Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of November 19, 2013, is entered into by Ashford Hospitality Prime, Inc., a Maryland
corporation (“Ashford Prime”) for the benefit of the holders of common partnership units in Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership (Ashford Prime OP”) whose names are set forth on
Exhibit A attached hereto (the “Ashford Prime OP Unit Holders”). 
 RECITALS 

WHEREAS, in connection with the separation and distribution of Ashford Prime (the “Transaction”) from Ashford Hospitality
Trust, Inc., a Maryland corporation (“Ashford Trust”), Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Ashford Trust OP”), has contributed to Ashford Hospitality Prime Limited Partnership
(“Ashford Prime OP”) certain assets in exchange for the issuance of common partnership units of Ashford Prime OP (the “Ashford Prime OP Units”). Ashford Trust OP has retained certain of the Ashford Prime OP Units
and has distributed the remainder to its limited partners, in accordance with the provisions of Ashford Trust OP’s partnership agreement, and each Ashford Trust OP Unit Holder has been admitted as a limited partner of Ashford Prime OP; and 

WHEREAS, pursuant to the Prime Partnership Agreement (as defined below), Ashford Prime OP Units owned by the Ashford Prime OP Unit
Holder will be redeemable for cash or, at the option of Ashford Prime, exchangeable for shares of Ashford Prime’s common stock, par value $0.01 per share (the “Common Stock”) upon the terms and subject to the conditions
contained in the Prime Partnership Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein
contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. In addition to the definitions set forth above, the following terms, as used
herein, have the following meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly controlling
or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time. 

 “Business Day” means any day, other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which banking institutions in Dallas, Texas are authorized or required by law, regulation or executive order to close. 

“Charter” means the Articles of Amendment and Restatement of Ashford Prime as filed with the Secretary of State of the State
of Maryland on November 8, 2013, as the same may be amended, modified or restated from time to time. 
 “Commission”
means the Securities and Exchange Commission. 
 “Confidential Information” means Confidential Information as defined in
Section 2.13(c). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exchangeable Ashford Prime OP Units” means Ashford Prime OP Units which may be redeemable for
cash or, at the sole and absolute discretion of Ashford Prime, exchangeable for shares of Common Stock pursuant to Section 7.4 of the Prime Partnership Agreement (without regard to any limitations on the exercise of such exchange right as a
result of the Ownership Limit Provisions). 
 “Holder” means any Initial Holder who is the record or beneficial owner of
any Registrable Security or any assignee or transferee of such Initial Holder (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable
Securities) (x) to the extent permitted under the Prime Partnership Agreement or the Charter, as applicable, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such owner,
assignee or transferee acquires such Registrable Security in a public distribution pursuant to a registration statement under the Securities Act or pursuant to transactions exempt from registration under the Securities Act where securities sold in
such transaction may be resold without subsequent registration under the Securities Act. 
 “Immediate Family” of any
individual means such individual’s estate and heirs or current spouse, or former spouse, parents, parents-in-law, children (whether natural or adoptive or by marriage), siblings and grandchildren and any trust or estate, all of the
beneficiaries of which consist of such individual or any of the foregoing. 
 “Initial Holder” means (i) the Ashford
Prime Unit Holders, (ii) any partner, member or stockholder of the Ashford Prime Unit Holder, (iii) any Affiliate of any such partner, member or stockholder, and (iv) the Immediate Family of any of the foregoing. 

“Issuer Shelf Registration Statement” has the meaning set forth in Section 2.1(b). 

“Notice and Questionnaire” means a written notice, substantially in the form attached as Exhibit B, delivered by a
Holder to Ashford Prime (i) notifying Ashford Prime of such Holder’s desire to include Registrable Securities held by it in a Resale Shelf Registration Statement, (ii) containing all information about such Holder required to be
included in such registration statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated 

  
 -2- 

 
under the Securities Act, as amended from time to time, or any similar successor rule thereto, and (iii) pursuant to which such Holder agrees to bound by the terms and conditions hereof.

 “Ownership Limit Provisions” mean the various provisions of Ashford Prime’s Charter set forth in ARTICLE VI thereof
restricting the ownership of shares of Common Stock by Persons to specified percentages of the outstanding shares of Common Stock. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Primary
Shares” has the meaning set forth in Section 2.1(b) of this Agreement. 
 “Prime Partnership Agreement” means
the Amended and Restated Agreement of Limited Partnership of Ashford Prime OP, dated as of November 19, 2013, as the same may be amended, modified or restated from time to time. 

“Registrable Securities” means shares of Common Stock of Ashford Prime at any time owned, either of record or beneficially,
by any Holder which are issuable or issued upon exchange of Exchangeable Ashford Prime OP Units issued in connection with the Transaction and any additional shares of Common Stock issued as a dividend, distribution or exchange for, or in respect of
such shares until: 
 (i) a registration statement (including a Resale Shelf Registration Statement) covering such shares has
been declared effective by the Commission and such shares have been disposed of pursuant to such effective registration statement or such shares (other than Restricted Shares) were issued pursuant to an effective registration statement (including an
Issuer Shelf Registration Statement); 
 (ii) such shares have been publicly sold under Rule 144; 

(iii) all such shares held by such Person may be sold in one transaction pursuant to Rule 144; or 

(iv) such shares have been otherwise transferred in a transaction that constitutes a sale thereof under the Securities Act,
Ashford Prime has delivered a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such shares may be resold or otherwise transferred by such transferee without subsequent
registration under the Securities Act; 
 provided, however, that “Registrable Securities” for purposes of the indemnification obligations
contained in Sections 2.7 and 2.8 shall mean all shares that are registered on the applicable Shelf Registration, notwithstanding that such shares may not otherwise be “Registrable Securities” by operation of clause (iii) above. 

“Resale Shelf Registration” shall have the meaning set forth in Section 2.1(a). 

  
 -3- 

 “Resale Shelf Registration Statement” shall have the meaning set forth in
Section 2.1(a). 
 “Restricted Shares” means shares of Common Stock issued under an Issuer Registration Statement which if
sold by the holder thereof would constitute “restricted securities” as defined under Rule 144. 
 “Rule 144”
means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a Resale Shelf Registration Statement under
the Securities Act. 
 “Shelf Registration Statement” means a Resale Shelf Registration Statement or an Issuer Shelf
Registration Statement, as applicable. 
 “Suspension Notice” means any written notice delivered by the Company pursuant to
Section 2.9 with respect to the suspension of rights under a Resale Shelf Registration Statement or any prospectus contained therein. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.1 Shelf Registration.  

(a) Resale Shelf Registration. Subject to Section 2.9, Ashford Prime shall prepare and file not later than 54 weeks after
the consummation date of the Transaction, a “shelf” registration statement with respect to the resale of the Registrable Securities (“Resale Shelf Registration”) by the Holders thereof on an appropriate form for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the “Resale Shelf Registration Statement”) and permitting registration of such Registrable Securities for resale by such Holders in
accordance with the methods of distribution elected by the Holders and set forth in the Resale Shelf Registration Statement. Ashford Prime shall use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared
effective by the Commission as promptly as reasonably practicable after the filing thereof, and, subject to Sections 2.1(c) and 2.9, to keep such Resale Shelf Registration Statement continuously effective for a period ending when all shares of
Common Stock covered by the Resale Shelf Registration Statement are no longer Registrable Securities. In addition, if the Resale Shelf Registration Statement is not on Form S-3 (or any similar or successor form) and during the period that the Resale
Shelf Registration Statement is effective Ashford Prime becomes eligible to use Form S-3 (or any similar or successor form), Ashford Prime shall be entitled to amend the Resale Shelf Registration Statement so that it becomes a registration statement
on Form S-3 (or any similar or successor form); provided, however, that the Company shall use its best efforts to have such amendment declared effective as soon as practicable after filing. 

  
 -4- 

 At the time the Resale Shelf Registration Statement is declared effective, each Holder that has
delivered a duly completed and executed Notice and Questionnaire to the Company on or prior to the date ten (10) Business Days prior to such time of effectiveness shall be named as a selling securityholder in the Resale Shelf Registration
Statement and the related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. If required by applicable law, subject to the terms and conditions
hereof, after effectiveness of the Resale Shelf Registration Statement, Ashford Prime shall file a supplement to such prospectus or amendment to the Resale Shelf Registration Statement not less than once a quarter as necessary to name as selling
securityholders therein any Holders that provide to Ashford Prime a duly completed and executed Notice and Questionnaire and shall use commercially reasonable efforts to cause any post-effective amendment to such Resale Shelf Registration Statement
filed for such purpose to be declared effective by the Commission as promptly as reasonably practicable after the filing thereof. 

(b) Issuance Shelf Registration. Ashford Prime may, at its option, satisfy its obligation to prepare and file a Resale
Shelf Registration Statement pursuant to Section 2.1(a) with respect to shares of Common Stock issuable upon exchange of Exchangeable Ashford Prime OP Units received in connection with the Transaction by preparing and filing with the Commission
a registration statement on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (an “Issuer Shelf Registration Statement”) providing for the issuance by
Ashford Prime, from time to time, to the Holders of such Exchangeable Ashford Prime OP Units shares of Common Stock registered under the Securities Act (the “Primary Shares”) in lieu of Ashford Prime OP’s obligation to pay cash
for such Exchangeable Ashford Prime OP Units. Ashford Prime shall use its commercially reasonable efforts to cause the Issuer Shelf Registration Statement to be declared effective by the Commission as promptly as reasonably practicable after filing
thereof. Ashford Prime shall use commercially reasonable efforts, subject to Sections 2.1(c) and 2.9, to keep the Issuer Shelf Registration Statement continuously effective for a period (the “Effectiveness Period”) expiring on the
date all of the shares of Common Stock covered by such Issuer Shelf Registration Statement have been issued by the Company pursuant thereto. In addition, if the Issuer Shelf Registration Statement is not on Form S-3 (or any similar or successor
form) and during the period that the Issuer Shelf Registration Statement is effective Ashford Prime becomes eligible to use Form S-3 (or any similar or successor form), Ashford Prime shall be entitled to amend the Issuer Shelf Registration Statement
so that it becomes a registration statement on Form S-3 (or any similar or successor form); provided, however, that Ashford Prime shall use its best efforts to have such amendment declared effective as soon as practicable after filing. If Ashford
Prime shall exercise its rights under this Section 2.1(b), Holders (other than Holders of Restricted Shares) shall have no right to have shares of Common Stock issued or issuable upon exchange of Exchangeable Ashford Prime OP Units included in
a Resale Shelf Registration Statement pursuant to Section 2.1(a). 
 (c) Continuous Effectiveness. Ashford Prime
shall prepare and file such additional registration statements as necessary and use its commercially reasonable efforts to cause such registration statements to be declared effective by the Commission so that a shelf registration statement remains
continuously effective, subject to Section 2.9, with respect to resales of Registrable Securities as and for the periods required under Section 2.1(a) or (b), as applicable, 

  
 -5- 

 
such subsequent registration statements, if any, shall constitute a Issuer Shelf Registration Statement or a Resale Shelf Registration Statement, as the case may be, hereunder.

 (d) Selling Holders Become Party to Agreement. Each Holder acknowledges that by participating in its
registration rights pursuant to this Agreement, such Holder will be deemed a party to this Agreement and will be bound by its terms, notwithstanding such Holder’s failure to deliver a Notice and Questionnaire; provided, that any Holder that has
not delivered a duly completed and executed Notice and Questionnaire shall not be entitled to be named as a Selling Holder in, or have the Registrable Securities held by it covered by, a Resale Shelf Registration Statement. 

Section 2.2 Registration Procedures; Filings; Information. Subject to Section 2.9 hereof, in connection
with any Resale Shelf Registration Statement under Section 2.1(a), Ashford Prime will use its commercially reasonable efforts to effect the registration of the Registrable Securities covered thereby in accordance with the intended method of
disposition thereof as quickly as reasonably practicable, and in connection with any Issuer Shelf Registration Statement under Section 2.1(b), the Company will use its commercially reasonable efforts to effect the registration of the Primary
Shares as quickly as reasonably practicable. In connection with any Shelf Registration Statement: 
 (a) Ashford Prime will, if requested,
prior to filing a Resale Shelf Registration Statement or prospectus or any amendment or supplement thereto, furnish to each Selling Holder of the Registrable Securities covered by such registration statement copies of such registration statement as
proposed to be filed, and thereafter furnish to such Selling Holder such number of conformed copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by
reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Selling Holder may reasonably request to facilitate the disposition of the Registrable Securities
owned by such Selling Holder. 
 (b) After the filing of the Resale Shelf Registration Statement, Ashford Prime will promptly notify each
Selling Holder of Registrable Securities covered by such registration statement of any stop order issued or threatened by the Commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

 (c) Ashford Prime will use its commercially reasonable efforts to (i) register or qualify the Registrable Securities under such
other securities or “blue sky” laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder reasonably (in light of such Selling Holder’s intended plan of distribution) requests and
(ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Ashford Prime and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition of the Registrable Securities owned by such Selling Holder; provided that Ashford Prime will not be required to (A) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

  
 -6- 

 (d) Ashford Prime will immediately notify each Selling Holder of such Registrable Securities, at
any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) Ashford Prime’s receipt of any notification of the suspension of the qualification of any Registrable Securities covered by a Resale
Shelf Registration Statement for sale in any jurisdiction; or (ii) the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading and promptly make available to each Selling Holder any such supplement or amendment. 
 (e) Ashford Prime will
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of 12
months, beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or
any successor rule or regulation hereafter adopted by the Commission). 
 (f) Ashford Prime will use its commercially reasonable efforts to
cause all Registrable Securities covered by such Resale Shelf Registration Statement or Primary Shares covered by such Issuer Shelf Registration Statement to be listed on each securities exchange on which similar securities issued by Ashford Prime
are then listed. 
 (g) In addition to the Notice and Questionnaire, Ashford Prime may require each Selling Holder of Registrable Securities
to promptly furnish in writing to Ashford Prime such information regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as Ashford Prime may from time to time
reasonably request and such other information as may be legally required in connection with such registration. No Holder may include Registrable Securities in any registration statement pursuant to this Agreement unless and until such Holder has
furnished to Ashford Prime such information. Each Holder further agrees to furnish as soon as reasonably practicable to Ashford Prime all information required to be disclosed to make information previously furnished to Ashford Prime by such Holder
not materially misleading. 
 (h) Each Selling Holder agrees that, upon receipt of any notice from Ashford Prime of the happening of any
event of the kind described in Section 2.2(b) or 2.2(d) or upon receipt of a Suspension Notice, such Selling Holder will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such Selling Holder’s receipt of written notice from Ashford Prime that such disposition may be made and, in the case of clause (ii) of Section 2.2(d) or, if applicable, Section 2.9, copies of any
supplemented or amended prospectus contemplated by clause (ii) of Section 2.2(d) or, if applicable, prepared under Section 2.9, and, if so directed by Ashford Prime, such Selling Holder will deliver to Ashford Prime all copies, other
than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. Each Selling Holder of Registrable Securities agrees that it will
immediately notify Ashford Prime at any time when a prospectus relating to the registration of 

  
 -7- 

 
such Registrable Securities is required to be delivered under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to
Ashford Prime in writing for inclusion in such prospectus contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances in which they were made. 
 Section 2.3 Registration Expenses. In connection with any registration
statement required to be filed hereunder, Ashford Prime shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”): (i) all fees and expenses of compliance
with securities or “blue sky” laws (including registration and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (ii) printing expenses,
(iii) internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (iv) the fees and expenses incurred in connection with the listing of the Registrable
Securities, (v) reasonable fees and disbursements of counsel for Ashford Prime and customary fees and expenses for independent certified public accountants retained by Ashford Prime, and (vi) the reasonable fees and expenses of any special
experts retained by Ashford Prime in connection with such registration. Ashford Prime shall have no obligation to pay any fees, discounts or commissions attributable to the sale of Registrable Securities, any out-of-pocket expenses of the Holders
(or the agents who manage their accounts), or any transfer taxes relating to the registration or sale of the Registrable Securities.  

Section 2.4 Indemnification by Ashford Prime. Ashford Prime agrees to indemnify and hold harmless each Selling Holder of
Registrable Securities, its officers, directors and agents, and each Person, if any, who controls such Selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all
losses, claims, damages and liabilities that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended
or supplemented if Ashford Prime shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities arise out of or are based upon any such untrue
statement or omission or alleged untrue statement or omission included in reliance upon and in conformity with information furnished in writing to Ashford Prime by such Selling Holder or on such Selling Holder’s behalf expressly for inclusion
therein. The indemnity provided for in this Section 2.4 shall remain in full force and effect regardless of any investigation made by or on behalf of any Selling Holder. 

Section 2.5 Indemnification by Holders of Registrable Securities. Each Selling Holder agrees, severally but not jointly, to
indemnify and hold harmless Ashford Prime, its officers, directors and agents and each Person, if any, who controls Ashford Prime within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the foregoing indemnity from Ashford Prime to such Selling Holder, but only with respect to information relating to such Selling Holder included in reliance upon and in conformity with information furnished in writing by such Selling
Holder or on such Selling Holder’s behalf expressly for use in any registration statement or prospectus relating to the 

  
 -8- 

 
Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. In case any action or proceeding shall be brought against Ashford Prime or its officers, directors
or agents or any such controlling person, in respect of which indemnity may be sought against such Selling Holder, such Selling Holder shall have the rights and duties given to Ashford Prime, and Ashford Prime or its officers, directors or agents or
such controlling person shall have the rights and duties given to such Selling Holder, by Section 2.4. The obligations of any Selling Holder pursuant to this Section 2.5 will be limited to an amount equal to the net proceeds to such
Selling Holder (after deducting any discounts and commissions) from the disposition pursuant to such registration. 
 Section 2.6
Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.4 or 2.5, such
person (an “Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including
the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying
Party of any obligations under this Article II, except to the extent such Indemnifying Party is materially prejudiced by such failure. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It
is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any
local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by
(i) in the case of Persons indemnified pursuant to Section 2.4 hereof, the Selling Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons
indemnified pursuant to Section 2.5, Ashford Prime. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the
plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by the third sentence of this paragraph, the Indemnifying Party agrees that it shall be
liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than thirty (30) Business Days after receipt by such Indemnifying Party of the aforesaid request and
(ii) such Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of such settlement. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have 

  
 -9- 

 
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such proceeding. 
 Section 2.7 Contribution. If the indemnification provided for in Section 2.4 or
2.5 hereof is unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of Ashford Prime and each Selling Holder in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of Ashford Prime on the one hand and of each Selling Holder on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 Ashford Prime and the Selling Holders
agree that it would not be just and equitable if contribution pursuant to this Section 2.7 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.7, no Selling Holder
shall be required to contribute any amount in excess of the amount by which the net proceeds from the sale of the securities of such Selling Holder to the public exceeds the amount of any damages which such Selling Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute pursuant to this Section 2.7 are several in proportion to the net proceeds of the offering received by such Selling Holder bears
to the total net proceeds of the offering received by all the Selling Holders and not joint. 
 Section 2.8 Rule 144.
Ashford Prime covenants that it will (a) make and keep public information regarding Ashford Prime available as those terms are defined in Rule 144, (b) file in a timely manner any reports and documents required to be filed by it under the
Securities Act and the Exchange Act, (c) furnish to any Holder forthwith upon request (i) a written statement by Ashford Prime as to its compliance with the reporting requirements of Rule 144 (at any time more than 90 days after the
completion of the Transaction), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), and (ii) a copy of the most recent annual or quarterly report of Ashford Prime and such other
reports and documents so filed by Ashford Prime, and (d) take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell 

  
 -10- 

 
Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144.  

Section 2.9 Suspension of Use of Registration Statement. 

(a) If the Board of Directors of Ashford Prime determines in its good faith judgment that the filing of a Resale Shelf Registration
Statement under Section 2.1(a) or the use of any related prospectus would be materially detrimental to Ashford Prime because such action would require the disclosure of material information that Ashford Prime has a bona fide business purpose
for preserving as confidential or the disclosure of which would impede Ashford Prime’s ability to consummate a significant transaction (“Confidential Information”), and that Ashford Prime is not otherwise required by applicable
securities laws or regulations to disclose, upon written notice of such determination by Ashford Prime to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to a Resale Shelf Registration
Statement or to require Ashford Prime to take action with respect to the registration or sale of any Registrable Securities pursuant to a Resale Shelf Registration Statement shall be suspended until the earlier of (i) the date upon which
Ashford Prime notifies the Holders in writing that suspension of such rights for the grounds set forth in this Section 2.9(a) is no longer necessary and (ii) one-hundred eighty (180) days; provided, however, no such 180-day period
shall be successive with respect to the same Confidential Information. Ashford Prime agrees to give the notice under (i) above as promptly as practicable following the date that such suspension of rights is no longer necessary.  

If all reports required to be filed by Ashford Prime pursuant to the Exchange Act have not been filed by the required date without regard to
any extension, or if the consummation of any business combination by Ashford Prime has occurred or is probable for purposes of Rule 3-05 or Article 11 of Regulation S-X promulgated under the Securities Act or any successor rule, upon written notice
thereof by Ashford Prime to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to a Resale Shelf Registration Statement or to require Ashford Prime to take action with respect to the registration
or sale of any Registrable Securities pursuant to a Resale Shelf Registration Statement shall be suspended until the date on which Ashford Prime has filed such reports or obtained and filed the financial information required by Rule 3-05 or Article
11 of Regulation S-X to be included or incorporated by reference, as applicable, in the Resale Shelf Registration Statement, and Ashford Prime shall notify the Holders as promptly as practicable when such suspension is no longer required. 

Section 2.10 Additional Shares. Ashford Prime, at its option, may register under a Shelf Registration Statement and any
filings with any state securities commissions filed pursuant to this Agreement, any number of unissued shares of Common Stock or any shares of Common Stock owned by any other stockholder or stockholders of the Company. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including
recovery of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. Ashford Prime agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it

  
 -11- 

 
of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

Section 3.2 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of Ashford Prime and the Holders of a majority of the Registrable Securities (with Holders
of Exchangeable Ashford Prime OP Units deemed to be Holders, for purposes of this Section, of the number of shares of Common Stock into which such Exchangeable Ashford Prime OP Units would be exchangeable for as of the date on which consent is
requested); provided, however, that the effect of any such amendment will be that the consenting Holders will not be treated more favorably than all other Holders (without regard to any differences in effect that such amendment or waiver may have on
the Holders due to the differing amounts of Registrable Shares held by such Holders). No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or
remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 3.3 Notices. All notices and other communications in connection with this Agreement shall be made in writing by
hand delivery, registered first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery: 
  

	 	(i)	if to any Holder, initially to the address indicated in such Holder’s Notice and Questionnaire or, if no Notice and Questionnaire has been delivered, to such other address as any Holder shall have specified in
writing; and 

  

	 	(ii)	if to Ashford Prime, at 14185 Dallas Parkway, Suite 1100, Dallas, TX 25254, Attention: Chief Legal Officer, or to such other address as Ashford Prime may hereafter specify in writing. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when
received if deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Section 3.4 Successors and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties. Any Holder
may assign its rights under this Agreement without the consent of Ashford Prime in connection with a transfer of such Holder’s Ashford Prime OP Units or Registrable Securities; provided, that the Holder satisfies all applicable transfer
provisions for the Ashford Prime OP Units or Registrable Securities, as applicable, and notifies Ashford Prime of such proposed transfer and assignment and the transferee or assignee of such rights assumes in writing the obligations of such Holder
under this Agreement. 

  
 -12- 

 Section 3.5 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this
Agreement immediately upon affixing its signature hereto. 
 Section 3.6 Governing Law. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of Texas without regard to the choice of law provisions thereof. 

Section 3.7 Severability. In the event that any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

Section 3.8 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein with respect to the registration rights granted by Ashford Prime with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter. 
 Section 3.9 Headings. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 
 Section 3.10 No Third Party Beneficiaries. Nothing express or implied herein
is intended or shall be construed to confer upon any person or entity, other than the parties hereto and their respective successors and assigns, any rights, remedies or other benefits under or by reason of this Agreement. 

Section 3.11 Termination. The obligations of the parties hereunder shall terminate (i) with respect to a Holder when
it no longer holds Registrable Securities, and (ii) with respect to Ashford Prime upon the end of the Effectiveness Period with respect to any Issuer Shelf Registration Statement and when there are no longer any Registrable Securities with
respect to any Resale Shelf Registration Statement; except, in each case, for any obligations under Sections 2.1(c), 2.3, 2.4, 2.5, 2.6 and 2.7 and Article III that, by their terms, are intended to survive for a specific period of time. 

[Signature Page Follows] 

  
 -13- 

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

			
	COMPANY:
	
	ASHFORD HOSPITALITY PRIME, INC.
		
	By:	 	 /s/ David A. Brooks

	Name:	 	David A. Brooks
	Title:	 	Chief Operating Officer
	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254

 [Signature Page to Registration Rights Agreement] 

 
					
	ASHFORD PRIME OP UNIT HOLDER:	 	
		
	  
	 	,
	  
	 	
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
		
	Address:	 	
	  
	 	
	  
	 	
	  
	 	

 [Signature Page to Registration Rights Agreement] 

 Exhibit A 

List of all unit holders – names 
  

							
	 Dartmore General Partnership
	 		  	 	2,756,028	  
			
	 5820 General Partnership
	 		  	 	2,756,028	  
			
	 3 MB Associates
	 		  	 	120,647	  
			
	 Ashford Financial Corporation
	 		  	 	1,025,000	  
			
	 Helmut Horn
	 		  	 	6,944	  
			
	 Graham Hershman
	 		  	 	5,226	  
			
	 Emily Landau
	 		  	 	117,535	  
			
	 Martin Edelman
	 		  	 	92,711	  
			
	 FGT, L.P.
	 		  	 	1,004,306	  
			
	 David Kimichik
	 		  	 	45,788	  
			
	 David Brooks
	 		  	 	266,435	  
			
	 Mark Nunneley
	 		  	 	106,590	  
			
		 	COMMON UNITS	  	 	8,303,238	  

							
	 Lawrence D. Barkman
	 		  	 	41,200	  
			
	 Arthur A. Birney
	 		  	 	20,600	  
			
	 Washington Brick & Terra Cotta Company, L.P., L.L.P.
	 		  	 	2,039,451	  
			
	 Barbara Fleischman
	 		  	 	65,894	  
			
	 Laura Glassman
	 		  	 	1,905	  
			
	 Paul Glassman
	 		  	 	1,905	  
			
	 Kogod Family Holding Group LLC
	 		  	 	348,941	  
			
	 Arlene R. Kogod
	 		  	 	160,620	  
			
	 Lauren Sue Kogod
	 		  	 	61,801	  
			
	 Leslie Susan Kogod
	 		  	 	61,801	  
			
	 Robert P. Kogod
	 		  	 	159,944	  
			
	 Stuart Allan Kogod
	 		  	 	61,801	  
			
	 Clarice Smith Marital Deduction Trust
	 		  	 	351,467	  
			
	 MC II Associates
	 		  	 	271,930	  
			
	 Gateway
	 	 B UNITS
	  	 	3,649,260	  

 Exhibit B 

Form of Notice and Questionnaire 

The undersigned beneficial holder of shares of common stock, par value $.01 per share (“Common Stock”), of Ashford
Hospitality Prime, Inc. (the “Company”) and/or common units of limited partnership interests of Ashford Hospitality Prime Limited Partnership (“Ashford Prime OP”) convertible into shares of Common Stock (any such
Common Stock, the “Registrable Securities”), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) one or more registration statements
(collectively, the “Resale Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance
with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”), dated November 19, 2013, by the Company for the benefit of the holders of common partnership units in Ashford Hospitality Prime Limited
Partnership whose names are set forth on Exhibit A attached thereto. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein
shall have the meanings set forth in the Registration Rights Agreement. 
 Each beneficial owner of Registrable Securities is
entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Resale Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be
required to be named as a selling security holder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner
(including certain indemnification provisions as described below). To be included in the Resale Shelf Registration Statement, this Notice and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein on
or prior to the tenth business day before the effectiveness of the Resale Shelf Registration Statement. We will give notice of the filing and effectiveness of the initial Resale Shelf Registration Statement by issuing a press release and by mailing
a notice to the holders at their addresses set forth in the register of the registrar. 
 Beneficial owners that do not complete this Notice
and Questionnaire and deliver it to the Company as provided below will not be named as selling security holders in the prospectus and therefore will not be permitted to sell any Registrable Securities pursuant to the Resale Shelf Registration
Statement. Beneficial owners are encouraged to complete and deliver this Notice and Questionnaire prior to the effectiveness of the initial Resale Shelf Registration Statement so that such beneficial owners may be named as selling security holders
in the related prospectus at the time of effectiveness. Upon receipt of a completed Notice and Questionnaire from a beneficial owner following the effectiveness of the initial Resale Shelf Registration Statement, in accordance with the Registration
Rights Agreement, the Company will file such amendments to the initial Resale Shelf Registration Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such
prospectus to purchasers of Registrable Securities. 
 Certain legal consequences arise from being named as selling security holders in the
Resale Shelf Registration Statement and the related prospectus. Accordingly, holders and 

 
beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling security holder in
the Resale Shelf Registration Statement and the related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Security Holder”) of Registrable Securities hereby elects to include in
the prospectus forming a part of the Resale Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and returning
this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and its directors,
officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against certain losses arising in connection with statements concerning
the undersigned made in the Resale Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire. 

The undersigned hereby provides the following information to the Company and represents and warrants to the Company that such information is
accurate and complete: 

 QUESTIONNAIRE 
  

	 	1.	(a) Full Legal Name of Selling Security Holder: 

 (b) Full Legal Name of
registered holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held: 

(c) Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable
Securities listed in Item (3) below are held: 
 (d) List below the individual or individuals who exercise voting and/or
dispositive powers with respect to the Registrable Securities listed in Item (3) below: 
  

	 	2.	Address for Notices to Selling Security Holder: 

 Telephone: 

Fax: 
 E-mail address: 

Contact Person: 
  

	 	3.	Beneficial Ownership of Registrable Securities: 

 Type of Registrable Securities beneficially
owned, and number of shares of Common Stock and/or OP Units, as the case may be, beneficially owned: 

	 	4.	Beneficial Ownership of Securities of the Company Owned by the Selling Security Holder: 

Except as set forth below in this Item (4), the undersigned is not the beneficial or registered owner of any securities of the Company,
other than the Registrable Securities listed above in Item (3). 
 Type and amount of other securities beneficially owned by the Selling
Security Holder: 
  

	 	5.	Relationship with the Company 

 Except as set forth below, neither the undersigned nor any of
its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 

State any exceptions here: 
  

	 	6.	Plan of Distribution 

 Except as set forth below, the undersigned (including its donees or
pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Resale Shelf Registration Statement only as follows and will not be offering any of such Registrable Securities pursuant to an agreement,
arrangement or understanding entered into with a broker or dealer prior to the effective date of the Resale Shelf Registration Statement. Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively,
through broker-dealers or agents. If the Registrable Securities are sold through broker-dealers, the Selling Security Holder will be responsible for discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one
or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block
transactions) 
 (i) on any national securities exchange or quotation service on which the Registrable Securities may be
listed or quoted at the time of sale; 
 (ii) in the over-the-counter market; 

(iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market; or 

(iv) through the writing of options. 

In connection with sales of the Registrable Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of 

 
the Registrable Securities and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 State any exceptions here: 
 Note: In no
event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities. 

 ACKNOWLEDGEMENTS 

The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as
amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement.
The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The Selling Security Holder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain
persons set forth therein. Pursuant to the Registration Rights Agreement, Ashford Prime has agreed under certain circumstances to indemnify the Selling Security Holders against certain liabilities. 

In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Resale Shelf Registration Statement, the undersigned agrees to promptly notify Ashford Prime of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while
the Resale Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 

In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above after the date on
which such information is provided to Ashford Prime, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 

By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to
Items (1) through (6) above and the inclusion of such information in the Resale Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection
with the preparation or amendment of the Resale Shelf Registration Statement and the related prospectus. 
 Once this Notice and
Questionnaire is executed by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall insure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in
Item 3 above. 
 This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of Texas.

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

			
	Holder:	 	
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Dated:	 	  

 Please return the completed and executed Notice and Questionnaire to: 

Ashford Hospitality Prime, Inc. 

14185 Dallas parkway, Suite 1100 

Dallas, TX 75254 
 Tel:
(972) 490-9600 
 Attention: Chief Legal OfficerEX-10.10

 Exhibit 10.10 

EXECUTION VERSION 

LICENSING AGREEMENT 

This LICENSING AGREEMENT (this “Agreement”) dated as of November 19, 2013 (the “Effective
Date”) between Ashford Hospitality Trust, Inc., a Maryland corporation (“Licensor” or “Party”), and Ashford Hospitality Prime, Inc., a Maryland corporation (“Ashford Prime”) and Ashford
Hospitality Prime Limited Partnership, a Delaware limited partnership (“Ashford Prime OP”) (Ashford Prime and Ashford Prime OP, collectively, referred to as “Licensee” or “Party”) (each Party,
collectively, referred to as the “Parties”).  
 W I T N E S S E T H: 

WHEREAS, Licensor owns, or has the right to use and sublicense, the Licensed Marks as defined in Section 1.01(a). 

WHEREAS, pursuant to the Separation and Distribution Agreement by and between Ashford Hospitality Trust, Inc., Ashford Hospitality
Limited Partnership, Ashford TRS Corporation, Ashford Hospitality Prime, Inc., Ashford Hospitality Prime Limited Partnership and Ashford Prime TRS Corporation, dated as of November 8, 2013, (the “Separation and Distribution
Agreement”), Licensor, as the sole stockholder of Ashford Prime, will effect a spin-off of Ashford Prime (the “Spin-Off”) through a distribution to Licensor’s stockholders, on a pro rata basis, of all of the outstanding
shares of Ashford Prime. Following the Spin-Off, Ashford Prime will be an independent and separately traded company that is engaged in the business of investing in hotel real estate assets primarily consisting of equity or ownership interests, as
well as debt investments when such debt is acquired with the intent of obtaining an equity or ownership interest, in: 
  

	 	(i)	full service and urban select service hotels with trailing twelve (12) month average revenue per available room (“RevPAR”) or anticipated twelve (12) month average RevPAR of at least twice the
then-current U.S. national average RevPAR for all hotels as determined with reference to the most current Smith Travel Research reports, generally in the 20 most populous metropolitan statistical areas, as estimated by the United States Census
Bureau and delineated by the U.S. Office of Management and Budget; 

  

	 	(ii)	upscale, upper-upscale and luxury hotels meeting the RevPAR criteria set forth in clause (i) above and situated in markets that may be generally recognized as resort markets; and 

 

	 	(iii)	international hospitality assets predominantly focused in areas that are general destinations or in close proximity to major transportation hubs or business centers, such that the area serves as a significant entry or
departure point to a foreign country or region of a foreign country for business or leisure travelers and meet the RevPAR criteria set forth in clause (i) above (after any applicable currency conversion to U.S. dollars) (the
“Licensed Business”); 

  
 1 

 WHEREAS, subject to the terms and conditions set forth herein, Licensee desires to obtain,
and Licensor is willing to grant to Licensee, a license to use the Licensed Marks in connection with the Licensed Business.  
 NOW,
THEREFORE, in consideration of the mutual covenants contained herein and in the Separation and Distribution Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, the specified Person. For this purpose “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. 
 “Applicable
Law” means any law, statute, ordinance, code, rule, regulation, order, writ, proclamation, judgment, injunction or decree of any Governmental Authority. 

“Business Day” means a day other than a Saturday, a Sunday or a day on which banking institutions located in the States of
Texas or New York are authorized or obligated by Applicable Law or executive order to close. 
 “Governmental Authority”
means any U.S. federal, state, local or non-U.S. court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority. 

“Licensed Marks” means the names, trademarks and service marks set forth (and only as set forth) in Exhibit A. For the
avoidance of doubt, the Licensed Marks shall not include any name, trademark or service mark that is derivative of those set forth in Exhibit A. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a union, an unincorporated organization or a governmental department, agency or political subdivision thereof. 

“Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited liability company, whether
incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect
to such corporation or other organization, or that otherwise constitutes control of such corporation or other organization, is directly or indirectly owned or controlled by such specified Person or by any one or more of its subsidiaries, or by such
specified Person and one or more of its subsidiaries. 
 (b) Each of the following terms is defined in the Section set forth opposite such
term: 

  
 2 

			
	 Term
	  	 Section

	Agreement	  	Preamble
	Ashford Prime	  	Preamble
	Ashford Prime OP	  	Preamble
	Effective Date	  	Preamble
	License	  	2.01
	Licensed Business	  	Recitals
	Licensee	  	Preamble
	Licensor	  	Preamble
	Party and Parties	  	Preamble
	 Separation and
 Distribution

Agreement
	  	Recitals
	Spin-Off	  	Recitals
	Term	  	5.01
	Trademark Claims	  	4.03

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit but not otherwise defined therein shall have the respective meanings given to them in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. 
 ARTICLE 2 

LICENSE 

Section 2.01. Grant of License. Subject to the terms and conditions set forth herein, Licensor hereby grants to
Licensee a worldwide, non-exclusive, non-transferable (except as otherwise set forth in Section 6.01), non-sublicensable (except as otherwise set forth in Section 2.02), royalty-free, fully paid-up license to use the Licensed Marks solely
in connection with the conduct of the Licensed Business during the Term (the “License”). For the avoidance of doubt, subject to the terms and conditions contained herein, the License shall include Ashford Prime’s right to use
“Ashford Hospitality Prime, Inc.,” and Ashford Prime OP’s right to use “Ashford Hospitality Prime Limited Partnership,” as their corporate names during the Term. 

Section 2.02. Sublicense Rights. The License shall include the right of Licensee to grant sublicenses to its wholly-owned
Subsidiaries; provided that any such sublicense shall terminate immediately upon the applicable sublicensee ceasing to be a wholly-owned Subsidiary of 

  
 3 

 
Licensee. Any such sublicense shall be subject to terms and conditions that are no less restrictive on the applicable sublicensee’s use of the Licensed Marks than the terms and conditions in
this Agreement. 
 ARTICLE 3 

OWNERSHIP AND USE OF LICENSED MARKS 

Section 3.01. Ownership of Licensed Marks; Reservation of Rights. (a) Licensee hereby acknowledges that
(i) the License is the only license granted to Licensee with respect to the Licensed Marks and (ii) no other licenses whatsoever have been granted, expressly or by implication or estoppel, to Licensee by the provisions of this Agreement.
Neither this Agreement nor its performance shall confer on Licensee any right with respect to the Licensed Marks other than those rights expressly granted herein, and any and all rights in and to the Licensed Marks not expressly granted to Licensee
herein are reserved and retained by Licensor. Any use of the Licensed Marks by Licensee pursuant to the License shall inure to the benefit of Licensor. 

(b) Licensee shall not (i) challenge the validity or ownership of the Licensed Marks or any other marks of Licensor or its Affiliates or
claim adversely or assist in any claim adverse to Licensor concerning any right, title or interest in or to the Licensed Marks, (ii) do or permit any act which may directly or indirectly impair or prejudice Licensor’s title to the Licensed
Marks or be detrimental to the reputation and goodwill of Licensor, or (iii) register or attempt to register any trademark, design, company name, trade name, domain name or other source identifier that is derivative of, confusingly similar to
or contains any Licensed Mark. 
 Section 3.02. Appearance of the Licensed Marks; Quality Control. Licensee shall use the
Licensed Marks only in the form stipulated by Licensor and shall conform to and observe such standards as Licensor from time to time prescribes, including standards relative to the quality, design, identity, size, position, appearance, marking and
color of the Licensed Marks and the manner, disposition and use of the Licensed Marks. The Licensed Business shall be conducted at all times in material compliance with Applicable Law and in a manner consistent with the quality of goods and services
provided by Licensor under the Licensed Marks as of immediately prior to the Effective Date. Licensor shall have the right to inspect any written or electronic materials bearing any Licensed Mark. 

Section 3.03. Prosecution and Maintenance. Licensor shall, reasonably promptly following Licensee’s request and
at Licensor’s sole cost and expense, take all such actions as Licensee may reasonably request to prosecute and maintain any registration or application for registration of any Licensed Mark. 

Section 3.04. Third Party Notices. If requested in writing by Licensor, Licensee shall ensure that any written or
electronic materials bearing a Licensed Mark includes a written statement to the effect that such Licensed Mark is used by Licensee under license from Licensor. 

Section 3.06. Fair Use. For the avoidance of doubt, nothing in this Agreement shall restrict or limit either
Party’s right to make any use of any term, or trademark or service mark that constitutes fair use under Applicable Law or factual use for historical or reference purposes. 

  
 4 

 ARTICLE 4 

LIABILITY, CLAIMS AND INDEMNIFICATION 

Section 4.01. Disclaimers; Limitation of Liability. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, THE
LICENSE IS GRANTED ON AN “AS IS” BASIS WITH NO REPRESENTATIONS OR WARRANTIES, AND EACH PARTY, ON BEHALF OF ITSELF AND ITS AFFILIATES, HEREBY EXCLUDES AND DISCLAIMS ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF ANY KIND WITH
RESPECT TO THE LICENSE, INCLUDING THOSE REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT AND ANY WARRANTIES IMPLIED BY ANY COURSE OF DEALING OR TRADE USAGE. NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE
UNDER ANY LEGAL OR EQUITABLE THEORY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND IN CONNECTION WITH THIS AGREEMENT EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. 
 Section 4.02. Infringement of Licensed Marks by Third Party. Licensee shall promptly notify Licensor
of any unauthorized or improper use by any Person of any Licensed Marks, including in such notice the particulars of such use and any other information that Licensee and its Affiliates may have relating to such use, and reasonably cooperate with
Licensor, at Licensee’s sole cost and expense, in connection with any action Licensor may take to prevent or halt such use. In the event that Licensor does not take reasonable action to halt any such use related to the Licensed Business within
a reasonable period of time following such notice, Licensee may take reasonable action to prevent or halt such use, and Licensor shall reasonably cooperate with Licensee, at Licensee’s sole cost and expense, in connection with any such action
of Licensee. 
 Section 4.03. Third Party Actions. Licensee shall promptly notify Licensor of any allegations,
claims or demands (actual or threatened) against Licensee for infringement of any intellectual property rights of third parties by reason of Licensee’s use of the Licensed Marks (collectively, “Trademark Claims”) and provide
all related particulars requested by Licensor. Licensor shall retain exclusive control over the resolution of any Trademark Claim, including the right to agree to an injunction against further use of any Licensed Mark at issue or to otherwise settle
such Trademark Claim; provided that such settlement shall not require any payment by Licensee without Licensee’s prior written consent. In the event that Licensor does not take reasonable action to resolve a Trademark Claim within a
reasonable period of time following such notice, Licensee may assume exclusive control over such Trademark Claim (but solely to the extent such Trademark Claim relates to allegations, claims or demands (actual or threatened) against Licensee),
including the right to agree to an injunction against further use of any Licensed Mark at issue by Licensee or to otherwise settle such Trademark Claim with respect to Licensee; provided that such settlement shall not bind or apply to
Licensor in any manner without Licensor’s prior written consent. Subject to the foregoing and at Licensee’s sole cost and expense, each Party shall provide to the other Party such assistance as such other Party may reasonably request in
connection with the defense or settlement of any Trademark Claim. 
 Section 4.04. Indemnification.
(a) Licensee shall indemnify, defend and hold harmless Licensor, its Affiliates and their respective directors, officers, employees and agents and their 

  
 5 

 
respective successors and assigns, from and against any claims, damages, losses, liabilities, fines, penalties and expenses (including reasonable costs of investigation and reasonable
attorneys’ fees in connection with any action, suit or proceeding) related to or arising out of the use of the Licensed Marks by Licensee in violation of this Agreement, any violation of Applicable Law with respect to the Licensed Business, any
claims related to the sale or provision of goods or services or use of intellectual property other than the Licensed Marks. 
 (b) Licensee
shall indemnify, defend and hold harmless Licensor, its Affiliates and their respective directors, officers, employees and agents and their respective successors and assigns, from and against any claims, damages, losses, liabilities, fines,
penalties and expenses (including reasonable costs of investigation and reasonable attorneys’ fees in connection with any action, suit or proceeding) by third parties alleging infringement claims against Licensee’s use of the Licensed
Marks in accordance with the terms and conditions of this Agreement. 
 ARTICLE 5 

TERM AND TERMINATION 

Section 5.01. Term. This Agreement is effective as of the Effective Date and shall continue in full force and effect
in perpetuity unless terminated in accordance with Section 5.02 (the “Term”). 
 Section 5.02.
Termination by Licensor. Licensor may terminate this Agreement at any time immediately upon written notice to Licensor. Further, this Agreement will terminate immediately if at any time the Licensee ceases to retain Ashford
Hospitality Advisors LLC (“Advisor”) or one of its affiliates to perform advisory services for the Licensee. 

Section 5.03. Effect of Termination; Survival. Upon expiration or termination of this Agreement, the License shall
immediately terminate without any further action by Licensor, and Licensee and its Subsidiaries shall have sixty (60) days from expiration or termination to cease all use of, and cease conducting all business under, any names, service marks or
trademarks consisting of or comprising the term “Ashford” or any derivation thereof that might, in the reasonable discretion of Licensor, be likely to cause confusion with Licensor, Licensor’s Affiliates or Licensor’s business,
services or goods, including but not limited to a likelihood of confusion that there is an association, affiliation or some other relationship between Licensor or any its Affiliates, on the one hand, and Licensee or Licensee’s Subsidiaries, on
the other hand. For the sake of clarity, this section requires that Licensee and its Subsidiaries change their business names, trade names and fictitious names to names that do not contain the term “Ashford” or any other word or words that
might, in the reasonable discretion of Licensor, be likely to cause confusion with Licensor, Licensor’s Affiliates or Licensor’s business, services or goods, including but not limited to a likelihood of confusion that there is an
association, affiliation or some other relationship between Licensor or any its Affiliates, on the one hand, and Licensee or Licensee’s Subsidiaries, on the other hand. Notwithstanding anything in this Agreement to the contrary, Sections
3.01(a), 4.01, 4.04 and 5.03 and Article 6 shall survive any expiration or termination of this Agreement. 

  
 6 

 ARTICLE 6 

GENERAL 

Section 6.01. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the
benefit of the Parties and their respective successors and permitted assigns; provided that, except as expressly set forth in Section 2.02, Licensee may not assign, delegate or otherwise transfer this Agreement or any of its rights or
obligations hereunder without the express prior written consent of Licensor. 
 Section 6.02. Notices. All
notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid,
(b) when sent, if sent by facsimile, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) Business Day following sending by overnight delivery via a national courier service and, in each case,
addressed to a Party at the following address for such Party: 
 If to Licensor: 

Ashford Hospitality Trust, Inc. 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attention:
Chief Executive Officer 
 Phone: (972) 490-9600 

With a copy to: 
 Andrews Kurth
LLP 
 1717 Main Street, Suite 1700 

Dallas, TX 75201 
 Attention:
Muriel C. McFarling 
 If to Licensee: 

Ashford Hospitality Prime, Inc. 

c/o Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Attention: Chief Executive Officer 

Dallas, TX 75254 
 Phone:
(972) 490-9600 
 With a copy to: 

Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Attention: General Counsel 

Dallas, TX 75254 
 Phone:
(972) 490-9600 

  
 7 

 Section 6.03. Specific Performance. The Parties acknowledge that money damages
are not an adequate remedy for any violation of this Agreement and that either Party may, in its sole discretion, apply to the courts set forth in Section 6.05 for specific performance, or injunctive or such other relief as such courts may deem
just and proper, in order to enforce this Agreement or prevent any violation hereof, and to the extent permitted by Applicable Law, each Party waives the posting of bond and any objection to the imposition of such relief. 

Section 6.04. Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, and only
if, such amendment or waiver is in writing and signed, in the case of an amendment, by each of the Parties or, in the case of a waiver, by the Party against whom the waiver is to be effective. 

(b) No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Applicable Law. 
 Section 6.05. Governing Law; Venue. This Agreement shall be governed by, and
construed and enforced in accordance with, the substantive laws of the State of Texas, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction. The parties hereto agree
that venue for any action in connection herewith shall be proper in Dallas County, Texas. Each party hereto consents to the jurisdiction of any local, state or federal court situated in any of such locations and waives any objection which it may
have pertaining to improper venue or forum non conveniens to the conduct of any proceeding in any such court. 
 Section 6.06.
Counterparts; Electronic Delivery. This Agreement may be executed in multiple counterparts, each of which when executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement.
Execution and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic means shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in
person. 
 Section 6.07. No Third Party Beneficiaries. No provision of this Agreement is intended to confer any
rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the Parties and their respective successors and permitted assigns. 

Section 6.08. Entire Agreement. This Agreement and the Exhibit referenced herein, and attached hereto constitute the
entire agreement between the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both oral and written, among the Parties with respect to the subject matter hereof. For the avoidance
of doubt, the Parties acknowledge and agree that the transactions contemplated in connection with the Spin-Off, together with the transactions contemplated by this Agreement, collectively constitute a single and integrated transaction. 

Section 6.09. Severability. If any term or other provision of this Agreement or the Exhibit attached hereto is
determined by a nonappealable decision by a court, administrative agency or 

  
 8 

 
arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated in connection with the Spin-Off and contemplated by this Agreement is not affected in any manner materially adverse to either Party. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable
manner to the end that the transactions contemplated in connection with the Spin-Off and contemplated by this Agreement are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision
shall be interpreted to be only as broad as is enforceable. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date
first written above. 
  

					
	Licensor:
	
	ASHFORD HOSPITALITY TRUST, INC.
		
	By:	 	 /s/ David A. Brooks

	 David A. Brooks, Chief Operating Officer and General Counsel

	
	Licensee:
	
	ASHFORD HOSPITALITY PRIME, INC.
		
	By:	 	 /s/ David A. Brooks

	 David A. Brooks, Chief Operating Officer and General Counsel

	
	ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP, a Delaware limited partnership
	
	By: Ashford Prime OP General Partner LLC, a Delaware limited liability company, its general partner

			
		 	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President

  
 10 

 Exhibit A 

Licensed Marks 
 ASHFORD HOSPITALITY
PRIME, INC. 
 ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP 

ASHFORD HOSPITALITY PRIME 
 ASHFORD PRIME 

 
 

 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]