Document:

EX-10.1.3

 Exhibit 10.1.3 
 MANAGEMENT AGREEMENT 
 between 

ESA P PORTFOLIO OPERATING LESSEE LLC 
 (LESSEE) 
 and 

ESA MANAGEMENT, LLC 
 (MANAGER) 

                    , 2013

 TABLE OF CONTENTS 

 

							
			
	ARTICLE I	  	CERTAIN DEFINITIONS	  	 	1	  
			
	ARTICLE II	  	ENGAGEMENT OF MANAGER AND COMMENCEMENT OF MANAGEMENT OF THE HOTELS	  	 	5	  
			
	 Section 2.1.
	  	Engagement of Manager to Manage Hotels	  	 	5	  
	 Section 2.2.
	  	Management Commencement Date	  	 	5	  
			
	ARTICLE III	  	OPERATION OF THE HOTELS AFTER THE MANAGEMENT COMMENCEMENT DATE	  	 	5	  
			
	 Section 3.1.
	  	Duty and Authority of Manager	  	 	5	  
	 Section 3.2.
	  	Operational Standards	  	 	7	  
	 Section 3.3.
	  	Agreements with Related Parties	  	 	8	  
	 Section 3.4.
	  	Emergency Repairs	  	 	8	  
	 Section 3.5.
	  	Major Policy Matters and Decisions	  	 	8	  
	 Section 3.6.
	  	Compliance with Trademark License Agreement	  	 	8	  
	 Section 3.7.
	  	Marketing and Reservation Services	  	 	8	  
	 Section 3.8.
	  	Compliance with Terms of the Loan Documents	  	 	8	  
	 Section 3.9.
	  	Credit Policies	  	 	9	  
	 Section 3.10.
	  	Collection Practices	  	 	9	  
	 Section 3.11.
	  	Centralized Services	  	 	9	  
	 Section 3.12.
	  	Intellectual Property	  	 	10	  
			
	ARTICLE IV	  	OPERATING EXPENSES PAID BY LESSEE	  	 	11	  
			
	 Section 4.1.
	  	Expenses Incurred by Manager on Behalf of Lessee	  	 	11	  
	 Section 4.2.
	  	Debts and Liabilities to Third Parties	  	 	11	  
	 Section 4.3.
	  	Manager Not Obligated to Advance Own Funds	  	 	11	  
			
	ARTICLE V	  	CONSULTING SERVICES OF MANAGER’S AFFILIATES	  	 	11	  
			
	ARTICLE VI	  	COMPLIANCE WITH LAWS	  	 	12	  
			
	 Section 6.1.
	  	Compliance by Manager and Lessee After Management Commencement Date	  	 	12	  
	 Section 6.2.
	  	Lessee’s Right to Contest or Postpone Compliance	  	 	12	  
	 Section 6.3.
	  	Manager’s Right to Terminate Agreement	  	 	12	  
			
	ARTICLE VII	  	HOTEL ACCOUNT, OPERATING FUNDS, AND RESERVE FUND ACCOUNT	  	 	12	  
			
	 Section 7.1.
	  	Hotel Account	  	 	12	  
	 Section 7.2.
	  	Operating Funds	  	 	13	  
	 Section 7.3.
	  	Reserve Fund	  	 	13	  
	 Section 7.4.
	  	Fidelity Bonds	  	 	13	  

  
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	ARTICLE VIII	  	BOOKS, RECORDS AND FINANCIAL STATEMENTS	  	 	14	  
			
	 Section 8.1.
	  	Accounting System	  	 	14	  
	 Section 8.2.
	  	Financial Statements	  	 	14	  
	 Section 8.3.
	  	Periodic Delivery of Data in Electronic Form	  	 	15	  
			
	ARTICLE IX	  	ANNUAL BUSINESS PLAN	  	 	15	  
			
	 Section 9.1.
	  	Preparation of Annual Business Plan	  	 	15	  
	 Section 9.2.
	  	Annual Business Plan Disputes	  	 	15	  
	 Section 9.3.
	  	Deviations from Annual Business Plan	  	 	16	  
			
	ARTICLE X	  	MANAGER’S FEES AND REIMBURSEMENTS	  	 	16	  
			
	 Section 10.1.
	  	Management Fee	  	 	16	  
	 Section 10.2.
	  	Reimbursement of Certain Expenses	  	 	16	  
	 Section 10.3.
	  	Technical Services	  	 	17	  
	 Section 10.4.
	  	Intentionally Omitted	  	 	17	  
	 Section 10.5.
	  	Other Hotel Revenue and Expenses	  	 	17	  
			
	ARTICLE XI	  	INSURANCE	  	 	17	  
			
	 Section 11.1.
	  	Insurance Coverage	  	 	17	  
	 Section 11.2.
	  	Waiver of Subrogation; Lessee Assumes Risk of Adequacy	  	 	18	  
			
	 ARTICLE XII
	  	TERM OF AGREEMENT AND TERMINATION	  	 	18	  
			
	 Section 12.1.
	  	Term	  	 	18	  
	 Section 12.2.
	  	Early Termination	  	 	18	  
	 Section 12.3.
	  	Termination Procedure	  	 	18	  
	 Section 12.4.
	  	Obligations Following Termination	  	 	19	  
	 Section 12.5.
	  	Additional Obligations Upon Lender Termination	  	 	20	  
	 Section 12.6.
	  	Survival	  	 	22	  
			
	ARTICLE XIII	  	REPRESENTATIONS AND COVENANTS	  	 	22	  
			
	 Section 13.1.
	  	Lessee’s Representations	  	 	22	  
	 Section 13.2.
	  	Manager’s Representations	  	 	22	  
	 Section 13.3.
	  	Manager’s Covenants	  	 	23	  
			
	ARTICLE XIV	  	ASSIGNMENT	  	 	23	  
			
	ARTICLE XV	  	CONFIDENTIALITY	  	 	23	  

  
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	ARTICLE XVI	  	INDEMNIFICATION AND LIMITATION OF LIABILITY	  	 	23	  
			
	 Section 16.1.
	  	Lessee’s Indemnification	  	 	23	  
	 Section 16.2.
	  	Manager’s Indemnification	  	 	24	  
	 Section 16.3.
	  	Indemnification Procedure	  	 	24	  
	 Section 16.4.
	  	Good Faith Judgment	  	 	24	  
	 Section 16.5.
	  	Survival	  	 	24	  
			
	ARTICLE XVII	  	 MISCELLANEOUS
	  	 	25	  
			
	 Section 17.1.
	  	Severability	  	 	25	  
	 Section 17.2.
	  	No Partnership	  	 	25	  
	 Section 17.3.
	  	Meetings	  	 	25	  
	 Section 17.4.
	  	Consents	  	 	25	  
	 Section 17.5.
	  	Applicable Law	  	 	25	  
	 Section 17.6.
	  	Successors Bound	  	 	25	  
	 Section 17.7.
	  	Headings	  	 	25	  
	 Section 17.8.
	  	Incorporation of Recitals	  	 	25	  
	 Section 17.9.
	  	Notices	  	 	26	  
	 Section 17.10.
	  	Entire Agreement; Amendments	  	 	26	  
	 Section 17.11.
	  	Manager’s Authority Limited	  	 	26	  
	 Section 17.12.
	  	Exclusive Compensation	  	 	26	  
	 Section 17.13.
	  	Property Rights	  	 	26	  
	 Section 17.14.
	  	Attorneys’ Fees	  	 	26	  
	 Section 17.15.
	  	Complimentary/Discount Policies	  	 	26	  
	 Section 17.16.
	  	No Third Party Beneficiary	  	 	27	  
	 Section 17.17.
	  	REOC	  	 	27	  

  
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 MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”) is made as of
                    , 2013 by and between ESA P PORTFOLIO OPERATING LESSEE LLC (f/k/a ESA P Portfolio Operating Lessee Inc. (f/ka BRE/ESA P Portfolio
Operating Lessee Inc.)), a Delaware limited liability company (“Lessee”), and ESA MANAGEMENT, LLC, a Delaware limited liability company (“Manager”). 

BACKGROUND 
 A.
ESA P Portfolio L.L.C., a Delaware limited liability company, ESH/TN Properties L.L.C., a Delaware limited liability company, ESA P Portfolio MD Trust, a Delaware statutory trust (each referred to herein as “Owner”, and
collectively, as “Owners”) are the owners of those certain properties constituting various hotel properties more specifically described in Schedule A attached hereto and the buildings, structures, fixtures and additions now
or hereafter located thereon (collectively, the “Hotels”); 
 B. The Owners have entered into that certain
Lease Agreement dated as of October 8, 2010 with Lessee (as the same may be amended, restated, supplemented or otherwise modified, the “Operating Lease”) pursuant to which each Owner has leased its applicable Hotel to Lessee
pursuant to the terms thereof; 
 C. Manager is an independent contractor engaged in the management of hotels throughout the
United States, and Manager is experienced in the various phases of hotel operations; and 
 D. Lessee desires to utilize the
services and experience of Manager in connection with the management and operation of the Hotels, and Manager desires to render such services, all upon the terms and conditions set forth in this Agreement. 

AGREEMENT 
 NOW
THEREFORE, in consideration of the foregoing recitals and the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 

“Accounting Period” shall mean each of 12 accounting periods of one calendar month occurring each Fiscal Year.

 “Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly,
(a) controls, is under common control with, or is controlled by such specified Person and (b) owns at least 10% of, is under common ownership of at least 10% with, or is owned at least 10% by, such specified Person. For purposes of this
definition, the term “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management, policies, or activities of a Person, whether through ownership of voting securities, by
contract, or otherwise. 

 “Annual Business Plan” shall have the meaning set forth in
Section 9.1. 
 “Cash Management Agreement” shall mean the cash management agreements executed and
delivered in connection with the Loan (including the mortgage loan and each mezzanine loan). 
 “Cash Management
System” shall mean the cash management system established pursuant to the Cash Management Agreement and each other cash management agreement relating to or contemplated by the Loan and the Loan Documents. 

“Centralized Services” shall have the meaning set forth in Section 3.11. 

“Code” shall mean the Internal Revenue Code of 1986 and, to the extent applicable, the Treasury Regulations promulgated
thereunder, each as amended from time to time. 
 “Emergency Repairs” shall mean repairs which are necessary,
as a result of emergencies, to protect, maintain, or repair the Hotels. Emergencies, for the purposes hereof, shall mean immediate threats of damage or injury to persons or property or immediate threats of violations of law. 

“ESH Hospitality” shall mean ESH Hospitality, Inc. (f/k/a ESH Hospitality, LLC), a Delaware corporation, which will
elect to be taxable as a real estate investment trust under Section 856(c) of the Code, together with its successors and assigns. 
 “ESH IP” shall mean all names, trademarks, domain names and other intellectual property used in connection with the ownership, management or operation of any Hotel. 

“FF&E Percentage Contribution” shall have the meaning set forth in Section 7.3. 

“Fiscal Year” shall mean a Calendar Fiscal Year starting on January 1 and ending on December 31 or portion
thereof depending upon the Management Commencement Date and the termination date hereunder. 
 “Furniture, Fixtures and
Equipment” shall mean furniture, furnishings, light fixtures, outfittings, equipment and all other items of personal property customarily installed in or used in connection with the operation of the Hotels (it being understood, for the
avoidance of doubt, that Furniture, Fixtures and Equipment shall not include major capital improvements to the Hotels). 

“GAAP” shall mean generally accepted accounting principles, as in effect from time to time in the United States of
America, consistently applied. 
 “Gross Operating Revenues” shall mean all receipts, revenues, income and
proceeds of sales of every kind received by Manager from the operation of the Hotels, and shall include, without limitation: room rentals; rent or other payments received from sub-tenants, licensees, and occupants of commercial and retail space
located in the Hotels (provided that the income and/or revenue received by any licensees, subtenants or other occupants which are 

  
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Affiliates of Owner or Lessee shall not be included in Gross Operating Revenues); the proceeds of insurance received by Owner, Lessee or Manager with respect to use and occupancy or business
interruption insurance; deposits forfeited and not refunded; frequent guest program payments; and any amount recovered in any legal action or proceeding or settlement thereof pertaining to room revenues or other income from the Hotels which arose
out of the operation of the Hotels. Gross Operating Revenues shall exclude all sales and excise taxes and any similar taxes collected as direct taxes payable to taxing authorities; gratuities or service charges collected for payment to and paid to
employees; credit or refunds to guests; proceeds of insurance, save and except for proceeds of insurance with respect to use and occupancy or business interruption insurance; proceeds of sales of depreciable property; and proceeds of condemnation.

 “Group Services” shall have the meaning set forth in Section 10.2. 

“Hotel Account” shall have the meaning set forth in Section 7.1. 

“Hotel Information” shall mean information collected and maintained by Manager in connection with its operation and
management of the Hotels pursuant to this Agreement, regardless of the form or medium involved (e.g., paper, electronic, disc, tape, etc.), including without limitation, books of account, guest records, customer lists, front office records
and other records relating to, or reflecting the operation of, the Hotels. 
 “Hotels” shall have the meaning
set forth in Paragraph A of the Background section. 
 “Independent Auditor” shall mean a reputable
national firm of independent certified public accountants having hotel experience, recommended by Manager from time to time and approved by Lessee. 
 “Laws” shall have the meaning set forth in Section 6.1. 
 “Lender” shall mean, collectively, all mortgage and mezzanine lenders party to the Loan Agreement, together with their respective successors and assigns. 

“Licensed Intellectual Property” shall have the meaning set forth in Section 3.12(b). 

“Licensor” shall mean ESH Strategies Branding LLC, a Delaware limited liability company, together with its successors
and assigns. 
 “Loan” shall mean, collectively, all loans (including mortgage loans and mezzanine loans) now
or hereafter made by the Owners and certain Affiliates of the Owners, pursuant to the Loan Documents. 
 “Loan
Agreement” shall mean, collectively, one or more mortgage or mezzanine loan agreements or similar instruments evidencing all or any portion of the Loan by and between the Owners and certain Affiliates of the Owners and Lender. 

  
 3 

 “Loan Documents” shall mean collectively, the Loan Agreement, Cash
Management Agreement and all other documentation now or hereafter entered into by the Owners and certain Affiliates of the Owners and Lender related to such Loan, including, but not limited to, security agreements, promissory notes and other
collateral documents. 
 “Management Commencement Date” shall have the meaning set forth in
Section 2.2. 
 “Management Fee” shall have the meaning set forth in Section 10.1.

 “Operating Equipment” shall mean non-consumable equipment and supplies required for the operation of the
Hotels, including chinaware, glassware, linens, silverware, utensils, uniforms, and all other non-consumable supplies. 

“Operating Funds” shall have the meaning set forth in Section 7.2. 

“Operating Lease” shall have the meaning set forth in Paragraph B of the Background section. 

“Operating Licenses” shall have the meaning set forth in Section 3.1(e). 

“Operating Supplies” shall mean food and beverages and other consumable items used in the operation of a hotel, such as
fuel, soap, cleaning materials, matches, stationery, brochures, folios and all other items used in the routine operation of the Hotels which are consumable by nature. 
 “Owner” and “Owners” shall have the meaning set forth in Paragraph A of the Background section. 

“Parent” shall have the meaning set forth in Section 17.17. 

“Person” means any individual or entity, and the heirs, executors, administrators, legal representatives, successors,
and assigns of such Person where the context so admits. 
 “REOC” shall have the meaning set forth in
Section 17.17. 
 “Reserve Fund” shall have the meaning set forth in Section 7.3.

 “Trademark License Agreement” shall mean that certain Trademark License Agreement dated as of the date
October 8, 2010 by and between Licensor, as licensor, and Lessee, as licensee, as the same may be amended, modified and/or supplemented from time to time. 
 “Uniform System” shall mean the Uniform System of Accounts for Hotels, “Tenth Revised Edition”, as revised and adopted by the Hotel Association of New York City, Inc. from time
to time. 

  
 4 

 ARTICLE II 
 ENGAGEMENT OF MANAGER AND 
 COMMENCEMENT OF MANAGEMENT OF THE HOTELS 

Section 2.1. Engagement of Manager to Manage Hotels. Lessee hereby appoints Manager as Lessee’s exclusive manager,
subject to the terms of this Agreement, to supervise, direct and control the management and operation of the Hotels, and Manager hereby undertakes and agrees to perform, as an independent contractor of Lessee, all of the services and to comply with
all of the provisions of this Agreement, upon all of the terms and conditions hereinafter set forth. 
 Section 2.2.
Management Commencement Date. Manager shall assume management and operation of the Hotels on the date hereof (the “Management Commencement Date”). 
 ARTICLE III 
 OPERATION OF THE HOTELS AFTER THE 

MANAGEMENT COMMENCEMENT DATE 
 Section 3.1. Duty and Authority of Manager. On and after the Management Commencement Date, except as expressly limited hereby, Manager shall have the exclusive authority and duty to direct,
supervise, manage and operate the Hotels in an efficient and economical manner and to determine the programs and policies to be followed in connection therewith, all in accordance with the provisions of this Agreement and the Annual Business Plan.
Manager shall at all times be an independent contractor and not the employee of Owner or Lessee. Subject to the provisions of this Agreement and the Annual Business Plan, Manager shall have the discretion and control in all matters relating to the
management and operation of the Hotels. Without limiting the generality of the foregoing, Manager shall have the authority (subject to the provisions of this Agreement and the Annual Business Plan) and duty to: 

(a) Hire, supervise, direct the work of, discharge and determine the compensation and other benefits of all personnel working in the
Hotels pursuant to a written program of benefits, perquisites and policies which has been delivered to and approved by Lessee. Manager shall be the judge of the fitness and qualifications of such personnel and shall be vested with discretion in the
hiring, training, supervision, direction, discharging, and determination of the compensation and other benefits of such personnel during the course of their employment. It is expressly understood and agreed that all personnel are in the sole employ
of Manager or such company as Manager may contract with regarding said personnel and are not in the employ of Lessee or Owner and Lessee will not interfere with or give orders or instructions to personnel employed at the Hotels. 

(b) Reasonably employ the resources of its home office and regional facilities and personnel to supervise and assist in the operation of
the Hotels. Manager shall provide the following supervisory services: maintenance, human resources and personnel, administration, hotel operations, housekeeping, advertising, food and beverage operations, sales promotion, forecasting and operations
analysis, staff planning, accounting, marketing, revenue management, Information Systems, travel commission, training and oversight of reservations. The foregoing 

  
 5 

 
supervisory services may be provided by Manager’s corporate officers, Manager’s employees, home office administrative heads or otherwise and shall be provided by Manager at its own
expense, including, without limitation, the out-of-pocket expenses, and not charged to Owner, except as otherwise specifically provided for in this Agreement. 
 (c) Establish all prices, price schedules, rates and rate schedules (with the goal of maximizing revenue per available room), rents, lease charges, concession charges, and, in connection therewith, the
supervision, direction and control of the collection, receipt and giving of receipts for all services or income of any nature from the operations of the Hotels. 
 (d) Supervise and maintain complete books and records, including without limitation, the books of accounts and accounting procedures of the Hotels. 

(e) Obtain and maintain all licenses and permits required for the operation of the Hotels (the “Operating Licenses”).
The Operating Licenses may be in the name of Manager, Lessee or Owner in accordance with or as required by local laws, customs and practices. 
 (f) Administer leases, license and concession agreements for all public space at the Hotels, including all stores, office space and lobby space. All such leases, licenses or concessions shall be in
Lessee’s name and may be executed by Manager on Lessee’s behalf after any such lease, license or other agreement has been approved by Lessee. 
 (g) Keep the Hotels and the Furniture, Fixtures and Equipment in good order, repair and condition, including, without limitation, making necessary replacements, improvements, additions and substitutions
to the Hotels, subject to the approved Annual Business Plan. Manager shall effect, institute, and/or supervise all decorations, routine construction, maintenance, repairs and alterations, including, but not limited to, the administration of a
preventive maintenance program for all mechanical, electrical and plumbing systems and equipment, for the Hotels to ensure that the Hotels will be competitive in its market and in compliance with governmental regulations, the requirements of the
Trademark License Agreement and with industry standards, provided that the costs therefor (unless the same relate to emergencies) are included in the Annual Business Plan or are otherwise approved in writing, in advance, by Lessee. Subject to the
limitations set forth in and imposed by the Annual Business Plan and the Loan Documents, Manager will have the right to make such alterations, additions or improvements to the Hotels as are customarily made in the operation or comparable hotels;
provided, however, that no structural alterations, additions or improvements involving a fundamental change in the character of the Hotels will be made without Lessee’s prior written approval. The cost of such
customary alterations, additions or improvements will be paid either out of the Gross Operating Revenues and charged directly to current operating expenses of the Hotels (if permitted by the Loan Documents) or will be paid from the Reserve Fund and
capitalized and amortized on the books of the Hotels. 
 (h) Negotiate and enter into, on behalf of Lessee, service contracts
and licenses required in the ordinary course of business in operating the Hotels, including, without limitation, contracts for life/safety systems maintenance, electricity, gas, telephone, cleaning, elevator and boiler maintenance, air conditioning
maintenance, master television service, laundry and dry cleaning, and other services which Manager deems advisable; provided, however, any 

  
 6 

 
contract for a term in excess of one (1) year or which is not terminable without fee or penalty upon not more than sixty (60) days written notice or under which the total amount payable
is $5,000 or more per Hotel and which is not covered in the Annual Business Plan shall, be approved by Lessee, which approval shall not be unreasonably withheld or delayed. 
 (i) Negotiate and enter into, on behalf of Lessee, agreements for banquet facilities and guest rooms and agreements to provide entertainment for the Hotels, and licenses for copyright music and videos.

 (j) Supervise and purchase or arrange for the purchase in the most economical manner of all inventories, provisions,
Operating Equipment and Operating Supplies, which, in the normal course of business, are necessary and proper to maintain and operate the Hotels. 
 (k) Prepare and submit to Lessee the Annual Business Plan, as hereinafter described in Section 9.1. 
 (l) Consult with Lessee at least quarterly to discuss the operation and management of the Hotels and the performance of Manager’s duties under this Agreement. 

(m) Prepare, or engage an accounting firm reasonably approved by Lessee to prepare, any tax returns and statements which must be filed in
connection with the ownership, operation or management of the Hotels (e.g., sales, use and occupancy taxes, real property taxes, and the like), and shall file (or cause to be filed) such returns and statements and, subject to the availability of
Lessee funds, pay (or cause to be paid) such taxes, all in accordance with applicable Laws. 
 (n) At Lessee’s request,
advise and assist Lessee in connection with negotiating and prosecuting any claims for the abatement, reduction or refund of property taxes affecting the Hotels. 
 (o) Cooperate reasonably with and assist Lessee in any legal proceedings by or against Lessee or Owner with regard to the Hotels and involving third parties. 

(p) Perform such other tasks as are customary and usual in the operation of a hotel of a class and standing consistent with the
Hotels’ facilities. 
 (q) Prepare and maintain all records and reports relating to the Hotels necessary to
demonstrate and support ESH Hospitality’s status as a real estate investment trust for tax purposes. 
 Section 3.2.
Operational Standards. (a) Manager will operate the Hotels at the expense of Lessee in accordance with and subject to the provisions of this Agreement and the Annual Business Plan. Manager shall manage the Hotels in a manner normally
associated with extended stay hotels of similar size, type, or usage in similar locations. Manager shall use due care with respect to the management, maintenance, and protection of, and accounting for, Lessee’s and Owner’s assets.

  
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 (b) Manager shall manage and operate the Hotels and its businesses, services, and sales and
shall exercise diligent efforts to do so at all times in a manner consistent with the standards imposed by the Trademark License Agreement, the Operating Lease, the requirements of all governmental regulations, and the requirements of this
Agreement. 
 (c) Manager shall implement policies and practices to: (i) facilitate effective and efficient discharge of
its obligations under this Agreement; and (ii) to create and enhance goodwill among existing and prospective guests and patrons. 
 Section 3.3. Agreements with Related Parties. Manager shall not enter into any contract with an Affiliate of Manager in connection with the Hotels or Manager’s services under this
Agreement, including, without limitation, for operating, cleaning, maintaining, repairing or servicing the Hotels, without the express prior written consent of Lessee, which consent may be evidenced by Lessee’s approval of the Annual Business
Plan. 
 Section 3.4. Emergency Repairs. In the event Emergency Repairs are needed at the Hotels, Manager shall be
required to use its good faith efforts to obtain Lessee’s verbal approval of any Emergency Repairs prior to making any expenditure therefor. In the event Manager is unable to contact Lessee to obtain its verbal approval of Emergency Repairs,
then Manager is authorized to enter into contracts occasioned by such emergency that provide for expenditures not contemplated by the Annual Business Plan up to a sum of $50,000, and provided the same may be incurred under the Loan Documents.
Manager will promptly give Lessee written notice of any Emergency Repairs made by Manager. 
 Section 3.5. Major Policy
Matters and Decisions. (a) Manager shall submit outlines, in reasonable detail, to Lessee setting forth its plans for and/or any major changes in its management and operation of the Hotels that are likely to have a material effect upon the
profitability of the Hotels prior to Manager’s institution of such changes. 
 (b) Manager shall not make any major policy
decisions or changes not reflected in the applicable Annual Business Plan that would have a potentially material effect on the operations of the Hotels without first obtaining Lessee’s approval of such policy change. 

Section 3.6. Compliance with Trademark License Agreement. Manager shall administer compliance with the Trademark License
Agreement. 
 Section 3.7. Marketing and Reservation Services. Manager shall cause the Hotels to be included in the
national advertising programs and central reservation system for all hotels operated under the trademarks and trade names covered by the Trademark License Agreement. 
 Section 3.8. Compliance with Terms of the Loan Documents. (a) Nothing herein contained shall prevent Lessee or Owner from encumbering the Hotels by mortgage, deed of trust, or trust deed
in the nature of a mortgage. 

  
 8 

 (b) Subject to availability of Lessee funds, Manager shall use diligent efforts to cause the
operation of the Hotels to comply with all terms, conditions, and obligations contained in the Loan Documents or any substitute therefor, of which Manager is made aware (provided that Manager shall be under no obligation to ensure that sufficient
funds for payment thereof are generated from Hotels operations), and with any leases, Lessee’s organizational documents, or other agreements of which Manager is made aware that are executed by Lessee or Owner and that relate to the Hotels.
Manager acknowledges that the terms and provisions of the Loan Documents may provide different standards or requirements with respect to certain matters covered by this Agreement. To the extent the provisions of this Agreement are inconsistent with
restrictions imposed by the Loan Documents, so long as Manager has been notified in writing of such restrictions, the provisions of the Loan Documents shall govern with respect to the matters covered hereby. 

(c) Upon the execution of any of the Loan Documents, Lessee shall furnish Manager with a duplicate copy thereof and, if not designated in
such Loan Documents, shall designate the post office address where notices may be served upon Lender. Manager agrees that, so long as any such Loan Document shall constitute a lien on the Hotels, when Lender shall request in writing copies of any
and all financial or other information, required to be prepared or maintained by Manager, pursuant to the terms and provisions of this Agreement, Manager shall, at Lessee’s direction, deliver same to Lender as often as Lessee may reasonably
request. Moreover, Manager shall allow, upon request of Lessee, any person designated in writing by Lender to examine, audit, inspect, and transcribe all books of account and all other records relating to or reflecting the operation of the Hotels.

 (d) Subject to the applicable terms and conditions of the Loan Documents, this Agreement and the rights of Manager hereunder
are and shall be expressly subordinate and inferior to the rights of Lender under the Loan Documents as and to the extent provided therein. 
 Section 3.9. Credit Policies. Manager shall establish and implement policies and procedures for verifying, accepting, limiting, and rejecting the credit of guests and patrons of the Hotels. In
connection with the foregoing, Manager shall make appropriate arrangements to honor American Express, Visa, MasterCard, such credit cards as may be required or provided by Licensor, and such other credit cards as Manager or Lessee may deem
desirable. Manager shall utilize its best efforts to make such arrangements on the most favorable terms available. 

Section 3.10. Collection Practices. Manager shall employ its best efforts to collect any and all credit card charges, checks,
traveler’s checks, drafts, and other accounts receivable. Manager shall employ collection agencies and legal counsel, where appropriate, to pursue such claims. 
 Section 3.11. Centralized Services. Manager shall provide, or shall cause one or more of its Affiliates to provide, in the operation of the Hotels and for the benefit of its guests, those
benefits, services, and facilities, including joint advertising programs to the extent appropriate (all herein collectively called “Centralized Services”), similar to those furnished to other hotels owned and/or operated by Manager
or its Affiliates. 

  
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 Section 3.12. Intellectual Property. 

(a) Manager acknowledges that the Licensor is the sole and exclusive owner of all rights, title and interest to the ESH IP, which shall
in all events remain the exclusive property of the Licensor (or one or more of Licensor’s Affiliates). Manager further acknowledges that, pursuant to the Trademark License Agreement, Lessee and its Affiliates have a license to use the ESH IP,
which license shall in all events remain the exclusive property of Lessee (or one or more of Lessee’s Affiliates). All use of the ESH IP at or in connection with the Hotels or as otherwise contemplated by this Agreement, and all goodwill
arising therefrom or symbolized thereby, shall inure solely to the benefit of Lessee, Licensor and their respective Affiliates, as applicable. Nothing in this Agreement shall be construed to grant Manager any right of ownership in, or right to use,
or right to license others to use, the ESH IP, except in connection with fulfilling its duties and obligations under this Agreement. Manager may not otherwise use the ESH IP without the prior written consent of Licensor or Lessee, which may be
withheld in Licensor’s or Lessee’s sole and absolute discretion, in any manner whatsoever and shall not apply for registration of any ESH IP or any other intellectual property confusingly similar thereto in any jurisdiction. 

(b) Manager acknowledges that Lessee or its Affiliates are or may become the licensee of certain intellectual property including
intellectual property that may be embodied in software for use at one or more facilities leased by Lessee or its Affiliates and all source and object code versions thereof and all related documentation, flow charts, user manuals, service/operator
manuals and any enhancements, modifications or substitutions thereof (all such intellectual property herein collectively called “Licensed Intellectual Property”). Except as otherwise specified by Lessee, Manager may utilize the
Licensed Intellectual Property to the extent that Manager deems appropriate in connection with the operation of the Hotels for the purpose of carrying out its obligations hereunder, but such use shall be strictly on a non-exclusive basis and neither
such use nor anything contained in this Agreement shall confer any proprietary or other rights in the Licensed Intellectual Property on Manager or any third parties. 
 (c) Upon the expiration or earlier termination of this Agreement, any use of or right to use any of the ESH IP or Licensed Intellectual Property at or in connection with the Hotels by Manager shall cease
forthwith. In the event of the expiration or earlier termination of this Agreement, Manager shall immediately cease using all ESH IP and Licensed Intellectual Property, except to the extent that Manager may be authorized to continue using the same
pursuant to, and in accordance with, the terms and conditions of any separate management or license agreement between Manager and any Affiliate of Lessee or any licensee or franchisee that is otherwise authorized to use any such ESH IP or Licensed
Intellectual Property. Further, Manager will have no right whatsoever from and after the date of expiration or earlier termination to make use of or to dispose of any furnishings and equipment, Operating Equipment and Operating Supplies bearing or
incorporating any ESH IP except upon and in accordance with the terms and provisions of this Section 3.12(c). Specifically, it is understood and agreed that Manager may not make any use of such property from and after the effective date
of such expiration or earlier termination unless Manager is specifically authorized in writing (whether under license from Lessee, Licensor or otherwise, other than by this Agreement) to use property bearing any ESH IP, nor may Manager dispose of
such property to any person or entity whatsoever unless such person or entity is specifically authorized in writing by Lessee or Licensor (whether under license from Lessee or Licensor or otherwise) to use property bearing or incorporating any ESH
IP. 

  
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 (d) Lessee, Licensor and their respective Affiliates shall have the right to injunctive
relief and any other right or remedy available at law or in equity to enforce the provisions of this Section 3.12. 

(e) The provisions of this Section 3.12 shall survive expiration or earlier termination of this Agreement. 

ARTICLE IV 

OPERATING EXPENSES PAID BY LESSEE 
 Section 4.1. Expenses Incurred by Manager on Behalf of Lessee. Everything done by Manager in the performance of its obligations and all expenses incurred under and in accordance with this
Agreement shall be for and on behalf of Lessee and for Lessee’s account, except the services referred to in Article V, which shall be rendered and performed by Manager or its Affiliates at their expense and not separately charged to
Lessee, except as otherwise provided in Section 10.2. 
 Section 4.2. Debts and Liabilities to Third
Parties. As between Lessee and Manager under this Agreement, all debts and liabilities arising in the course of business of the Hotels are and shall be the obligations of Lessee, and, provided such debts and liabilities have been incurred in
accordance with the terms and provisions of this Agreement, Manager shall not be liable for any of such obligations by reason of its management, supervision and operation of the Hotels for Lessee. 

Section 4.3. Manager Not Obligated to Advance Own Funds. Neither Manager nor any of its Affiliates shall be obligated to
advance any of its own funds to or for the account of Lessee, nor to incur any liability unless Lessee shall have furnished Manager with funds necessary for the discharge thereof prior to incurring such liability. If Manager shall have advanced any
funds in payment of a permitted expense in the maintenance and operation of the Hotels, Lessee shall reimburse Manager therefor on demand. Notwithstanding the foregoing, Manager shall pay from its own funds the expenses hereinafter described in
Article V. 
 ARTICLE V 
 CONSULTING SERVICES OF MANAGER’S AFFILIATES 
 Except as hereinafter provided
in Section 10.2, after the Management Commencement Date, the normal consulting services of the corporate officers and employees of Manager or Manager’s Affiliates, including its corporate executives for operations, human resources,
training, food and beverage, finance and administration and real estate, to be rendered from time to time to Manager in connection with the operations of the Hotels, shall be provided by corporate officers and employees of Manager or Manager’s
Affiliates to Manager at Manager’s sole cost and expense and not charged to Lessee hereunder. In no event shall Manager’s Affiliates be deemed a party to this Agreement or responsible in any way for Manager’s obligations pursuant to
this Agreement by virtue of providing the foregoing services to Manager (or any of the services described in Section 10.2 and Lessee reimbursing Manager for the expenses in connection therewith). 

  
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 ARTICLE VI 
 COMPLIANCE WITH LAWS 
 Section 6.1. Compliance by Manager and Lessee After
Management Commencement Date. Manager shall make all reasonable efforts, at expense of Lessee, to assure full compliance with all laws, rules, regulations, requirements, orders, notices, determinations and ordinances of any governing authority
(collectively, “Laws”) relating to the management, leasing, use, operation, repair, supervision and maintenance of the Hotels, including, without limitation, the state and local liquor authorities, the Board of Fire Underwriters and
the requirements of any insurance companies covering any of the risks against which the Hotels is insured. Unless otherwise directed by Lessee, Manager shall, at Lessee’s expense, promptly remedy any violation of any such governmental
regulation which comes or should have come to its attention, which remedy shall be carried out solely at Lessee’s expense (subject to the limitations set forth elsewhere herein) unless caused by an action or omission of Manager not authorized
pursuant to this Agreement or unless Manager has failed to fulfill its duty as required in the immediately preceding sentence, in which event all costs shall be paid solely by Manager. 

Section 6.2. Lessee’s Right to Contest or Postpone Compliance. With respect to a violation of any Laws, Lessee shall
have the right to contest any of the foregoing and postpone compliance pending the determination of such contest, if so permitted by law and not detrimental to the operation of the Hotels, but in such event, Lessee shall indemnify and hold harmless
Manager from any loss, cost, damage or expense, as a result thereof. 
 Section 6.3. Manager’s Right to Terminate
Agreement. Notwithstanding anything in this Agreement to the contrary, if within 30 days of receiving Manager’s written request (accompanied by a statement of Manager’s intention to elect to cancel this Agreement if Lessee fails to
give its approval as provided below) Lessee fails to approve the changes, repairs, alterations, improvements, renewals or replacements to the Hotels which Manager determines in its reasonable judgment are necessary to protect the Hotels, Lessee
and/or Manager from innkeeper liability exposure then Manager may terminate this Agreement any time after such 30 day period upon 7 days’ written notice; provided, however, that if termination of this Agreement could
result in the acceleration of the indebtedness secured by the Loan Documents, then Manager shall not have such right of termination, and in such event, Lessee’s indemnification in Section 16.1 shall apply to such innkeeper liability
as set forth above. 
 ARTICLE VII 
 HOTEL ACCOUNT, OPERATING FUNDS, AND RESERVE FUND ACCOUNT 
 Section 7.1.
Hotel Account. (a) Lessee directs Manager and Manager acknowledges and agrees, pursuant to the terms of the Cash Management Agreement, to deposit or cause to be deposited, all monies received by Manager in the operation of the Hotels,
excluding the Operating Funds furnished by Lessee, into the Cash Management System so long as any amounts under the Loan are outstanding. Lessee agrees that disbursements to Lessee from the Operating Expense Subaccount (as defined in the Cash
Management Agreement) shall be deposited in a special account or accounts (collectively, the “Hotel Account”), in Lessee’s name (or in Manager’s name, as agent of Lessee), in the bank or trust company recommended by
Manager and approved by Lessee. Such monies shall not be mingled with Manager’s other 

  
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funds. Out of the Hotel Account, Manager shall periodically withdraw funds and pay all operating expenses of the Hotels and any fees or compensation of any kind due it pursuant to this Agreement
in accordance with the provisions of this Agreement. Withdrawals from accounts established pursuant to this Article VII shall be signed by representatives of Manager only, provided such representatives are bonded or otherwise insured, and
Manager shall supply Lessee with bonds or other insurance upon Lessee’s request unless said bond or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company to Lessee. Manager may utilize its
centralized disbursement accounts in its name for accounts payable and payroll disbursements, provided that Manager shall only transfer the necessary amount of funds from the Hotel Account to such centralized disbursement accounts required to make
such disbursements on behalf of the Hotels. 
 (b) Manager will maintain the Hotel Account on Lessee’s behalf and all funds
received from Lessee will be and remain the property of Lessee and will be disbursed by Manager only as set forth in this Agreement. Any and all expenses of the Hotels paid by Manager must pass through and be withdrawn from the Hotel Account. Lessee
shall have the right from time to time to direct Manager to change either the depository bank or the depository arrangements and Manager shall implement such changes promptly. Lessee shall have the right to approve and to maintain control of
signature cards for the Hotel Account; provided, however, Lessee shall not withdraw funds from such accounts except as provided below. 
 Section 7.2. Operating Funds. From and after the Management Commencement Date, Lessee shall, if and as required, maintain cash in the Hotel Account (“Operating Funds”)
sufficient in amount to enable Manager to properly manage and operate the Hotels. 
 Section 7.3. Reserve Fund. If
the Loan Documents require a reserve(s) for Furniture, Fixtures and Equipment to be maintained, Manager shall cause such reserve(s) to be maintained in accordance with the terms of the Loan Documents. If the Loan Documents do not require such a
reserve, then, as part of the Hotel Account, there shall be established the Reserve Fund in the manner hereinafter described. To the extent Operating Funds exceed the amount described in Section 7.2 and the amounts needed for capital
expenditures anticipated pursuant to the Annual Business Plan, Manager shall deposit from such excess, if any, in a reserve fund (“Reserve Fund”) an amount equal to 4% of Gross Operating Revenues or such other percentage of Gross
Operating Revenues as Lessee may, from time to time, require (the “FF&E Percentage Contribution”). Manager shall deduct the FF&E Percentage Contribution, if any, on a monthly basis from Gross Operating Revenues and deposit
such amount in the Reserve Fund. The Reserve Fund shall be used only for additions or replacements to Furniture, Fixtures and Equipment in accordance with the Annual Business Plan. 

Section 7.4. Fidelity Bonds. Manager shall obtain a fidelity bond or insurance, in an amount not less than $1,000,000 (or
such other amount reasonably required by Lessee consistent with the commercial availability thereof, the size and scope of Lessee ‘s business being handled by Manager hereunder and reasonable business practice), issued by a company reasonably
acceptable to Lessee, covering Manager and such of Manager’s on-site employees who may handle or be responsible for monies or property of Lessee and place policies of insurance covering the Hotels as directed by Lessee. 

  
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 ARTICLE VIII 
 BOOKS, RECORDS AND FINANCIAL STATEMENTS 
 Section 8.1. Accounting
System. Manager shall keep full and adequate books of account and other records reflecting the results of operation of the Hotels on an accrual basis, all in accordance with GAAP and, as and to the extent applicable to the Hotels, the Uniform
System. The Fiscal Year used by Manager will consist of 12 Accounting Periods of one calendar month each. The Hotel Information shall be kept at the Hotels and/or Manager’s home office and computer storage systems and shall be available to
Lessee and its representatives at all reasonable times for examination, audit, inspection and transcription. All of the Hotel Information, at all times, shall be the property of Lessee. Manager shall treat as confidential any Hotel Information in
its possession, and shall not disclose to any third party, without the prior written consent of Lessee (which approval and consent may be withheld in Lessee’s sole discretion) any Hotel Information, except as may be necessary to perform its
duties and obligations under this Agreement or as may be necessitated by any applicable Laws. Upon the expiration or earlier termination of this Agreement, all Hotel Information shall be turned over to Lessee to ensure the orderly continuation of
the operation of the Hotels, but the books and records shall thereafter be available to Manager at all reasonable times for inspection, audit, examination and transcription. 
 Section 8.2. Financial Statements. 
 (a) Manager shall deliver to
Lessee within twenty (20) days after the end of each Accounting Period a profit and loss statement showing the results of the operation of the Hotels for such Accounting Period, the Fiscal Year to date, and the trailing twelve (12) month
period, and a statement of gross revenues received from rooms, food and beverage and other sources, guest room occupancy percentage, average room rates, total expenses paid and a cash forecast. Information relating to other matters pertaining to the
management, operation, maintenance, and supervision of the Hotels not covered in such monthly operating reports as Lessee shall reasonably request will be provided to Lessee (provided such information is generally within the scope of Manager’s
other obligations and duties hereunder), within 20 days of such request. 
 (b) Manager shall deliver to Lessee within
forty-five (45) days after the end of each of the first, second and third calendar quarters, quarterly financial statements in consistent form and presentation to the annual combined balance sheet, income statement and statement of cash flows,
exclusive of footnotes, accompanied by a reconciliation to the year-to-date monthly property operations reports and capital expenditures report. 
 (c) Manager shall cooperate with the Independent Auditor so as to allow the Independent Auditor to deliver to Lessee within 90 days after the end of each Fiscal Year a profit and loss statement showing
the result of operation of the Hotels during such Fiscal Year, and the net operating income or loss, if any, for such Fiscal Year and a balance sheet for the Hotels as of the close of such Fiscal Year. Manager shall, together with such statement,
deliver to Lessee a statement of income and expenses for such Fiscal Year and a statement of balances in the Hotel Account. Any disputes as to the contents of any such statements or any accounting matter hereunder, shall be determined by the
Independent Auditor whose decision shall be final and conclusive on Manager and Lessee. 

  
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 Section 8.3. Periodic Delivery of Data in Electronic Form. Upon request by
Lessee (but not more than twice in any calendar year), Manager shall deliver to Lessee, within a reasonable period of time after such request, a copy of such Hotel Information as may be requested by Lessee (or if Lessee has previously made a request
under this Section 8.3 for such Hotel Information, a copy of all such Hotel Information collected since such previous request) collected or maintained by Manager, in such electronic format as Lessee may reasonably require. 

ARTICLE IX 

ANNUAL BUSINESS PLAN 
 Section 9.1. Preparation of Annual Business Plan. (a) Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar
year 2013. Thereafter, at least 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for each Fiscal Year, Manager shall submit to Lessee an annual business plan for the succeeding Fiscal
Year. Each annual business plan proposed by Manager and approved by Lessee in accordance with this Article IX (an “Annual Business Plan”) shall include: an operating budget showing estimated Gross Operating Revenues,
department profits, operating expenses, and net operating income or loss for the forthcoming Fiscal Year for the Hotels; a marketing plan (for Fiscal Year 2014 and each Fiscal Year thereafter); a cash flow forecast; projected average daily room
rates; the budget for replacing Furniture, Fixtures and Equipment and for making capital improvements; and the basis of allocation of the Group Services, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly
set forth, and otherwise complying with the applicable requirements set forth in the Operating Lease. 
 (b) Within 5 business
days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual
Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan,
together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event Manager timely makes any reasonable objection to any
proposed revision by Lessee to the proposed Annual Business Plan, Lessee and Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to
agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documents. 

Section 9.2. Annual Business Plan Disputes. In the event Lessee and Manager are unable to agree upon an Annual Business Plan,
or as to any revisions requested by Lessee to the proposed Annual Business Plan, for any Fiscal Year by the date on which such Annual Business Plan must be submitted to Lender under the Loan Documents, Lessee shall prevail and

  
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the proposed Annual Business Plan shall be deemed approved as so revised by Lessee (and as the same may further be revised by Lessee to the extent required by Lender pursuant to the Loan
Documents) and shall thereafter constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. No action shall be taken and no expenditures shall be made under any proposed Annual Business Plan unless and until the
proposed Annual Business Plan is approved by Lessee. 
 Section 9.3. Deviations from Annual Business Plan. Manager
shall diligently pursue all feasible measures to enable the Hotels to adhere to the Annual Business Plan. To the extent ascertainable in advance, Manager shall notify Lessee of any projected material variance from the Annual Business Plan.
Notwithstanding anything herein to the contrary, Manager is not warranting or guaranteeing in any respect that the actual operating results of the Hotels during the period covered by the Annual Business Plan will not materially vary from the
projections described in the Annual Business Plan. 
 ARTICLE X 

MANAGER’S FEES AND REIMBURSEMENTS 
 Section 10.1. Management Fee. During each Fiscal Year after the Management Commencement Date (and for a fraction of any partial Fiscal Year) during the term hereof, in consideration of the
services Manager is to render under this Agreement, Manager will be paid a fee (the “Management Fee”) equal to the sum of (a) 2.50% of all Gross Operating Revenues up to $500,000,000 for such Fiscal Year plus
(b) 0.5% of all Gross Operating Revenues over $500,000,000 for such Fiscal Year. Subject to the applicable provisions of the Loan Documents (including, without limitation, any Cash Management System), the Management Fee will be paid in
installments by deducting such fee from Gross Operating Revenues immediately following each Accounting Period at the rate of (i) 2.50% of Gross Operating Revenues for that Accounting Period until Gross Operating Revenues for the applicable
Fiscal Year are equal to $500,000,000 and (ii) 0.5% of Gross Operating Revenues for that Accounting Period thereafter. At the end of each Fiscal Year following the annual audit, an adjustment will be made, if necessary, and all sums due either
Manager or Lessee shall be paid promptly. 
 Section 10.2. Reimbursement of Certain Expenses. Notwithstanding the
provisions of Article V (but subject to the Annual Business Plan), Lessee shall reimburse Manager for all of the following property-level costs and expenses incurred in managing and operating the Hotels: (i) the salaries or wages of any
officers, directors or employees of Manager or any of Manager’s Affiliates who shall be regularly or temporarily employed or assigned on a full-time basis at the Hotels for the period of such employment or assignment; (ii) personnel
providing in-house legal services to Manager or any of Manager’s Affiliates in connection with matters involving the Hotels, which services shall be charged at rates equal to or less than Manager’s or such Affiliate’s costs associated
with such services (provided, that to the extent such services are provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group rather than on an individual basis, the cost of such services
shall be allocated on a fair and equitable basis among Lessee and such other lessees, owners or other clients benefiting therefrom in the manner, if any, described in the Annual Business Plan); (iii) the out-of-pocket expenses of employees of
Manager or any of Manager’s Affiliates incurred in connection with the management and operation of the Hotels (provided, that to the extent such 

  
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services are provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group rather than on an individual basis, the cost of such services
shall be allocated on a fair and equitable basis among Lessee and such other lessees, owners or other clients benefiting therefrom in the manner, if any, described in the Annual Business Plan); and (iv) certain other services (including general
and administrative) (collectively, the “Group Services”) best provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group rather than on an individual basis, the cost of which
Group Services shall be allocated on a fair and equitable basis among Lessee and such other lessees, owners or other clients benefiting therefrom in the manner described in the Annual Business Plan, including, without limitation, the following:
(A) advertising, sales and marketing, (B) payroll processed through Automatic Data Processing Inc. (or other companies providing similar services), and MIS support services; (C) accounting services; (D) revenue management;
(E) facilities and purchasing services; (F) information technology services; (G) reservation services; (H) travel agent commissions; and (I) Centralized Services. 

Section 10.3. Technical Services. Service fees for technical services for the Hotels shall be paid to Manager or its
Affiliates if Lessee requests such services of Manager, or any other services beyond the scope of services to be provided pursuant to this Agreement. The amount of fees shall be agreed to by Lessee and Manager prior to commencing such services.
Technical services include renovation coordination, design review, construction management and related services. 

Section 10.4. Intentionally Omitted. 
 Section 10.5. Other Hotel Revenue and Expenses. Lessee acknowledges that Manager and Manager’s Affiliates have the right to, and currently do, manage, operate and otherwise provide
services to hotel and lodging facilities and enterprises other than the Hotels. Each of Lessee and Manager acknowledges and agrees that any and all income derived from, and expenses incurred by, Manager or any of Manager’s Affiliates, directly
or indirectly, from the management and operation of, and provision of services to, such other hotel and lodging facilities and enterprises shall be, as between Lessee (on the one hand), and Manager and Manager’s Affiliates (on the other hand),
solely for the account of Manager and/or Manager’s Affiliates and shall in no event be borne by or credited to Lessee. 

ARTICLE XI 

INSURANCE 

Section 11.1. Insurance Coverage. Lessee, or Manager at the direction of Lessee, shall provide and maintain, at Lessee’s
cost and expense and in Lessee’s and Owner’s name, insurance sufficient to furnish to Lessee, Owner and Manager reasonable and adequate protection in the management and operation of the Hotels. All insurance shall be in the name of Lessee,
Owner and Manager as the insured and shall contain riders and endorsements adequately protecting the interests of Lessee, Manager and Owner as it may appear including, without limitation, provisions for at least 20 days’ notice to Manager,
Lessee and Owner of cancellation or of any material change therein. Prior to the Management Commencement Date and the commencement of each Fiscal Year thereafter, Manager shall furnish Lessee and each Owner with certificates evidencing the insurance
coverages required pursuant to this Agreement and with evidence of the payment of premiums therefor. 

  
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 Section 11.2. Waiver of Subrogation; Lessee Assumes Risk of Adequacy. Lessee
shall have all policies of insurance provide that the insurance company will have no right of subrogation against either party hereto, their agents or employees. Lessee assumes all risks in connection with the adequacy of any insurance or
self-insurance program. 
 ARTICLE XII 
 TERM OF AGREEMENT AND TERMINATION 
 Section 12.1. Term. This Agreement
shall be for a period commencing on Management Commencement Date and ending on December 31, 2025 (the “Expiration Date”), unless sooner terminated as hereinafter provided. 

Section 12.2. Early Termination. This Agreement can be terminated by either party hereto at its option for any or no reason.
If either party exercises its right to terminate this Agreement prior to the Expiration Date, the rights and obligations of the parties will cease (other than those that expressly survive the termination of this Agreement) except as to fees and
reimbursements due Manager or its Affiliates or Lessee pursuant to this Agreement, including without limitation, Article X, and claims for non-performance by Lessee against Manager and other claims of liabilities of either party which accrued or
arose before termination. 
 Section 12.3. Termination Procedure. 

(a) If a termination occurs pursuant to Section 12.2, the party electing to terminate shall give the other party at least 60
days’ prior written notice of such election, specifying the date of such termination. On the date specified in such notice, Manager shall cease all activities at the Hotels and shall have no further obligations under this Agreement except those
obligations which specifically survive any termination hereof. 
 (b) If one or more (but less than substantially all) of the
Hotels are (i) sold, conveyed or otherwise transferred to another party, (ii) damaged or destroyed by casualty and Owner has elected not to restore, or (iii) taken in a condemnation proceeding, then this Agreement shall automatically
terminate with respect to such Hotel(s) from the date of such sale, casualty or condemnation but shall continue with respect to the other Hotels in accordance with the terms of this Agreement. 

(c) Prior to the date Manager ceases activities at the Hotels, Manager shall be paid any and all fees earned or expenses due it pursuant
to this Agreement, and as soon thereafter as is reasonably practicable, pay any fees or expenses upon the final accounting in Section 12.4(a), and Manager shall cooperate with Lessee (and Owner, if applicable) in effectuating an orderly
transition to any new manager of the Hotels (or to any new owner, or to Lessee or Owner, or to any of their respective designee’s, as the case may be) so as to avoid any interruption in the rendering of services at the Hotels and take such
other actions as are required under Section 12.4. 

  
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 Section 12.4. Obligations Following Termination. Upon the expiration or earlier
termination of this Agreement for any reason, Manager’s authority to act for the Lessee or the Owners shall immediately cease and Manager shall do, and execute and/or deliver to Lessee, the following with respect to the Hotels, all of which
shall be done, and executed and/or delivered to or as directed by Lessee, promptly upon the expiration or earlier termination hereof or as soon thereafter as is reasonably practicable. 

(a) A final accounting, reflecting receipts and disbursements in connection with the operations of the Hotels during the current Fiscal
Year through the date of termination. 
 (b) Any balance of monies of Lessee, including, without limitation, any undisbursed
funds in the Hotel Account. 
 (c) All Hotel Information (including all Hotel Information stored in any electronic format),
service contracts, reservations, leases, receipts for deposits, unpaid bills and other papers or documents which pertain to the Hotels, including, but not limited to, all original documents. In addition, Manager shall assist Lessee (or its designee)
in migrating and porting any Hotel Information stored in electronic format from the system or systems used by Manager to any new system or systems designated employed by Lessee or its designee, including, to the extent necessary, parsing and
decoding the existing content and format of such electronic data to facilitate such transfer, all such reasonable out-of-pocket costs to be reimbursed to Manager. 
 (d) All documents and instruments necessary to transfer to Lessee or its designee or nominee, to the extent transferable, all Operating Licenses held by Manager necessary to operate the Hotels.

 (e) Manager will assign to Lessee or its nominee, and Lessee and its nominee, if any, will assume, all space leases and
concession agreements in effect with respect to the Hotels then in Manager’s, rather than Lessee’s, name, except for blanket concessions affecting other hotels or conference centers operated by Manager or its Affiliates. 

(f) Manager will take such further actions as Lessee may reasonably require to assure an orderly transition of the Hotels’
operations, including, without limitation, providing inventories of Furniture, Fixtures and Equipment, Operating Equipment and Operating Supplies. 
 (g) Any and all Furniture, Fixtures and Equipment (along with then existing warranties, operating instructions, and service contracts), Operating Equipment, Operating Supplies, keys, locks and safe
combinations, reservation lists, ledgers, bank statements for the Hotel Account, budgets, accounting books and records, insurance policies, bonds and other documents, memoranda, schedules, lists, contracts, agreements, leases, licenses,
correspondence, and other items required for the operation of the Hotels. 
 (h) Manager shall remove all of Manager’s
personal property from the Hotel premises. 

  
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 (i) Without limiting the provisions of clause (d) above, Manager shall cooperate with
Lessee to transfer all liquor licenses to, or to obtain new liquor licenses, in the name of Lessee or Lessee’s designee. Manager shall make commercially reasonable efforts to provide interim liquor licenses for up to one hundred eighty
(180) days to Lessee or Lessee’s designee, provided that Manager may condition such provision on its receipt of market standard fees and a commercially reasonable indemnity from such party with respect to such claims as may arise in
connection with the sale of liquor from Hotels. 
 (j) Without limiting any of the foregoing, Manager shall, for a period of
ninety (90) days after such expiration or earlier termination of this Agreement, make itself available at all reasonable times to consult with and advise Lessee or Lessee’s designee regarding the management, operation and maintenance of
the Hotels; in such event, Lessee, Owner or the purchaser of the Hotels shall reimburse Manager for all of Manager’s reasonable out-of-pocket costs and expenses incurred during such 90-day period in connection with providing such consulting and
advisory services, including, without limitation, the appropriately allocable portion of Manager’s payroll expenses for personnel involved in assisting with such transition. 

Section 12.5. Additional Obligations Upon Lender Termination. Capitalized terms used but not otherwise defined in this
Section 12.5 shall have the meaning given to such terms in that certain Assignment of Management Agreement and Subordination of Management Agreement, dated as of the date hereof, by and among Lessee, ESA Canada Operating Lessee ULC, ESA
P Portfolio MD Trust, ESA Canada Administrator L.L.C., ESA Canada Properties Trust, Lender (as defined therein) and Manager (the “AMA”). Subject to the provisions of Sections 8 and 9 of the AMA, if (I) upon the occurrence of a
Termination Event, Lender elects to cause this Agreement to be terminated pursuant to clause (ii) of Section 5(a) of the AMA, or (II) Manager elects to terminate this Agreement pursuant to Section 12.2 following a foreclosure
or deed-in-lieu thereof where Lender or its designee takes title to the Property, then, at the election of Lender (to be specified in the written notice to Lessee and Manager specified in clause (ii) of Section 5(a) of the AMA), for a
period continuing through the earlier of (x) the date that is twenty-four (24) months after the Termination Event or (y) such earlier date on which Lender provides written notice to Manager that the transition to a replacement manager
is complete (the “Transition Period”; the end of the Transition Period being the “Termination Date” in such case) Manager shall (subject to Lender’s payment and Manager’s receipt of all Management Fees,
including reimbursement of all costs and expenses of Manager that are reimbursable under and in accordance with this Agreement, during the Transition Period): 
 (a) subject to the terms of the AMA, continue to perform all of Manager’s obligations under the terms of this Agreement and provide reasonable cooperation and assistance to Lender in conducting such
diligence and related activities as Lender may from time to time reasonably request in anticipation of and in connection with the transfer of management of any one or more Individual Properties or any other Collateral to a replacement manager,
including in respect of the reservation system, the marketing program and all Intellectual Property utilized by Manager in operating each Individual Property (such activities, collectively, the “Diligence Activities”); provided,
that in connection with any such Diligence Activities, Lender shall pay or reimburse Manager for all out-of pocket costs and expenses actually incurred by Manager without duplication of any costs or expenses reimbursed under the Management Agreement
or Services Agreement; 

  
 20 

 (b) in order to facilitate the orderly transition as a going concern of the hotel business
conducted at the Properties by Borrower, Lessee and the other Loan Parties and the ability of Lender to transfer that business to a third party subsequent to the commencement of the Transition Period, shall provide reasonable cooperation and
transition assistance to Lender, any successor owner of any one or more Individual Properties and/or any third party replacement manager or management company identified by Lender, which assistance shall consist of the following: (A) complying
with all obligations set forth in Section 12.3 and Section 12.4 of this Agreement for the entire term of the Transition Period, notwithstanding the ninety (90) day period set forth therein, (B) operating the
Properties as part of a national advertising program otherwise applicable to its hotels, (C) including the Properties in the central reservation system for all hotels operated under the ESA Brand and any third party software owned and/or
licensed by Manager and used by Manager or any Person in managing and operating the Collateral, in each case, as provided in this Agreement and substantially in accordance with Manager’s then current practice, (D) subject to any
limitations or restrictions imposed by applicable law, providing reasonable access to, and upon reasonable request transferring to Lender, any successor owner of any one or more Individual Properties and/or any third party replacement manager or
management company identified by Lender (each, a “Transition Party” and collectively, the “Transition Parties”) all guest data (to the extent maintained or compiled by Manager on behalf of Borrower or any other Loan
Party) and Individual Property-level employee data relating to the operation of the Properties, (E) maintaining and cooperating with Lender to effectuate the transfer (to the extent transferable), at Lender’s request and at Lender’s
sole cost and expense, of all licenses, permits, authorizations held by Manager and necessary for the operation of each Individual Property, (F) delivering to the Transition Parties any Hotel Information, financial information and other books
and records relating to the operation of the Individual Properties which are in the control of Manager and which are required to be delivered by Manager under this Agreement or are otherwise reasonably requested, (G) providing onsite access at
reasonable times and upon reasonable notice to the office of Manager for inspection of books and records and observation of operations (which shall not be construed to include any training activities) as provided in this Agreement,
(H) providing reasonable access to senior management of Manager to discuss the provision of the services contemplated hereby at reasonable times and upon reasonable notice, (I) subject to any limitations or restrictions imposed by
applicable law, providing the Transition Parties with employment records with respect to (1) Individual Property-level employees that Lender is seeking to transfer and (2) back-office employees that provide services exclusively to one or
more Individual Properties; provided, that such employees do not provide services to other assets managed by Manager (collectively, “Target Employees”), (J) providing reasonable access to Target Employees upon reasonable
notice to permit the Transition Parties to offer employment to such employees in connection with such transfer, (K) providing Centralized Services to the Transition Parties for the operation of the Collateral, subject to the terms and
provisions of this Agreement and (L) taking all reasonable steps necessary, subject to availability of sufficient Property revenue, to keep in full force and effect during the Transition Period all insurance policies and coverages required
under this Agreement (such services, collectively, the “Transition Services”); and 
 (c) if requested by the
Transition Parties, reasonably cooperate with the Transition Parties at no cost or expense to Manager, in identifying and contracting third-party licensors, vendors and providers of software used or licensed in the operation of the centralized
reservation system, website and property management system to secure any required consents necessary for a Transition Party to continue operating the Collateral. 

  
 21 

 Section 12.6. Survival. The provisions of Sections 12.3, 12.4, and
12.5 shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE XIII 

REPRESENTATIONS AND COVENANTS 
 Section 13.1. Lessee’s Representations. Lessee covenants, represents and warrants as follows: (a) as of the date hereof, Lessee will be the tenant under the Operating Lease with
respect to the Hotels and has full power and authority to enter into this Agreement; (b) throughout the term of this Agreement and except as provided in the Operating Lease, Lessee will pay, keep, observe and perform all payments, terms,
covenants, conditions and obligations under any lease or other concession and any real estate taxes or assessments covering or affecting the Hotels; (c) the execution of this Agreement is permitted by the Articles of Incorporation, By-Laws or
other organizational documents of Lessee and this Agreement has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of Lessee; (d) there is no claim, litigation, proceeding or governmental
investigation pending, or as far as is known to Lessee, threatened, against or relating to Lessee, the properties or business of Lessee or the transactions contemplated by this Agreement that does, or may reasonably be expected to, materially and
adversely affect the ability of Lessee to enter into this Agreement or to carry out its obligations under this Agreement; and (e) neither the consummation of the actions contemplated by this Agreement on the part of Lessee to be performed, or
the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default under, any agreement, indenture, instrument or
undertaking to which Lessee is a party or by which it is bound. 
 Section 13.2. Manager’s Representations.
Manager covenants, represents and warrants as follows: (a) the execution of this Agreement is permitted by the limited liability company agreement or other organizational documents of Manager and this Agreement has been duly authorized,
executed and delivered and constitutes the legal, valid and binding obligation of Manager enforceable in accordance with its terms; (b) there is no claim, litigation, proceedings or governmental investigation pending, or as far as is known to
Manager, threatened, against or relating to Manager, the properties or business of Manager or the transactions contemplated by this Agreement that does, or may reasonably be expected to, materially and adversely affect the ability of Manager to
enter into this Agreement; (c) neither the consummation of the actions contemplated by this Agreement on the part of Manager to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will
result in the breach of any of the terms, conditions or provisions of, or constitute a default under, any agreement, indenture, instrument or undertaking to which Manager is a party or by which it is bound; and (d) subject to obtaining
Lender’s consent to the extent required under the Loan Agreement and so long as any amounts under the Loan are outstanding, this Agreement shall be modified in the event that it is reasonably determined by the Owners under the Operating Lease
that the terms of this Agreement cause the Rent (as defined in the Operating Lease) to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code; provided however, no such modification shall affect
the amount of the Management Fee or the practical realization of the rights and benefits of Manager hereunder. 

  
 22 

 Section 13.3. Manager’s Covenants. From the Management Commencement Date
until the Expiration Date or earlier termination of this Agreement, Manager covenants that it shall satisfy the following requirements: (a) Manager shall not permit wagering activities to be conducted at or in connection with the Hotels by any
Person who is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with the Hotels; and (b) Manager shall not sublet the Hotels or enter into any similar arrangement on any
basis such that the rental or other amounts to be paid by the sublessee thereunder would be based, in whole or in part, on either (i) the net income or profits derived by the business activities of the sublessee or (ii) any other formula
such that any portion of the rent would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto. 

ARTICLE XIV 

ASSIGNMENT 

Neither party shall assign or transfer or permit the assignment of transfer of this Agreement without the prior written consent of the
other. In the event of consent by either party to an assignment of this Agreement by the other, no further assignment shall be made without the express consent in writing of such party, unless such assignment may otherwise be made without such
consent pursuant to the terms of this Agreement. An assignment by either Lessee or Manager of its interest in this Agreement shall not relieve Lessee or Manager, as the case may be, from their respective obligations hereunder unless the assignee
accepts full responsibility for performance of the same. 
 ARTICLE XV 

CONFIDENTIALITY 

The matters set forth in this Agreement are strictly confidential and Lessee and Manager will make every reasonable effort to ensure that
the information is not disclosed to any person or entities (including the press) other than those persons or entities needed to carry out the provisions of this Agreement without first consulting with and obtaining the consent of the other party,
which consent shall not be unreasonably withheld. The provisions of this Article XV shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE XVI 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 

Section 16.1. Lessee’s Indemnification. Lessee shall hold harmless, indemnify and defend Manager and its Affiliates and
their respective agents, employees, officers, directors and shareholders from and against all claims (administrative or judicial), damages, losses and expenses (including, but not limited to, attorneys’ fees for pre-trial, trial and appellate
proceedings, accounting fees, appraisal fees and consulting and expert witness fees) arising out of or resulting from Manager’s activities performed pursuant to this Agreement, any franchise agreement, any past or future building code or
life/safety code violations, and injury to person(s) 

  
 23 

 
and damage to property or business by reason of any cause whatsoever in and about the Hotels or elsewhere, and any requirement or award relating to course of employment, working conditions, wages
and/or compensation of employees or former employees at the Hotels, unless such injury or damage is caused by the gross negligence or willful misconduct or fraud on the part of Manager, its agents, employees, representatives or independent
contractors or by any breach of Manager’s obligations under this Agreement. Lessee ‘s foregoing indemnification obligation to indemnify Manager and its Affiliates shall extend to any claims between Lessee and Manager or its Affiliates
arising out of this Agreement or otherwise. Any indemnification shall apply regardless of whether or not said claim, damage, loss or expense is covered by insurance as herein provided. 

Section 16.2. Manager’s Indemnification. Manager shall hold harmless, indemnify and defend Lessee and its Affiliates,
and their respective agents, employees, officers, directors and shareholders, from and against all claims (administrative or judicial), damages, losses and expenses (including, but not limited to, attorneys’ fees for pre-trial, trial and
appellate proceedings accounting fees, appraisal fees and consulting and expert witness fees) arising out of or resulting from Manager’s gross negligence, willful misconduct or fraud or from Manager’s breach of its obligations under this
Agreement. Manager’s foregoing indemnification obligation to indemnify Lessee and its Affiliates shall extend to any claims between Manager and Lessee or its Affiliates arising out of this Agreement or otherwise. Any indemnification shall apply
regardless of whether or not said claim, damage, loss or expense is covered by insurance as herein provided. 

Section 16.3. Indemnification Procedure. Upon the occurrence of an event giving rise to indemnification, the party seeking
indemnification shall notify the other party hereto and provide the other party hereto with copies of any documents reflecting the claim, damage, loss or expense. The party seeking indemnification is entitled to engage such attorneys and other
persons to defend against the claim, damage, loss or expense, as it may choose. The party providing indemnification shall pay the reasonable charges and expenses of such attorneys and other persons on a current basis within 20 days of submission of
invoices or bills. Except as otherwise provided in the Operating Lease, if any claim, lawsuit or action (administrative or judicial) is maintained against Manager, Lessee or the Hotels due to allegations or actions arising prior to the Management
Commencement Date and Manager had no involvement with the Hotels prior to such date, Lessee shall bear full and complete responsibility for the defense of Lessee and Manager, specifically including all legal fees and necessary and attendant expenses
for the vigorous defense and representation of the interests of Manager (for pre-trial, trial and appellate proceedings) and Lessee. Lessee shall support and pay for all legal fees and representations necessary to remove Manager from any claim,
action (administrative or judicial), or lawsuit covered by the immediately preceding sentence. 
 Section 16.4. Good
Faith Judgment. To the extent that any provision of this Agreement leaves something to the discretion of Manager, Manager will not be liable for any action taken by Manager in the exercise of its discretion as long as in exercising such
discretion, Manager was using its good faith judgment. 
 Section 16.5. Survival. The provisions of this Article
XVI shall survive the expiration or earlier termination of this Agreement. 

  
 24 

 ARTICLE XVII 
 MISCELLANEOUS 
 Section 17.1. Severability. In the event that any
portion of this Agreement shall be declared invalid by order, decree or judgment of a court, this Agreement shall be construed as if such portion had not been inserted herein except when such construction would operate as an undue hardship to
Manager or Lessee or constitute a substantial deviation from the general intent and purpose of said parties as reflected in this Agreement. The failure of either party to insist upon a strict performance of any of the terms or provisions of this
Agreement or to exercise any option, right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force
and effect. No waiver by either party of any term or provision hereof shall be deemed to have been made unless expressed in writing and signed by such party. 
 Section 17.2. No Partnership. The relationship of Lessee and Manager shall be that of principal and independent contractor. Nothing contained in this Agreement shall be construed to create a
partnership or joint venture between Lessee and Manager or their respective Affiliates or successors in interest. In the performance of its duties in the management and operation of the Hotels, Manager shall act solely as an independent contractor.
It is expressly covenanted that this Agreement is no more than an agreement for the rendering of services by Manager on behalf of Lessee in the operation and management of the Hotels. Manager shall not be Lessee’s fiduciary, nor shall Manager
owe Lessee a fiduciary duty. 
 Section 17.3. Meetings. Lessee and Manager shall meet with each other from time to
time so that Manager and Lessee may discuss the status of operations and future plans, recommendations and projections. The meetings will be held at mutually convenient dates and locations. 

Section 17.4. Consents. Except as herein otherwise provided, whenever in this Agreement the consent or approval of Lessee or
Manager is required, such consent or approval shall not be unreasonably withheld or delayed. Such consent or approval shall be in writing only and shall be duly executed by an authorized officer or agent of the party granting such consent or
approval. 
 Section 17.5. Applicable Law. This Agreement shall be construed under, and governed in accordance with,
the laws of the State of New York. 
 Section 17.6. Successors Bound. This Agreement shall be binding upon and inure
to the benefit of Lessee, its successors and assigns, and shall be binding and inure to the benefit of Manager and its permitted assigns. 
 Section 17.7. Headings. Headings of Articles and Sections are inserted only for convenience and are in no way to be construed as a limitation on the scope of the particular Articles or
Sections to which they refer. 
 Section 17.8. Incorporation of Recitals. The recitals set forth in the preamble of
this Agreement are hereby incorporated into this Agreement as if fully set forth herein. 

  
 25 

 Section 17.9. Notices. Notices, statements and other communications to be given
under the terms of this Agreement shall be in writing and (a) delivered by hand against receipt, (b) sent by certified or registered mail or by Federal Express or other similar overnight mail service, return receipt requested or
(c) sent by telecopier (with answer back acknowledged), (or at such other address as from time to time designated by the party receiving the notice): 
  

			
	If to Lessee:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, NC 28277
		  	Attention: President
		  	Attention: President
		  	Facsimile No.: (980) 335-3089
		  	Attention: General Counsel
		  	Facsimile No.: (980) 335-3089
		
	If to Manager:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, NC 28277
		  	Attention: President
		  	Facsimile No.: (980) 335-3089
		  	Attention: General Counsel
		  	Facsimile No.: (980) 335-3089

 Section 17.10. Entire Agreement; Amendments. This Agreement, together with other writings
signed by the parties hereto expressly stated to be supplementing this Agreement and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof. This Agreement may be amended, modified or changed only by a writing signed by the parties hereto. 

Section 17.11. Manager’s Authority Limited. Manager’s authority shall be derived wholly from this Agreement, and
Manager has no authority to act for or represent Lessee except as herein specified. 
 Section 17.12. Exclusive
Compensation. The payments to be made to Manager hereunder shall be in lieu of all other or further compensation or commissions of any nature whatsoever for the services described herein and this Agreement shall be considered as a special
agreement between the parties hereto covering the appointment and compensation of Manager to the exclusion of any other method of compensation unless otherwise agreed to in writing. 

Section 17.13. Property Rights. This Agreement and the rights created hereunder are personal to Lessee and Manager and shall
not create in favor of Manager any property rights in the Hotels. 
 Section 17.14. Attorneys’ Fees. In the
event of any litigation arising out of this Agreement, the prevailing party shall be entitled to reasonable costs and expenses, including without limitation, attorneys’ fees. 

Section 17.15. Complimentary/Discount Policies. Manager will be permitted to provide customary gratuitous accommodations,
services and amenities to such employees and representatives of Manager visiting the Hotels in accordance with Manager’s normal policies, provided that such employees shall in no way displace the Hotels’ third-party business. 

  
 26 

 Section 17.16. No Third Party Beneficiary. Nothing herein contained shall be
understood or construed to create or grant any third party benefits, rights or property interests unless the person claiming such rights is expressly identified herein and the rights claimed are expressly set forth herein. Notwithstanding the
foregoing, it is acknowledged and agreed that the Licensor is an intended third-party beneficiary of Section 3.12. 

Section 17.17. [REOC. The parties acknowledge that Lessee is a direct or indirect controlled subsidiary of an entity,
Extended Stay America, Inc., a Delaware corporation (“Parent”), that is intended to qualify as a “real estate operating company” (a “REOC”) within the meaning of the U.S. Department of Labor plan assets
regulation (Section 2510.3-101, Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations) and that it is intended that Lessee will have the rights, pursuant to this Agreement, as would be reasonably necessary to result in the
qualification of Parent as a REOC. Without limiting the generality of the foregoing, notwithstanding any other provision of this Agreement, without prejudice to the other rights provided to Lessee under this Agreement, Manager agrees to:
(i) permit Lessee and Parent to visit and inspect the Hotels and inspect and copy the books and records of Manager, at such times as Lessee shall reasonably request; (ii) periodically (at least quarterly) provide Lessee and Parent with
information and reports regarding Manager’s operation and management of the Hotels and the performance of its duties under this Agreement and with respect to renovations, alterations, general maintenance, repairs and development activities that
Manager has engaged in or intends to engage in with respect to the Hotels and their surroundings; (iii) periodically (at least quarterly) consult with Lessee and Parent in advance with respect to any significant leasing, management and
development matters, as appropriate, including, without limitation, with respect to matters relating to renovations, alterations, general maintenance, repairs and development activities with respect to the Hotels and their surroundings and the
management, participatory and development rights retained by Lessee under this Agreement; and (iv) to provide Lessee and Parent with such other rights as may reasonably be determined by Lessee to be necessary to enable Parent to qualify as a
REOC, provided the rights described in clauses (i)-(iv) above do not materially adversely affect (X) Manager’s ability to perform its duties under this Agreement or the economic benefits enjoyed by Manager under this Agreement or
(Y) the status of ESH Hospitality as a real estate investment trust under the Code. Manager agrees to consider, in good faith, the recommendations of Lessee in connection with the matters on which it is consulted as described above.]

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 27 

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

			
	LESSEE:
	
	 ESA P PORTFOLIO OPERATING LESSEE LLC,
 a Delaware limited liability company

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	MANAGER:
	
	 ESA MANAGEMENT, LLC,

a Delaware limited liability company

		
	By:	 	 
		 	Name:
		 	Title:

 [Signature page to Management Agreement – ESA P Portfolio Operating Lessee LLC] 

 SCHEDULE A 
 HOTELS 
 (see attached) 

 

					
	 Site #
	  	 Address
	  	 Owner

	 None
	  	 812 Barrow Street,
 Anchorage,
AK
	  	ESA P Portfolio L.L.C.
			
	 9853
	  	700 East 34th Avenue, Anchorage, AK	  	ESA P Portfolio L.L.C.
			
	 9857
	  	108 East 8th Avenue, Anchorage, AK	  	ESA P Portfolio L.L.C.
			
	 9858
	  	4580 Old Airport Way, Fairbanks, AK	  	ESA P Portfolio L.L.C.
			
	 9859
	  	 1800 Shell Simmons
 Drive,
Juneau, AK
	  	ESA P Portfolio L.L.C.
			
	 23
	  	5115 Carmichael Rd., Montgomery, AL	  	ESA P Portfolio L.L.C.
			
	 25
	  	101 Cahaba Park Cir., Birmingham, AL	  	ESA P Portfolio L.L.C.
			
	 27
	  	40 State Farm Pkwy., Birmingham, AL	  	ESA P Portfolio L.L.C.
			
	 123
	  	 4751 Governor’s House

Dr., Huntsville, AL
	  	ESA P Portfolio L.L.C.
			
	 124
	  	2491 Eastern Blvd, Montgomery, AL	  	ESA P Portfolio L.L.C.
			
	 155
	  	508 Spring Hill Plaza Ct., Mobile, AL	  	ESA P Portfolio L.L.C.
			
	 9600
	  	12 Perimeter Park South, Birgmingham, AL	  	ESA P Portfolio L.L.C.
			
	 51
	  	 10800 Kanis Road, Little
 Rock,
AR
	  	ESA P Portfolio L.L.C.
			
	 145
	  	 600 Hardin Road, Little
 Rock,
AR
	  	ESA P Portfolio L.L.C.
			
	 6110
	  	5000 Luvene Avenue, Springdale, AR	  	ESA P Portfolio L.L.C.
			
	 316
	  	 3421 E. Elwood St.,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 317
	  	 455 W. Baseline Rd.,
 Mesa,
AZ
	  	ESA P Portfolio L.L.C.
			
	 414
	  	 7345 W. Bell Rd.,
 Peoria,
AZ
	  	ESA P Portfolio L.L.C.
			
	 851
	  	4861 W. McDowell Rd., Phoenix	  	ESA P Portfolio L.L.C.
			
	 902
	  	 14245 S. 50th St.,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 942
	  	15501 N. Scottsdale Rd., Scottsdale AZ	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 977
	  	 5050 E. Grant Rd.,
 Tucson,
AZ
	  	ESA P Portfolio L.L.C.
			
	 979
	  	4800 S. Butterfield Dr., Tucson, AZ	  	ESA P Portfolio L.L.C.
			
	 8515
	  	 20827 N. 27th Ave,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9601
	  	 1920 W. Isabella,
 Mesa,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9602
	  	2102 West Dunlap Avenue, Phoenix, AZ	  	ESA P Portfolio L.L.C.
			
	 9603
	  	 2165 West 15th Street,
 Tempe,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9604
	  	3560 North Marshall Way, Scottsdale, AZ	  	ESA P Portfolio L.L.C.
			
	 9800
	  	 217 W. Osborn Rd,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9801
	  	5035 E. Chandler Blvd, Phoenix, AZ	  	ESA P Portfolio L.L.C.
			
	 9802
	  	11211 N. Black Canyon Hwy, Phoenix, AZ	  	ESA P Portfolio L.L.C.
			
	 9803
	  	 4357 East Oak St,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9837
	  	 5235 N. 16th St.,
 Phoenix,
AZ
	  	ESA P Portfolio L.L.C.
			
	 9838
	  	 10660 N. 69th St.,
 Scottsdale,
AZ
	  	ESA P Portfolio L.L.C.
			
	 150
	  	 5375 Farwell Place,
 Fremont,
CA
	  	ESA P Portfolio L.L.C.
			
	 308
	  	18602 S Vermont Ave, Gardena, CA	  	ESA P Portfolio L.L.C.
			
	 309
	  	 1000 Lead Hill Blvd,

Roseville, CA
	  	ESA P Portfolio L.L.C.
			
	 355
	  	 14775 Firestone Blvd,
 La
Mirada, CA
	  	ESA P Portfolio L.L.C.
			
	 356
	  	 3525 Torrance Blvd,
 Torrance,
CA
	  	ESA P Portfolio L.L.C.
			
	 361
	  	 3220 Buskirk Ave,
 Pleasant
Hill, CA
	  	ESA P Portfolio L.L.C.
			
	 396
	  	 20251 Lake Forest Dr,
 Lake
Forest, CA
	  	ESA P Portfolio L.L.C.
			
	 421
	  	 11299 Point East Dr,
 Rancho
Cordova, CA
	  	ESA P Portfolio L.L.C.

 
 

 

					
	 Site #
	  	 Address
	  	 Owner

	 486
	  	 7135 N. Fresno St.,
 Fresno,
CA
	  	ESA P Portfolio L.L.C.
			
	 494
	  	5050 Skylab West Circle, Huntington Beach, CA	  	ESA P Portfolio L.L.C.
			
	 854
	  	 24940 W. Pico Canyon
 Road,
Stevenson, CA
	  	ESA P Portfolio L.L.C.
			
	 898
	  	 1000 Hillview Court,
 Milpitas,
CA
	  	ESA P Portfolio L.L.C.
			
	 903
	  	10721 White Rock Rd, Rancho Cordova, CA	  	ESA P Portfolio L.L.C.
			
	 911
	  	3990 East Inland Empire Blvd., Ontario, CA	  	ESA P Portfolio L.L.C.
			
	 916
	  	 401 E Santa Clara St,
 Arcadia,
CA
	  	ESA P Portfolio L.L.C.
			
	 919
	  	3318 California Ave., Bakersfield, CA	  	ESA P Portfolio L.L.C.
			
	 931
	  	 2380 Nissen Drive,
 Livermore,
CA
	  	ESA P Portfolio L.L.C.
			
	 932
	  	4105 E. Willow St., Long Beach, CA	  	ESA P Portfolio L.L.C.
			
	 936
	  	 3825 Rosin Court,
 Sacramento,
CA
	  	ESA P Portfolio L.L.C.
			
	 939
	  	 2100 Harvard Street,

Sacramento, CA
	  	ESA P Portfolio L.L.C.
			
	 951
	  	 3190 Vista Way,
 Oceanside,
CA
	  	ESA P Portfolio L.L.C.
			
	 974
	  	 601 W. Bonita Ave,
 San Dimas,
CA
	  	ESA P Portfolio L.L.C.
			
	 976
	  	 2600 Corby Ave.,
 Santa Rosa,
CA
	  	ESA P Portfolio L.L.C.
			
	 981
	  	 4870 Calle Real,
 Santa
Barbara, CA
	  	ESA P Portfolio L.L.C.
			
	 8523
	  	19200 Harborgate Way, Torrance, CA	  	ESA P Portfolio L.L.C.
			
	 8525
	  	3460 West Shaw Avenue, Fresno, CA	  	ESA P Portfolio L.L.C.
			
	 8546
	  	 605 Jarvis Drive,
 Morgan Hill,
CA
	  	ESA P Portfolio L.L.C.
			
	 8561
	  	1260 South Loop Rd, Alameda, CA	  	ESA P Portfolio L.L.C.
			
	 8573
	  	2087 Hotel Circle South, San Diego, CA	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 8574
	  	 4500 Dublin Blvd,
 Dublin,
CA
	  	ESA P Portfolio L.L.C.
			
	 8580
	  	20205 Ventura Blvd., Woodland, CA	  	ESA P Portfolio L.L.C.
			
	 8581
	  	 6531 S. Sepulveda Blvd,
 Los
Angeles, CA
	  	ESA P Portfolio L.L.C.
			
	 8584
	  	100 Fountain Grove Pkwy, Santa Rosa, CA	  	ESA P Portfolio L.L.C.
			
	 8594
	  	 31950 Dyer St, Union
 City,
CA
	  	ESA P Portfolio L.L.C.
			
	 8621
	  	 1350 Marina Village
 Pkwy,
Alameda, CA
	  	ESA P Portfolio L.L.C.
			
	 8644
	  	3650 Mandela Pkwy, Emeryville, CA	  	ESA P Portfolio L.L.C.
			
	 8654
	  	 46312 Mission Blvd,
 Fremont,
CA
	  	ESA P Portfolio L.L.C.
			
	 8718
	  	 2131 Gold Street,
 San Jose,
CA
	  	ESA P Portfolio L.L.C.
			
	 8722
	  	 6199 San Ignacio Avenue,
 San
Jose, CA
	  	ESA P Portfolio L.L.C.
			
	 8724
	  	3170 Garrity Way, Richmond, CA	  	ESA P Portfolio L.L.C.
			
	 8738
	  	1742 S. Clementine Street, Anaheim, CA	  	ESA P Portfolio L.L.C.
			
	 8743
	  	 2100 Camino Ramon,
 San Ramon,
CA
	  	ESA P Portfolio L.L.C.
			
	 8747
	  	 6189 San Ignacio Avenue,
 San
Jose, CA
	  	ESA P Portfolio L.L.C.
			
	 8750
	  	4881 Birch St., Newport Beach, CA	  	ESA P Portfolio L.L.C.
			
	 8754
	  	 2200 Empire Ave,
 Burbank,
CA
	  	ESA P Portfolio L.L.C.
			
	 8787
	  	3860 Murphy Canyon Road, San Diego, CA	  	ESA P Portfolio L.L.C.
			
	 8794
	  	2844 W. March Lane, Stockton, CA	  	ESA P Portfolio L.L.C.
			
	 8795
	  	 799 Orange Drive,
 Vacaville,
CA
	  	ESA P Portfolio L.L.C.
			
	 8806
	  	 120 Sem Lane,
 Belmont,
CA
	  	ESA P Portfolio L.L.C.
			
	 8808
	  	 1635 W. Katella Ave.,
 Orange,
CA
	  	ESA P Portfolio L.L.C.

 
 

  
 2 

 

					
	 Site #
	  	 Address
	  	 Owner

	 8821
	  	 22711 Oakcrest Circle,
 Yorba
Linda, CA
	  	ESA P Portfolio L.L.C.
			
	 8828
	  	1400 E. Tahquitz Canyon Way, Palm Springs, CA	  	ESA P Portfolio L.L.C.
			
	 8831
	  	 1050 Grand Avenue,
 Carlsbad,
CA
	  	ESA P Portfolio L.L.C.
			
	 8844
	  	27622 Jefferson Ave., Temecula, CA	  	ESA P Portfolio L.L.C.
			
	 8850
	  	 1031 N. Pacificenter
 Drive,
Anaheim, CA
	  	ESA P Portfolio L.L.C.
			
	 8852
	  	 4325 Corporate Center
 Ave,
Chino, CA
	  	ESA P Portfolio L.L.C.
			
	 8855
	  	 2498 Stearns St.,
 Simi Valley,
CA
	  	ESA P Portfolio L.L.C.
			
	 8863
	  	 2201 Longport Court,
 Elk
Grove
	  	ESA P Portfolio L.L.C.
			
	 8881
	  	 2526 Pavilion Pkwy.,
 Tracy,
CA
	  	ESA P Portfolio L.L.C.
			
	 8916
	  	 1019 Oliver Rd,
 Fairfield,
CA
	  	ESA P Portfolio L.L.C.
			
	 8931
	  	 401 E. Albertoni St.,
 Carson,
CA
	  	ESA P Portfolio L.L.C.
			
	 8986
	  	795 Stillwater Rd, W. Sacramento, CA	  	ESA P Portfolio L.L.C.
			
	 9011
	  	19325 Londelius St., Northridge, CA	  	ESA P Portfolio L.L.C.
			
	 9605
	  	 46080 Fremont Blvd,
 Fremont,
CA
	  	ESA P Portfolio L.L.C.
			
	 9606
	  	330 Cypress Drive / 850 Bellew Drive, Milpitas, CA	  	ESA P Portfolio L.L.C.
			
	 9607
	  	190 East El Camino Real, Mountain View, CA	  	ESA P Portfolio L.L.C.
			
	 9608
	  	2810 Gateway Oaks Drive, Sacramento, CA	  	ESA P Portfolio L.L.C.
			
	 9609
	  	 3 Circle Star Way,
 San Carlos,
CA
	  	ESA P Portfolio L.L.C.
			
	 9610
	  	 1560 North First Street,
 San
Jose, CA
	  	ESA P Portfolio L.L.C.
			
	 9611
	  	 1830 Gateway Drive,
 San Mateo,
CA
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 9612
	  	18000 San Ramon Valley Blvd, San Ramon, CA	  	ESA P Portfolio L.L.C.
			
	 9613
	  	1255 Orleans Drive, Sunnyvale, CA	  	ESA P Portfolio L.L.C.
			
	 9614
	  	1377 W Glenoaks Blvd, Glendale, CA	  	ESA P Portfolio L.L.C.
			
	 9615
	  	1910 E Mariposa Ave, El Segundo, CA	  	ESA P Portfolio L.L.C.
			
	 9616
	  	 930 S Fifth Ave,
 Monrovia,
CA
	  	ESA P Portfolio L.L.C.
			
	 9617
	  	 3995 Carson St,
 Torrance,
CA
	  	ESA P Portfolio L.L.C.
			
	 9618
	  	3050 E. Imperial Highway, Brea, CA	  	ESA P Portfolio L.L.C.
			
	 9619
	  	5990 Corporate Avenue, Cypress, CA	  	ESA P Portfolio L.L.C.
			
	 9620
	  	 30 Technology Dr,
 Irvine,
CA
	  	ESA P Portfolio L.L.C.
			
	 9621
	  	9880 Pacific Heights Boulevard, San Diego, CA	  	ESA P Portfolio L.L.C.
			
	 9622
	  	 7444 Mission Valley Road,
 San
Diego, CA
	  	ESA P Portfolio L.L.C.
			
	 9839
	  	 4555 Chabot Drive,
 Pleasanton,
CA
	  	ESA P Portfolio L.L.C.
			
	 9840
	  	 55 E. Brokaw Road,
 San Jose,
CA
	  	ESA P Portfolio L.L.C.
			
	 9854
	  	3600 Chester Lane, Bakersfield, CA	  	ESA P Portfolio L.L.C.
			
	 9855
	  	 1775 Francisco Blvd,
 San
Rafael, CA
	  	ESA P Portfolio L.L.C.
			
	 307
	  	9604 E. Easter Ave, Englewood, CO	  	ESA P Portfolio L.L.C.
			
	 311
	  	 5855 Corporate Dr,
 Colorado
Springs, CO
	  	ESA P Portfolio L.L.C.
			
	 885
	  	 4850 Leetsdale Dr,
 Glendale,
CO
	  	ESA P Portfolio L.L.C.
			
	 901
	  	7393 W Jefferson Ave, Lakewood, CO	  	ESA P Portfolio L.L.C.
			
	 994
	  	 715 Kipling St,
 Lakewood,
CO
	  	ESA P Portfolio L.L.C.

 
 

  
 3 

 

					
	 Site #
	  	 Address
	  	 Owner

	 7502
	  	3490 Afternoon Circle, Colorado Springs, CO	  	ESA P Portfolio L.L.C.
			
	 7508
	  	 8750 Grant St,
 Thornton,
CO
	  	ESA P Portfolio L.L.C.
			
	 7513
	  	 3705 N Chambers Rd.,
 Aurora,
CO
	  	ESA P Portfolio L.L.C.
			
	 7527
	  	1291 W. 120th Ave, Westminster, CO	  	ESA P Portfolio L.L.C.
			
	 7568
	  	 8752 S Yosemite St,
 Lone Tree,
CO
	  	ESA P Portfolio L.L.C.
			
	 9623
	  	 13941 East Harvard
 Avenue,
Aurora, CO
	  	ESA P Portfolio L.L.C.
			
	 9624
	  	4444 Leetsdale Drive, Glendale, CO	  	ESA P Portfolio L.L.C.
			
	 9625
	  	9253 E. Costilla Avenue, Greenwood Village, CO	  	ESA P Portfolio L.L.C.
			
	 9626
	  	9650 East Geddes Avenue, Englewood, CO	  	ESA P Portfolio L.L.C.
			
	 9627
	  	4885 South Quebec Street, Denver, CO	  	ESA P Portfolio L.L.C.
			
	 9804
	  	 14095 E. Evans Ave,
 Aurora,
CO
	  	ESA P Portfolio L.L.C.
			
	 9805
	  	 5200 S. Quebec St,
 Greenwood
Village, CO
	  	ESA P Portfolio L.L.C.
			
	 1015
	  	1 Batterson Park Rd ., Farmington, CT	  	ESA P Portfolio L.L.C.
			
	 1116
	  	340 Tolland Tpke., Manchester, CT	  	ESA P Portfolio L.L.C.
			
	 1122
	  	 366 Bee St.,
 Meriden,
CT
	  	ESA P Portfolio L.L.C.
			
	 9628
	  	 400 Main Ave,
 Norwalk,
CT
	  	ESA P Portfolio L.L.C.
			
	 9629
	  	 945 Bridgeport Ave,
 Shelton,
CT
	  	ESA P Portfolio L.L.C.
			
	 9630
	  	333 Continental Drive, Newark, DE	  	ESA P Portfolio L.L.C.
			
	 60
	  	1950 Raymond Diehl Rd, Tallahassee, FL	  	ESA P Portfolio L.L.C.
			
	 174
	  	6451 Westwood Blvd., Orlando, FL	  	ESA P Portfolio L.L.C.
			
	 302
	  	809 Bloodworth Lane, Pensacola, FL	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 303
	  	3089 Executive Drive, Clearwater, FL	  	ESA P Portfolio L.L.C.
			
	 328
	  	1200 FAU Research Park Blvd, Deerfield Beach, FL	  	ESA P Portfolio L.L.C.
			
	 381
	  	3600 SW 42nd St, Gainesville, FL	  	ESA P Portfolio L.L.C.
			
	 789
	  	12242 Morris Bridge Rd., Temple Terrace, FL	  	ESA P Portfolio L.L.C.
			
	 869
	  	5851 N. Andrews Ave Ext., Fort Lauderdale, FL	  	ESA P Portfolio L.L.C.
			
	 884
	  	 6961 Lenoir Ave,
 Jacksonville,
FL
	  	ESA P Portfolio L.L.C.
			
	 1510
	  	3031 West Commercial Blvd., Fort Lauderdale, FL	  	ESA P Portfolio L.L.C.
			
	 1546
	  	12358 E. Colonial Drive, Orlando, FL	  	ESA P Portfolio L.L.C.
			
	 1559
	  	1413 Prudential Dr., Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 1561
	  	 1450 SE 17th Street Causeway, Fort
 Lauderdale, FL
	  	ESA P Portfolio L.L.C.
			
	 1563
	  	6001 NW 6th Way, Fort Lauderdale, FL	  	ESA P Portfolio L.L.C.
			
	 1564
	  	255 Bill France Blvd, Daytona Beach, FL	  	ESA P Portfolio L.L.C.
			
	 1565
	  	4699 Lenoir Ave S., Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 1567
	  	 1701 Evans Road,
 Melbourne,
FL
	  	ESA P Portfolio L.L.C.
			
	 1568
	  	700 Northpoint Parkway, West Palm Beach, FL	  	ESA P Portfolio L.L.C.
			
	 1569
	  	4811 Memorial Highway, Tampa, FL	  	ESA P Portfolio L.L.C.
			
	 1577
	  	 5610 Vineland Road,
 Orlando,
FL
	  	ESA P Portfolio L.L.C.
			
	 1600
	  	 8655 NW 21 Terrace,
 Miami,
FL
	  	ESA P Portfolio L.L.C.
			
	 1613
	  	 5620 Major Blvd.,
 Orlando,
FL
	  	ESA P Portfolio L.L.C.
			
	 1618
	  	1760 Pembrook Drive, Orlando, FL	  	ESA P Portfolio L.L.C.

 
 

  
 4 

 

					
	 Site #
	  	 Address
	  	 Owner

	 1619
	  	 1036 Greenwood Blvd.,
 Lake
Mary, FL
	  	ESA P Portfolio L.L.C.
			
	 1623
	  	7755 SW 6 h Street, Fort Lauderdale, FL	  	ESA P Portfolio L.L.C.
			
	 1632
	  	1776 Pembrook Drive, Orlando, FL	  	ESA P Portfolio L.L.C.
			
	 1639
	  	6443 Westwood Blvd., Orlando, FL	  	ESA P Portfolio L.L.C.
			
	 1740
	  	 3640 SW 22nd Street,
 Miami,
FL
	  	ESA P Portfolio L.L.C.
			
	 1760
	  	 298 SW 15th Road,
 Miami,
FL
	  	ESA P Portfolio L.L.C.
			
	 1762
	  	 7750 NW 25th Street,
 Miami,
FL
	  	ESA P Portfolio L.L.C.
			
	 1805
	  	 4312 W. Spruce Street,
 Tampa,
FL
	  	ESA P Portfolio L.L.C.
			
	 9631
	  	8300 Western Way, Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 9632
	  	4693 Salisbury Road, Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 9633
	  	10020 Skinner Lake Drive, Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 9634
	  	302 Northlake Blvd., Altamonte, FL	  	ESA P Portfolio L.L.C.
			
	 9635
	  	 1040 Greenwood Blvd,
 Lake
Mary, FL
	  	ESA P Portfolio L.L.C.
			
	 9636
	  	 4101 Equity Row,
 Orlando,
FL
	  	ESA P Portfolio L.L.C.
			
	 9637
	  	 501 NW 77th Street,
 Boca
Raton, FL
	  	ESA P Portfolio L.L.C.
			
	 9640
	  	 6605 NW 7th Street,
 Miami,
FL
	  	ESA P Portfolio L.L.C.
			
	 9641
	  	 101 Fairway Drive,
 Miami
Springs, FL
	  	ESA P Portfolio L.L.C.
			
	 9806
	  	8801 Perimeter Park Blvd, Jacksonville, FL	  	ESA P Portfolio L.L.C.
			
	 9807
	  	1805 N. Westshore Blvd, Tampa, FL	  	ESA P Portfolio L.L.C.
			
	 9808
	  	 1401 S.W. 15th St,
 Pompano
Beach, FL
	  	ESA P Portfolio L.L.C.
			
	 9809
	  	8687 Commodity Circle, Orlando, FL	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 9810
	  	1951 Summit Tower Blvd, Orlando, FL	  	ESA P Portfolio L.L.C.
			
	 9841
	  	 8750 Universal Blvd.,
 Orlando,
FL
	  	ESA P Portfolio L.L.C.
			
	 9842
	  	 8100 Palm Pkwy.,
 Orlando,
FL
	  	ESA P Portfolio L.L.C.
			
	 9863
	  	 4615 Opa-Locka Lane,
 Destin,
FL
	  	ESA P Portfolio L.L.C.
			
	 38
	  	7065 Jimmy Carter Blvd., Norcross, GA	  	ESA P Portfolio L.L.C.
			
	 42
	  	3331 Old Milton Pkwy, Alpharetta, GA	  	ESA P Portfolio L.L.C.
			
	 61
	  	 3316 Busbee Dr.,
 Kennesaw,
GA
	  	ESA P Portfolio L.L.C.
			
	 63
	  	 3980 Riverside Dr.,
 Macon,
GA
	  	ESA P Portfolio L.L.C.
			
	 65
	  	2474 Cumberland Pk SE, Atlanta, GA	  	ESA P Portfolio L.L.C.
			
	 102
	  	 5020 Armour Rd,
 Columbus,
GA
	  	ESA P Portfolio L.L.C.
			
	 373
	  	 3115 Clairmont Rd.,
 Atlanta,
GA
	  	ESA P Portfolio L.L.C.
			
	 382
	  	 1967 Leland Dr.,
 Marietta,
GA
	  	ESA P Portfolio L.L.C.
			
	 788
	  	 3430 Venture Pkwy,
 Duluth,
GA
	  	ESA P Portfolio L.L.C.
			
	 990
	  	 1051 Canton Rd.,
 Marietta,
GA
	  	ESA P Portfolio L.L.C.
			
	 991
	  	6295 Jimmy Carter Blvd., Norcross, GA	  	ESA P Portfolio L.L.C.
			
	 992
	  	200 Lawrenceville St., Norcross, GA	  	ESA P Portfolio L.L.C.
			
	 993
	  	 6231 Hwy 85,
 Riverdale,
GA
	  	ESA P Portfolio L.L.C.
			
	 996
	  	 474 W. Pike St.,

Lawrenceville, GA
	  	ESA P Portfolio L.L.C.
			
	 1501
	  	1950 Rock Mill Rd., Alpharetta, GA	  	ESA P Portfolio L.L.C.
			
	 1502
	  	 2265 Mt. Zion Pkwy,
 Morrow,
GA
	  	ESA P Portfolio L.L.C.
			
	 1550
	  	3000 George Busbee Pkwy, Kennesaw, GA	  	ESA P Portfolio L.L.C.

 
 

  
 5 

 

					
	 Site #
	  	 Address
	  	 Owner

	 1595
	  	 905 Crestline Pkwy,
 Atlanta,
GA
	  	ESA P Portfolio L.L.C.
			
	 1664
	  	 1721 Rollins Way,
 Columbus,
GA
	  	ESA P Portfolio L.L.C.
			
	 1796
	  	 5511 Abercorn St,
 Savannah,
GA
	  	ESA P Portfolio L.L.C.
			
	 9646
	  	 3103 Sports Ave.,
 Smyrna,
GA
	  	ESA P Portfolio L.L.C.
			
	 9649
	  	 1050 Hammond Dr.,
 Atlanta,
GA
	  	ESA P Portfolio L.L.C.
			
	 9650
	  	2239 Powers Ferry Rd., Marietta, GA	  	ESA P Portfolio L.L.C.
			
	 9811
	  	 2225 Interstate N.
 Parkway,
SE
	  	ESA P Portfolio L.L.C.
			
	 9812
	  	 3329 Old Milton
 Parkway,
Alpharetta, GA
	  	ESA P Portfolio L.L.C.
			
	 9843
	  	3967 Peachtree Road, Atlanta, GA	  	ESA P Portfolio L.L.C.
			
	 9844
	  	 2010 Powers Ferry Road,

Atlanta, GA
	  	ESA P Portfolio L.L.C.
			
	 9845
	  	6330 Peachtree Dunwoody Rd. NE, Atlanta, GA	  	ESA P Portfolio L.L.C.
			
	 9856
	  	 3390 Venture Parkway,
 Duluth,
GA
	  	ESA P Portfolio L.L.C.
			
	 57
	  	 2701 Westown Pkwy,
 West Des
Moines, IA
	  	ESA P Portfolio L.L.C.
			
	 3503
	  	 3940 114th Street,
 Urbandale,
IA
	  	ESA P Portfolio L.L.C.
			
	 828
	  	 2500 S Vista Ave.,
 Boise,
ID
	  	ESA P Portfolio L.L.C.
			
	 55
	  	747 N Bell School Road, Rockford, IL	  	ESA P Portfolio L.L.C.
			
	 153
	  	 1525 Busch Parkway,
 Buffalo
Grove, IL
	  	ESA P Portfolio L.L.C.
			
	 510
	  	3150 Finley Rd., Downers Grove, IL	  	ESA P Portfolio L.L.C.
			
	 525
	  	 1181 Rohlwing Rd,
 Itasca,
IL
	  	ESA P Portfolio L.L.C.
			
	 530
	  	2400 Golf Road, Rolling Meadows, IL	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 532
	  	15 W. 122nd S. Frontage Rd, Burr Ridge, IL	  	ESA P Portfolio L.L.C.
			
	 541
	  	550 West Grand Ave., Elmhurst, IL	  	ESA P Portfolio L.L.C.
			
	 640
	  	 5724 Northridge Dr,
 Gurnee,
IL
	  	ESA P Portfolio L.L.C.
			
	 660
	  	 1575 Bond St.,
 Naperville,
IL
	  	ESA P Portfolio L.L.C.
			
	 677
	  	 1201 E. Touhy Ave.,
 Des
Plaines, IL
	  	ESA P Portfolio L.L.C.
			
	 752
	  	 653 Clark Drive,
 Rockford,
IL
	  	ESA P Portfolio L.L.C.
			
	 753
	  	1177 S Northpoint Blvd, Waukegan, IL	  	ESA P Portfolio L.L.C.
			
	 4012
	  	610 W. Marketview Dr, Champaign, IL	  	ESA P Portfolio L.L.C.
			
	 4016
	  	 2520 173rd St.,
 Lansing,
IL
	  	ESA P Portfolio L.L.C.
			
	 4019
	  	 154 Regency Park,

O’Fallon, IL
	  	ESA P Portfolio L.L.C.
			
	 4023
	  	1225 Lakeview Dr., Romeoville, IL	  	ESA P Portfolio L.L.C.
			
	 4030
	  	1200 American Lane, Schaumburg, IL	  	ESA P Portfolio L.L.C.
			
	 4040
	  	 260 E. 22nd St.,
 Lombard,
IL
	  	ESA P Portfolio L.L.C.
			
	 4061
	  	 2345 Sokol Ct.,
 Darien,
IL
	  	ESA P Portfolio L.L.C.
			
	 4063
	  	 1207 E. Touhy Ave.,
 Des
Plaines, IL
	  	ESA P Portfolio L.L.C.
			
	 4082
	  	 445 Warrenville Rd.,
 Lisle,
IL
	  	ESA P Portfolio L.L.C.
			
	 4095
	  	 1075 Lake St.,
 Hanover Park,
IL
	  	ESA P Portfolio L.L.C.
			
	 4096
	  	 4575 Frontage Rd.,
 Hillside,
IL
	  	ESA P Portfolio L.L.C.
			
	 4138
	  	5211 Old Orchard Road, Skokie, IL	  	ESA P Portfolio L.L.C.
			
	 4165
	  	215 N Milwaukee Ave, Vernon Hills, IL	  	ESA P Portfolio L.L.C.
			
	 4190
	  	2000 N Roselle Rd, Schaumburg, IL	  	ESA P Portfolio L.L.C.

 
 

  
 6 

 

					
	 Site #
	  	 Address
	  	 Owner

	 4194
	  	4306 North Brandywine Dr, Peoria, IL	  	ESA P Portfolio L.L.C.
			
	 4200
	  	1805 S. Veterans Pkwy, Bloomington, IL	  	ESA P Portfolio L.L.C.
			
	 4206
	  	 7524 State Road,
 Bedford Park,
IL
	  	ESA P Portfolio L.L.C.
			
	 9651
	  	1827 Centre Point Circle, Naperville, IL	  	ESA P Portfolio L.L.C.
			
	 9652
	  	2701 Technology Drive, Lombard, IL	  	ESA P Portfolio L.L.C.
			
	 9653
	  	51 E. State Parkway, Schaumburg, IL	  	ESA P Portfolio L.L.C.
			
	 9654
	  	675 Woodlands Parkway, Vernon Hills, IL	  	ESA P Portfolio L.L.C.
			
	 9655
	  	855 Pasquinelli Drive, Westmont, IL	  	ESA P Portfolio L.L.C.
			
	 11
	  	9750 Lake Shore Drive, Indianapolis, IN	  	ESA P Portfolio L.L.C.
			
	 14
	  	9030 Wesleyan Road, Indianapolis, IN	  	ESA P Portfolio L.L.C.
			
	 35
	  	301 Eagle Crest Drive, Evansville, IN	  	ESA P Portfolio L.L.C.
			
	 36
	  	 5810 Challenger Pkwy,
 Fort
Wayne, IN
	  	ESA P Portfolio L.L.C.
			
	 48
	  	4715 N. Main Street, Mishawaka, IN	  	ESA P Portfolio L.L.C.
			
	 247
	  	 8309 W. Jefferson Blvd,
 Fort
Wayne, IN
	  	ESA P Portfolio L.L.C.
			
	 526
	  	1355 E. 83rd Avenue, Merrillville, IN	  	ESA P Portfolio L.L.C.
			
	 4014
	  	 2730 Fortune Circle
 West,
Indianapolis, IN
	  	ESA P Portfolio L.L.C.
			
	 4031
	  	7940 N. Shadeland Ave, Indianapolis, IN	  	ESA P Portfolio L.L.C.
			
	 4196
	  	5305 N. Main Street, Mishawaka, IN	  	ESA P Portfolio L.L.C.
			
	 9656
	  	8520 Northwest Blvd, Indianapolis, IN	  	ESA P Portfolio L.L.C.
			
	 9813
	  	5350 W. Southern Ave, Indianapolis, IN	  	ESA P Portfolio L.L.C.
			
	 9814
	  	9370 Waldemar Rd, Indianapolis, IN	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 521
	  	 10750 Quivira Road,
 Overland
Park, KS
	  	ESA P Portfolio L.L.C.
			
	 995
	  	 9775 Lenexa Drive,
 Lenexa,
KS
	  	ESA P Portfolio L.L.C.
			
	 6085
	  	9450 E. Corporate Hills Dr, Wichita, KS	  	ESA P Portfolio L.L.C.
			
	 9657
	  	5401 West 110th Street, Overland Park, KS	  	ESA P Portfolio L.L.C.
			
	 9658
	  	6451 East Frontage Road, Merriam, KS	  	ESA P Portfolio L.L.C.
			
	 9815
	  	 7201 W. 106th St,
 Overland
Park, KS
	  	ESA P Portfolio L.L.C.
			
	 9816
	  	 8015 Lenexa Drive,
 Lenexa,
KS
	  	ESA P Portfolio L.L.C.
			
	 1
	  	2750 Gribbin Drive, Lexington, KY	  	ESA P Portfolio L.L.C.
			
	 2
	  	 3575 Tates Creek Road,

Lexington, KY
	  	ESA P Portfolio L.L.C.
			
	 4
	  	 9801 Bunsen Way,
 Louisville,
KY
	  	ESA P Portfolio L.L.C.
			
	 5
	  	1401 Browns Lane, Louisville, KY	  	ESA P Portfolio L.L.C.
			
	 28
	  	 200 Meijer Drive,
 Florence,
KY
	  	ESA P Portfolio L.L.C.
			
	 295
	  	 2650 Wilhite Drive,
 Lexington,
KY
	  	ESA P Portfolio L.L.C.
			
	 325
	  	 6101 Dutchmans Lane,

Louisville, KY
	  	ESA P Portfolio L.L.C.
			
	 629
	  	 7350 Turfway Road,
 Florence,
KY
	  	ESA P Portfolio L.L.C.
			
	 659
	  	650 West 3rd Street, Covington, KY	  	ESA P Portfolio L.L.C.
			
	 9659
	  	1650 Alliant Avenue, Louisville, KY	  	ESA P Portfolio L.L.C.
			
	 985
	  	 3070 E. Texas St.,
 Bossier
City, LA
	  	ESA P Portfolio L.L.C.
			
	 986
	  	 104 Mallard Rd.,
 Sulphur,
LA
	  	ESA P Portfolio L.L.C.
			
	 6000
	  	 3300 S. I-10 Service Rd.
 W,
Metairie, LA
	  	ESA P Portfolio L.L.C.
			
	 6002
	  	11140 Boardwalk Dr., Baton Rouge, LA	  	ESA P Portfolio L.L.C.

 
 

  
 7 

 

					
	 Site #
	  	 Address
	  	 Owner

	 6049
	  	807 S. Hugh Wallis Rd, LA	  	ESA P Portfolio L.L.C.
			
	 6166
	  	 2300 Veterans Blvd,
 Kenner,
LA
	  	ESA P Portfolio L.L.C.
			
	 6169
	  	 6250 Corporate Blvd.,
 Baton
Rouge, LA
	  	ESA P Portfolio L.L.C.
			
	 576
	  	 102 Newbury St.,
 Danvers,
MA
	  	ESA P Portfolio L.L.C.
			
	 1020
	  	 180 E. Main St.,
 Westborough,
MA
	  	ESA P Portfolio L.L.C.
			
	 1023
	  	 19 Connector Rd.,
 Westborough,
MA
	  	ESA P Portfolio L.L.C.
			
	 1028
	  	 1910 Andover St.,
 Tewksbury,
MA
	  	ESA P Portfolio L.L.C.
			
	 1029
	  	 20 Rockdale St.,
 Braintree,
MA
	  	ESA P Portfolio L.L.C.
			
	 1140
	  	 280 S. Washington Rd.,
 Norton,
MA
	  	ESA P Portfolio L.L.C.
			
	 9664
	  	 40 South Ave.,
 Burlington,
MA
	  	ESA P Portfolio L.L.C.
			
	 9665
	  	 19 Northborough Road East,

Marlborough, MA
	  	ESA P Portfolio L.L.C.
			
	 9666
	  	 200 Jubilee Dr,
 Peabody,
MA
	  	ESA P Portfolio L.L.C.
			
	 9667
	  	 52 Fourth Ave.,
 Waltham,
MA
	  	ESA P Portfolio L.L.C.
			
	 9846
	  	 32 Fourth Ave.,
 Waltham,
MA
	  	ESA P Portfolio L.L.C.
			
	 9847
	  	 1800 Computer Drive,

Westborough, MA
	  	ESA P Portfolio L.L.C.
			
	 9848
	  	 831 Main Street,
 Woburn,
MA
	  	ESA P Portfolio L.L.C.
			
	 1091
	  	 2 Ashley Dr.,
 Scarborough,
ME
	  	ESA P Portfolio L.L.C.
			
	 58
	  	 30125 N. Civic Center Blvd.,

Warren, MI
	  	ESA P Portfolio L.L.C.
			
	 527
	  	 11808 Middlebelt Rd.,
 Livonia,
MI
	  	ESA P Portfolio L.L.C.
			
	 552
	  	 32690 Stephenson Hwy,
 Madison
Heights, MI
	  	ESA P Portfolio L.L.C.
			
	 600
	  	 33400 Van Dyke Rd.,
 Sterling
Heights, MI
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	 670
	  	 1501 Briarwood Circle Dr.,
 Ann
Arbor, MI
	  	ESA P Portfolio L.L.C.
			
	 675
	  	 1180 Doris Rd.,
 Auburn Hills,
MI
	  	ESA P Portfolio L.L.C.
			
	 680
	  	 21555 Haggerty Rd.,
 Novi,
MI
	  	ESA P Portfolio L.L.C.
			
	 780
	  	 27775 Stansbury Blvd,

Farmington Hills, MI
	  	ESA P Portfolio L.L.C.
			
	 4013
	  	 3747 29th St. S.E.,
 Kentwood,
MI
	  	ESA P Portfolio L.L.C.
			
	 4038
	  	 3265 Boardwalk Dr.,
 Ann Arbor,
MI
	  	ESA P Portfolio L.L.C.
			
	 4058
	  	 39640 Orchard Hill Pl.,
 Novi,
MI
	  	ESA P Portfolio L.L.C.
			
	 4179
	  	 2000 Haggerty Rd.,
 Canton,
MI
	  	ESA P Portfolio L.L.C.
			
	 4191
	  	 30325 Flynn Dr.,
 Romulus,
MI
	  	ESA P Portfolio L.L.C.
			
	 4192
	  	 26250 American Dr.,

Southfield, MI
	  	ESA P Portfolio L.L.C.
			
	 4193
	  	 20200 Thirteen Mile Rd.,

Roseville, MI
	  	ESA P Portfolio L.L.C.
			
	 4198
	  	 260 Town Center Dr.,
 Dearborn,
MI
	  	ESA P Portfolio L.L.C.
			
	 9668
	  	 3315 University Dr.,
 Auburn
Hills, MI
	  	ESA P Portfolio L.L.C.
			
	 9669
	  	 28500 Northwestern Hwy.,

Southfield, MI
	  	ESA P Portfolio L.L.C.
			
	 9818
	  	 2100 Featherstone Rd.,
 Auburn
Hills, MI
	  	ESA P Portfolio L.L.C.
			
	 733
	  	 7956 Lyndale Ave. South,

Bloomington, MN
	  	ESA P Portfolio L.L.C.
			
	 734
	  	 7550 Office Ridge Court,

Bloomington, MN
	  	ESA P Portfolio L.L.C.
			
	 737
	  	 12970 63rd Ave. North,
 Maple
Grove, MN
	  	ESA P Portfolio L.L.C.
			
	 745
	  	 3384 Norwest Court,
 Eagan,
MN
	  	ESA P Portfolio L.L.C.
			
	 3504
	  	 2701 Freeway Blvd,
 Brooklyn
Center, MN
	  	ESA P Portfolio L.L.C.
			
	 3508
	  	 10020 Hudson Rd,
 Woodbury,
MN
	  	ESA P Portfolio L.L.C.

 
 

  
 8 

 

					
	 Site #
	  	 Address
	  	 Owner

	3527	  	 4700 78th Street West
 [Vacant
Land],
 Bloomington, MN
	  	ESA P Portfolio L.L.C.
			
	3528	  	 55 Wood Lake Drive. SE,

Rochester, MN
	  	ESA P Portfolio L.L.C.
			
	3529	  	 2814 43rd St. NW,
 Rochester,
MN
	  	ESA P Portfolio L.L.C.
			
	9670	  	 3015 Denmark Ave,
 Eagan,
MN
	  	ESA P Portfolio L.L.C.
			
	9671	  	 11905 Technology Drive,
 Eden
Prairie, MN
	  	ESA P Portfolio L.L.C.
			
	16	  	 155 Chapel Ridge Rd,

Hazelwood, MO
	  	ESA P Portfolio L.L.C.
			
	18	  	 2030 Craig Rd, St.
 Louis,
MO
	  	ESA P Portfolio L.L.C.
			
	40	  	 3125 Rider Trail South,
 Earth
City, MO
	  	ESA P Portfolio L.L.C.
			
	172	  	 5555 Veterans Memorial
 Pkwy,
St. Peters, MO
	  	ESA P Portfolio L.L.C.
			
	522	  	 11712 N.W. Plaza Circle,

Kansas City, MO
	  	ESA P Portfolio L.L.C.
			
	561	  	 550 East 105th Street,
 Kansas
City, MO
	  	ESA P Portfolio L.L.C.
			
	562	  	 14800 East 42nd Street,

Independence, MO
	  	ESA P Portfolio L.L.C.
			
	691	  	 6065 N. Lindbergh Blvd,

Hazelwood, MO
	  	ESA P Portfolio L.L.C.
			
	700	  	 11827 Lackland Rd,
 Maryland
Heights, MO
	  	ESA P Portfolio L.L.C.
			
	701	  	 1333 E. Kingsley St,

Springfield, MO
	  	ESA P Portfolio L.L.C.
			
	6048	  	 4301 N. Corrington Avenue,

Kansas City, MO
	  	ESA P Portfolio L.L.C.
			
	6196	  	 2000 W. Business Loop 70,

Columbia, MO
	  	ESA P Portfolio L.L.C.
			
	9672	  	 4535 Main Street,
 Kansas City,
MO
	  	ESA P Portfolio L.L.C.
			
	9673	  	 9701 N. Shannon Avenue,
 Kansas
City, MO
	  	ESA P Portfolio L.L.C.
			
	9674	  	 11252 Lone Eagle Dr,

Bridgeton, MO
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	9675	  	 12161 Lackland Rd,
 St. Louis,
MO
	  	ESA P Portfolio L.L.C.
			
	32	  	 800 Ridgewood Rd.,
 Ridgeland,
MS
	  	ESA P Portfolio L.L.C.
			
	331	  	 5354 I-55N,
 Jackson,
MS
	  	ESA P Portfolio L.L.C.
			
	9862	  	 572 East Beasley Road,

Jackson, MS
	  	ESA P Portfolio L.L.C.
			
	7065	  	 4950 Southgate Drive,

Billings, MT
	  	ESA P Portfolio L.L.C.
			
	7068	  	 800 River Drive South,
 Great
Falls, MT
	  	ESA P Portfolio L.L.C.
			
	20	  	 5830 Westpark Dr.,
 Charlotte,
NC
	  	ESA P Portfolio L.L.C.
			
	21	  	 1705 Stanley Rd.,
 Greensboro,
NC
	  	ESA P Portfolio L.L.C.
			
	24	  	 123 East McCullough Dr.,

Charlotte, NC
	  	ESA P Portfolio L.L.C.
			
	26	  	 600 Weston Pkwy.,
 Cary,
NC
	  	ESA P Portfolio L.L.C.
			
	30	  	 921 Wake Towne Drive,
 Raleigh,
NC
	  	ESA P Portfolio L.L.C.
			
	31	  	 2504 North Carolina
 Highway
54, Durham, NC
 LEASEHOLD
	  	ESA P Portfolio L.L.C.
			
	106	  	 911 Wake Towne Drive,
 Raleigh,
NC
	  	ESA P Portfolio L.L.C.
			
	127	  	 408 Owen Dr.,
 Fayetteville,
NC
	  	ESA P Portfolio L.L.C.
			
	161	  	 2700 Slater Rd,
 Morrisville,
NC
	  	ESA P Portfolio L.L.C.
			
	186	  	 4929 New Centre Dr.,

Wilmington, NC
	  	ESA P Portfolio L.L.C.
			
	201	  	 3105 Tower Blvd.,
 Durham,
NC
	  	ESA P Portfolio L.L.C.
			
	206	  	 6035 Nations Ford Road,

Charlotte, NC
	  	ESA P Portfolio L.L.C.
			
	231	  	 6 Kenilworth Knoll,
 Asheville,
NC
	  	ESA P Portfolio L.L.C.
			
	232	  	 1500 Regency Parkway,
 Cary,
NC
	  	ESA P Portfolio L.L.C.

 
 

  
 9 

 

					
	 Site #
	  	 Address
	  	 Owner

	280	  	 4317 Big Tree Way,
 Greensboro,
NC
	  	ESA P Portfolio L.L.C.
			
	370	  	 1995 Hampton Inn Ct.,

Winston-Salem, NC
	  	ESA P Portfolio L.L.C.
			
	371	  	 10930 Park Road,
 Charlotte,
NC
	  	ESA P Portfolio L.L.C.
			
	417	  	 8211 University Executive
 Park
Drive, Charlotte, NC
	  	ESA P Portfolio L.L.C.
			
	1500	  	 7910 N. Point Blvd.,

Winston-Salem, NC
	  	ESA P Portfolio L.L.C.
			
	1514	  	 5008 NC 55,
 Durham,
NC
	  	ESA P Portfolio L.L.C.
			
	1570	  	 4610 South Miami Blvd,
 Durham,
NC
	  	ESA P Portfolio L.L.C.
			
	1571	  	 8405 Pineville—Matthews

Road, Charlotte, NC
	  	ESA P Portfolio L.L.C.
			
	1576	  	 3100 Regency Parkway,
 Cary,
NC
	  	ESA P Portfolio L.L.C.
			
	1591	  	 20 McDaniel Drive,

Jacksonville, NC
	  	ESA P Portfolio L.L.C.
			
	1594	  	 7617 Thorndike Road,

Greensboro, NC
	  	ESA P Portfolio L.L.C.
			
	1596	  	 4105 Sycamore Dairy Road,

Fayetteville, NC
	  	ESA P Portfolio L.L.C.
			
	9682	  	 710 Yorkmont Road,
 Charlotte,
NC
	  	ESA P Portfolio L.L.C.
			
	9683	  	 1920 Ivy Creek Boulevard,

Durham, NC
	  	ESA P Portfolio L.L.C.
			
	9686	  	 3531 Wake Forest Rd,
 Raleigh,
NC
	  	ESA P Portfolio L.L.C.
			
	9687	  	 2601 Appliance Court,
 Raleigh,
NC
	  	ESA P Portfolio L.L.C.
			
	9836	  	 4919 S. Miami Blvd,
 Durham,
NC
	  	ESA P Portfolio L.L.C.
			
	54	  	 9006 Burt St. NW,
 Omaha,
NE
	  	ESA P Portfolio L.L.C.
			
	1087	  	 2000 Southwood Dr.,
 Nashua,
NH
	  	ESA P Portfolio L.L.C.
			
	454	  	 2868 Route 73 North,
 Maple
Shade, NJ
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	455	  	 1653 East State
 Highway No.
70,
 Cherry Hill, NJ
	  	ESA P Portfolio L.L.C.
			
	479	  	 101 Diemer Drive,
 Mount
Laurel, NJ
	  	ESA P Portfolio L.L.C.
			
	574	  	 1 Fieldcrest Ave.,
 Edison,
NJ
	  	ESA P Portfolio L.L.C.
			
	646	  	 4230 US Route 1,
 South
Brunswick, NJ
	  	ESA P Portfolio L.L.C.
			
	696	  	 329 Newman Springs Road,
 Red
Bank, NJ
	  	ESA P Portfolio L.L.C.
			
	2509	  	 750 Edwin L. Ward Sr.
 Memorial
Hwy,
 Rutherford, NJ
	  	ESA P Portfolio L.L.C.
			
	2516	  	 112 State Hwy. 17,
 Ramsey,
NJ
	  	ESA P Portfolio L.L.C.
			
	2522	  	 500 Diemer Drive, Mt.
 Laurel,
NJ
	  	ESA P Portfolio L.L.C.
			
	2649	  	 1 Meadowlands Pkwy,
 Secaucus,
NJ
	  	ESA P Portfolio L.L.C.
			
	2653	  	 45 Glimcher Realty Way,

Elizabeth, NJ
 LEASEHOLD
	  	ESA P Portfolio L.L.C.
			
	2655	  	 30 World’s Fair Drive,

Franklin, NJ
	  	ESA P Portfolio L.L.C.
			
	2676	  	 3450 Brunswick Pike,

Princeton, NJ
	  	ESA P Portfolio L.L.C.
			
	2742	  	 71 International Dr. South,

Budd Lake, NJ
	  	ESA P Portfolio L.L.C.
			
	9677	  	 125 Rt 10 East,
 Whippany,
NJ
	  	ESA P Portfolio L.L.C.
			
	9678	  	 300 State H. Rt 3 East,
 East
Rutherford, NJ
	  	ESA P Portfolio L.L.C.
			
	9679	  	 1 Plaza Drive,
 Secaucus,
NJ
 LEASEHOLD
	  	ESA P Portfolio L.L.C.
			
	9680	  	 1 Hoover Way,
 Woodbridge,
NJ
	  	ESA P Portfolio L.L.C.
			
	9849	  	 410 S. Randolphville Road,

Piscataway, NJ
	  	ESA P Portfolio L.L.C.
			
	413	  	 5020 Ellison NE,
 Albuquerque,
NM
	  	ESA P Portfolio L.L.C.
			
	7512	  	 2608 The American Rd. NW,
 Rio
Rancho, NM
	  	ESA P Portfolio L.L.C.

 
 

  
 10 

 

					
	 Site #
	  	 Address
	  	 Owner

	7519	  	 2321 International Ave. SE.,

Albuquerque, NM
	  	ESA P Portfolio L.L.C.
			
	9819	  	 2221 Rio Rancho Blvd
 (Hwy
528), Rio Rancho, NM
	  	ESA P Portfolio L.L.C.
			
	860	  	 4270 S. Valley View Blvd.,
 Las
Vegas, NV
	  	ESA P Portfolio L.L.C.
			
	861	  	 4240 Boulder Highway,
 Las
Vegas, NV
	  	ESA P Portfolio L.L.C.
			
	7570	  	 9795 Gateway Drive,
 Reno,
NV
	  	ESA P Portfolio L.L.C.
			
	9676	  	 3045 South Maryland Parkway, Las Vegas, NV
 LEASEHOLD
	  	ESA P Portfolio L.L.C.
			
	9820	  	 1550 E. Flamingo Rd,
 Las
Vegas, NV
	  	ESA P Portfolio L.L.C.
			
	501	  	 1395 Washington Ave.,
 Albany,
NY
	  	ESA P Portfolio L.L.C.
			
	503	  	 700 Commons Way,
 Rochester,
NY
	  	ESA P Portfolio L.L.C.
			
	504	  	 6630 Old Collamer Rd,
 East
Syracuse, NY
	  	ESA P Portfolio L.L.C.
			
	554	  	 125 Inn Keepers Lane,
 Amherst,
NY
	  	ESA P Portfolio L.L.C.
			
	634	  	 905 S. Oyster Bay Rd.,

Bethpage, NY
	  	ESA P Portfolio L.L.C.
			
	651	  	 18-30 Whitestone Expy.,

Whitestone, NY
	  	ESA P Portfolio L.L.C.
			
	763	  	 100 Spagnoli Rd,
 Melville,
NY
	  	ESA P Portfolio L.L.C.
			
	765	  	 600 Center Place Drive,

Rochester, NY
	  	ESA P Portfolio L.L.C.
			
	2546	  	 118 Tarrytown Rd.,
 Elmsford,
NY
	  	ESA P Portfolio L.L.C.
			
	2716	  	 55 W. Merritt Blvd,
 Fishkill,
NY
	  	ESA P Portfolio L.L.C.
			
	9681	  	 25 Merritt Blvd,
 Fishkill,
NY
	  	ESA P Portfolio L.L.C.
			
	3	  	 11645 Chesterdale Road,

Springdale, OH
	  	ESA P Portfolio L.L.C.
			
	6	  	 9651 Seward Road,
 Fairfield,
OH
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	7	  	 2200 Lake Club Drive,

Columbus, OH
	  	ESA P Portfolio L.L.C.
			
	8	  	 7851 Lois Circle,
 Dayton,
OH
	  	ESA P Portfolio L.L.C.
			
	9	  	 6601 Reflections Drive,

Dublin, OH
	  	ESA P Portfolio L.L.C.
			
	15	  	 4260 Hunt Road,
 Blue Ash,
OH
	  	ESA P Portfolio L.L.C.
			
	33	  	 170 Montrose W. Ave.,
 Copley,
OH
	  	ESA P Portfolio L.L.C.
			
	34	  	 3131 Presidential Drive,

Fairborn, OH
	  	ESA P Portfolio L.L.C.
			
	41	  	 542 West Dussel Drive,
 Maumee,
OH
	  	ESA P Portfolio L.L.C.
			
	47	  	 25801 Country Club Blvd.,

North Olmsted, OH
	  	ESA P Portfolio L.L.C.
			
	53	  	 17552 Rosbough Drive,

Middleburg Heights, OH
	  	ESA P Portfolio L.L.C.
			
	59	  	 30360 Clemens Rd.,
 Westlake,
OH
	  	ESA P Portfolio L.L.C.
			
	553	  	 185 Montrose W. Ave.,
 Copley,
OH
	  	ESA P Portfolio L.L.C.
			
	555	  	 11457 Chester Road,

Sharonville, OH
	  	ESA P Portfolio L.L.C.
			
	564	  	 6155 Trust Drive,
 Holland,
OH
	  	ESA P Portfolio L.L.C.
			
	565	  	 320 Glensprings Drive,

Springdale, OH
	  	ESA P Portfolio L.L.C.
			
	590	  	 6255 Zumstein Drive,
 Columbus,
OH
	  	ESA P Portfolio L.L.C.
			
	681	  	 450 Metro Place North,
 Dublin,
OH
	  	ESA P Portfolio L.L.C.
			
	4015	  	 11145 Kenwood Road,
 Blue Ash,
OH
	  	ESA P Portfolio L.L.C.
			
	4018	  	 4200 Stelzer Road,
 Columbus,
OH
	  	ESA P Portfolio L.L.C.
			
	4027	  	 7465 High Cross Boulevard,

Columbus, OH
	  	ESA P Portfolio L.L.C.
			
	4075	  	10300 Cascade Crossing, Brooklyn, OH	  	ESA P Portfolio L.L.C.

 
 

  
 11 

 

					
	 Site #
	  	 Address
	  	 Owner

	4120	  	 6688 Miller Lane,
 Dayton,
OH
	  	ESA P Portfolio L.L.C.
			
	4178	  	3820 Orange Pl., Orange, OH	  	ESA P Portfolio L.L.C.
			
	9688	  	 4630 Creek Road,
 Blue Ash,
OH
	  	ESA P Portfolio L.L.C.
			
	9689	  	 24851 Country Club Blvd.,

North Olmsted, OH
	  	ESA P Portfolio L.L.C.
			
	9690	  	 3625 Orange Pl.,
 Orange
Village, OH
	  	ESA P Portfolio L.L.C.
			
	9821	  	 8555 Lyra Drive,
 Columbus,
OH
	  	ESA P Portfolio L.L.C.
			
	9822	  	 5530 Tuttle Crossing Blvd,

Dublin, OH
	  	ESA P Portfolio L.L.C.
			
	39	  	 7901 E. 31st Court South,

Tulsa, OK
	  	ESA P Portfolio L.L.C.
			
	50	  	 4811 Northwest Expressway,

Oklahoma City, OK
	  	ESA P Portfolio L.L.C.
			
	876	  	 3414 South 79th East Ave..

Tulsa, OK
	  	ESA P Portfolio L.L.C.
			
	877	  	 4820 West Reno Ave.,
 Oklahoma
City, OK
	  	ESA P Portfolio L.L.C.
			
	6065	  	 2720 Northwest Expressway,

Oklahoma City, OK
	  	ESA P Portfolio L.L.C.
			
	335	  	 18665 NW Eider Ct,
 Beaverton,
OR
	  	ESA P Portfolio L.L.C.
			
	399	  	 17777 NE Sacramento St,

Portland, OR
	  	ESA P Portfolio L.L.C.
			
	838	  	 520 Harlow Road,
 Springfield,
OR
	  	ESA P Portfolio L.L.C.
			
	7003	  	 3535 Fisher Rd NE,
 Salem,
OR
	  	ESA P Portfolio L.L.C.
			
	9691	  	 875 SW 158th Ave,
 Beaverton,
OR
	  	ESA P Portfolio L.L.C.
			
	9692	  	 13009 SW 68th Parkway,
 Tigard,
OR
	  	ESA P Portfolio L.L.C.
			
	9823	  	 19311 NW Cornell Rd,

Hillsboro, OR
	  	ESA P Portfolio L.L.C.
			
	453	  	 3216 Tillman Drive,
 Bensalem,
PA
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	463	  	 300 Morehall Rd, Rt 29,

Malvern, PA
	  	ESA P Portfolio L.L.C.
			
	507	  	 520 North Bell Avenue,

Carnegie, PA
	  	ESA P Portfolio L.L.C.
			
	547	  	 9000 Tinicum Blvd,

Philadelphia, PA
	  	ESA P Portfolio L.L.C.
			
	2506	  	 877 N. Pottstown Pike
 (Rt
100), Exton, PA
	  	ESA P Portfolio L.L.C.
			
	2511	  	 3851 Northern Pike,

Monroeville, PA
	  	ESA P Portfolio L.L.C.
			
	2525	  	 200 Chauvet Drive,
 Pittsburgh,
PA
	  	ESA P Portfolio L.L.C.
			
	2526	  	 8880 Bartram Ave,

Philadelphia, PA
	  	ESA P Portfolio L.L.C.
			
	2565	  	 3050 Schoenersville Rd,

Bethlehem, PA
	  	ESA P Portfolio L.L.C.
			
	2667	  	 114 Welsh Road,
 Horsham,
PA
	  	ESA P Portfolio L.L.C.
			
	2675	  	 437 Irwins Lane,
 Plymouth
Meeting, PA
	  	ESA P Portfolio L.L.C.
			
	2739	  	 1303 Lebanon Church Road,
 West
Mifflin, PA
	  	ESA P Portfolio L.L.C.
			
	9693	  	 537 Dresher Road,
 Horsham,
PA
	  	ESA P Portfolio L.L.C.
			
	9694	  	 400 American Avenue,
 King of
Prussia, PA
	  	ESA P Portfolio L.L.C.
			
	9695	  	 8 E. Swedesford Road, Malvern, PA
 LEASEHOLD
	  	ESA P Portfolio L.L.C.
			
	1113	  	 245 W. Natick Rd,
 Warwick,
RI
	  	ESA P Portfolio L.L.C.
			
	1114	  	 1200 Division Rd.,
 West
Warwick, RI
	  	ESA P Portfolio L.L.C.
			
	1137	  	 1000 Warren Ave,
 East
Providence, RI
	  	ESA P Portfolio L.L.C.
			
	9696	  	 268 Metro Center Blvd,

Warwick, RI
	  	ESA P Portfolio L.L.C.
			
	19	  	 530 Woods Lake Rd.,

Greenville, SC
	  	ESA P Portfolio L.L.C.
			
	22	  	 180 Stoneridge Dr.,
 Columbia,
SC
	  	ESA P Portfolio L.L.C.

 
 

  
 12 

 

					
	 Site #
	  	 Address
	  	 Owner

	29	  	 7641 Northwoods Blvd.,
 North
Charleston, SC
	  	ESA P Portfolio L.L.C.
			
	100	  	 130 Mobile Drive,
 Spartanburg,
SC
	  	ESA P Portfolio L.L.C.
			
	115	  	 5059 N. Arco Lane,
 North
Charleston, SC
	  	ESA P Portfolio L.L.C.
			
	131	  	 5430 Forest Dr.,
 Columbia,
SC
	  	ESA P Portfolio L.L.C.
			
	132	  	 3715 Pelham Rd.,
 Greenville,
SC
	  	ESA P Portfolio L.L.C.
			
	180	  	 450 Gracern Rd.,
 Columbia,
SC
	  	ESA P Portfolio L.L.C.
			
	223	  	 304 Wingo Way, Mt.
 Pleasant,
SC
	  	ESA P Portfolio L.L.C.
			
	9697	  	 5045 N. Arco Lane,
 North
Charleston, SC
	  	ESA P Portfolio L.L.C.
			
	9824	  	1170 Kinley Rd, Irmo, SC	  	ESA P Portfolio L.L.C.
			
	45	  	 2979 N. Stemmons Frwy,
 Dallas,
TX
	  	ESA P Portfolio L.L.C.
			
	46	  	 2420 E Lamar Blvd,
 Arlington,
TX
	  	ESA P Portfolio L.L.C.
			
	49	  	 5454 Hollister Street,

Houston, TX
	  	ESA P Portfolio L.L.C.
			
	52	  	 4636 West Plano Parkway,

Plano, TX
	  	ESA P Portfolio L.L.C.
			
	62	  	1303 LaConcha, Houston, TX	  	ESA P Portfolio L.L.C.
			
	64	  	2424 W. Sam Houston Pkwy South, Houston, TX	  	ESA P Portfolio L.L.C.
			
	886	  	 6580 Montana Ave.,
 El Paso,
TX
	  	ESA P Portfolio L.L.C.
			
	6005	  	5959 Guhn Rd, Houston, TX	  	ESA P Portfolio L.L.C.
			
	6011	  	 3200 W. Sam Houston Pkwy,

Houston, TX
	  	ESA P Portfolio L.L.C.
			
	6012	  	 2130 South Highway 6,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	6016	  	 12270 Greenville Ave.,
 Dallas,
TX
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	6022	  	 2544 US Hwy 67,
 Mesquite,
TX
	  	ESA P Portfolio L.L.C.
			
	6026	  	 16939 Tomball Pkwy,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	6027	  	10100 N. Capital of Texas Hwy., Austin, TX	  	ESA P Portfolio L.L.C.
			
	6028	  	 12621 Hymeadow Rd.,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	6029	  	 150 Valley Wood Rd,
 Spring,
TX
	  	ESA P Portfolio L.L.C.
			
	6030	  	 555 S 1-35 - City Centre Business Park,
 Round Rock, TX
	  	ESA P Portfolio L.L.C.
			
	6037	  	 3440 W. Walnut Hill Lane,

Irving, TX
	  	ESA P Portfolio L.L.C.
			
	6055	  	 4701 Westheimer Road,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	6057	  	2330 SW Frwy, Houston, TX	  	ESA P Portfolio L.L.C.
			
	6060	  	 600 Gaudalupe Street,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	6066	  	 1410 Nasa Rd 1,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	6068	  	 11175 Katy Frwy,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	6069	  	 4022 Parkside Center Blvd,

Farmers Branch, TX
	  	ESA P Portfolio L.L.C.
			
	6070	  	 6218 S. Staples St.,
 Corpus
Christi, TX
	  	ESA P Portfolio L.L.C.
			
	6071	  	 3261 N.E. Loop 820,
 Fort
Worth, TX
	  	ESA P Portfolio L.L.C.
			
	6072	  	 1908 Forest Ridge Dr,
 Bedford,
TX
	  	ESA P Portfolio L.L.C.
			
	6073	  	 1900 Lake Pointe Dr,

Lewisville, TX
	  	ESA P Portfolio L.L.C.
			
	6074	  	 13505 North Frwy,
 Houston, TX,
Houston, TX
	  	ESA P Portfolio L.L.C.
			
	6078	  	 990 Sunland Park Dr.,
 El Paso,
TX
	  	ESA P Portfolio L.L.C.
			
	6081	  	 6300 US HWY 290 East,
 Austin,
TX
	  	ESA P Portfolio L.L.C.

 
 

  
 13 

 

					
	 Site #
	  	 Address
	  	 Owner

	6082	  	 605 Meadow Creek Dr,
 Las
Colinas, TX
	  	ESA P Portfolio L.L.C.
			
	6083	  	 4331 Spectrum One,
 San
Antonio, TX
	  	ESA P Portfolio L.L.C.
			
	6084	  	 4701 City Lake Blvd. W,
 Fort
Worth, TX
	  	ESA P Portfolio L.L.C.
			
	6086	  	 3804 Tanacross Dr.,
 Fort
Worth, TX
	  	ESA P Portfolio L.L.C.
			
	6092	  	 5831 Overton Ridge Blvd.,
 Fort
Worth, TX
	  	ESA P Portfolio L.L.C.
			
	6172	  	 2100 Cinema Dr.,
 Amarillo,
TX
	  	ESA P Portfolio L.L.C.
			
	6174	  	 106 W. Village Blvd,
 Laredo,
TX
	  	ESA P Portfolio L.L.C.
			
	6175	  	 5903 Woodway Dr.,
 Waco,
TX
	  	ESA P Portfolio L.L.C.
			
	6178	  	 5100 US Hwy. 290 W,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	6187	  	 4802 S Loop 289,
 Lubbock,
TX
	  	ESA P Portfolio L.L.C.
			
	6195	  	 13858 N US Hwy. 183,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	6197	  	 16950 N 1-35,
 Round Rock,
TX
	  	ESA P Portfolio L.L.C.
			
	9702	  	 9100 Waterford Centre Blvd.,

Austin, TX
	  	ESA P Portfolio L.L.C.
			
	9703	  	 507 South First Street,

Austin, TX
	  	ESA P Portfolio L.L.C.
			
	9704	  	 1221 N Watson Dr.,
 Arlington,
TX
	  	ESA P Portfolio L.L.C.
			
	9705	  	5315 Camaby St., Irving, TX	  	ESA P Portfolio L.L.C.
			
	9706	  	 7825 Heathrow Dr.,
 Irving,
TX
	  	ESA P Portfolio L.L.C.
			
	9707	  	 17425 Dallas Pkwy,
 Dallas,
TX
	  	ESA P Portfolio L.L.C.
			
	9708	  	12121 Coit Rd, Dallas, TX	  	ESA P Portfolio L.L.C.
			
	9709	  	 18470 N. Dallas Pkwy,
 Dallas,
TX
	  	ESA P Portfolio L.L.C.
			
	9710	  	4709 W. Plano Pkwy, Plano, TX	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	9711	  	 901 E. Campbell Road,

Richardson, TX
	  	ESA P Portfolio L.L.C.
			
	9712	  	 1601 River Run,
 Fort Worth,
TX
	  	ESA P Portfolio L.L.C.
			
	9713	  	 2300 West Loop South,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	9714	  	 7979 Fannin Street,
 Houston,
TX
	  	ESA P Portfolio L.L.C.
			
	9715	  	 13223 Champions Ctr Dr,

Houston, TX
	  	ESA P Portfolio L.L.C.
			
	9716	  	 1015 Central Parkway South,

San Antonio, TX
	  	ESA P Portfolio L.L.C.
			
	9826	  	 1301 S. Braeswood Blvd,

Houston, TX
	  	ESA P Portfolio L.L.C.
			
	9827	  	 720 W. Bay Area Blvd,
 Webster,
TX
	  	ESA P Portfolio L.L.C.
			
	9828	  	2900 Dallas Pkwy, Plano, TX	  	ESA P Portfolio L.L.C.
			
	9829	  	 12424 Research Blvd,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	9831	  	 4726 Sugar Grove Blvd,

Stafford, TX
	  	ESA P Portfolio L.L.C.
			
	9832	  	 2700 Gracy Farms Lane,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	9833	  	 5401 Green Park Drive,
 Irving,
TX
	  	ESA P Portfolio L.L.C.
			
	9834	  	 8221 North IH-35,
 Austin,
TX
	  	ESA P Portfolio L.L.C.
			
	9835	  	 9019 Vantage Point Rd,
 Dallas,
TX
	  	ESA P Portfolio L.L.C.
			
	352	  	 10715 Auto Mall Drive,
 Sandy,
UT
	  	ESA P Portfolio L.L.C.
			
	362	  	 2310 W. City Center Court,

West Valley City, UT
	  	ESA P Portfolio L.L.C.
			
	379	  	 7555 S. Union Park Ave.,

Midvale, UT
	  	ESA P Portfolio L.L.C.
			
	9717	  	 5683 South Redwood Road,
 Salt
Lake City, UT
	  	ESA P Portfolio L.L.C.
			
	9718	  	 1220 East 2100 South,
 Salt
Lake City, UT
	  	ESA P Portfolio L.L.C.

 
 

  
 14 

 

					
	 Site #
	  	 Address
	  	 Owner

	43	  	 12359 Hornsby Lane,
 Newport
News, VA
	  	ESA P Portfolio L.L.C.
			
	44	  	 10060 W. Broad St.,
 Glen
Allen, VA
	  	ESA P Portfolio L.L.C.
			
	111	  	14420 Chantilly Crossing Lane, Chantilly, VA	  	ESA P Portfolio L.L.C.
			
	140	  	 11708 Jefferson Ave.,
 Newport
News, VA
	  	ESA P Portfolio L.L.C.
			
	175	  	 1540 Crossways Blvd,

Chesapeake, VA
	  	ESA P Portfolio L.L.C.
			
	291	  	 2705 Frontage Rd. NW,
 Roanoke,
VA
	  	ESA P Portfolio L.L.C.
			
	410	  	 6811 Paragon Pl.,
 Richmond,
VA
	  	ESA P Portfolio L.L.C.
			
	478	  	 46001 Waterview Plaza,

Sterling, VA
	  	ESA P Portfolio L.L.C.
			
	480	  	 4548 Bonney Rd.,
 Virginia
Beach, VA
	  	ESA P Portfolio L.L.C.
			
	768	  	205 North Breckinridge Place, Alexandria, VA	  	ESA P Portfolio L.L.C.
			
	1599	  	 6807 Paragon Pl.,
 Richmond,
VA
	  	ESA P Portfolio L.L.C.
			
	1620	  	12055 Lee Jackson Memorial Hwy, Fairfax, VA	  	ESA P Portfolio L.L.C.
			
	1813	  	 6800 Metropolitan Center Dr,

Springfield, VA
	  	ESA P Portfolio L.L.C.
			
	1821	  	 1021 Elden Street,
 Herndon,
VA
	  	ESA P Portfolio L.L.C.
			
	1828	  	 1910 University Blvd,

Lynchburg, VA
	  	ESA P Portfolio L.L.C.
			
	1831	  	 1915 Commerce Dr,
 Hampton
,VA
	  	ESA P Portfolio L.L.C.
			
	1846	  	 5920 Fort Drive,
 Centreville,
VA
	  	ESA P Portfolio L.L.C.
			
	9719	  	 200 Blue Stone Road PA,

Alexandria, VA
	  	ESA P Portfolio L.L.C.
			
	9725	  	 8201 Old Courthouse Road,

Vienna, VA
	  	ESA P Portfolio L.L.C.
			
	9727	  	 241 Arboretum Place,
 Richmond,
VA
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	9850	  	 4506 Brookfield Corp. Drive,

Chantilly, VA
	  	ESA P Portfolio L.L.C.
			
	9851	  	 3997 Fair Ridge Drive,

Fairfax, VA
	  	ESA P Portfolio L.L.C.
			
	9860	  	 3214 Churchland Blvd.,

Chespeake, VA
	  	ESA P Portfolio L.L.C.
			
	9861	  	 809 Greenbrier Circle,

Chesapeake, VA
	  	ESA P Portfolio L.L.C.
			
	341	  	 300 NE 115th Avenue,

Vancouver, WA
	  	ESA P Portfolio L.L.C.
			
	409	  	 1400 South 320th Street,

Federal Way, WA
	  	ESA P Portfolio L.L.C.
			
	418	  	 1150 Oakesdale Ave SW,
 Renton,
WA
	  	ESA P Portfolio L.L.C.
			
	802	  	 22520 83rd Avenue South,
 Kent,
WA
	  	ESA P Portfolio L.L.C.
			
	805	  	 2820 Pacific Hwy East,
 Fife,
WA
	  	ESA P Portfolio L.L.C.
			
	806	  	 15451 53rd Avenue South,

Tukwila, WA
	  	ESA P Portfolio L.L.C.
			
	810	  	 3021 196th Street SW,

Lynnwood, WA
	  	ESA P Portfolio L.L.C.
			
	815	  	8410 Broadway, Everett, WA	  	ESA P Portfolio L.L.C.
			
	817	  	 12803 E. Sprague,
 Spokane,
WA
	  	ESA P Portfolio L.L.C.
			
	824	  	 11400 Main Street,
 Bellevue,
WA
	  	ESA P Portfolio L.L.C.
			
	831	  	 2120 S. 48th St.,
 Tacoma,
WA
	  	ESA P Portfolio L.L.C.
			
	7009	  	 923 228th Street SE,
 Bothell,
WA
	  	ESA P Portfolio L.L.C.
			
	7010	  	 25104 Pacific Hwy South,
 Kent,
WA
	  	ESA P Portfolio L.L.C.
			
	7011	  	 2101 N. Meridian,
 Puyallup,
WA
	  	ESA P Portfolio L.L.C.
			
	7018	  	 8801 South Hosmer St.,
 Tacoma,
WA
	  	ESA P Portfolio L.L.C.
			
	7020	  	 1431 112th Street SE,
 Everett,
WA
	  	ESA P Portfolio L.L.C.
			
	7032	  	1675 Mottman Road SW, Tumwater, WA	  	ESA P Portfolio L.L.C.

 
 

  
 15 

 

					
	 Site #
	  	 Address
	  	 Owner

	7062	  	3917 Harbour Pointe Blvd SW, Mukilteo, WA	  	ESA P Portfolio L.L.C.
			
	7066	  	 13300 Stone Avenue North,

Seattle, WA
	  	ESA P Portfolio L.L.C.
			
	9728	  	 3700 132nd Ave SE,
 Bellevue,
WA
	  	ESA P Portfolio L.L.C.
			
	9729	  	 15805 NE 28th Street,

Bellevue, WA
	  	ESA P Portfolio L.L.C.
			
	9730	  	 15635 West Valle Hwy,
 Tukwila,
WA
	  	ESA P Portfolio L.L.C.
			
	9852	  	 22122 17th Ave. S.E.,
 Bothell,
WA, Bothell, WA
	  	ESA P Portfolio L.L.C.
			
	557	  	 11121 W North Ave,
 Wauwatosa,
WI
	  	ESA P Portfolio L.L.C.
			
	679	  	 4141 Boardwalk Ct,
 Appleton,
WI
	  	ESA P Portfolio L.L.C.
			
	731	  	 55 Junction Court,
 Madison,
WI
	  	ESA P Portfolio L.L.C.
			
	785	  	 2520 Plaza Court,
 Waukesha,
WI
	  	ESA P Portfolio L.L.C.
			
	4034	  	 45 Junction Court,
 Madison,
WI
	  	ESA P Portfolio L.L.C.
			
	9731	  	 325 N Brookfield Rd

Brookfield, WI
	  	ESA P Portfolio L.L.C.
			
	56	  	 6620 Eli Whitney Drive,

Columbia, MD
	  	ESA P Portfolio MD Trust
			
	658	  	 1500 Aero Drive,
 Linthicum,
MD
	  	ESA P Portfolio MD Trust
			
	699	  	 8870 Columbia 100 Parkway,

Columbia, MD
	  	ESA P Portfolio MD Trust
			
	767	  	 9401 Largo Drive West,

Landover, MD
	  	ESA P Portfolio MD Trust
			
	2503	  	 9704 Beaver Dam Road,

Timonium, MD
	  	ESA P Portfolio MD Trust
			
	2504	  	 12450 Milestone Center Dr,

Germantown, MD
	  	ESA P Portfolio MD Trust
			
	2528	  	 205 Professional Drive,

Gaithersburg, MD
	  	ESA P Portfolio MD Trust
			
	2529	  	 201 Professional Drive,

Gaithersburg, MD
	  	ESA P Portfolio MD Trust

					
	 Site #
	  	 Address
	  	 Owner

	2530	  	 5240 Westview Dr,
 Frederick,
MD
	  	ESA P Portfolio MD Trust
			
	2549	  	 46565 Expedition Park Drive,

Lexington Park, MD
	  	ESA P Portfolio MD Trust
			
	2705	  	 1 Womack Drive,
 Annapolis,
MD
	  	ESA P Portfolio MD Trust
			
	2781	  	 104 Chesapeake Centre Ct,
 Glen
Burnie, MD
	  	ESA P Portfolio MD Trust
			
	2787	  	 8550 Washington Blvd,
 Jessup,
MD
	  	ESA P Portfolio MD Trust
			
	2802	  	 1361 James Way,
 Bel Air,
MD
	  	ESA P Portfolio MD Trust
			
	9660	  	 120 Admiral Cochrane Drive,

Annapolis, MD
	  	ESA P Portfolio MD Trust
			
	9662	  	 2621 Research Blvd,
 Rockville,
MD
	  	ESA P Portfolio MD Trust
			
	9817	  	 8890 Stanford Blvd,
 Columbia,
MD
	  	ESA P Portfolio MD Trust
			
	10	  	 1700 Winston Rd.,
 Knoxville,
TN
	  	ESH/TN Properties L.L.C.
			
	12	  	 6085 Apple Tree Drive,

Memphis, TN
	  	ESH/TN Properties L.L.C.
			
	13	  	 9025 Church Street East,

Brentwood, TN
	  	ESH/TN Properties L.L.C.
			
	17	  	 2511 Elm Hill Pike,
 Nashville,
TN
	  	ESH/TN Properties L.L.C.
			
	37	  	 8110 Cordova Centre Drive,

Memphis, TN
	  	ESH/TN Properties L.L.C.
			
	121	  	 214 Langley Place,
 Knoxville,
TN
	  	ESH/TN Properties L.L.C.
			
	125	  	 6240 Airpark Dr.,
 Chattanooga,
TN
	  	ESH/TN Properties L.L.C.
			
	163	  	 1210 Murfreesboro Road,

Nashville, TN
	  	ESH/TN Properties L.L.C.
			
	305	  	 9020 Church Street East,

Brentwood, TN
	  	ESH/TN Properties L.L.C.
			
	315	  	 2525 Elm Hill Pike,
 Nashville,
TN
	  	ESH/TN Properties L.L.C.

 
 

  
 16 

 

					
	 Site #
	  	 Address
	  	 Owner

	450	  	 5885 Shelby Oaks Drive,

Memphis, TN
	  	ESH/TN Properties L.L.C.
			
	5003	  	 6520 Mt. Moriah Road,
 Memphis,
TN
	  	ESH/TN Properties L.L.C.
			
	5023	  	 6325 Quail Hollow,
 Memphis,
TN
	  	ESH/TN Properties L.L.C.
			
	5045	  	 3311 West End Avenue,

Nashville, TN
	  	ESH/TN Properties L.L.C.
			
	9698	  	 2541 Corporate Avenue East,

Memphis, TN
	  	ESH/TN Properties L.L.C.
			
	9699	  	 6500 Poplar Avenue,
 Memphis,
TN
	  	ESH/TN Properties L.L.C.
			
	9700	  	 727 McGavock Pike,
 Nashville,
TN
	  	ESH/TN Properties L.L.C.
			
	9701	  	 680 Bakers Bridre Ave.,

Franklin, TN
	  	ESH/TN Properties L.L.C.
			
	9825	  	 2520 Horizon Lake Dr,
 Memphis,
TN
	  	ESH/TN Properties L.L.C.
			
	9645	  	5401 Beaumont Center Boulevard East, Tampa, FL	  	ESA P Portfolio L.L.C.
			
	9638	  	3873 West Commercial Boulevard, Tamarac, FL	  	ESA P Portfolio L.L.C.
			
	9639	  	 8720 NW 33 Street,
 Doral,
FL
	  	ESA P Portfolio L.L.C.
			
	9643	  	330 Grand Regency Boulevard, Brandon, FL	  	ESA P Portfolio L.L.C.
			
	9642	  	 7550 State Road 84,
 Davie,
FL
	  	ESA P Portfolio L.L.C.
			
	9644	  	 2311 Ulmterton Road,

Clearwater, FL
	  	ESA P Portfolio L.L.C.
			
	9648	  	 7049 Jimmy Carter
 Boulevard,
Norcross, GA
	  	ESA P Portfolio L.L.C.
			
	9661	  	 939 International Drive,

Linthicum Heights, MD
	  	ESA P Portfolio L.L.C.
			
	9663	  	 20141 Century Boulevard,

Germantown, MD
	  	ESA P Portfolio L.L.C.
			
	9685	  	 4515 NC Highway 55,
 Durham,
NC
	  	ESA P Portfolio L.L.C.
			
	9684	  	 4810 Bluestone Drive,
 Raleigh,
NC
	  	ESA P Portfolio L.L.C.

					
	 Site #
	  	 Address
	  	 Owner

	9722	  	 12104 Monument Drive,
 Fairfax,
VA
	  	ESA P Portfolio L.L.C.
			
	9726	  	 10961 W Broad Street,
 Glen
Allen, VA
	  	ESA P Portfolio L.L.C.
			
	9723	  	8281 Willow Oaks Corporate Drive, Fairfax, VA	  	ESA P Portfolio L.L.C.
			
	9720	  	4504 Brookfield Corporate Drive, Chantilly, VA	  	ESA P Portfolio L.L.C.
			
	9721	  	 45350 Catalina Court,

Sterling, VA
	  	ESA P Portfolio L.L.C.
			
	9724	  	 12190 Sunset Hills Road,

Reston, VA
	  	ESA P Portfolio L.L.C.

 
 

  
 17EX-10.2.1

 Exhibit 10.2.1 
 MANAGEMENT AGREEMENT 
 between 

ESA 2007 OPERATING LESSEE LLC 
 (LESSEE) 
 and 

ESA MANAGEMENT, LLC 
 (MANAGER) 

                    , 2013

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	  	 CERTAIN DEFINITIONS
	  	 	1	  
			
	 ARTICLE II
	  	 ENGAGEMENT OF MANAGER AND COMMENCEMENT OF MANAGEMENT OF THE HOTELS
	  	 	4	  
			
	 Section 2.1.
	  	 Engagement of Manager to Manage Hotels
	  	 	4	  
	 Section 2.2.
	  	 Management Commencement Date
	  	 	4	  
			
	 ARTICLE III
	  	 OPERATION OF THE HOTELS AFTER THE MANAGEMENT COMMENCEMENT DATE
	  	 	5	  
			
	 Section 3.1.
	  	 Duty and Authority of Manager
	  	 	5	  
	 Section 3.2.
	  	 Operational Standards
	  	 	7	  
	 Section 3.3.
	  	 Agreements with Related Parties
	  	 	7	  
	 Section 3.4.
	  	 Emergency Repairs
	  	 	7	  
	 Section 3.5.
	  	 Major Policy Matters and Decisions
	  	 	7	  
	 Section 3.6.
	  	 Compliance with Trademark License Agreement
	  	 	8	  
	 Section 3.7.
	  	 Marketing and Reservation Services
	  	 	8	  
	 Section 3.8.
	  	 Financing Permitted
	  	 	8	  
	 Section 3.9.
	  	 Credit Policies
	  	 	8	  
	 Section 3.10.
	  	 Collection Practices
	  	 	8	  
	 Section 3.11.
	  	 Centralized Services
	  	 	8	  
	 Section 3.12.
	  	 Intellectual Property
	  	 	8	  
			
	 ARTICLE IV
	  	 OPERATING EXPENSES PAID BY LESSEE
	  	 	10	  
			
	 Section 4.1.
	  	 Expenses Incurred by Manager on Behalf of Lessee
	  	 	10	  
	 Section 4.2.
	  	 Debts and Liabilities to Third Parties
	  	 	10	  
	 Section 4.3.
	  	 Manager Not Obligated to Advance Own Funds
	  	 	10	  
			
	 ARTICLE V
	  	 CONSULTING SERVICES OF MANAGER’S AFFILIATES
	  	 	10	  
			
	 ARTICLE VI
	  	 COMPLIANCE WITH LAWS
	  	 	10	  
			
	 Section 6.1.
	  	 Compliance by Manager and Lessee After Management Commencement Date
	  	 	10	  
	 Section 6.2.
	  	 Lessee’s Right to Contest or Postpone Compliance
	  	 	11	  
	 Section 6.3.
	  	 Manager’s Right to Terminate Agreement
	  	 	11	  
			
	 ARTICLE VII
	  	 HOTEL ACCOUNT, OPERATING FUNDS, AND RESERVE FUND ACCOUNT
	  	 	11	  
			
	 Section 7.1.
	  	 Hotel Account
	  	 	11	  
	 Section 7.2.
	  	 Operating Funds
	  	 	12	  
	 Section 7.3.
	  	 Reserve Fund
	  	 	12	  
	 Section 7.4.
	  	 Fidelity Bonds
	  	 	12	  

  
 i 

							
	 ARTICLE VIII
	  	 BOOKS, RECORDS AND FINANCIAL STATEMENTS
	  	 	12	  
			
	 Section 8.1.
	  	 Accounting System
	  	 	12	  
	 Section 8.2.
	  	 Financial Statements
	  	 	13	  
	 Section 8.3.
	  	 Periodic Delivery of Data in Electronic Form
	  	 	13	  
			
	 ARTICLE IX
	  	 ANNUAL BUSINESS PLAN
	  	 	13	  
			
	 Section 9.1.
	  	 Preparation of Annual Business Plan
	  	 	13	  
	 Section 9.2.
	  	 Annual Business Plan Disputes
	  	 	14	  
	 Section 9.3.
	  	 Deviations from Annual Business Plan
	  	 	14	  
			
	 ARTICLE X
	  	 MANAGER’S FEES AND REIMBURSEMENTS
	  	 	14	  
			
	 Section 10.1.
	  	 Management Fee
	  	 	14	  
	 Section 10.2.
	  	 Reimbursement of Certain Expenses
	  	 	15	  
	 Section 10.3.
	  	 Technical Services
	  	 	15	  
	 Section 10.4.
	  	 Intentionally Omitted
	  	 	15	  
	 Section 10.5.
	  	 Other Hotel Revenue and Expenses
	  	 	16	  
			
	 ARTICLE XI
	  	 INSURANCE
	  	 	16	  
			
	 Section 11.1.
	  	 Insurance Coverage
	  	 	16	  
	 Section 11.2.
	  	 Waiver of Subrogation; Lessee Assumes Risk of Adequacy
	  	 	16	  
			
	 ARTICLE XII
	  	 TERM OF AGREEMENT AND TERMINATION
	  	 	16	  
			
	 Section 12.1.
	  	 Term
	  	 	16	  
	 Section 12.2.
	  	 Early Termination
	  	 	16	  
	 Section 12.3.
	  	 Termination Procedure
	  	 	16	  
	 Section 12.4.
	  	 Obligations Following Termination
	  	 	17	  
	 Section 12.5.
	  	 Intentionally Omitted
	  	 	18	  
	 Section 12.6.
	  	 Survival
	  	 	18	  
			
	 ARTICLE XIII
	  	 REPRESENTATIONS AND COVENANTS
	  	 	18	  
			
	 Section 13.1.
	  	 Lessee’s Representations
	  	 	18	  
	 Section 13.2.
	  	 Manager’s Representations
	  	 	19	  
	 Section 13.3.
	  	 Manager’s Covenants
	  	 	19	  
			
	 ARTICLE XIV
	  	 ASSIGNMENT
	  	 	20	  
			
	 ARTICLE XV
	  	 CONFIDENTIALITY
	  	 	20	  

  
 ii 

							
	 ARTICLE XVI
	  	 INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	20	  
			
	 Section 16.1.
	  	 Lessee’s Indemnification
	  	 	20	  
	 Section 16.2.
	  	 Manager’s Indemnification
	  	 	20	  
	 Section 16.3.
	  	 Indemnification Procedure
	  	 	21	  
	 Section 16.4.
	  	 Good Faith Judgment
	  	 	21	  
	 Section 16.5.
	  	 Survival
	  	 	21	  
			
	 ARTICLE XVII
	  	 MISCELLANEOUS
	  	 	21	  
			
	 Section 17.1.
	  	 Severability
	  	 	21	  
	 Section 17.2.
	  	 No Partnership
	  	 	22	  
	 Section 17.3.
	  	 Meetings
	  	 	22	  
	 Section 17.4.
	  	 Consents
	  	 	22	  
	 Section 17.5.
	  	 Applicable Law
	  	 	22	  
	 Section 17.6.
	  	 Successors Bound
	  	 	22	  
	 Section 17.7.
	  	 Headings
	  	 	22	  
	 Section 17.8.
	  	 Incorporation of Recitals
	  	 	22	  
	 Section 17.9.
	  	 Notices
	  	 	22	  
	 Section 17.10.
	  	 Entire Agreement; Amendments
	  	 	23	  
	 Section 17.11.
	  	 Manager’s Authority Limited
	  	 	23	  
	 Section 17.12.
	  	 Exclusive Compensation
	  	 	23	  
	 Section 17.13.
	  	 Property Rights
	  	 	23	  
	 Section 17.14.
	  	 Attorneys’ Fees
	  	 	23	  
	 Section 17.15.
	  	 Complimentary/Discount Policies
	  	 	23	  
	 Section 17.16.
	  	 No Third Party Beneficiary
	  	 	23	  
	 Section 17.17.
	  	 REOC
	  	 	23	  

  
 iii

 MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”) is made as of
                    , 2013 by and between ESA 2007 OPERATING LESSEE LLC (f/k/a ESA 2007 Operating Lessee Inc.), a Delaware limited liability company
(“Lessee”), and ESA MANAGEMENT, LLC, a Delaware limited liability company (“Manager”). 

BACKGROUND 
 A.
ESA UD Properties L.L.C., a Delaware limited liability company (“Owner”) is the owner of those certain properties constituting various hotel properties more specifically described in Schedule A attached hereto and the
buildings, structures, fixtures and additions now or hereafter located thereon (collectively, the “Hotels”); 

B. Owner has entered into that certain Lease Agreement dated as of October 8, 2010 with Lessee (as the same may be amended,
restated, supplemented or otherwise modified, the “Operating Lease”) pursuant to which Owner has leased its Hotels to Lessee pursuant to the terms thereof; 
 C. Manager is an independent contractor engaged in the management of hotels throughout the United States, and Manager is experienced in the various phases of hotel operations; and 

D. Lessee desires to utilize the services and experience of Manager in connection with the management and operation of the Hotels, and
Manager desires to render such services, all upon the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW THEREFORE, in consideration of the foregoing recitals and the premises and the mutual covenants herein contained, the parties hereto
agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 
 “Accounting Period” shall mean each of 12
accounting periods of one calendar month occurring each Fiscal Year. 
 “Affiliate” shall mean, with respect to
any Person, any other Person that, directly or indirectly, (a) controls, is under common control with, or is controlled by such specified Person and (b) owns at least 10% of, is under common ownership of at least 10% with, or is owned at
least 10% by, such specified Person. For purposes of this definition, the term “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management, policies, or activities of a Person,
whether through ownership of voting securities, by contract, or otherwise. 
 “Annual Business Plan” shall have
the meaning set forth in Section 9.1. 

 “Centralized Services” shall have the meaning set forth in
Section 3.11. 
 “Code” shall mean the Internal Revenue Code of 1986 and, to the extent applicable,
the Treasury Regulations promulgated thereunder, each as amended from time to time. 
 “Emergency Repairs”
shall mean repairs which are necessary, as a result of emergencies, to protect, maintain, or repair the Hotels. Emergencies, for the purposes hereof, shall mean immediate threats of damage or injury to persons or property or immediate threats of
violations of law. 
 “ESH Hospitality” shall mean ESH Hospitality, Inc. (f/k/a ESH Hospitality, LLC), a
Delaware corporation, which will elect to be taxable as a real estate investment trust under Section 856(c) of the Code, together with its successors and assigns. 
 “ESH IP” shall mean all names, trademarks, domain names and other intellectual property used in connection with the ownership, management or operation of any Hotel. 

“FF&E Percentage Contribution” shall have the meaning set forth in Section 7.3. 

“Fiscal Year” shall mean a Calendar Fiscal Year starting on January 1 and ending on December 31 or portion
thereof depending upon the Management Commencement Date and the termination date hereunder. 
 “Furniture, Fixtures and
Equipment” shall mean furniture, furnishings, light fixtures, outfittings, equipment and all other items of personal property customarily installed in or used in connection with the operation of the Hotels (it being understood, for the
avoidance of doubt, that Furniture, Fixtures and Equipment shall not include major capital improvements to the Hotels). 

“GAAP” shall mean generally accepted accounting principles, as in effect from time to time in the United States of
America, consistently applied. 
 “Gross Operating Revenues” shall mean all receipts, revenues, income and
proceeds of sales of every kind received by Manager from the operation of the Hotels, and shall include, without limitation: room rentals; rent or other payments received from sub-tenants, licensees, and occupants of commercial and retail space
located in the Hotels (provided that the income and/or revenue received by any licensees, subtenants or other occupants which are Affiliates of Owner or Lessee shall not be included in Gross Operating Revenues); the proceeds of insurance received by
Owner, Lessee or Manager with respect to use and occupancy or business interruption insurance; deposits forfeited and not refunded; frequent guest program payments; and any amount recovered in any legal action or proceeding or settlement thereof
pertaining to room revenues or other income from the Hotels which arose out of the operation of the Hotels. Gross Operating Revenues shall exclude all sales and excise taxes and any similar taxes collected as direct taxes payable to taxing
authorities; gratuities or service charges collected for payment to and paid to employees; credit or refunds to guests; proceeds of insurance, save and except for proceeds of insurance with respect to use and occupancy or business interruption
insurance; proceeds of sales of depreciable property; and proceeds of condemnation. 

  
 2 

 “Group Services” shall have the meaning set forth in
Section 10.2. 
 “Hotel Account” shall have the meaning set forth in Section 7.1.

 “Hotel Information” shall mean information collected and maintained by Manager in connection with its
operation and management of the Hotels pursuant to this Agreement, regardless of the form or medium involved (e.g., paper, electronic, disc, tape, etc.), including without limitation, books of account, guest records, customer lists, front
office records and other records relating to, or reflecting the operation of, the Hotels. 
 “Hotels” shall
have the meaning set forth in Paragraph A of the Background section. 
 “Independent Auditor” shall mean
a reputable national firm of independent certified public accountants having hotel experience, recommended by Manager from time to time and approved by Lessee. 
 “Laws” shall have the meaning set forth in Section 6.1. 
 “Licensed Intellectual Property” shall have the meaning set forth in Section 3.12(b). 
 “Licensor” shall mean ESH Strategies Branding LLC, a Delaware limited liability company, together with its successors and assigns. 

“Management Commencement Date” shall have the meaning set forth in Section 2.2. 

“Management Fee” shall have the meaning set forth in Section 10.1. 

“Operating Equipment” shall mean non-consumable equipment and supplies required for the operation of the Hotels,
including chinaware, glassware, linens, silverware, utensils, uniforms, and all other non-consumable supplies. 

“Operating Funds” shall have the meaning set forth in Section 7.2. 

“Operating Lease” shall have the meaning set forth in Paragraph B of the Background section. 

“Operating Licenses” shall have the meaning set forth in Section 3.1(e). 

“Operating Supplies” shall mean food and beverages and other consumable items used in the operation of a hotel, such as
fuel, soap, cleaning materials, matches, stationery, brochures, folios and all other items used in the routine operation of the Hotels which are consumable by nature. 

  
 3 

 “Owner” shall have the meaning set forth in Paragraph A of the
Background section. 
 “Parent” shall have the meaning set forth in Section 17.17. 

“Person” means any individual or entity, and the heirs, executors, administrators, legal representatives, successors,
and assigns of such Person where the context so admits. 
 “REOC” shall have the meaning set forth in
Section 17.17. 
 “Reserve Fund” shall have the meaning set forth in Section 7.3.

 “Trademark License Agreement” shall mean that certain Trademark License Agreement dated as of the date
October 8, 2010 by and between Licensor, as licensor, and Lessee, as licensee, as the same may be amended, modified and/or supplemented from time to time. 
 “Uniform System” shall mean the Uniform System of Accounts for Hotels, “Tenth Revised Edition”, as revised and adopted by the Hotel Association of New York City, Inc. from time
to time. 
 ARTICLE II 
 ENGAGEMENT OF MANAGER AND 
 COMMENCEMENT OF MANAGEMENT OF THE HOTELS 

Section 2.1. Engagement of Manager to Manage Hotels. Lessee hereby appoints Manager as Lessee’s exclusive manager,
subject to the terms of this Agreement, to supervise, direct and control the management and operation of the Hotels, and Manager hereby undertakes and agrees to perform, as an independent contractor of Lessee, all of the services and to comply with
all of the provisions of this Agreement, upon all of the terms and conditions hereinafter set forth. 
 Section 2.2.
Management Commencement Date. Manager shall assume management and operation of the Hotels on the date hereof (the “Management Commencement Date”). 

  
 4 

 ARTICLE III 
 OPERATION OF THE HOTELS AFTER THE 
 MANAGEMENT COMMENCEMENT DATE 

Section 3.1. Duty and Authority of Manager. On and after the Management Commencement Date, except as expressly limited
hereby, Manager shall have the exclusive authority and duty to direct, supervise, manage and operate the Hotels in an efficient and economical manner and to determine the programs and policies to be followed in connection therewith, all in
accordance with the provisions of this Agreement and the Annual Business Plan. Manager shall at all times be an independent contractor and not the employee of Owner or Lessee. Subject to the provisions of this Agreement and the Annual Business Plan,
Manager shall have the discretion and control in all matters relating to the management and operation of the Hotels. Without limiting the generality of the foregoing, Manager shall have the authority (subject to the provisions of this Agreement and
the Annual Business Plan) and duty to: 
 (a) Hire, supervise, direct the work of, discharge and determine the compensation and
other benefits of all personnel working in the Hotels pursuant to a written program of benefits, perquisites and policies which has been delivered to and approved by Lessee. Manager shall be the judge of the fitness and qualifications of such
personnel and shall be vested with discretion in the hiring, training, supervision, direction, discharging, and determination of the compensation and other benefits of such personnel during the course of their employment. It is expressly understood
and agreed that all personnel are in the sole employ of Manager or such company as Manager may contract with regarding said personnel and are not in the employ of Lessee or Owner and Lessee will not interfere with or give orders or instructions to
personnel employed at the Hotels. 
 (b) Reasonably employ the resources of its home office and regional facilities and
personnel to supervise and assist in the operation of the Hotels. Manager shall provide the following supervisory services: maintenance, human resources and personnel, administration, hotel operations, housekeeping, advertising, food and beverage
operations, sales promotion, forecasting and operations analysis, staff planning, accounting, marketing, revenue management, Information Systems, travel commission, training and oversight of reservations. The foregoing supervisory services may be
provided by Manager’s corporate officers, Manager’s employees, home office administrative heads or otherwise and shall be provided by Manager at its own expense, including, without limitation, the out-of-pocket expenses, and not charged to
Owner, except as otherwise specifically provided for in this Agreement. 
 (c) Establish all prices, price schedules, rates and
rate schedules (with the goal of maximizing revenue per available room), rents, lease charges, concession charges, and, in connection therewith, the supervision, direction and control of the collection, receipt and giving of receipts for all
services or income of any nature from the operations of the Hotels. 
 (d) Supervise and maintain complete books and records,
including without limitation, the books of accounts and accounting procedures of the Hotels. 
 (e) Obtain and maintain all
licenses and permits required for the operation of the Hotels (the “Operating Licenses”). The Operating Licenses may be in the name of Manager, Lessee or Owner in accordance with or as required by local laws, customs and practices.

 (f) Administer leases, license and concession agreements for all public space at the Hotels, including all stores, office
space and lobby space. All such leases, licenses or concessions shall be in Lessee’s name and may be executed by Manager on Lessee’s behalf after any such lease, license or other agreement has been approved by Lessee. 

(g) Keep the Hotels and the Furniture, Fixtures and Equipment in good order, repair and condition, including, without limitation, making
necessary replacements, improvements, additions and substitutions to the Hotels, subject to the approved Annual Business Plan. Manager shall effect, institute, and/or supervise all decorations, routine construction, maintenance, repairs and
alterations, including, but not limited to, the 

  
 5 

 
administration of a preventive maintenance program for all mechanical, electrical and plumbing systems and equipment, for the Hotels to ensure that the Hotels will be competitive in its market
and in compliance with governmental regulations, the requirements of the Trademark License Agreement and with industry standards, provided that the costs therefor (unless the same relate to emergencies) are included in the Annual Business Plan or
are otherwise approved in writing, in advance, by Lessee. Subject to the limitations set forth in and imposed by the Annual Business Plan, Manager will have the right to make such alterations, additions or improvements to the Hotels as are
customarily made in the operation or comparable hotels; provided, however, that no structural alterations, additions or improvements involving a fundamental change in the character of the Hotels will be made without
Lessee’s prior written approval. The cost of such customary alterations, additions or improvements will be paid either out of the Gross Operating Revenues and charged directly to current operating expenses of the Hotels or will be paid from the
Reserve Fund and capitalized and amortized on the books of the Hotels. 
 (h) Negotiate and enter into, on behalf of Lessee,
service contracts and licenses required in the ordinary course of business in operating the Hotels, including, without limitation, contracts for life/safety systems maintenance, electricity, gas, telephone, cleaning, elevator and boiler maintenance,
air conditioning maintenance, master television service, laundry and dry cleaning, and other services which Manager deems advisable; provided, however, any contract for a term in excess of one (1) year or which is
not terminable without fee or penalty upon not more than sixty (60) days written notice or under which the total amount payable is $5,000 or more per Hotel and which is not covered in the Annual Business Plan shall, be approved by Lessee, which
approval shall not be unreasonably withheld or delayed. 
 (i) Negotiate and enter into, on behalf of Lessee, agreements for
banquet facilities and guest rooms and agreements to provide entertainment for the Hotels, and licenses for copyright music and videos. 
 (j) Supervise and purchase or arrange for the purchase in the most economical manner of all inventories, provisions, Operating Equipment and Operating Supplies, which, in the normal course of business,
are necessary and proper to maintain and operate the Hotels. 
 (k) Prepare and submit to Lessee the Annual Business Plan, as
hereinafter described in Section 9.1. 
 (l) Consult with Lessee at least quarterly to discuss the operation and
management of the Hotels and the performance of Manager’s duties under this Agreement. 
 (m) Prepare, or engage an
accounting firm reasonably approved by Lessee to prepare, any tax returns and statements which must be filed in connection with the ownership, operation or management of the Hotels (e.g., sales, use and occupancy taxes, real property taxes, and the
like), and shall file (or cause to be filed) such returns and statements and, subject to the availability of Lessee funds, pay (or cause to be paid) such taxes, all in accordance with applicable Laws. 

  
 6 

 (n) At Lessee’s request, advise and assist Lessee in connection with negotiating and
prosecuting any claims for the abatement, reduction or refund of property taxes affecting the Hotels. 
 (o) Cooperate
reasonably with and assist Lessee in any legal proceedings by or against Lessee or Owner with regard to the Hotels and involving third parties. 
 (p) Perform such other tasks as are customary and usual in the operation of a hotel of a class and standing consistent with the Hotels’ facilities. 

(q) Prepare and maintain all records and reports relating to the Hotels necessary to demonstrate and support ESH Hospitality’s
status as a real estate investment trust for tax purposes. 
 Section 3.2. Operational Standards. (a) Manager
will operate the Hotels at the expense of Lessee in accordance with and subject to the provisions of this Agreement and the Annual Business Plan. Manager shall manage the Hotels in a manner normally associated with extended stay hotels of similar
size, type, or usage in similar locations. Manager shall use due care with respect to the management, maintenance, and protection of, and accounting for, Lessee’s and Owner’s assets. 

(b) Manager shall manage and operate the Hotels and its businesses, services, and sales and shall exercise diligent efforts to do so at
all times in a manner consistent with the standards imposed by the Trademark License Agreement, the Operating Lease, the requirements of all governmental regulations, and the requirements of this Agreement. 

(c) Manager shall implement policies and practices to: (i) facilitate effective and efficient discharge of its obligations under
this Agreement; and (ii) to create and enhance goodwill among existing and prospective guests and patrons. 

Section 3.3. Agreements with Related Parties. Manager shall not enter into any contract with an Affiliate of Manager in
connection with the Hotels or Manager’s services under this Agreement, including, without limitation, for operating, cleaning, maintaining, repairing or servicing the Hotels, without the express prior written consent of Lessee, which consent
may be evidenced by Lessee’s approval of the Annual Business Plan. 
 Section 3.4. Emergency Repairs. In the
event Emergency Repairs are needed at the Hotels, Manager shall be required to use its good faith efforts to obtain Lessee’s verbal approval of any Emergency Repairs prior to making any expenditure therefor. In the event Manager is unable to
contact Lessee to obtain its verbal approval of Emergency Repairs, then Manager is authorized to enter into contracts occasioned by such emergency that provide for expenditures not contemplated by the Annual Business Plan up to a sum of $50,000.
Manager will promptly give Lessee written notice of any Emergency Repairs made by Manager. 
 Section 3.5. Major Policy
Matters and Decisions. (a) Manager shall submit outlines, in reasonable detail, to Lessee setting forth its plans for and/or any major changes in its management and operation of the Hotels that are likely to have a material effect upon the
profitability of the Hotels prior to Manager’s institution of such changes. 

  
 7 

 (b) Manager shall not make any major policy decisions or changes not reflected in the
applicable Annual Business Plan that would have a potentially material effect on the operations of the Hotels without first obtaining Lessee’s approval of such policy change. 

Section 3.6. Compliance with Trademark License Agreement. Manager shall administer compliance with the Trademark License
Agreement. 
 Section 3.7. Marketing and Reservation Services. Manager shall cause the Hotels to be included in the
national advertising programs and central reservation system for all hotels operated under the trademarks and trade names covered by the Trademark License Agreement. 
 Section 3.8. Financing Permitted. Nothing herein contained shall prevent Lessee or Owner from encumbering the Hotels by mortgage, deed of trust, or trust deed in the nature of a mortgage.

 Section 3.9. Credit Policies. Manager shall establish and implement policies and procedures for verifying,
accepting, limiting, and rejecting the credit of guests and patrons of the Hotels. In connection with the foregoing, Manager shall make appropriate arrangements to honor American Express, Visa, MasterCard, such credit cards as may be required or
provided by Licensor, and such other credit cards as Manager or Lessee may deem desirable. Manager shall utilize its best efforts to make such arrangements on the most favorable terms available. 

Section 3.10. Collection Practices. Manager shall employ its best efforts to collect any and all credit card charges, checks,
traveler’s checks, drafts, and other accounts receivable. Manager shall employ collection agencies and legal counsel, where appropriate, to pursue such claims. 
 Section 3.11. Centralized Services. Manager shall provide, or shall cause one or more of its Affiliates to provide, in the operation of the Hotels and for the benefit of its guests, those
benefits, services, and facilities, including joint advertising programs to the extent appropriate (all herein collectively called “Centralized Services”), similar to those furnished to other hotels owned and/or operated by Manager
or its Affiliates. 
 Section 3.12. Intellectual Property. 

(a) Manager acknowledges that the Licensor is the sole and exclusive owner of all rights, title and interest to the ESH IP, which shall
in all events remain the exclusive property of the Licensor (or one or more of Licensor’s Affiliates). Manager further acknowledges that, pursuant to the Trademark License Agreement, Lessee and its Affiliates have a license to use the ESH IP,
which license shall in all events remain the exclusive property of Lessee (or one or more of Lessee’s Affiliates). All use of the ESH IP at or in connection with the Hotels or as otherwise contemplated by this Agreement, and all goodwill
arising therefrom or symbolized thereby, shall inure solely to the benefit of Lessee, Licensor and their respective Affiliates, as applicable. Nothing in this Agreement shall be construed to grant Manager any right of ownership in, or right to use,
or right to license others to use, the ESH IP, except in connection with fulfilling its duties and obligations under this Agreement. Manager may not otherwise use the ESH IP without the prior written consent of Licensor or Lessee, which may be
withheld in Licensor’s or Lessee’s sole and absolute discretion, in any manner whatsoever and shall not apply for registration of any ESH IP or any other intellectual property confusingly similar thereto in any jurisdiction. 

  
 8 

 (b) Manager acknowledges that Lessee or its Affiliates are or may become the licensee of
certain intellectual property including intellectual property that may be embodied in software for use at one or more facilities leased by Lessee or its Affiliates and all source and object code versions thereof and all related documentation, flow
charts, user manuals, service/operator manuals and any enhancements, modifications or substitutions thereof (all such intellectual property herein collectively called “Licensed Intellectual Property”). Except as otherwise specified
by Lessee, Manager may utilize the Licensed Intellectual Property to the extent that Manager deems appropriate in connection with the operation of the Hotels for the purpose of carrying out its obligations hereunder, but such use shall be strictly
on a non-exclusive basis and neither such use nor anything contained in this Agreement shall confer any proprietary or other rights in the Licensed Intellectual Property on Manager or any third parties. 

(c) Upon the expiration or earlier termination of this Agreement, any use of or right to use any of the ESH IP or Licensed Intellectual
Property at or in connection with the Hotels by Manager shall cease forthwith. In the event of the expiration or earlier termination of this Agreement, Manager shall immediately cease using all ESH IP and Licensed Intellectual Property, except to
the extent that Manager may be authorized to continue using the same pursuant to, and in accordance with, the terms and conditions of any separate management or license agreement between Manager and any Affiliate of Lessee or any licensee or
franchisee that is otherwise authorized to use any such ESH IP or Licensed Intellectual Property. Further, Manager will have no right whatsoever from and after the date of expiration or earlier termination to make use of or to dispose of any
furnishings and equipment, Operating Equipment and Operating Supplies bearing or incorporating any ESH IP except upon and in accordance with the terms and provisions of this Section 3.12(c). Specifically, it is understood and agreed that
Manager may not make any use of such property from and after the effective date of such expiration or earlier termination unless Manager is specifically authorized in writing (whether under license from Lessee, Licensor or otherwise, other than by
this Agreement) to use property bearing any ESH IP, nor may Manager dispose of such property to any person or entity whatsoever unless such person or entity is specifically authorized in writing by Lessee or Licensor (whether under license from
Lessee or Licensor or otherwise) to use property bearing or incorporating any ESH IP. 
 (d) Lessee, Licensor and their
respective Affiliates shall have the right to injunctive relief and any other right or remedy available at law or in equity to enforce the provisions of this Section 3.12. 

(e) The provisions of this Section 3.12 shall survive expiration or earlier termination of this Agreement. 

  
 9 

 ARTICLE IV 
 OPERATING EXPENSES PAID BY LESSEE 
 Section 4.1. Expenses Incurred by
Manager on Behalf of Lessee. Everything done by Manager in the performance of its obligations and all expenses incurred under and in accordance with this Agreement shall be for and on behalf of Lessee and for Lessee’s account, except the
services referred to in Article V, which shall be rendered and performed by Manager or its Affiliates at their expense and not separately charged to Lessee, except as otherwise provided in Section 10.2. 

Section 4.2. Debts and Liabilities to Third Parties. As between Lessee and Manager under this Agreement, all debts and
liabilities arising in the course of business of the Hotels are and shall be the obligations of Lessee, and, provided such debts and liabilities have been incurred in accordance with the terms and provisions of this Agreement, Manager shall not be
liable for any of such obligations by reason of its management, supervision and operation of the Hotels for Lessee. 

Section 4.3. Manager Not Obligated to Advance Own Funds. Neither Manager nor any of its Affiliates shall be obligated to
advance any of its own funds to or for the account of Lessee, nor to incur any liability unless Lessee shall have furnished Manager with funds necessary for the discharge thereof prior to incurring such liability. If Manager shall have advanced any
funds in payment of a permitted expense in the maintenance and operation of the Hotels, Lessee shall reimburse Manager therefor on demand. Notwithstanding the foregoing, Manager shall pay from its own funds the expenses hereinafter described in
Article V. 
 ARTICLE V 
 CONSULTING SERVICES OF MANAGER’S AFFILIATES 
 Except as hereinafter provided
in Section 10.2, after the Management Commencement Date, the normal consulting services of the corporate officers and employees of Manager or Manager’s Affiliates, including its corporate executives for operations, human resources,
training, food and beverage, finance and administration and real estate, to be rendered from time to time to Manager in connection with the operations of the Hotels, shall be provided by corporate officers and employees of Manager or Manager’s
Affiliates to Manager at Manager’s sole cost and expense and not charged to Lessee hereunder. In no event shall Manager’s Affiliates be deemed a party to this Agreement or responsible in any way for Manager’s obligations pursuant to
this Agreement by virtue of providing the foregoing services to Manager (or any of the services described in Section 10.2 and Lessee reimbursing Manager for the expenses in connection therewith). 

ARTICLE VI 

COMPLIANCE WITH LAWS 
 Section 6.1. Compliance by Manager and Lessee After Management Commencement Date. Manager shall make all reasonable efforts, at expense of Lessee, to assure full compliance with all laws,
rules, regulations, requirements, orders, notices, determinations and ordinances of any governing authority (collectively, “Laws”) relating to the management, leasing, use, operation, repair, supervision and maintenance of the
Hotels, including, without limitation, the state and local liquor authorities, the Board of Fire Underwriters and the requirements of any insurance companies covering any of the risks against which the Hotels is

  
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insured. Unless otherwise directed by Lessee, Manager shall, at Lessee’s expense, promptly remedy any violation of any such governmental regulation which comes or should have come to its
attention, which remedy shall be carried out solely at Lessee’s expense (subject to the limitations set forth elsewhere herein) unless caused by an action or omission of Manager not authorized pursuant to this Agreement or unless Manager has
failed to fulfill its duty as required in the immediately preceding sentence, in which event all costs shall be paid solely by Manager. 
 Section 6.2. Lessee’s Right to Contest or Postpone Compliance. With respect to a violation of any Laws, Lessee shall have the right to contest any of the foregoing and postpone compliance
pending the determination of such contest, if so permitted by law and not detrimental to the operation of the Hotels, but in such event, Lessee shall indemnify and hold harmless Manager from any loss, cost, damage or expense, as a result thereof.

 Section 6.3. Manager’s Right to Terminate Agreement. Notwithstanding anything in this Agreement to the
contrary, if within 30 days of receiving Manager’s written request (accompanied by a statement of Manager’s intention to elect to cancel this Agreement if Lessee fails to give its approval as provided below) Lessee fails to approve the
changes, repairs, alterations, improvements, renewals or replacements to the Hotels which Manager determines in its reasonable judgment are necessary to protect the Hotels, Lessee and/or Manager from innkeeper liability exposure then Manager may
terminate this Agreement any time after such 30 day period upon 7 days’ written notice. 
  
 ARTICLE VII 
 HOTEL ACCOUNT, OPERATING FUNDS, AND RESERVE FUND ACCOUNT 

Section 7.1. Hotel Account. (a) All monies received by Manager in the operation of the Hotels, excluding the Operating
Funds furnished by Lessee, shall be deposited in a special account or accounts (collectively, the “Hotel Account”), in Lessee’s name (or in Manager’s name, as agent of Lessee), in the bank or trust company recommended by
Manager and approved by Lessee. Such monies shall not be mingled with Manager’s other funds. Out of the Hotel Account, Manager shall periodically withdraw funds and pay all operating expenses of the Hotels and any fees or compensation of any
kind due it pursuant to this Agreement in accordance with the provisions of this Agreement. Withdrawals from accounts established pursuant to this Article VII shall be signed by representatives of Manager only, provided such representatives
are bonded or otherwise insured, and Manager shall supply Lessee with bonds or other insurance upon Lessee’s request unless said bond or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company
to Lessee. Manager may utilize its centralized disbursement accounts in its name for accounts payable and payroll disbursements, provided that Manager shall only transfer the necessary amount of funds from the Hotel Account to such centralized
disbursement accounts required to make such disbursements on behalf of the Hotels. 
 (b) Manager will maintain the Hotel
Account on Lessee’s behalf and all funds received from Lessee will be and remain the property of Lessee and will be disbursed by Manager only as set forth in this Agreement. Any and all expenses of the Hotels paid by Manager must pass through
and be withdrawn from the Hotel Account. Lessee shall have the right from time to time to direct Manager to change either the depository bank or the depository arrangements and Manager shall implement such changes promptly. Lessee shall have the
right to approve and to maintain control of signature cards for the Hotel Account; provided, however, Lessee shall not withdraw funds from such accounts except as provided below. 

  
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 Section 7.2. Operating Funds. From and after the Management Commencement Date,
Lessee shall, if and as required, maintain cash in the Hotel Account (“Operating Funds”) sufficient in amount to enable Manager to properly manage and operate the Hotels. 

Section 7.3. Reserve Fund. To the extent Operating Funds exceed the amount described in Section 7.2 and the
amounts needed for capital expenditures anticipated pursuant to the Annual Business Plan, Manager shall deposit from such excess, if any, in a reserve fund (“Reserve Fund”) an amount equal to 4% of Gross Operating Revenues or such
other percentage of Gross Operating Revenues as Lessee may, from time to time, require (the “FF&E Percentage Contribution”). Manager shall deduct the FF&E Percentage Contribution, if any, on a monthly basis from Gross
Operating Revenues and deposit such amount in the Reserve Fund. The Reserve Fund shall be used only for additions or replacements to Furniture, Fixtures and Equipment in accordance with the Annual Business Plan. 

Section 7.4. Fidelity Bonds. Manager shall obtain a fidelity bond or insurance, in an amount not less than $1,000,000 (or
such other amount reasonably required by Lessee consistent with the commercial availability thereof, the size and scope of Lessee ‘s business being handled by Manager hereunder and reasonable business practice), issued by a company reasonably
acceptable to Lessee, covering Manager and such of Manager’s on-site employees who may handle or be responsible for monies or property of Lessee and place policies of insurance covering the Hotels as directed by Lessee. 

 
 ARTICLE VIII 

BOOKS, RECORDS AND FINANCIAL STATEMENTS 
 Section 8.1. Accounting System. Manager shall keep full and adequate books of account and other records reflecting the results of operation of the Hotels on an accrual basis, all in accordance
with GAAP and, as and to the extent applicable to the Hotels, the Uniform System. The Fiscal Year used by Manager will consist of 12 Accounting Periods of one calendar month each. The Hotel Information shall be kept at the Hotels and/or
Manager’s home office and computer storage systems and shall be available to Lessee and its representatives at all reasonable times for examination, audit, inspection and transcription. All of the Hotel Information, at all times, shall be the
property of Lessee. Manager shall treat as confidential any Hotel Information in its possession, and shall not disclose to any third party, without the prior written consent of Lessee (which approval and consent may be withheld in Lessee’s sole
discretion) any Hotel Information, except as may be necessary to perform its duties and obligations under this Agreement or as may be necessitated by any applicable Laws. Upon the expiration or earlier termination of this Agreement, all Hotel
Information shall be turned over to Lessee to ensure the orderly continuation of the operation of the Hotels, but the books and records shall thereafter be available to Manager at all reasonable times for inspection, audit, examination and
transcription. 

  
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 Section 8.2. Financial Statements. 

(a) Manager shall deliver to Lessee within twenty (20) days after the end of each Accounting Period a profit and loss statement
showing the results of the operation of the Hotels for such Accounting Period, the Fiscal Year to date, and the trailing twelve (12) month period, and a statement of gross revenues received from rooms, food and beverage and other sources, guest
room occupancy percentage, average room rates, total expenses paid and a cash forecast. Information relating to other matters pertaining to the management, operation, maintenance, and supervision of the Hotels not covered in such monthly operating
reports as Lessee shall reasonably request will be provided to Lessee (provided such information is generally within the scope of Manager’s other obligations and duties hereunder), within 20 days of such request. 

(b) Manager shall deliver to Lessee within forty-five (45) days after the end of each of the first, second and third calendar
quarters, quarterly financial statements in consistent form and presentation to the annual combined balance sheet, income statement and statement of cash flows, exclusive of footnotes, accompanied by a reconciliation to the year-to-date monthly
property operations reports and capital expenditures report. 
 (c) Manager shall cooperate with the Independent Auditor so as
to allow the Independent Auditor to deliver to Lessee within 90 days after the end of each Fiscal Year a profit and loss statement showing the result of operation of the Hotels during such Fiscal Year, and the net operating income or loss, if any,
for such Fiscal Year and a balance sheet for the Hotels as of the close of such Fiscal Year. Manager shall, together with such statement, deliver to Lessee a statement of income and expenses for such Fiscal Year and a statement of balances in the
Hotel Account. Any disputes as to the contents of any such statements or any accounting matter hereunder, shall be determined by the Independent Auditor whose decision shall be final and conclusive on Manager and Lessee. 

Section 8.3. Periodic Delivery of Data in Electronic Form. Upon request by Lessee (but not more than twice in any calendar
year), Manager shall deliver to Lessee, within a reasonable period of time after such request, a copy of such Hotel Information as may be requested by Lessee (or if Lessee has previously made a request under this Section 8.3 for such
Hotel Information, a copy of all such Hotel Information collected since such previous request) collected or maintained by Manager, in such electronic format as Lessee may reasonably require. 

ARTICLE IX 

ANNUAL BUSINESS PLAN 
 Section 9.1. Preparation of Annual Business Plan. (a) Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar
year 2013. Thereafter, no later than November 15 of each Fiscal Year, Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by Manager and approved by Lessee in accordance with
this Article IX (an “Annual Business Plan”) shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and net operating income or loss for the forthcoming
Fiscal Year for the Hotels; a marketing plan (for Fiscal Year 2014 and each 

  
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Fiscal Year thereafter); a cash flow forecast; projected average daily room rates; the budget for replacing Furniture, Fixtures and Equipment and for making capital improvements; and the basis of
allocation of the Group Services, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth, and otherwise complying with the applicable requirements set forth in the Operating Lease. 

(b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual
Business Plan or notify Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and Manager does not make
reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual
Business Plan for the Fiscal Year in question for all purposes hereof. In the event Manager timely makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and Manager shall cooperate with each
other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to
November 30. 
 Section 9.2. Annual Business Plan Disputes. In the event Lessee and Manager are unable to agree
upon an Annual Business Plan, or as to any revisions requested by Lessee to the proposed Annual Business Plan, for any Fiscal Year by November 30, Lessee shall prevail and the proposed Annual Business Plan shall be deemed approved as so revised
by Lessee and shall thereafter constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. No action shall be taken and no expenditures shall be made under any proposed Annual Business Plan unless and until the
proposed Annual Business Plan is approved by Lessee. 
 Section 9.3. Deviations from Annual Business Plan. Manager
shall diligently pursue all feasible measures to enable the Hotels to adhere to the Annual Business Plan. To the extent ascertainable in advance, Manager shall notify Lessee of any projected material variance from the Annual Business Plan.
Notwithstanding anything herein to the contrary, Manager is not warranting or guaranteeing in any respect that the actual operating results of the Hotels during the period covered by the Annual Business Plan will not materially vary from the
projections described in the Annual Business Plan. 
 ARTICLE X 

MANAGER’S FEES AND REIMBURSEMENTS 
 Section 10.1. Management Fee. During each Fiscal Year after the Management Commencement Date (and for a fraction of any partial Fiscal Year) during the term hereof, in consideration of the
services Manager is to render under this Agreement, Manager will be paid a fee (the “Management Fee”) equal to the sum of (a) 2.50% of all Gross Operating Revenues up to $1,750,000 for such Fiscal Year plus (b) 0.5%
of all Gross Operating Revenues over $1,750,000 for such Fiscal Year. The Management Fee will be paid in installments by deducting such fee from Gross Operating Revenues immediately following each Accounting Period at the

  
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rate of (i) 2.50% of Gross Operating Revenues for that Accounting Period until Gross Operating Revenues for the applicable Fiscal Year are equal to $1,750,000 and (ii) 0.5% of Gross
Operating Revenues for that Accounting Period thereafter. At the end of each Fiscal Year following the annual audit, an adjustment will be made, if necessary, and all sums due either Manager or Lessee shall be paid promptly. 

Section 10.2. Reimbursement of Certain Expenses. Notwithstanding the provisions of Article V (but subject to the
Annual Business Plan), Lessee shall reimburse Manager for all of the following property-level costs and expenses incurred in managing and operating the Hotels: (i) the salaries or wages of any officers, directors or employees of Manager or any
of Manager’s Affiliates who shall be regularly or temporarily employed or assigned on a full-time basis at the Hotels for the period of such employment or assignment; (ii) personnel providing in-house legal services to Manager or any of
Manager’s Affiliates in connection with matters involving the Hotels, which services shall be charged at rates equal to or less than Manager’s or such Affiliate’s costs associated with such services (provided, that to the extent such
services are provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group rather than on an individual basis, the cost of such services shall be allocated on a fair and equitable basis among
Lessee and such other lessees, owners or other clients benefiting therefrom in the manner, if any, described in the Annual Business Plan); (iii) the out-of-pocket expenses of employees of Manager or any of Manager’s Affiliates incurred in
connection with the management and operation of the Hotels (provided, that to the extent such services are provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group rather than on an
individual basis, the cost of such services shall be allocated on a fair and equitable basis among Lessee and such other lessees, owners or other clients benefiting therefrom in the manner, if any, described in the Annual Business Plan); and
(iv) certain other services (including general and administrative) (collectively, the “Group Services”) best provided to Lessee and other lessees, owners or other clients of Manager and/or Manager’s Affiliates on a group
rather than on an individual basis, the cost of which Group Services shall be allocated on a fair and equitable basis among Lessee and such other lessees, owners or other clients benefiting therefrom in the manner described in the Annual Business
Plan, including, without limitation, the following: (A) advertising, sales and marketing, (B) payroll processed through Automatic Data Processing Inc. (or other companies providing similar services), and MIS support services;
(C) accounting services; (D) revenue management; (E) facilities and purchasing services; (F) information technology services; (G) reservation services; (H) travel agent commissions; and (I) Centralized Services.

 Section 10.3. Technical Services. Service fees for technical services for the Hotels shall be paid to Manager or
its Affiliates if Lessee requests such services of Manager, or any other services beyond the scope of services to be provided pursuant to this Agreement. The amount of fees shall be agreed to by Lessee and Manager prior to commencing such services.
Technical services include renovation coordination, design review, construction management and related services. 

Section 10.4. Intentionally Omitted. 

  
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 Section 10.5. Other Hotel Revenue and Expenses. Lessee acknowledges that Manager
and Manager’s Affiliates have the right to, and currently do, manage, operate and otherwise provide services to hotel and lodging facilities and enterprises other than the Hotels. Each of Lessee and Manager acknowledges and agrees that any and
all income derived from, and expenses incurred by, Manager or any of Manager’s Affiliates, directly or indirectly, from the management and operation of, and provision of services to, such other hotel and lodging facilities and enterprises shall
be, as between Lessee (on the one hand), and Manager and Manager’s Affiliates (on the other hand), solely for the account of Manager and/or Manager’s Affiliates and shall in no event be borne by or credited to Lessee. 

ARTICLE XI 

INSURANCE 

Section 11.1. Insurance Coverage. Lessee, or Manager at the direction of Lessee, shall provide and maintain, at Lessee’s
cost and expense and in Lessee’s and Owner’s name, insurance sufficient to furnish to Lessee, Owner and Manager reasonable and adequate protection in the management and operation of the Hotels. All insurance shall be in the name of Lessee,
Owner and Manager as the insured and shall contain riders and endorsements adequately protecting the interests of Lessee, Manager and Owner as it may appear including, without limitation, provisions for at least 20 days’ notice to Manager,
Lessee and Owner of cancellation or of any material change therein. Prior to the Management Commencement Date and the commencement of each Fiscal Year thereafter, Manager shall furnish Lessee and each Owner with certificates evidencing the insurance
coverages required pursuant to this Agreement and with evidence of the payment of premiums therefor. 
 Section 11.2.
Waiver of Subrogation; Lessee Assumes Risk of Adequacy. Lessee shall have all policies of insurance provide that the insurance company will have no right of subrogation against either party hereto, their agents or employees. Lessee assumes
all risks in connection with the adequacy of any insurance or self-insurance program. 
 ARTICLE XII 

TERM OF AGREEMENT AND TERMINATION 
 Section 12.1. Term. This Agreement shall be for a period commencing on Management Commencement Date and ending on December 31, 2025 (the “Expiration Date”), unless sooner
terminated as hereinafter provided. 
 Section 12.2. Early Termination. This Agreement can be terminated by either
party hereto at its option for any or no reason. If either party exercises its right to terminate this Agreement prior to the Expiration Date, the rights and obligations of the parties will cease (other than those that expressly survive the
termination of this Agreement) except as to fees and reimbursements due Manager or its Affiliates or Lessee pursuant to this Agreement, including without limitation, Article X, and claims for non-performance by Lessee against Manager and other
claims of liabilities of either party which accrued or arose before termination. 
 Section 12.3. Termination
Procedure. 
 (a) If a termination occurs pursuant to Section 12.2, the party electing to terminate shall give
the other party at least 60 days’ prior written notice of such election, specifying the date of such termination. On the date specified in such notice, Manager shall cease all activities at the Hotels and shall have no further obligations under
this Agreement except those obligations which specifically survive any termination hereof. 

  
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 (b) If one or more (but less than substantially all) of the Hotels are (i) sold,
conveyed or otherwise transferred to another party, (ii) damaged or destroyed by casualty and Owner has elected not to restore, or (iii) taken in a condemnation proceeding, then this Agreement shall automatically terminate with respect to
such Hotel(s) from the date of such sale, casualty or condemnation but shall continue with respect to the other Hotels in accordance with the terms of this Agreement. 
 (c) Prior to the date Manager ceases activities at the Hotels, Manager shall be paid any and all fees earned or expenses due it pursuant to this Agreement, and as soon thereafter as is reasonably
practicable, pay any fees or expenses upon the final accounting in Section 12.4(a), and Manager shall cooperate with Lessee (and Owner, if applicable) in effectuating an orderly transition to any new manager of the Hotels (or to any new
owner, or to Lessee or Owner, or to any of their respective designee’s, as the case may be) so as to avoid any interruption in the rendering of services at the Hotels and take such other actions as are required under Section 12.4.

 Section 12.4. Obligations Following Termination. Upon the expiration or earlier termination of this Agreement for
any reason, Manager’s authority to act for the Lessee or the Owners shall immediately cease and Manager shall do, and execute and/or deliver to Lessee, the following with respect to the Hotels, all of which shall be done, and executed and/or
delivered to or as directed by Lessee, promptly upon the expiration or earlier termination hereof or as soon thereafter as is reasonably practicable. 
 (a) A final accounting, reflecting receipts and disbursements in connection with the operations of the Hotels during the current Fiscal Year through the date of termination. 

(b) Any balance of monies of Lessee, including, without limitation, any undisbursed funds in the Hotel Account. 

(c) All Hotel Information (including all Hotel Information stored in any electronic format), service contracts, reservations, leases,
receipts for deposits, unpaid bills and other papers or documents which pertain to the Hotels, including, but not limited to, all original documents. In addition, Manager shall assist Lessee (or its designee) in migrating and porting any Hotel
Information stored in electronic format from the system or systems used by Manager to any new system or systems designated employed by Lessee or its designee, including, to the extent necessary, parsing and decoding the existing content and format
of such electronic data to facilitate such transfer, all such reasonable out-of-pocket costs to be reimbursed to Manager. 
 (d)
All documents and instruments necessary to transfer to Lessee or its designee or nominee, to the extent transferable, all Operating Licenses held by Manager necessary to operate the Hotels. 

(e) Manager will assign to Lessee or its nominee, and Lessee and its nominee, if any, will assume, all space leases and concession
agreements in effect with respect to the Hotels then in Manager’s, rather than Lessee’s, name, except for blanket concessions affecting other hotels or conference centers operated by Manager or its Affiliates. 

  
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 (f) Manager will take such further actions as Lessee may reasonably require to assure an
orderly transition of the Hotels’ operations, including, without limitation, providing inventories of Furniture, Fixtures and Equipment, Operating Equipment and Operating Supplies. 

(g) Any and all Furniture, Fixtures and Equipment (along with then existing warranties, operating instructions, and service contracts),
Operating Equipment, Operating Supplies, keys, locks and safe combinations, reservation lists, ledgers, bank statements for the Hotel Account, budgets, accounting books and records, insurance policies, bonds and other documents, memoranda,
schedules, lists, contracts, agreements, leases, licenses, correspondence, and other items required for the operation of the Hotels. 
 (h) Manager shall remove all of Manager’s personal property from the Hotel premises. 
 (i) Without limiting the provisions of clause (d) above, Manager shall cooperate with Lessee to transfer all liquor licenses to, or to obtain new liquor licenses, in the name of Lessee or
Lessee’s designee. Manager shall make commercially reasonable efforts to provide interim liquor licenses for up to one hundred eighty (180) days to Lessee or Lessee’s designee, provided that Manager may condition such provision on its
receipt of market standard fees and a commercially reasonable indemnity from such party with respect to such claims as may arise in connection with the sale of liquor from Hotels. 

(j) Without limiting any of the foregoing, Manager shall, for a period of ninety (90) days after such expiration or earlier
termination of this Agreement, make itself available at all reasonable times to consult with and advise Lessee or Lessee’s designee regarding the management, operation and maintenance of the Hotels; in such event, Lessee, Owner or the purchaser
of the Hotels shall reimburse Manager for all of Manager’s reasonable out-of-pocket costs and expenses incurred during such 90-day period in connection with providing such consulting and advisory services, including, without limitation, the
appropriately allocable portion of Manager’s payroll expenses for personnel involved in assisting with such transition. 

Section 12.5. Intentionally Omitted. 
 Section 12.6. Survival. The provisions of Sections 12.3 and 12.4 shall survive the expiration or earlier termination of this Agreement. 

ARTICLE XIII 

REPRESENTATIONS AND COVENANTS 
 Section 13.1. Lessee’s Representations. Lessee covenants, represents and warrants as follows: (a) as of the date hereof, Lessee will be the tenant under the Operating Lease with
respect to the Hotels and has full power and authority to enter into this Agreement; (b) throughout the term of this Agreement and except as provided in the Operating Lease, Lessee will pay, keep, observe and perform all payments, terms,
covenants, conditions and obligations 

  
 18 

 
under any lease or other concession and any real estate taxes or assessments covering or affecting the Hotels; (c) the execution of this Agreement is permitted by the Articles of
Incorporation, By-Laws or other organizational documents of Lessee and this Agreement has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of Lessee; (d) there is no claim, litigation,
proceeding or governmental investigation pending, or as far as is known to Lessee, threatened, against or relating to Lessee, the properties or business of Lessee or the transactions contemplated by this Agreement that does, or may reasonably be
expected to, materially and adversely affect the ability of Lessee to enter into this Agreement or to carry out its obligations under this Agreement; and (e) neither the consummation of the actions contemplated by this Agreement on the part of
Lessee to be performed, or the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default under, any agreement,
indenture, instrument or undertaking to which Lessee is a party or by which it is bound. 
 Section 13.2. Manager’s
Representations. Manager covenants, represents and warrants as follows: (a) the execution of this Agreement is permitted by the limited liability company agreement or other organizational documents of Manager and this Agreement has been
duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of Manager enforceable in accordance with its terms; (b) there is no claim, litigation, proceedings or governmental investigation pending, or as far
as is known to Manager, threatened, against or relating to Manager, the properties or business of Manager or the transactions contemplated by this Agreement that does, or may reasonably be expected to, materially and adversely affect the ability of
Manager to enter into this Agreement; (c) neither the consummation of the actions contemplated by this Agreement on the part of Manager to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts
with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default under, any agreement, indenture, instrument or undertaking to which Manager is a party or by which it is bound; and (d) this Agreement
shall be modified in the event that it is reasonably determined by Owner under the Operating Lease that the terms of this Agreement cause the Rent (as defined in the Operating Lease) to fail to qualify as “rents from real property” within
the meaning of Section 856(d) of the Code; provided however, no such modification shall affect the amount of the Management Fee or the practical realization of the rights and benefits of Manager hereunder. 

Section 13.3. Manager’s Covenants. From the Management Commencement Date until the Expiration Date or earlier
termination of this Agreement, Manager covenants that it shall satisfy the following requirements: (a) Manager shall not permit wagering activities to be conducted at or in connection with the Hotels by any Person who is engaged in the business
of accepting wagers and who is legally authorized to engage in such business at or in connection with the Hotels; and (b) Manager shall not sublet the Hotels or enter into any similar arrangement on any basis such that the rental or other
amounts to be paid by the sublessee thereunder would be based, in whole or in part, on either (i) the net income or profits derived by the business activities of the sublessee or (ii) any other formula such that any portion of the rent
would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto. 

  
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 ARTICLE XIV 
 ASSIGNMENT 
 Neither party shall assign or transfer or permit the assignment of
transfer of this Agreement without the prior written consent of the other. In the event of consent by either party to an assignment of this Agreement by the other, no further assignment shall be made without the express consent in writing of such
party, unless such assignment may otherwise be made without such consent pursuant to the terms of this Agreement. An assignment by either Lessee or Manager of its interest in this Agreement shall not relieve Lessee or Manager, as the case may be,
from their respective obligations hereunder unless the assignee accepts full responsibility for performance of the same. 

ARTICLE XV 

CONFIDENTIALITY 

The matters set forth in this Agreement are strictly confidential and Lessee and Manager will make every reasonable effort to ensure that
the information is not disclosed to any person or entities (including the press) other than those persons or entities needed to carry out the provisions of this Agreement without first consulting with and obtaining the consent of the other party,
which consent shall not be unreasonably withheld. The provisions of this Article XV shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE XVI 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 

Section 16.1. Lessee’s Indemnification. Lessee shall hold harmless, indemnify and defend Manager and its Affiliates and
their respective agents, employees, officers, directors and shareholders from and against all claims (administrative or judicial), damages, losses and expenses (including, but not limited to, attorneys’ fees for pre-trial, trial and appellate
proceedings, accounting fees, appraisal fees and consulting and expert witness fees) arising out of or resulting from Manager’s activities performed pursuant to this Agreement, any franchise agreement, any past or future building code or
life/safety code violations, and injury to person(s) and damage to property or business by reason of any cause whatsoever in and about the Hotels or elsewhere, and any requirement or award relating to course of employment, working conditions, wages
and/or compensation of employees or former employees at the Hotels, unless such injury or damage is caused by the gross negligence or willful misconduct or fraud on the part of Manager, its agents, employees, representatives or independent
contractors or by any breach of Manager’s obligations under this Agreement. Lessee ‘s foregoing indemnification obligation to indemnify Manager and its Affiliates shall extend to any claims between Lessee and Manager or its Affiliates
arising out of this Agreement or otherwise. Any indemnification shall apply regardless of whether or not said claim, damage, loss or expense is covered by insurance as herein provided. 

Section 16.2. Manager’s Indemnification. Manager shall hold harmless, indemnify and defend Lessee and its Affiliates,
and their respective agents, employees, officers, directors and shareholders, from and against all claims (administrative or judicial), damages, losses and expenses (including, but not limited to, attorneys’ fees for pre-trial, trial and
appellate 

  
 20 

 
proceedings accounting fees, appraisal fees and consulting and expert witness fees) arising out of or resulting from Manager’s gross negligence, willful misconduct or fraud or from
Manager’s breach of its obligations under this Agreement. Manager’s foregoing indemnification obligation to indemnify Lessee and its Affiliates shall extend to any claims between Manager and Lessee or its Affiliates arising out of this
Agreement or otherwise. Any indemnification shall apply regardless of whether or not said claim, damage, loss or expense is covered by insurance as herein provided. 
 Section 16.3. Indemnification Procedure. Upon the occurrence of an event giving rise to indemnification, the party seeking indemnification shall notify the other party hereto and provide the
other party hereto with copies of any documents reflecting the claim, damage, loss or expense. The party seeking indemnification is entitled to engage such attorneys and other persons to defend against the claim, damage, loss or expense, as it may
choose. The party providing indemnification shall pay the reasonable charges and expenses of such attorneys and other persons on a current basis within 20 days of submission of invoices or bills. Except as otherwise provided in the Operating Lease,
if any claim, lawsuit or action (administrative or judicial) is maintained against Manager, Lessee or the Hotels due to allegations or actions arising prior to the Management Commencement Date and Manager had no involvement with the Hotels prior to
such date, Lessee shall bear full and complete responsibility for the defense of Lessee and Manager, specifically including all legal fees and necessary and attendant expenses for the vigorous defense and representation of the interests of Manager
(for pre-trial, trial and appellate proceedings) and Lessee. Lessee shall support and pay for all legal fees and representations necessary to remove Manager from any claim, action (administrative or judicial), or lawsuit covered by the immediately
preceding sentence. 
 Section 16.4. Good Faith Judgment. To the extent that any provision of this Agreement leaves
something to the discretion of Manager, Manager will not be liable for any action taken by Manager in the exercise of its discretion as long as in exercising such discretion, Manager was using its good faith judgment. 

Section 16.5. Survival. The provisions of this Article XVI shall survive the expiration or earlier termination of this
Agreement. 
 ARTICLE XVII 
 MISCELLANEOUS 
 Section 17.1. Severability. In the event that any
portion of this Agreement shall be declared invalid by order, decree or judgment of a court, this Agreement shall be construed as if such portion had not been inserted herein except when such construction would operate as an undue hardship to
Manager or Lessee or constitute a substantial deviation from the general intent and purpose of said parties as reflected in this Agreement. The failure of either party to insist upon a strict performance of any of the terms or provisions of this
Agreement or to exercise any option, right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force
and effect. No waiver by either party of any term or provision hereof shall be deemed to have been made unless expressed in writing and signed by such party. 

  
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 Section 17.2. No Partnership. The relationship of Lessee and Manager shall be
that of principal and independent contractor. Nothing contained in this Agreement shall be construed to create a partnership or joint venture between Lessee and Manager or their respective Affiliates or successors in interest. In the performance of
its duties in the management and operation of the Hotels, Manager shall act solely as an independent contractor. It is expressly covenanted that this Agreement is no more than an agreement for the rendering of services by Manager on behalf of Lessee
in the operation and management of the Hotels. Manager shall not be Lessee’s fiduciary, nor shall Manager owe Lessee a fiduciary duty. 
 Section 17.3. Meetings. Lessee and Manager shall meet with each other from time to time so that Manager and Lessee may discuss the status of operations and future plans, recommendations and
projections. The meetings will be held at mutually convenient dates and locations. 
 Section 17.4. Consents. Except
as herein otherwise provided, whenever in this Agreement the consent or approval of Lessee or Manager is required, such consent or approval shall not be unreasonably withheld or delayed. Such consent or approval shall be in writing only and shall be
duly executed by an authorized officer or agent of the party granting such consent or approval. 
 Section 17.5.
Applicable Law. This Agreement shall be construed under, and governed in accordance with, the laws of the State of New York. 
 Section 17.6. Successors Bound. This Agreement shall be binding upon and inure to the benefit of Lessee, its successors and assigns, and shall be binding and inure to the benefit of Manager
and its permitted assigns. 
 Section 17.7. Headings. Headings of Articles and Sections are inserted only for
convenience and are in no way to be construed as a limitation on the scope of the particular Articles or Sections to which they refer. 
 Section 17.8. Incorporation of Recitals. The recitals set forth in the preamble of this Agreement are hereby incorporated into this Agreement as if fully set forth herein. 

Section 17.9. Notices. Notices, statements and other communications to be given under the terms of this Agreement shall be in
writing and (a) delivered by hand against receipt, (b) sent by certified or registered mail or by Federal Express or other similar overnight mail service, return receipt requested or (c) sent by telecopier (with answer back
acknowledged), (or at such other address as from time to time designated by the party receiving the notice): 
  

			
	If to Lessee:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, NC 28277
		  	Attention: President
		  	Attention: President
		  	Facsimile No.: (980) 335-3089
		  	Attention: General Counsel
		  	Facsimile No.: (980) 335-3089

  
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	If to Manager:	  	11525 N. Community House Road, Suite 100
		  	Charlotte, NC 28277
		  	Attention: President
		  	Facsimile No.: (980) 335-3089
		  	Attention: General Counsel
		  	Facsimile No.: (980) 335-3089

 Section 17.10. Entire Agreement; Amendments. This Agreement, together with other
writings signed by the parties hereto expressly stated to be supplementing this Agreement and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof. This Agreement may be amended, modified or changed only by a writing signed by the parties hereto. 
 Section 17.11. Manager’s Authority Limited. Manager’s authority shall be derived wholly from this Agreement, and Manager has no authority to act for or represent Lessee except as
herein specified. 
 Section 17.12. Exclusive Compensation. The payments to be made to Manager hereunder shall be in
lieu of all other or further compensation or commissions of any nature whatsoever for the services described herein and this Agreement shall be considered as a special agreement between the parties hereto covering the appointment and compensation of
Manager to the exclusion of any other method of compensation unless otherwise agreed to in writing. 
 Section 17.13.
Property Rights. This Agreement and the rights created hereunder are personal to Lessee and Manager and shall not create in favor of Manager any property rights in the Hotels. 

Section 17.14. Attorneys’ Fees. In the event of any litigation arising out of this Agreement, the prevailing party shall
be entitled to reasonable costs and expenses, including without limitation, attorneys’ fees. 
 Section 17.15.
Complimentary/Discount Policies. Manager will be permitted to provide customary gratuitous accommodations, services and amenities to such employees and representatives of Manager visiting the Hotels in accordance with Manager’s normal
policies, provided that such employees shall in no way displace the Hotels’ third-party business. 
 Section 17.16.
No Third Party Beneficiary. Nothing herein contained shall be understood or construed to create or grant any third party benefits, rights or property interests unless the person claiming such rights is expressly identified herein and the
rights claimed are expressly set forth herein. Notwithstanding the foregoing, it is acknowledged and agreed that the Licensor is an intended third-party beneficiary of Section 3.12. 

Section 17.17. [REOC. The parties acknowledge that Lessee is a direct or indirect controlled subsidiary of an entity,
Extended Stay America, Inc., a Delaware corporation (“Parent”), that is intended to qualify as a “real estate operating company” (a “REOC”) within the meaning of the U.S. Department of Labor plan assets
regulation (Section 2510.3-101, Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations) and that it is intended that Lessee will have the rights, pursuant to this 

  
 23 

 
Agreement, as would be reasonably necessary to result in the qualification of Parent as a REOC. Without limiting the generality of the foregoing, notwithstanding any other provision of this
Agreement, without prejudice to the other rights provided to Lessee under this Agreement, Manager agrees to: (i) permit Lessee and Parent to visit and inspect the Hotels and inspect and copy the books and records of Manager, at such times as
Lessee shall reasonably request; (ii) periodically (at least quarterly) provide Lessee and Parent with information and reports regarding Manager’s operation and management of the Hotels and the performance of its duties under this
Agreement and with respect to renovations, alterations, general maintenance, repairs and development activities that Manager has engaged in or intends to engage in with respect to the Hotels and their surroundings; (iii) periodically (at least
quarterly) consult with Lessee and Parent in advance with respect to any significant leasing, management and development matters, as appropriate, including, without limitation, with respect to matters relating to renovations, alterations, general
maintenance, repairs and development activities with respect to the Hotels and their surroundings and the management, participatory and development rights retained by Lessee under this Agreement; and (iv) to provide Lessee and Parent with such
other rights as may reasonably be determined by Lessee to be necessary to enable Parent to qualify as a REOC, provided the rights described in clauses (i)-(iv) above do not materially adversely affect (X) Manager’s ability to perform
its duties under this Agreement or the economic benefits enjoyed by Manager under this Agreement or (Y) the status of ESH Hospitality as a real estate investment trust under the Code. Manager agrees to consider, in good faith, the
recommendations of Lessee in connection with the matters on which it is consulted as described above.] 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

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

			
	LESSEE:
	
	 ESA 2007 OPERATING LESSEE LLC,
 a Delaware limited liability company

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	MANAGER:
	
	 ESA MANAGEMENT, LLC,

a Delaware limited liability company

		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
page to Management Agreement – ESA P 2007 Operating Lessee LLC] 

 SCHEDULE A 
 HOTELS 
  

			
	 SITE #
	  	 ADDRESS

	9865	  	2355 Tiffin Avenue, Findlay, Ohio 45840
		
	9864	  	1067 Highway 315, Plains Township, Pennsylvania 18702

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