section 2.1 (b). If the applicable JQH Entity has not succeeded in
consummating the Sale of such JQH Subject Hotel to such third party on
substantially identical terms as those contained in the Sponsor ROFR Notice
within 30 days after the time and date for closing of such transaction as set
forth in the Sponsor ROFR Notice, then the applicable JQH Entity shall again
comply with all of the provisions of this Section 2.1 prior to any Sale of such
JQH Subject Hotel.

      (d) It is understood and agreed that, if a Sponsor ROFR Notice is
delivered hereunder with respect to a Sale of a partial interest in any JQH
Subject Hotel, including any partial interest in the Person directly or
indirectly owning title to any such JQH Subject Hotel, then Sponsor Entity shall
have the right, but not the obligation, to deliver hereunder a Sponsor
Acceptance Notice with respect to 100% of the interest in each such JQH
Subject Hotel, and such Sponsor Entity shall purchase 100% of each such JQH

                                        4

<PAGE>

Subject Hotel for a purchase price calculated in proportion to the purchase
price set forth in such Sponsor ROFR Notice and otherwise pursuant to the
provisions of this Section 2.1. For example, if the Sponsor ROFR Notice provides
that 20% of the interest in a JQH Subject Hotel will be sold for $1,000,000,
then Sponsor Entity may deliver a Sponsor Acceptance Notice, in accordance
herewith, to purchase 100% of such JQH Subject Hotel for a purchase price of
$5,000,000, and otherwise on the terms and conditions set forth in the Sponsor
ROFR Notice.

      (e) It is understood and agreed that the rights granted to Sponsor Entity
in this Section 2.1 are and shall be subordinate only to (i) that certain
Restriction, Repurchase and Right of First Refusal Agreement, entered into as of
October 18, 1999 by and between Galatyn Park Corporation, a Delaware corporation
and JQH, as Trustee of the JQH Trust relating to that certain hotel known as the
Renaissance Dallas-Richardson, located at 900 East Lookout Drive, Richardson,
Texas 75082, and (ii) a right of first refusal currently being negotiated
between JQH and Jeff Smith relating to that certain Hotel Property being
developed by JQH in Colorado Springs, Colorado. Each of JQH and any applicable
JQH Entity agrees to cooperate with and assist Sponsor Entity in any
negotiations between Sponsor Entity and either of such holders of such rights of
first refusal described in this subparagraph (e) and to keep Sponsor Entity
informed as to the status of such rights of refusal in the event of a Sale of
either such Hotel Property, and, in any event, if such rights are not exercised
by such holders in accordance with their respective terms, all of the terms and
conditions contained in this Agreement shall be in full force and effect with
respect to each such Hotel Property.

      2.2 License Agreements; Mortgages.

      (a) JQH and each JQH Entity agrees that, from and after the date hereof,
any franchise agreement or license agreement (each, a "License Agreement")
amended, modified or extended, and any new License Agreement executed by any of
JQH or any JQH Entity in connection with a JQH Subject Hotel shall specify that
a transfer of such JQH Subject Hotel to any Sponsor Entity is permitted under
such License Agreement, without consent of such licensor or franchisor, and JQH
and each such JQH Entity will use his or its best efforts to negotiate that no
fee is payable by reason of any such permitted transfer.

      (b) JQH and each JQH Entity agrees that, from and after the date hereof,
any mortgage or deed of trust document ("Mortgage") amended, modified or
extended, and any new Mortgage executed by any of JQH or any JQH Entity in
connection with a JQH Subject Hotel shall specify that a transfer of such JQH
Subject Hotel to Sponsor Entity is permitted under such Mortgage, without
consent of such lender or mortgagee, and JQH and each such JQH Entity will use
his or its best efforts to negotiate that no fee is payable by reason of any
such permitted transfer.

      (c) Each Sponsor Entity agrees to deliver to any lender, mortgagee,
licensor or franchisor under a Mortgage or a License Agreement affecting any
applicable JQH Subject Hotel, any and all financial and other information which
may reasonably be

                                        5

<PAGE>

requested by any such lender or franchisor in connection with its agreement to
permit transfer of any JQH Subject Hotel to any Sponsor Entity.

      2.3 Transfers in Violation Void. Any Sale by JQH or any JQH Entity of any
JQH Subject Hotel in violation of the terms and provisions of this Agreement
shall be void and of no force or effect.

                                   ARTICLE III
                               GENERAL PROVISIONS

      3.1 Term of Agreement; Suspension of Agreement.

      (a) This Agreement shall continue in effect from the date hereof until all
of the JQH Subject Hotels have been Sold.

      (b) In the event (i) of the occurrence of a material funding default by
Lender under the Loan Agreement dated as of _______, 2005 between [Project
Holdco] ("Borrower"), as Borrower and [Project Lendco] ("Lender"), as Lender
(the "Line of Credit Agreement"), which is not cured within thirty (30) days
after receipt by Lender of notice from Borrower of such material funding
default, and (ii) no material default by Borrower under the Line of Credit
Agreement has occurred, then JQH shall have the right, upon delivery of at least
fifteen (15) days' prior written notice, to suspend the effectiveness of this
Agreement during the period that both (i) and (ii) above are undisputed. In the
event that the existence of a material funding default by Lender or the
existence of a material default by Borrower is disputed as between the parties
(in any such case, a "Disputed LOC Default"), then the parties to this Agreement
agree (which agreement shall have no effect on any rights or obligations of
Borrower or Lender under the Line of Credit Agreement) to submit such dispute to
an arbitration proceeding, such arbitration to be completed within seventy-five
(75) days of receipt by Borrower of a notice from Sponsor Entity of a Disputed
LOC Default (a "Disputed LOC Default Notice"), held in a neutral city and
conducted in accordance with the rules of the American Arbitration Association
in effect at the date such Disputed LOC Default Notice is given, but not under
the authority of that Association. Such arbitration proceeding shall be
conducted by an arbitrator who is a partner at a nationally recognized
accounting firm, or any other person with experience in the matter or matters to
be arbitrated, mutually selected by Sponsor Entity and JQH. If JQH and Sponsor
Entity fail to agree on an arbitrator within fifteen (15) days (the "Arbitrator
Selection Period") of Borrower's receipt of a Disputed LOC Default Notice from
Sponsor Entity, then, within ten (10) days after the expiration of the
Arbitrator Selection Period, JQH and Sponsor Entity each shall select one
arbitrator who is a partner at a nationally recognized accounting firm, or any
other person with experience in the matter or matters to be arbitrated, who
shall then select a third arbitrator who meets the qualifications specified
above to conduct the arbitration. The decision of the arbitrator shall be
binding upon the parties to this Agreement, and neither party shall have the
right to appeal any such decision (except in the case of manifest error). The
thirty- (30-) day cure period, or, if applicable, the fifteen- (15-) day notice
period referenced in the preceding sentence shall commence upon the issuance of
an arbitration decision by such arbitrator.

                                        6

<PAGE>

      3.2 Sale of JQH Subject Hotels upon JQH Demise. JQH, each applicable JQH
Entity and the JQH Trust agree that, upon the death of JQH, the JQH Trust and
each applicable JQH Entity will Sell for cash or cause the Sale for cash of all
of the JQH Subject Hotels to be completed no later than the later to occur of
(a) two (2) years after the date of JQH's demise, and (b) full redemption or
other permitted disposition by JQH and his Affiliates of all of his and their
preferred interests in Newco. Subject to the provisions of Section 3.16 herein,
each of Sponsor Entity and the JQH Trust and other applicable JQH Entity agrees,
for a period expiring 90 days after the date of JQH's demise, to negotiate
exclusively and in good faith with each other to Sell the JQH Subject Hotels to
a Sponsor Entity or an Affiliate thereof for prices and upon terms mutually
acceptable to the JQH Trust or other applicable JQH Entity and to Sponsor
Entity. Any other Sale of a JQH Subject Hotel shall be subject to the provisions
of this Agreement.

      3.3 Successors and Assigns.

      (a) This right of first refusal of Sponsor Entity may be assigned, without
JQH's approval, to any other Person controlled, directly or indirectly, by any
Sponsor Entity or Newco or any Affiliate of any of them. Any other assignment of
any Sponsor Entity's rights hereunder shall be subject to JQH's prior written
approval. Except as provided in the foregoing sentence, this Agreement shall
inure to the benefit of, and be binding upon, the parties hereto and their
successors by operation of law or otherwise. Notwithstanding anything herein to
the contrary, following delivery of a Sponsor Acceptance Notice, such Sponsor
Entity may assign the right to purchase such JQH Subject Hotel to any other
Sponsor Entity or an Affiliate thereof.

      (b) Notwithstanding anything to the contrary set forth in this Agreement,
each of JQH and any applicable JQH Entity owning a JQH Subject Hotel or direct
or indirect interest therein agrees not to transfer, by means of gift,
charitable contribution or donation to a charitable organization or otherwise,
any JQH Subject Hotel or interest therein during the term of this Agreement,
other than the Chateau, the initial transfer of which is subject to a separate
agreement of even date herewith among the parties hereto. Any subsequent sale of
the Chateau for consideration shall be deemed to be a Sale hereunder and shall
be subject to the terms and conditions of this Agreement.

      3.4 Delivery of Information. JQH and each JQH Entity agrees to deliver to
the other parties hereto any and all broker solicitations and correspondence and
any and all written offers to purchase or expressions of interest in any JQH
Subject Hotel, identifying the interested party (whether solicited or
unsolicited), within ten (10) days after receipt thereof. In addition, subject
to the provisions of Section 3.16 herein, each of JQH and any JQH Entity agrees,
to the extent not otherwise delivered in accordance with any other Formation
Transaction document, to deliver to the other parties hereto (for informational
purposes only) annual operating statements of each JQH Subject Hotel, together
with annual budgets for each JQH Subject Hotel.

      3.5 Amendments; Waivers. This Agreement may not be amended or modified
except by an instrument in writing signed by, or on behalf of, each of the
parties hereto. The failure of a party to insist upon strict adherence to any
term of this Agreement on any

                                        7

<PAGE>

occasion shall not be considered a waiver or deprive such party of the right to
insist later on adherence hereto, or thereafter to insist upon strict adherence
to that term or any other term of this Agreement. Any waiver must be in writing
and signed by the party against whom enforcement is sought in order to be
effective.

      3.6 Governing Law. The interpretation and construction of this Agreement
and (unless otherwise expressly provided herein) all amendments hereof and
waivers and consents hereunder shall, to the extent the particular subject
matter is controlled by state law, be governed by and be construed in accordance
with the substantive law of the State of Delaware, without regard to the
conflicts of laws principles thereof.

      3.7 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (A) 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 SUCH WAIVER, (B) IT UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY
AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.7.

      3.8 Jurisdiction; Service of Process. Any action or proceeding seeking to
enforce any provision of, or based on any right arising out of, this Agreement
shall be brought against any of the parties only in the Courts of the State of
Delaware or, if it has or can acquire jurisdiction, in the United States
District Court for the District of Delaware, and each of the parties consents to
the exclusive jurisdiction of such courts (and of the appropriate appellate
courts) in any such action or proceeding and waives any objection to venue laid
therein. Process in any action or proceeding referred to in the preceding
sentence may be served on any party anywhere in the world.

      3.9 Entire Agreement. This Agreement constitutes a complete statement of
all of the binding agreements among the parties as of the date hereof with
respect to the subject matter contained herein and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or
written, between them with respect to such subject matter.

      3.10 Notices. All notices and other communications under this Agreement
shall be in writing and shall be deemed given (a) when delivered by hand or
certified mail, return receipt requested, postage prepaid, (b) when transmitted
by telecopier

                                        8

<PAGE>

(providing electronic confirmation of transmission) or (c) when received if sent
by overnight courier (providing proof of delivery), to the addressee at the
following addresses or telecopier numbers (or to such other address or
telecopier number as a party may specify from time to time by notice hereunder):

                  (i)   If to JQH:

                        John Q. Hammons
                        300 John Q. Hammons Parkway,
                        Suite 900
                        Springfield, Missouri 65806
                        Telephone: (417) 864-4300
                        Facsimile: (417) 873-3511

                        with a copy (which shall not constitute notice) to:

                        Blackwell Sanders Peper Martin LLP
                        4801 Main Street, Suite 1000
                        Kansas City, Missouri 64112
                        Attn: Gary D. Gilson and
                              David C. Agee
                        Telephone: (816) 983-8000
                        Facsimile: (816) 983-8080

                  (ii)  If to Sponsor Entity:

                        Jonathan D. Eilian
                        JD Holdings, LLC
                        152 West 57th Street, 56th Floor
                        New York, New York  10023
                        Telephone: (212) 884-8827
                        Facsimile: (212) 884-8753

                        with a copy (which shall not constitute notice) to:

                        Kaye Scholer, LLC
                        Three First National Plaza,
                        70 West Madison Street, Suite 4100
                        Chicago, Illinois 60602
                        Attention: Gary R. Silverman and
                                   Lauretta J. Moran
                        Telephone: (312) 583-2300
                        Facsimile: (312) 583-2360

                                        9

<PAGE>

      3.11 Titles and Headings. Titles and headings to sections herein are
inserted for the convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement. References to
"Sections" refer to Sections of this Agreement, unless otherwise stated.

      3.12 Severability. If any term or provision of this Agreement or the
application thereof to any party hereto or set of circumstances shall, in any
jurisdiction and to any extent, be finally held to be invalid or unenforceable,
such term or provision shall only be ineffective as to such jurisdiction, and
only to the extent of such invalidity or unenforceability, without invalidating
or rendering unenforceable any other terms or provisions of this Agreement or
under any other circumstances, and the parties shall negotiate in good faith a
substitute provision which comes as close as possible to the invalidated or
unenforceable term or provision, and puts the parties in a position as nearly
comparable as possible to the position they would have been in but for such
finding of invalidity or unenforceability, while remaining valid and
enforceable.

      3.13 Counterparts. This Agreement may be executed in several counterparts,
each of which shall be considered an original, but all of which together shall
constitute one and the same instrument.

      3.14 Remedies Including Injunction and Specific Performance.

      (a) In the event that any JQH Entity shall fail to perform any of its
obligations under this Agreement, the Sponsor Entity shall be entitled, in
addition to any other remedy that may be available at law or in equity as a
result of such failure, to obtain an injunction and/or specific performance of
any such obligations as a remedy for such breach, and each JQH Entity further
waives any requirements for securing or posting a bond in connection with any
such remedy.

      (b) In the event that any JQH Entity shall default in the performance of
any of its obligations hereunder in any material respect, then the Sponsor
Entity shall have the right (i) to payment by such JQH Entity of any and all
attorneys' fees and costs, including any court costs and costs of any
consultants incurred by such Sponsor Entity in seeking to enforce its rights
under this Agreement, and (ii) to purchase any JQH Subject Hotel in relation to
which the JQH Entity failed to perform its obligations under this Agreement, in
accordance with the provisions of this Agreement, except that the purchase price
payable by such Sponsor Entity to purchase such JQH Subject Hotel shall equal
eighty percent (80%) of the price otherwise payable hereunder.

      3.15 Recording. Each of the parties hereto agrees that this Agreement
evidences a right in real property of each of the parties hereto, and each
agrees that this Agreement, or a Memorandum of this Agreement summarizing its
material terms, shall be recorded in the appropriate recording office for each
JQH Subject Hotel at closing of the Formation Transaction. JQH and each
applicable JQH Entity hereby agrees that this Agreement or a Memorandum hereof
may be recorded in any appropriate recording office in connection with any JQH
Subject Hotel acquired or developed by JQH or any

                                       10

<PAGE>

JQH Entity from and after the date hereof, and JQH and each JQH Entity hereby
authorizes Sponsor Entity to record such Agreement or Memorandum.

      3.16 Confidentiality. Except as otherwise required by law or judicial
order or decree or by any governmental authority, each Sponsor Entity shall
maintain the confidentiality of all nonpublic information obtained by it under
this Agreement in a Sponsor ROFR Notice or pursuant to Section 3.4 herein,
unless such information becomes known to the public in a manner unrelated to
such Sponsor Entity. It is understood and agreed that such nonpublic information
may be disclosed to attorneys, consultants, officers, directors, members or
agents of any Sponsor Entity, to the extent deemed necessary by such Sponsor
Entity, subject to such attorneys', consultants', officers', directors',
members' or agents' maintaining the confidentiality of such information as set
forth herein.

                            [SIGNATURE PAGE FOLLOWS]

                                       11

<PAGE>

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

                                        JD HOLDINGS, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        ________________________________________
                                                    JOHN Q. HAMMONS

                                        ________________________________________
                                        JOHN Q. HAMMONS, as Trustee of the
                                        REVOCABLE TRUST OF JOHN Q.HAMMONS

                                        HAMMONS OF NEW MEXICO, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF FRISCO, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF COLORADO, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                       12

<PAGE>

                                        HAMMONS OF ARKANSAS, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF SOUTH CAROLINA, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF HUNTSVILLE, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF LINCOLN, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF FRANKLIN, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        HAMMONS OF RICHARDSON, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                       13

<PAGE>

                                        RICHARDSON HAMMONS, LP

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        JOHN Q. HAMMONS CENTER, LLC

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                        CITY CENTER HOTEL CORPORATION

                                        By:_____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                       14

<PAGE>

STATE OF________________)
                        )SS.
COUNTY OF_______________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that ______________, ________________ of JD
Holdings, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before me this day in person
and acknowledged that he/she signed and delivered the said instrument as his/her
free and voluntary act and deed and the free and voluntary act of such limited
liability company for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires: ______________________________

STATE OF_____________________
                             )SS.
COUNTY OF____________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, personally known to me to be
the same person whose name is subscribed to the foregoing instrument, appeared
before this day in person and acknowledged that he signed and delivered the said
instrument as his free and voluntary act and deed for the uses and purposes
therein set forth.

            GIVEN under my hand and notarial seal this ____ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires: _____________________________

<PAGE>

STATE OF_________________
                         )SS.
COUNTY OF________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
NEW MEXICO, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this _____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:______________________________

STATE OF___________________
                           )SS.
COUNTY OF__________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, the Trustee of the JOHN Q.
HAMMONS REVOCABLE TRUST, personally known to me to be the same person whose name
is subscribed to the foregoing instrument, appeared before this day in person
and acknowledged that he signed and delivered the said instrument as his free
and voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires: ________________________________

<PAGE>

STATE OF______________________
                              )SS.
COUNTY OF_____________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
FRISCO, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

STATE OF_____________________
                             )SS.
COUNTY OF____________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
COLORADO, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

<PAGE>

STATE OF_______________________
                               )SS.
COUNTY OF______________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
ARKANSAS, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

STATE OF_____________________
                             )SS.
COUNTY OF____________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
SOUTH CAROLINA, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

<PAGE>

STATE OF___________________
                           )SS.
COUNTY OF__________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
HUNTSVILLE, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ___ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

STATE OF________________
                        )SS.
COUNTY OF_______________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
LINCOLN, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of ______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

<PAGE>

STATE OF_________________
                         )SS.
COUNTY OF________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
FRANKLIN, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ___ day of _______, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

STATE OF_________________
                         )SS.
COUNTY OF________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of HAMMONS OF
RICHARDSON, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

<PAGE>

STATE OF_________________
                         )SS.
COUNTY OF________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of RICHARDSON
HAMMONS, LP, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

STATE OF__________________
                          )SS.
COUNTY OF_________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of JOHN Q.
HAMMONS CENTER, LLC, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ____ day of _____, 2005.

                                                 _______________________________
                                                        Notary Public

My commission expires:________________________________

<PAGE>

STATE OF__________________
                          )SS.
COUNTY OF_________________)

      I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that John Q. Hammons, ____________ of CITY CENTER
HOTEL CORPORATION, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before this day in person and
acknowledged that he signed and delivered the said instrument as his free and
voluntary act and deed for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this ___ day of ____, 2005.

                                                 _______________________________
                                                        Notary Public

             My commission expires:________________________________

<PAGE>

                                    EXHIBIT A

                   JQH SUBJECT HOTELS [AND LEGAL DESCRIPTIONS]

A.    DEVELOPED HOTELS

1.    Courtyard by Marriott
      3527 West Kearney, Springfield, Missouri 65803
      Owner: Richardson Hammons, LP

2.    University Plaza Hotel and Convention Center
      333 S John Q. Hammons Parkway, Springfield, Missouri 65806
      Owner: John Q. Hammons Trust

3.    Embassy Suites Lincoln
      1040 P Street, Lincoln, Nebraska 68508
      Owner: John Q. Hammons Trust

4.    Holiday Inn City Centre
      100 W 8th St., Sioux Falls, South Dakota 57104
      Owner: City Centre Hotel Corporation

5.    Sheraton Hotel Sioux Falls
      1211 N. West Ave., Sioux Falls, South Dakota 57104
      Owner: John Q. Hammons Trust

6.    Embassy Suites Nashville South/Cool Springs
      820 Crescent Centre Drive, Franklin, Tennessee 37067
      Owner: Richardson Hammons, LP

7.    Renaissance Dallas Richardson
      900 East Lookout Drive, Richardson, Texas 75082
      Owner: Richardson Hammons, LP

8.    Residence Inn Springfield
      1303 East Kingsley Street, Springfield, Missouri 65804
      Owner: Richardson Hammons, LP

9.    Embassy Suites Northwest Arkansas
      3303 Pinnacle Hills Parkway, Rogers, Arkansas 72758
      Owner: Hammons of Arkansas, LLC

10.   Courtyard by Marriott Oklahoma City Downtown
      2 West Reno Avenue, Oklahoma City, Oklahoma 73102
      Owner: John Q. Hammons Trust

<PAGE>

11.   Renaissance Tulsa Hotel & Convention Center
      6808 South 107th East Avenue, Tulsa, Oklahoma 74133
      Owner: John Q. Hammons Trust

12.   Embassy Suites Hot Springs
      400 Convention Boulevard, Hot Springs, Arkansas 71901
      Owner: Hammons of Arkansas, LLC

13.   Residence Inn Charleston Airport
      5035 International Boulevard, North Charleston, SC 29418
      Owner: Hammons of South Carolina, LLC

14.   Courtyard by Marriott Junction City
      310 Hammons Drive, Junction City, Kansas 66441
      Owner: John Q. Hammons Trust

15.   Embassy Suites Albuquerque
      1000 Woodward Place NE, Albuquerque, New Mexico 87102
      Owner: Hammons of New Mexico, LLC

16.   Embassy Suites Dallas-Frisco
      7600 John Q. Hammons Drive, Frisco, Texas 75034
      Owner: Hammons of Frisco, LLC

17.   Embassy Suites St. Louis-St. Charles
      Two Convention Center Plaza, St. Charles, MO 63303
      Owner: John Q. Hammons

18.   Holiday Inn Express Springfield
      1117 East St. Louis Street, Springfield, Missouri 65806
      Owner: John Q. Hammons Trust

19.   Embassy Suites at Hampton Roads Convention Center
      1700 Coliseum Drive, Hampton, VA 23666
      Owner: John Q. Hammons Trust

20.   Chateau on the Lake Resort Spa and Convention Center
      415 North State Highway 265, Branson, Missouri 65616
      Owner: Chateau Lake LLC

B.    PROPERTIES UNDER CONSTRUCTION / DEVELOPMENT

1.    Embassy Suites
      800 Monroe Street, Huntsville, AL 35801
      Owner: Hammons of Huntsville, LLC

<PAGE>

2.    Embassy Suites
      East Peoria, IL
      Owner: John Q. Hammons Trust

3.    Embassy Suites
      Concord, North Carolina
      Owner: John Q. Hammons Trust

4.    Embassy Suites: Loveland, CO

5.    Embassy Suites: San Marcos, TX

6.    Residence Inn: LaVista, NE

7.    Marriott: Normal, IL

8.    Embassy Suites, Bricktown, OK

9.    Embassy Suites, Asheville, NC

10.   Marriott: Rogers, AR

11.   Marriott: Colorado Springs, CO

12.   Marriott: North Charleston, SC

13.   Residence Inn: Joplin, MO

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