Document:

EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 
 OPTION
AGREEMENT 
 CRYSTAL GATEWAY MARRIOTT 

THIS OPTION AGREEMENT (this “Option Agreement”) is executed as of this 19th day of November, 2013 (the
“Effective Date”) by ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP (“Ashford Prime OP”) and ASHFORD HOSPITALITY LIMITED PARTNERSHIP (“Ashford Trust OP”), with respect to the
Property Entities (defined below); and ASHFORD TRS CORPORATION (“Ashford Trust TRS” and together with Ashford Trust OP, the “Grantors”) and ASHFORD PRIME TRS CORPORATION (“Ashford Prime
TRS” and together with Ashford Prime OP, the “Optionees”), with respect to the TRS Entity (defined below). 

WHEREAS, Ashford Trust OP directly or indirectly owns 100% of Ashford Crystal Gateway LP, a Delaware limited partnership (the
“Property Partnership”), through its ownership of 100% of the limited partnership interest in the Property Partnership and 100% of the equity interest in Ashford Crystal Gateway GP LLC, the general partner of the Property
Partnership (the “General Partner” and together with the Property Partnership, the “Property Entities”); 

WHEREAS, Ashford Trust TRS owns 100% of the outstanding equity interest in Ashford Gateway TRS Corporation (the “TRS
Entity”); 
 WHEREAS, the Property Partnership owns the hotel property more fully described on Exhibit A attached
hereto, together with all improvements and personal property located thereon or related thereto (collectively, the “Property”) and the TRS Entity operates the Property pursuant to an operating lease with the Property
Partnership; 
 WHEREAS, Ashford Prime OP desires to acquire from Ashford Trust OP, and Ashford Trust OP desires to grant to Ashford Prime
OP, an option to purchase 100% of Ashford Trust OP’s interest in the Property Entities described above (collectively, the “Ashford Trust Equity Interests”) in exchange for the Property Purchase Price (defined below) and
subject to the terms and conditions set forth herein; 
 WHEREAS, Ashford Prime TRS desires to acquire from Ashford Trust TRS, and Ashford
Trust TRS desires to grant to Ashford Prime TRS, an option to purchase 100% of Ashford Trust TRS’ interest in the TRS Entity described above (the “Ashford Trust TRS Equity Interests”) in exchange for the TRS Purchase
Price (defined below) and subject to the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of ten dollars ($10.00)
paid by the Optionees to the Grantors, the mutual covenants and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Optionees and Grantors agree as follows: 

 ARTICLE I 

THE OPTION 

Section 1.1 Grant of Option. Ashford Trust OP hereby grants to Ashford Prime OP an irrevocable option to acquire the
Ashford Trust Equity Interests in exchange for the Property Purchase Price, and Ashford Trust TRS hereby grants to Ashford Prime TRS an irrevocable option to acquire the Ashford Trust TRS Equity Interests in exchange for the TRS Purchase Price
(collectively, the “Purchase Option”), in each case subject to the terms and conditions hereinafter set forth. Optionees acknowledge and agree that the options to purchase the Ashford Trust Equity Interests and the Ashford
Trust TRS Equity Interests (collectively, the “Grantor Equity Interests”) may only be exercised together and simultaneously as a single Purchase Option. 

Section 1.2 Term and Exercise of Option. The Purchase Option may be exercised beginning from and after the six month
anniversary of the Effective Date through 5:00 p.m. on the 18 month anniversary of the Effective Date (the “Option Termination Date”). The Optionees may only exercise the Purchase Option by delivering a written purchase
notice (“Purchase Notice”) substantially in the form of Exhibit B to the Grantors on or before the Option Termination Date. If Optionees do not deliver a Purchase Notice on or before the Option Termination Date,
the Purchase Option shall be deemed terminated and shall be of no further force and effect, and the Grantors shall have no further obligations hereunder. 

Section 1.3 Purchase Price and Payment. 

(a) The full purchase price for the Property Entities (as adjusted pursuant to Section 2.7(b) and the other terms of this Option
Agreement, the “Property Purchase Price”) upon the exercise of the Purchase Option shall be equal to the fair market value of the Property at the time of the exercise of the Purchase Option, as determined by an appraisal
performed by a nationally recognized appraiser jointly selected by Ashford Trust OP and Ashford Prime OP, as encumbered by the Property lease with Ashford Trust TRS. The Property Purchase Price is payable in common units of limited partnership of
Ashford Prime OP (“Ashford Prime OP Units”), with the number of Ashford Prime OP Units being calculated based on the assumption that the Value (as defined below) of each Ashford Prime OP Unit will equal the Value of a share
common stock of Ashford Hospitality Prime, Inc. (“Ashford Prime”), calculated as of the date the Purchase Option is exercised (the “Option Exercise Date”). The issuance of the Ashford Prime OP Units
shall be evidenced by an amendment to the operating partnership agreement of Ashford Prime OP in such form as shall be reasonably acceptable to Ashford Trust OP (the “Partnership Amendment”). 

As used herein, the term “Value” shall mean, with respect to a share of common stock of Ashford Prime, the average of
the daily market price for the ten (10) consecutive trading days immediately preceding a specified date. The market price for each such trading day shall be: (i) if the stock of Ashford Prime is listed or admitted to trading on any
securities exchange or the NASDAQ National Market System, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day; (ii) if the stock of Ashford Prime
is not listed or admitted to trading on any securities exchange or the 

  
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NASDAQ National Market System, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a
reliable quotation source designated by the General Partner; or (iii) if the stock of Ashford Prime is not listed or admitted to trading on any securities exchange or the NASDAQ National Market System and no such last reported sale price or
closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such
day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided, however, that if there are no bid and
asked prices reported during the ten (10) days prior to the date in question, the Value of a share of common stock of Ashford Prime shall be determined by the General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. 
 (b) The full purchase price for the TRS Entity (the “TRS
Purchase Price”) upon the exercise of the Purchase Option shall be an amount of cash equal to the fair market value of the TRS Entity at the time of the exercise of the Purchase Option, as determined by an appraisal performed by a
nationally recognized appraiser jointly selected by Ashford Trust OP and Ashford Prime OP. 
 (c) The transfer of the Property Entities
pursuant to this Agreement is intended to be a contribution governed by Section 721(a) of the Code. Ashford Trust OP and Ashford Prime OP agree to such tax treatment and shall file their respective Tax Returns consistent with such treatment,
unless otherwise required by applicable law. 
 ARTICLE II 

CONTRACT TO PURCHASE OR CONTRIBUTE AND CLOSING PROCEDURES 

Section 2.1 Purchase and Sale or Contribution. Upon Optionees’ exercise of the Purchase Option, Ashford Trust
OP shall, subject to Section 2.2 hereof, contribute to Ashford Prime OP, and Ashford Prime OP shall accept from Ashford Trust OP, the Ashford Trust Equity Interests, free and clear of all Encumbrances (defined below) in exchange for the
Property Purchase Price. Simultaneously, Ashford Trust TRS shall, subject to Section 2.2 hereof, sell, transfer, assign, and convey to Ashford Prime TRS, and Ashford Prime TRS shall purchase from Ashford Trust TRS, the Ashford Trust TRS
Equity Interests, free and clear of all Encumbrances in exchange for the TRS Purchase Price. Each such sale shall be closed in accordance with this Article II. 

Section 2.2 Closing. The Purchase Notice delivered by Optionees upon exercise of the Purchase Option shall specify a
closing date (“Closing Date”), which date will be no later than the first day of a calendar month following the date that is 90 days from the date of delivery of the Purchase Notice, for the closing (the
“Closing”) of the transactions contemplated by this Option Agreement. The Closing shall be held at a place and time determined by mutual agreement of Optionees and Grantors, or if Optionees and Grantors fail to mutually
agree, at a place and time determined by Ashford Prime OP in its sole discretion. At or before such 

  
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Closing, Optionees and Grantors will execute and deliver all closing documents required by the parties in accordance with Section 2.4 (the “Closing
Documents”). 
 Section 2.3 Conditions to Performance of Obligations. Upon exercise of the Purchase
Option by the Optionees, the transactions contemplated by this Option Agreement and the Closing Documents will be consummated subject only to satisfaction of the following conditions or written waiver of such conditions by Optionees and Grantors:

 (i) All consents and approvals of Governmental Authorities or third parties, including the waiver of any applicable right
of first offer or right of first refusal with respect to each Property Entity, the TRS Entity or the Property, necessary for the parties to consummate the transactions contemplated hereby (except for those the absence of which would not have a
material adverse effect on the ability of the parties to consummate the transactions contemplated by this Option Agreement) shall have been obtained. 

(ii) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation,
executive order, decree, judgment, injunction or other Order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated in this Option Agreement
nor shall any of the same brought by a Government Authority of competent jurisdiction be pending that seeks the foregoing. 

(iii) The consummation of the transactions contemplated by this Option Agreement shall not cause Ashford Hospitality Trust,
Inc. (“Ashford Trust”), Ashford Trust OP or any affiliate to breach any covenants under that certain Credit Agreement, dated September 26, 2011, by and among Grantor, Ashford Trust, KeyBanc Capital Markets and KeyBank,
National Association, as amended (the “Ashford Trust Credit Agreement”). 
 Section 2.4
Closing Deliverables. 
 (a) At the Closing, Ashford Trust OP shall execute, acknowledge where deemed desirable or necessary by
Ashford Prime OP, and deliver to Ashford Prime OP, in addition to any other documents mentioned elsewhere herein, the following: 

(i) An assignment, assumption and admission agreement (“Assignment Agreement”) substantially in the
form of Exhibit C with respect to each Property Entity, assigning 100% of the equity interest of such Property Entity held by Ashford Trust OP to Ashford Prime OP, with each Property Entity acknowledging the admission of Ashford Prime OP as
the successor to Ashford Trust OP’s existing equity interest in such Property Entity and further acknowledging Ashford Prime OP’s admission as a partner or member of such Property Entity, as applicable. 

(ii) A closing certificate which shall be in a form reasonably satisfactory to Ashford Prime OP and shall reaffirm the
accuracy, in all material respects, of all representations and warranties and the satisfaction, in all material respects, of all covenants made by Ashford Trust OP in Article III hereof. 

  
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 (iii) A certified copy of all appropriate corporate resolutions or partnership
actions authorizing the execution, delivery and performance by Ashford Trust OP of this Option Agreement and the Closing Documents to which Ashford Trust OP is a party. 

(iv) The Guarantee Schedule (as defined in Section 8.1(c)). 

(v) Any other documents reasonably necessary to contribute the Ashford Trust Equity Interests to Ashford Prime OP, to admit
Ashford Trust OP as a partner of Ashford Prime OP, and to effectuate the transactions contemplated hereby. 
 (b) At the Closing, Ashford
Trust TRS shall execute, acknowledge where deemed desirable or necessary by Ashford Prime TRS, and deliver to Ashford Prime TRS, in addition to any other documents mentioned elsewhere herein, the following: 

(i) An Assignment Agreement with respect to the TRS Entity, assigning 100% of the equity interest of the TRS Entity held by
Ashford Trust TRS to Ashford Prime TRS, with the TRS Entity acknowledging the admission of Ashford Prime TRS as the successor to Ashford Trust TRS’s existing equity interest in the TRS Entity and further acknowledging Ashford Prime TRS’s
admission as a stockholders of the TRS Entity. 
 (ii) A closing certificate which shall be in a form reasonably satisfactory
to Ashford Prime TRS and shall reaffirm the accuracy, in all material respects, of all representations and warranties and the satisfaction, in all material respects, of all covenants made by Ashford Trust TRS in Article IV hereof. 

(iii) A certified copy of all appropriate corporate resolutions authorizing the execution, delivery and performance by Ashford
Trust TRS of this Option Agreement and the Closing Documents to which Ashford Trust TRS is a party. 
 (iv) Any other
documents reasonably necessary to assign, transfer and convey the TRS Entity to Ashford Prime TRS and effectuate the transactions contemplated hereby. 

(c) At the Closing, Ashford Prime and/or Ashford Prime OP, as applicable, shall execute, acknowledge where deemed desirable or necessary by
Ashford Trust OP, and deliver to Ashford Trust OP, in addition to any other documents mentioned elsewhere herein, the following: 

(i) The Partnership Amendment. 

(ii) A registration rights agreement with respect to the registration of the common stock of Ashford Prime into which the
Ashford Prime OP Units may be converted, at the option of Ashford Prime, upon the redemption of the Ashford Prime OP Units, as provided in the limited partnership agreement of Ashford Prime OP. 

(iii) The Assignment Agreement with respect to each Property Entity. 

  
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 (iv) A tax protection and reporting agreement, in a form acceptable to Ashford
Trust OP, pursuant to which Ashford Prime OP will agree not to take any actions with respect to the Property that would result in any liability of Ashford Trust OP pursuant to that certain Tax Protection and Reporting Agreement by and among Ashford
Trust OP and Robert H. Smith and Robert P. Kogod, for themselves and as representatives of the Eads Partners, dated as of July 13, 2006. 

(v) The Guarantee Schedule. 

(d) At the Closing, Ashford Prime TRS shall execute, acknowledge where deemed desirable or necessary by Ashford Trust TRS, and deliver to
Ashford Trust TRS, in addition to any other documents mentioned elsewhere herein, the following: 
 (i) The TRS Purchase
Price by making a wire transfer of immediately available federal funds to the account of Ashford Trust TRS (or other party designated by Ashford Trust TRS). 

(ii) The Assignment Agreement with respect to the TRS Entity. 

Section 2.5 Closing Costs. In connection with the exercise of the Purchase Option, each party shall be responsible
for the payment of the fees and expenses of their respective legal counsel, accountants and other professional advisors; Ashford Prime OP shall pay for all applicable transfer taxes and recording fees; and all other closing costs shall be allocated
to the parties in accordance with the custom of the jurisdiction in which the Property is located. 
 Section 2.6
Further Assurances. The Grantors, from time to time, shall execute and deliver to the applicable Optionee all such other and further instruments and documents and take or cause to be taken all such other and further action as either
Optionee may reasonably request in order to effect the transactions contemplated by this Option Agreement, including instruments or documents deemed necessary or desirable by Optionees to effect and evidence the conveyance of the Grantor Equity
Interests in accordance with the terms of this Option Agreement. 
 Section 2.7 Adjustments to Property Purchase
Price. 
 (a) All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing,
determined in accordance with sound accounting principles consistently applied, shall be allocated between Ashford Trust OP and Ashford Prime OP as provided herein. Pursuant to such allocation, unless otherwise set forth herein, Ashford Trust OP
shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Ashford Prime OP shall be entitled to all revenue and shall be responsible for all expenses for the
period of time from, after and including the Closing Date. Such allocations and adjustments shall be shown on the closing statement (with such supporting documentation as the parties hereto may reasonably require) and shall not affect the Property
Purchase Price but shall be settled in cash. Any revenue received or expense incurred by Ashford Trust OP or Ashford Prime OP (or the Property Entities or TRS Entity) with respect to the Property from and after the Closing Date shall be promptly
allocated in the manner 

  
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described herein and the parties shall promptly pay or reimburse any amount due. In the event the Closing Date is not the first day of a calendar month, the parties agree that the foregoing
allocation of revenues and expenses for the month in which the Closing Date occurs shall be accomplished by a straight-line proration (based on the number of days in the calendar month in which the Closing occurs) of the estimated distribution for
such month to be remitted by the management company of the Property (“Property Manager”) following such calendar month, subject to adjustment upon receipt of the actual amount of such distribution from Property Manager. 

(b) Ashford Prime OP shall receive a credit against the Property Purchase Price in an amount equal to the sum of (a) the outstanding
principal amount of the existing mortgage loan against the Property on the Closing Date (the “Existing Mortgage”), and (b) the portion of the debt service payment due on the next payment date for the Existing Mortgage
that accrues to the period prior to the Closing Date. Ashford Trust OP shall receive a payment in cash in an amount equal to the balance as of the Closing Date of any FF&E or similar reserve held by the Property Manager. Except as otherwise
provided in this Section 2.7(b), the parties agree that all working capital prorations shall be accomplished in full (including prorations for real and personal property ad valorem Taxes) by Ashford Prime OP making a cash payment to Ashford
Trust OP in an amount equal to the balance of the working capital investment required by Property Manager. 
 Section 2.8
Right to Terminate. 
 (a) Ashford Prime OP, in its sole discretion, may terminate this Option Agreement and the obligation of the
Optionees to acquire the Grantor Equity Interests if the Value of the Ashford Prime OP Units to be delivered as the Property Purchase Price, calculated as of the Business Day immediately preceding the Closing Date, has increased by more than 20% of
the Value of such Ashford Prime OP Units as of the Option Exercise Date. 
 (b) Ashford Trust OP, in its sole discretion, may terminate this
Option Agreement and the obligation of the Grantors to convey the Grantor Equity Interests if the Value of the Ashford Prime OP Units to be delivered as the Property Purchase Price, calculated as of the Business Day immediately preceding the Closing
Date, has decreased by more than 20% of the Value of such Ashford Prime OP Units as of the Option Exercise Date. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF ASHFORD TRUST OP 

As a material inducement to Optionees to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford
Trust OP hereby makes to Optionees each of the representations and warranties and covenants set forth in this Article III. The representations and warranties set forth in this Article III are true as of the date hereof. As a condition to
Optionees’ obligation to complete the purchase of the Grantor Equity Interests after the exercise of the Purchase Option, such representations and warranties must continue to be true and correct, in all material respects, as of the Closing
Date. 

  
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 Section 3.1 Organization. Ashford Trust OP and each of the Property
Entities are duly organized, validly existing and in good standing under the laws of the respective jurisdiction of such entity’s organization. 

Section 3.2 Authorization of Transaction. Subject to the receipt of third-party consents and waivers as required as
a condition to closing pursuant to Section 2.3(i), Ashford Trust OP has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by
or on behalf of Ashford Trust OP pursuant to this Option Agreement, including, without limitation, the Closing Documents to which it is a party; (ii) carry out the transactions contemplated hereby and thereby; and (iii) contribute the
Ashford Trust Equity Interests to Ashford Prime OP (or its designee) upon payment therefor in accordance with this Option Agreement. This Option Agreement and each agreement, document and instrument executed and delivered by or on behalf of Ashford
Trust OP pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Trust OP, each enforceable in accordance with its respective terms. 

Section 3.3 Authority to Conduct Business. Each Property Entity is duly authorized to conduct business and is in
good standing under the laws of each jurisdiction where such qualification is required. Each Property Entity has full power and authority and all licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and
to own and use the properties owned and used by it, including the Property. Ashford Trust OP has delivered to Ashford Prime OP correct and complete copies of the partnership or limited liability company agreement, as applicable of each Property
Entity, as amended to date (each, an “Operating Agreement”). No Property Entity is in default under or in violation of any provision of its Operating Agreement. 

Section 3.4 Noncontravention. Subject to the receipt of third-party consents and waivers as required as a condition
to closing pursuant to Section 2.3(i), the execution, delivery and performance of this Option Agreement and each additional agreement, document and instrument to be executed and delivered by or on behalf of Ashford Trust OP pursuant to
this Option Agreement, including, without limitation, the Closing Documents: (A) does not and will not violate the Operating Agreement of any Property Entity or Ashford Trust OP’s partnership agreement; (B) does not and will not
violate any foreign, federal, state, local or other Law applicable to any Property Entity or Ashford Trust OP, or require any Property Entity or Ashford Trust OP to obtain any approval, consent or waiver of, or make any filing with, any Person or
authority (governmental or otherwise) that has not been obtained or made or which does not remain in effect; and (C) subject to the satisfaction of the condition set forth in Section 2.3(iii), does not and will not result in
a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit, authorization,
Order, writ, judgment, injunction, decree, determination or arbitration award to which any Property Entity or Ashford Trust OP is a party or by which the property of any Property Entity or Ashford Trust OP is bound or affected, or result in the
creation of any Encumbrance on any Property Entity or the Ashford Trust Equity Interests. 

  
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 Section 3.5 No Encumbrances. Subject to the receipt of third-party
consents and waivers as required as a condition to closing pursuant to Section 2.3(i), as of the Closing Date, Ashford Trust OP will be the beneficial and record holder of the Ashford Trust Equity Interests, free and clear of any
restrictions on transfer (other than any restrictions under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state (“Blue Sky Laws”)), claim, Lien, pledge,
voting agreement, option, charge, security interest, mortgage, deed of trust, encumbrance, rights of assignment, purchase rights or other rights of any nature whatsoever of any third party (collectively, “Encumbrances”), and
as of the Closing Date, Ashford Trust OP will have the full power and authority to convey the Ashford Trust Equity Interests free and clear of any Encumbrances, and upon delivery of the Assignment Agreement by Ashford Trust OP conveying the Ashford
Trust Equity Interests and receipt by Ashford Trust OP of the Property Purchase Price as herein provided, Ashford Prime OP (or its designee) will acquire good and valid title thereto, free and clear of all Encumbrances. No Property Entity has issued
any outstanding partnership, LLC membership or other equity ownership interests and no Property Entity has any outstanding options, warrants, convertible securities, calls, rights, commitments, preemptive rights, agreements, arrangements or
understanding of any character obligating any Property Entity to (i) issue, deliver or sell, or cause to be issued, delivered or sold, additional equity ownership interests in such Property Entity or any securities or obligations convertible
into or exchangeable for ownership interests in such Property Entity; or (ii) grant, extend or enter into any such option, warrant, convertible security, call, right, commitment, preemptive right, agreement, arrangement or understanding. 

Section 3.6 No Other Agreements to Sell. Ashford Trust OP represents that it has made no agreement with, and will
not enter into any agreement with, and has no obligation (absolute or contingent) to, any other Person or firm to sell, transfer or in any way encumber the Ashford Trust Equity Interests or to not sell the Ashford Trust Equity Interests, or to enter
into any agreement with respect to a sale, transfer or Encumbrance of or put or call right with respect to the Ashford Trust Equity Interests. 

Section 3.7 Title to Assets. The Property Partnership has good and marketable or indefeasible fee simple title to
the Property. The Property is owned by the Property Partnership free and clear of all Encumbrances, except the Existing Mortgage and any other Encumbrances set forth in the existing title policy for the Property (and any updated title report or
commitment thereto), copies of which have been made available to Ashford Prime OP. No Property Entity owns nor has any interest in any other assets or liabilities. No Property Entity is in default in any manner, nor has any event occurred that with
the passage of time would cause any Property Entity to be in default in any manner, under any provision of the Existing Mortgage or any other agreement or instrument to which any Property Entity is a party or by which it or the Property may be
bound. 
 Section 3.8 Compliance With Laws. Each Property Entity has conducted its business in compliance with all
applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of any Property Entity
or the Property. 

  
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 Section 3.9 Licenses and Permits. Each Property Entity possesses such
certificates, authorities or permits issued by the appropriate state or federal agencies or bodies necessary to conduct the business conducted by it to the extent that failure to have any such certificates, authorities or permits would have a
material adverse effect on such entity. None of Ashford Trust OP or any Property Entity has received any written notice of proceedings relating to the revocation or modification or any such certificate, authority or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling, or finding, would materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of any Property Entity or the Property. 

Section 3.10 Taxes. Except as set forth on Schedule 3.10 attached hereto, (i) all Taxes (including, but
not limited to, real estate and personal property Taxes due and owing with respect to the Property) required to be paid by each Property Entity on or before the date hereof have been paid and all Tax Returns required to be filed on or before the
date hereof (taking into account any extensions to file previously received) by or on behalf of any Property Entity have been timely filed; and (ii) there is no action, suit or proceeding pending against or threatened with respect to any
Property Entity or the Property in respect of any Tax, nor is any claim for additional Tax asserted by any Property Entity nor are any of the Property Entity’s federal, state and local income or franchise Tax Returns the subject of any audit or
examination by any taxing authority. Except as set forth on Schedule 3.10 attached hereto, no Property Entity has executed or filed with the Internal Revenue Service or any other taxing authority any agreement now in effect extending the
period for assessment or collection of any income or other Taxes. 
 Section 3.11 Litigation. Except as set forth
in Schedule 3.11, there is no action, suit or proceeding pending or, to the knowledge of Ashford Trust OP, threatened against Ashford Trust OP or any Property Entity which, if adversely determined, would reasonably be expected to have a
material and adverse effect on the condition, financial or otherwise, or the earnings or business affairs of any Property Entity or the Property. There is no action, suit, or proceeding pending or, to the knowledge of Ashford Trust OP, threatened
against Ashford Trust OP which challenges or impairs the ability of Ashford Trust OP to execute or deliver, or materially perform its obligations under this Option Agreement or to consummate the transactions hereby or thereby, except as would not,
individually or in the aggregate, reasonably be expected to have a materially and adverse effect on the condition, financial or otherwise, or the earnings or business affairs of any Property Entity. 

Section 3.12 No Insolvency Proceedings. No bankruptcy or similar insolvency proceeding has been filed, or is
currently contemplated, with respect to Ashford Trust OP or any of the Property Entities. 
 Section 3.13 Investment
Representations. Ashford Trust OP hereby represents: 
 (a) Ashford Trust OP will be acquiring the Ashford Prime OP Units for its own
account and not with the view to the sale or distribution of the same or any part thereof in violation of the Securities Act of 1933, as amended (the “Act”). 

(b) Ashford Trust OP understands that the Ashford Prime OP Units to be issued to Ashford Trust OP, if any, will not be registered under the
Act, or the securities laws of any state 

  
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(“Blue Sky Laws”) by reason of a specific exemption or exemptions from registration under the Act and applicable Blue Sky Laws and that Ashford Prime OP’s reliance on
such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of Ashford Trust OP. 
 (c)
Ashford Trust OP understands that, for the reasons set forth in paragraph (b) above the Ashford Prime OP Units may not be offered, sold, transferred, pledged (other than pursuant to the Ashford Trust Credit Agreement) or otherwise disposed of
by Ashford Trust OP except (i) pursuant to an effective registration statement under the Act and any applicable Blue Sky Laws, (ii) pursuant to a no-action letter issued by the Securities and Exchange Commission to the effect that a
proposed transfer of the Ashford Prime OP Units may be made without registration under the Act, together with either registration or an exemption under applicable Blue Sky Laws, or (iii) upon Ashford Prime OP or Ashford Prime, as the case may
be, receiving an opinion of counsel knowledgeable in securities law matters and reasonably acceptable to Ashford Prime OP to the effect that the proposed transfer is exempt from the registration requirements of the Act and any applicable Blue Sky
Laws, and that, accordingly, Ashford Trust OP must bear the economic risk of an investment in Ashford Prime Common Units for an indefinite period of time. 

(d) Ashford Trust OP is an “accredited investor” within the meaning of Rule 501(a) promulgated under the Act. 

(e) Ashford Trust OP understands that an investment in Ashford Prime involves substantial risks. Ashford Trust OP has had the opportunity to
review all documents and information which it has requested concerning its investment in Ashford Prime OP and Ashford Prime and to ask questions of the proposed management of Ashford Prime OP and Ashford Prime, which questions were answered to its
satisfaction. 
 (f) Ashford Trust OP understands that the Ashford Prime OP Units (and any shares of common stock of Ashford Prime issued
upon exchange of the Ashford Prime OP Units) will bear a legend substantially to the effect of the following: 
 The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or the securities laws of any state. The securities may not be offered, sold, transferred, pledged or otherwise disposed
of without an effective registration statement under the Act and under any applicable state securities laws, receipt of a no-action letter issued by the Securities and Exchange Commission (together with either registration or an exemption under
applicable state securities laws) or an opinion of counsel acceptable to Ashford Hospitality Prime Limited Partnership and Ashford Hospitality Prime, Inc. that the proposed transaction will be exempt from registration under the Act and applicable
state securities laws. 
 and that Ashford Prime OP or Ashford Hospitality Prime, Inc, as the case may be, reserve the right to place a stop order against
the transfer of the Ashford Prime OP Units (and any shares of common stock of Ashford Prime issued upon exchange of the Ashford Prime OP Units), and to 

  
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refuse to effect any transfers thereof, in the absence of satisfying the conditions contained in the foregoing legend. 

Section 3.14 No Other Representations and Warranties. Other than the representations and warranties expressly set
forth in this Article III, Ashford Trust OP shall not be deemed to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF ASHFORD TRUST TRS 
 As a material inducement to Optionees to enter into this Option Agreement and to consummate the
transactions contemplated hereby, Ashford Trust TRS hereby makes to Optionees each of the representations and warranties and covenants set forth in this Article IV. The representations and warranties set forth in this Article IV are true as of the
date hereof. As a condition to Optionees’ obligation to complete the purchase of the Grantor Equity Interests after the exercise of the Purchase Option, such representations and warranties must continue to be true, in all material respects, as
of the date of the Closing. 
 Section 4.1 Organization. Ashford Trust TRS and the TRS Entity are duly organized,
validly existing and in good standing under the laws of the respective jurisdiction of such entity’s organization. 

Section 4.2 Authorization of Transaction. Subject to the receipt of third-party consents as required as a condition
to closing pursuant to Section 2.3(i), Ashford Trust TRS has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by or on behalf
of Ashford Trust TRS pursuant to this Option Agreement, including, without limitation, the Closing Documents to which it is a party; (ii) carry out the transactions contemplated hereby and thereby; and (iii) transfer, sell and deliver the
Ashford Trust TRS Equity Interests to Ashford Prime TRS (or its designee) upon payment therefor in accordance with this Option Agreement. This Option Agreement and each agreement, document and instrument executed and delivered by or on behalf of
Ashford Trust TRS pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Trust TRS, each enforceable in accordance with its respective terms. 

Section 4.3 Authority to Conduct Business. The TRS Entity is duly authorized to conduct business and is in good
standing under the laws of each jurisdiction where such qualification is required. The TRS Entity has full power and authority and all material licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and to
own and use the properties owned and used by it. Ashford Trust TRS has delivered to Ashford Prime TRS correct and complete copies of the governing documents of the TRS Entity, as amended to date. The TRS Entity is not in default under or in
violation of any provision of its governing documents. 

  
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 Section 4.4 Noncontravention. Subject to the receipt of third-party
consents as required as a condition to closing pursuant to Section 2.3(i), the execution, delivery and performance of this Option Agreement and each additional agreement, document and instrument to be executed and delivered by or on
behalf of Ashford Trust TRS pursuant to this Option Agreement, including, without limitation, the Closing Documents: (A) does not and will not violate the governing documents of the TRS Entity or Ashford Trust TRS’s governing documents;
(B) does not and will not violate any foreign, federal, state, local or other Law applicable to the TRS Entity or Ashford Trust TRS, or require the TRS Entity or Ashford Trust TRS to obtain any approval, consent or waiver of, or make any filing
with, any Person or authority (governmental or otherwise) that has not been obtained or made or which does not remain in effect; and (C) subject to the satisfaction of the condition set forth in Section 2.3(iii), does not and
will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease,
permit, authorization, Order, writ, judgment, injunction, decree, determination or arbitration award to which the TRS Entity or Ashford Trust TRS is a party or by which the property of the TRS Entity or Ashford Trust TRS is bound or affected, or
result in the creation of any Encumbrance on the TRS Entity or the Ashford Trust TRS Equity Interests. 
 Section 4.5
No Encumbrances. Subject to the receipt of third-party consents and waivers as required as a condition to closing pursuant to Section 2.3(i), as of the Closing Date, Ashford Trust TRS will be the beneficial and record
holder of the Ashford Trust TRS Equity Interests, free and clear of any restrictions on transfer (other than any restrictions under the Securities Act or any Blue Sky Laws) or Encumbrances; and as of the Closing Date, Ashford Trust TRS will have the
full power and authority to convey the Ashford Trust TRS Equity Interests free and clear of any Encumbrances, and upon delivery of the Assignment Agreement by Ashford Trust TRS conveying the Ashford Trust TRS Equity Interests and receipt by Ashford
Trust TRS of the TRS Purchase Price as herein provided, Ashford Prime TRS (or its designee) will acquire good and valid title thereto, free and clear of all Encumbrances. The TRS Entity has not issued any outstanding common or preferred stock or
other equity ownership interests, and the TRS Entity has no outstanding options, warrants, convertible securities, calls, rights, commitments, preemptive rights, agreements, arrangements or understanding of any character obligating the TRS Entity to
(i) issue, deliver or sell, or cause to be issued, delivered or sold, additional equity ownership interests in the TRS Entity or any securities or obligations convertible into or exchangeable for ownership interests in the TRS Entity; or
(ii) grant, extend or enter into any such option, warrant, convertible security, call, right, commitment, preemptive right, agreement, arrangement or understanding. 

Section 4.6 No Other Agreements to Sell. Ashford Trust TRS represents that it has made no agreement with, and will
not enter into any agreement with, and has no obligation (absolute or contingent) to, any other Person or firm to sell, transfer or in any way encumber the Ashford Trust TRS Equity Interests or to not sell the Ashford Trust TRS Equity Interests, or
to enter into any agreement with respect to a sale, transfer or Encumbrance of or put or call right with respect to the Ashford Trust TRS Equity Interests. 

Section 4.7 Compliance With Laws. The TRS Entity has conducted its business in compliance with all applicable Laws,
except for such failures that would not, 

  
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individually or in the aggregate, reasonably be expected to materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity or the
Property. 
 Section 4.8 Licenses and Permits. The TRS Entity possesses such certificates, authorities or permits
issued by the appropriate state or federal agencies or bodies necessary to conduct the business conducted by it to the extent that failure to have any such certificates, authorities or permits would have a material adverse effect on such entity.
Neither Ashford Trust TRS nor the TRS Entity has received any written notice of proceedings relating to the revocation or modification or any such certificate, authority or permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling, or finding, would materially and adversely affect the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity or the Property. 

Section 4.9 Taxes. Except as set forth on Schedule 4.9 attached hereto, (i) all Taxes required to be
paid by the TRS Entity on or before the date hereof have been paid and all Tax Returns required to be filed on or before the date hereof (taking into account any extensions to file previously received) by or on behalf of the TRS Entity have been
timely filed; and (ii) there is no action, suit or proceeding pending against or threatened with respect to the TRS Entity in respect of any Tax, nor is any claim for additional Tax asserted by the TRS Entity nor are any of the TRS
Entity’s federal, state and local income or franchise Tax Returns the subject of any audit or examination by any taxing authority. Except as set forth on Schedule 4.9 attached hereto, the TRS Entity has not executed or filed with the
Internal Revenue Service or any other taxing authority any agreement now in effect extending the period for assessment or collection of any income or other Taxes. 

Section 4.10 Litigation. Except as set forth in Schedule 4.10, there is no action, suit or proceeding pending
or, to the knowledge of Ashford Trust TRS, threatened against Ashford Trust TRS or the TRS Entity which, if adversely determined, would reasonably be expected to have a material and adverse effect on the condition, financial or otherwise, or the
earnings or business affairs of the TRS Entity. There is no action, suit, or proceeding pending or, to the knowledge of Ashford Trust TRS, threatened against Ashford Trust TRS which challenges or impairs the ability of Ashford Trust TRS to execute
or deliver, or materially perform its obligations under this Option Agreement or to consummate the transactions hereby or thereby, except as would not, individually or in the aggregate, reasonably be expected to have a materially and adverse effect
on the condition, financial or otherwise, or the earnings or business affairs of the TRS Entity. 
 Section 4.11 No
Insolvency Proceedings. No bankruptcy or similar insolvency proceeding has been filed, or is currently contemplated, with respect to Ashford Trust TRS or the TRS Entity. 

Section 4.12 No Other Representations and Warranties. Other than the representations and warranties expressly set
forth in this Article IV, Ashford Trust TRS shall not be deemed to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby. 

  
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 ARTICLE V 

REPRESENTATIONS, WARRANTIES OF ASHFORD PRIME OP 

As a material inducement to the Grantors to enter into this Option Agreement and to consummate the transactions contemplated hereby, Ashford
Prime OP hereby makes to the Grantors each of the representations and warranties set forth in this Article V. The representations and warranties set forth in this Article V are true as of the date hereof. As a condition to Grantors’ obligation
to complete the contribution or sale of the Grantor Equity Interests after the exercise of the Purchase Option, such representations and warranties must continue to be true and correct, in all material respects, as of the date of the Closing. 

Section 5.1 Organization. Ashford Prime OP is duly organized, validly existing and in good standing as a limited
partnership under the laws of the State of Delaware. 
 Section 5.2 Authority. Ashford Prime OP hereby represents
and warranties that it has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of it pursuant to this Option Agreement,
including without limitation, the Closing Documents to which it is a party; and (ii) carry out the transactions contemplated hereby and thereby. This Option Agreement and each agreement, document and instrument executed and delivered by Ashford
Prime OP pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Prime OP, each enforceable in accordance with its respective terms. 

Section 5.3 Noncontravention. The execution, delivery and performance of this Option Agreement and each additional
agreement, document and instrument to be executed and delivered by or on behalf of Ashford Prime OP pursuant to this Option Agreement: (A) does not and will not violate the partnership agreement of Ashford Prime OP; (B) does not and will
not violate any foreign, federal, state, local or other Law applicable to Ashford Prime OP, or require Ashford Prime OP to obtain any approval, consent or waiver of, or make any filing with, any Person or authority (governmental or otherwise) that
has not been obtained or made or which does not remain in effect; and (C) does not and will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any indenture or loan
or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit, authorization, Order, writ, judgment, injunction, decree, determination or arbitration award to which Ashford Prime OP is a party or by which the
property of Ashford Prime OP is bound or affected. 
 Section 5.4 Litigation. There is no action, suit or
proceeding pending or to Ashford Prime OP’s knowledge, threatened against Ashford Prime OP, that challenges or would reasonably be expected to impair the ability of Ashford Prime OP to execute or deliver or materially perform its obligations
under this Option Agreement and the documents executed by it pursuant to this Option Agreement or to consummate the transactions contemplated hereby or thereby. 

  
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 Section 5.5 Validity of Ashford Prime OP Units. The Ashford Prime OP
Units to be issued to AHT OP upon the exercise of the Purchase Option will be duly authorized by Ashford Prime OP and, when issued against the consideration therefor, will be validly issued by Ashford Prime OP, free and clear of all Liens created by
Ashford Prime OP. 
 Section 5.6 No Other Representations and Warranties. Other than the representations and
warranties expressly set forth in this Article V, Ashford Prime OP shall not be deemed to have made any other representation or warranty in connection with this Option Agreement or the transactions contemplated hereby. 

ARTICLE VI 
 REPRESENTATIONS,
WARRANTIES OF ASHFORD PRIME TRS 
 As a material inducement to the Grantors to enter into this Option Agreement and to consummate the
transactions contemplated hereby, Ashford Prime TRS hereby makes to the Grantors each of the representations and warranties set forth in this Article VI. The representations and warranties set forth in this Article VI are true as of the date hereof.
As a condition to Grantors’ obligation to complete the sale of the Grantor Equity Interests after the exercise of the Purchase Option, such representations and warranties must continue to be true and correct, in all material respects, as of the
date of the Closing. 
 Section 6.1 Organization. Ashford Prime TRS is duly organized, validly existing and in
good standing as a corporation under the laws of the State of Delaware. 
 Section 6.2 Authority. Ashford Prime
TRS hereby represents and warranties that it has full right, authority, power and capacity to: (i) enter into this Option Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of it pursuant to this
Option Agreement, including without limitation, the Closing Documents to which it is a party; and (ii) carry out the transactions contemplated hereby and thereby. This Option Agreement and each agreement, document and instrument executed and
delivered by Ashford Prime TRS pursuant to this Option Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Ashford Prime TRS, each enforceable in accordance with its respective terms.

 Section 6.3 Noncontravention. The execution, delivery and performance of this Option Agreement and each
additional agreement, document and instrument to be executed and delivered by or on behalf of Ashford Prime TRS pursuant to this Option Agreement: (A) does not and will not violate the governing documents of Ashford Prime TRS; (B) does not
and will not violate any foreign, federal, state, local or other Law applicable to Ashford Prime TRS, or require Ashford Prime TRS to obtain any approval, consent or waiver of, or make any filing with, any Person or authority (governmental or
otherwise) that has not been obtained or made or which does not remain in effect; and (C) does not and will not result in a breach of, constitute a default under, accelerate any obligation under or give rise to a right of termination of, any
indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, Lien, lease, permit, authorization, Order, writ, judgment, injunction, decree, determination or 

  
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arbitration award to which Ashford Prime TRS is a party or by which the property of Ashford Prime TRS is bound or affected. 

Section 6.4 Litigation. There is no action, suit or proceeding pending or to Ashford Prime TRS’ knowledge,
threatened against Ashford Prime TRS, that challenges or would reasonably be expected to impair the ability of Ashford Prime TRS to execute or deliver or materially perform its obligations under this Option Agreement and the documents executed by it
pursuant to this Option Agreement or to consummate the transactions contemplated hereby or thereby. 
 Section 6.5 No
Other Representations and Warranties. Other than the representations and warranties expressly set forth in this Article VI, Ashford Prime TRS shall not be deemed to have made any other representation or warranty in connection with this Option
Agreement or the transactions contemplated hereby. 
 ARTICLE VII 

COVENANTS 

Section 7.1 Covenant Not to Substantially Alter the Grantor Equity Interests. From the date hereof through the
earlier of the Closing Date or the Option Termination Date, except as otherwise provided for or as contemplated by this Option Agreement or the other agreements, documents and instruments contemplated hereby, Grantors shall not, without the prior
written consent of Ashford Prime OP: 
 (a) sell, transfer or otherwise dispose of all or any portion of the Grantor Equity Interests; 

(b) further mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of the Grantor Equity Interests; 

(c) amend the governing documents of any Property Entity or the TRS Entity; or 

(d) adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization with respect to Ashford
Trust OP, Ashford Trust TRS, any Property Entity or the TRS Entity. 
 Section 7.2 Covenant to Use Reasonable
Commercial Efforts. Ashford Trust OP and Ashford Prime OP shall each use commercially reasonable efforts and cooperate with each other in (a) promptly determining wither any filings are required to be made or consents, approvals, waivers,
permits or authorizations are required to be obtained (under any applicable Law or regulation from any Governmental Authority or third party) in connection with the transactions contemplated by this Option Agreement and (b) following the
exercise of the Purchase Option, promptly making any such filings, in furnishing information required in connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 

  
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 Section 7.3 Covenant by Ashford Prime OP to Replace Ashford Trust OP as
Guarantor Where Applicable. 
 (a) To the extent that, prior to the date of this Option Agreement, Ashford Trust has guaranteed any
obligations under the Existing Mortgage or any portion thereof, or any management agreement or franchise matters or other agreement related to the Property (“Existing Guarantees”), Ashford Prime agrees to enter into
substantially similar guarantees in favor of the lenders, managers, franchisors or other beneficiaries of such Existing Guarantees. 
 (b)
To the extent that, prior to the date of this Option Agreement, Ashford Trust OP has entered into any Existing Guarantees, Ashford Prime OP agrees to enter into substantially similar guarantees in favor of the lenders, managers, franchisors or other
beneficiaries of such Existing Guarantees. 
 Section 7.4 Covenant by Ashford Prime OP to Admit Ashford Trust OP as a
Limited Partner. If the Purchase Option is Exercised, Ashford Prime OP shall amend the partnership agreement of Ashford Prime OP to reflect Ashford Trust OP as a limited partner, owning the Ashford Prime OP Units payable as the Property Purchase
Price. 
 Section 7.5 Casualty. If, following exercise of the Purchase Option and prior to Closing, the Property
is damaged by fire or other casualty which is fully insured (without regard to deductibles) and would cost not more than Ten Million Dollars ($10,000,000) to repair, then neither party shall have the right to terminate this Option Agreement by
reason thereof, and the Closing shall take place without abatement of the Property Purchase Price and TRS Purchase Price, but Grantors shall assign to Optionees at the Closing all of Grantor’s interest in any insurance proceeds (except use and
occupancy insurance, rent loss and business interruption insurance, and any similar insurance for the period preceding the Closing Date) that may be payable to Grantors on account of any such fire or other casualty, to the extent such proceeds have
not been previously expended or are otherwise required to reimburse Grantors for actual expenditures of restoration, plus Ashford Prime OP shall credit the amount of any deductibles under any policies related to such proceeds to the Property
Purchase Price. If any such damage due to fire or other casualty is insured and would cost in excess of Ten Million Dollars ($10,000,000), then Optionees may terminate their obligations under this Option Agreement by written notice given to Grantors
within ten (10) days after Ashford Trust OP has given Ashford Prime OP notice of such damage or casualty. Should Optionees elect to proceed to Closing notwithstanding the amount of the insured loss, the Closing shall take place without
abatement of the Property Purchase Price and TRS Purchase Price and at Closing, Grantors shall assign to Optionees the insurance proceeds and grant to Ashford Prime OP a credit against the Property Purchase Price equal to the amount of the
applicable deductible. 
 Section 7.6 Condemnation. Following exercise of the Purchase Option and prior to
Closing, Ashford Trust OP agrees to give Ashford Prime OP prompt notice of any notice it receives of any taking by condemnation of any part of or rights appurtenant to the Property. If such taking will materially interfere with the operation or use
of the Property, the Optionees may terminate their obligations under this Option Agreement by written notice to Ashford Trust OP within ten (10) days after Ashford Trust OP has given Ashford Prime OP such notice of taking. If Optionees do not
so elect to terminate this Option Agreement, or if such taking will not 

  
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materially interfere with the operation or use of the Property, then the Closing shall take place as provided herein, and Grantors shall assign to Optionees at the Closing all of Grantor’s
interest in any condemnation award which may be payable to Grantors on account of any such condemnation and, at Closing, Ashford Trust OP shall credit the Property Purchase Price by the amount, if any, of condemnation proceeds received by Grantors
less (i) any amounts reasonably expended by Grantors in collecting such sums, (ii) any amounts reasonably used by Grantors to repair the Property as a result of such condemnation, and (iii) any amounts which are reasonably allocated
to lost earnings or other damages or losses (other than unrepaired property damages) reasonably allocated or attributed to the period of time prior to Closing. 

ARTICLE VIII 
 INDEMNIFICATION

 Section 8.1 Indemnity. 

(a) From and after the Closing, each party hereto (each of which is an “Indemnifying Party”) shall indemnify and hold
harmless the other party and its Affiliates (each of which is an “Indemnified Party”) from and against any and all charges, complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any
nature whatsoever (each, a “Claim”), including amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs
of attachment or similar bonds (collectively, “Losses”) arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Party in connection with or as a result of any breach of a representation,
warranty or covenant of the Indemnifying Party contained in this Option Agreement or in any schedule, exhibit, certificate or affidavit or Closing Document (to the extent not known by Indemnified Party prior to Closing Date); provided, however,
that: (i) no Optionee shall have any obligation under this Article to indemnify any Indemnified Party against any Losses to the extent that such Losses arise by virtue of (A) either Grantors’ breach of this Option Agreement, gross
negligence, willful misconduct or fraud or (B) the operation of the business of Ashford Trust OP, the Property Entities, Ashford Trust TRS or the TRS Entity, or the ownership and operation of the Property for the period prior to the Closing
Date; and (ii) no Grantor shall have any obligation under this Article to indemnify any Indemnified Party against any Losses to the extent that such Losses arise by virtue of (A) any diminution in value of the Property, (B) either
Optionee’s breach of this Option Agreement, gross negligence, willful misconduct or fraud or (C) the operation of the business of Ashford Prime OP, the Property Entities, Ashford Prime TRS or the TRS Entity, or the ownership and operation
of the Property for the period from and after the Closing Date; and 
 (b) Ashford Trust OP and Ashford Trust TRS shall indemnify Optionees
and hold them harmless from and against all Losses arising from: (A) all Taxes of the Grantors for all Tax periods ending on or before the Closing Date, (B) with respect to any Tax period including but not ending on the Closing Date, all
Taxes of the Grantors attributable to the portion of such Tax period that ends on and includes the Closing Date, and (C) all Taxes of any Person imposed on the Optionees as a transferee or successor, by contract or pursuant to any Law
(including, but not limited to, Treasury Regulations Section 1.1502-6 and V.T.C.A., Tax Code, Chapter 171) with respect to obligations or relationships existing on or prior to the Closing Date or by agreements

  
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entered into or transactions entered into on or prior to the Closing Date; provided, however, that for the avoidance of doubt: 

(i) Neither Ashford Trust OP nor Ashford Trust TRS shall have liability for any Taxes or Losses with respect to Taxes that are
attributable to any transaction that occurs on or after the Closing. 
 (ii) Neither Ashford Trust OP nor Ashford Trust TRS
shall have liability to either Optionee for any Losses attributable to Taxes with respect to (A) any Tax period beginning after the Closing Date, or (B) any portion of a straddle period (a Tax period which includes but does not end on the
Closing Date) that accrue to the period following the Closing Date. 
 (iii) Neither Ashford Trust OP nor Ashford Trust TRS
shall have liability for any transfer Taxes related to the transactions contemplated by this Option Agreement or the exercise of the Purchase Option, which shall be paid by Ashford Prime. 

(c) From and after the Closing Date, Ashford Prime OP and Ashford Prime agree to jointly and severally indemnify and hold harmless Ashford
Trust, Ashford Trust OP and their respective Affiliates from and against any and all Losses and Claims arising from and after the Closing Date under the Existing Guarantees, which Existing Guarantees, if any, shall be specifically identified to and
acknowledged by Ashford Prime OP and Ashford Prime at the time of the Closing (the “Guarantee Schedule”). The obligations of Ashford Prime OP and Ashford Prime under this Section 8.1(c) shall continue as to each Existing
Guarantee until such Existing Guarantee is terminated in accordance with its terms or Ashford Trust, Ashford Trust OP and their Affiliates, as applicable, are otherwise released in writing from such Existing Guarantees. 

(d) For the avoidance of doubt, Ashford Trust OP and Ashford Trust TRS shall be jointly and severally liable to Optionees for any Losses for
which Optionees are entitled to indemnification under this Article VIII, and Optionees shall be jointly and severally liable to Ashford Trust OP and Ashford Trust TRS for any Losses for which Ashford Trust OP and Ashford Trust TRS are entitled to
indemnification under this Article VIII. 
 Section 8.2 Notice of Claims. At the time when any Indemnified Party
learns of any potential Claim against the Indemnifying Party it will promptly give written notice (a “Claim Notice”) to the Indemnifying Party; provided that failure to do so shall not prevent recovery under this
Option Agreement, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to such Indemnified Party giving rise to such Claim, and
the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, such Indemnified Party shall deliver to the Indemnifying Party, promptly after such Indemnified Party’s receipt thereof, copies of all
notices and documents (including court papers) received by such Indemnified Party relating to claims asserted by third parties (“Third Party Claims”). Any Indemnified Party may at its option demand indemnity under this
Article VII as soon as a Claim has been threatened by a third party, regardless of whether an actual Loss has been suffered, so long as such Indemnified Party shall in good faith determine that such claim is not frivolous and that such Indemnified
Party may be liable for, or otherwise incur, a Loss as a result thereof. 

  
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 Section 8.3 Third Party Claims. The Indemnifying Party shall be
entitled, at its own expense, to assume and control the defense of any Claims based on Third Party Claims, through counsel chosen by the Indemnifying Party and reasonably acceptable to such Indemnified Party (or any Person authorized by such
Indemnified Party to act on its behalf), if it gives written notice of its intention to do so to such Indemnified Party within 30 days of the receipt of the applicable Claim Notice; provided, however, that such Indemnified Party may at all times
participate in such defense at its expense. Without limiting the foregoing, in the event that the Indemnifying Party exercises the right to undertake any such defense against a Third Party Claim, such Indemnified Party shall cooperate with the
Indemnifying Party in such defense and make available to the Indemnifying Party (unless prohibited by Law), at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and information in such Indemnified Party’s
possession or under such Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. No compromise or settlement of such Third Party Claim may be effected by either such Indemnified Party, on the one hand,
or the Indemnifying Party, on the other hand, without the other’s consent (which consent shall not be unreasonably withheld, conditioned or delayed) unless (i) there is no finding or admission of any violation of Law and no effect on any
other claims that may be made against such other party and (ii) each Indemnified Party that is party to such other claim is released from all liability with respect to such other claim. 

Section 8.4 Procedure for Indemnification. Upon determination of the amount of a Claim that is binding on both the
Indemnifying Party and the Indemnified Party, the Indemnifying Party shall, within ten (10) days of the date such amount is determined, pay the amount of such Claim by wire transfer of immediately available funds to an account designated by the
Indemnified Party. 
 Section 8.5 Expiration. 

(a) Subject to the limitations set forth in Section 8.5(b) below, all representations, warranties, covenants and agreements
(including those relating to indemnification in Section 8.1) made herein shall survive the Closing Date. 
 (b) All
representations, warranties and covenants of the Indemnifying Party contained in this Option Agreement shall survive until twelve months after the Closing Date (the “Expiration Date”); provided, however, (i) the
representations and warranties set forth in Section 3.11 or Section 4.9 with respect to Taxes, shall survive Closing until the expiration of the applicable statute of limitations for making a claim for such matters, and
(ii) the covenants set forth in Section 8.1(c) shall survive Closing without limitation. If written notice of a claim in accordance with the provisions of this Article VIII has been given prior to the Expiration Date, then the
relevant representation, warranty and covenant shall survive, but only with respect to such specific claim, until such claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date, as applicable,
may not thereafter be asserted and shall forever be waived. 
 Section 8.6 Limitations on Amount. 

  
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 (a) Except as provided in subparagraph (b) below, neither Ashford Trust OP nor Ashford Trust
TRS shall have any liability under Section 8.1 for any Losses hereunder (i) unless and until the aggregate total amount of all such Losses for which Ashford Trust OP or Ashford Trust TRS would, but for this provision, be liable exceeds, on
a cumulative basis, one percent (1%) of the aggregate of the Property Purchase Price and the TRS Purchase Price on the Closing Date, and then only to the extent of such excess, (ii) in excess of, on a cumulative basis, five percent
(5%) of the aggregate of the Property Purchase Price and the TRS Purchase Price. 
 (b) The limitations set forth in
Section 8.6(a) above shall not apply to any Losses resulting from Claims made under Section 8.1(c). 
 ARTICLE IX

 MISCELLANEOUS 

Section 9.1 Additional Definitions For the purposes of this Option Agreement, the following terms shall have the
following meanings: 
 (a) “Affiliate” means, with respect to any Person, a Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise; provided, however, for purposes of this Option Agreement, Ashford Prime and the Optionees shall not be deemed to be Affiliates of Ashford Trust and the Grantors.

 (b) “Business Day” means any day that is not a Saturday, Sunday or legal holiday in the State of Texas.

 (c) “Code” means the Internal Revenue Code of 1986, as amended, together with the rules and
regulations promulgated or issued thereunder.  
 (d) “Governmental Authority” means any
government or agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.  

(e) “Law” means laws, statutes, rules, regulations, codes, Orders, ordinances, judgments, injunctions,
decrees and policies of any Governmental Authority.  
 (f) “Liens” means all pledges,
claims, liens, charges, restrictions, controls, easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, Encumbrances and security interests of any kind or nature whatsoever.  

(g) “Order” means any order, writ, judgment, injunction, decree, ruling, assessment, stipulation,
determination or award entered by or with any court or other Governmental Authority or arbitrator.  

  
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 (h) “Person” means an individual, corporation, partnership,
limited liability company, joint venture, association, trust, unincorporated organization or other entity.  

(i) “Tax” means all federal, state, local and foreign income, property, withholding, sales, franchise,
employment, excise and other Taxes, tariffs or governmental charges of any nature whatsoever, including estimated Taxes, together with penalties, interest or additions to Tax with respect thereto.  

(j) “Tax Return” means any return, declaration, report, claim for refund, or information return or
statement related to Taxes, including any schedule or attachment thereto, and including any amendment thereof.  

Section 9.2 Amendment. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any
of the provisions of this Option Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

Section 9.3 Entire Agreement; Counterparts; Applicable Law. This Option Agreement and all ancillary agreements
executed in connection with this Option Agreement (a) constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, (b) may be
executed in several counterparts, each of which will be deemed an original and all of which shall constitute one and the same instrument and (c) shall be governed in all respects, including validity, interpretation and effect, by the laws of
the State of Texas without giving effect to the conflict of law provisions thereof. 
 Section 9.4 Assignability.
This Option Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Option Agreement may not
be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be void and of no effect; provided, however, that Optionees may assign this Option
Agreement, the Closing Documents and any agreement contemplated hereunder or thereunder to Ashford Prime or to an Affiliate of either Optionee or Ashford Prime without the consent of either Grantor. In the event that Optionees assign this Option
Agreement as provided herein, Optionees shall remain fully liable under this Option Agreement to issue the Ashford Prime OP Units and shall not be released from any of the obligations and liabilities included herein following such assignment. 

Section 9.5 Titles. The titles and captions of the Articles, Sections and paragraphs of this Option Agreement are
included for convenience of reference only and shall have no effect on the construction or meaning of this Option Agreement. 

Section 9.6 Third Party Beneficiary. No provision of this Option Agreement is intended, nor shall it be interpreted,
to provide or create any third party beneficiary rights or any other rights of any kind in any customer, Affiliate, stockholder, partner, director, officer or employee of any party hereto or any other Person or entity; provided, however, that
Article VIII of this Option Agreement shall be enforceable by and shall inure to the benefit of the Persons described therein. 

  
 -23- 

 Section 9.7 Severability. If any provision of this Option Agreement, or
the application thereof, is for any reason held to any extent to be invalid or unenforceable, the remainder of this Option Agreement and application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect
the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Option Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other
purposes of the void or unenforceable provision and to execute any amendment, consent or agreement deemed necessary or desirable by an Optionee to effect such replacement. 

Section 9.8 Equitable Rights. The parties hereto agree that irreparable damage would occur in the event that any of
the provisions of this Option Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Option Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in the State of Texas (as to which the parties agree to submit to jurisdiction for the purposes of such action), this being in
addition to any other remedy to which they are entitled at law or in equity. 
 Section 9.9 Attorneys’ Fees.
In connection with any litigation or a court proceeding arising out of this Option Agreement, the prevailing party shall be entitled to recover all costs incurred, including reasonable attorneys’ fees and legal assistants’ fees and costs
whether incurred prior to trial, at trial or on appeal. 
 Section 9.10 Notices; Exercise of Purchase Option. Any
notice or demand which must or may be given under this Option Agreement (including the exercise by Optionees of the Purchase Option) or by law shall, except as otherwise provided, be in writing and shall be deemed to have been given (i) when
physically received by personal delivery (which shall include the confirmed receipt of a telecopied facsimile transmission), or (ii) three (3) Business Days after being deposited in the United States certified or registered mail, return
receipt requested, postage prepaid, or (iii) one (1) Business Day after being deposited with a nationally known commercial courier service providing next day delivery service (such as Federal Express); addressed and delivered or telecopied
(a) in the case of a notice to the Optionees at the following address and telecopy number: 
 c/o Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Dallas, Texas 75254 
 Phone:
(972) 490-9600 
 and (b) in the case of a notice to a Grantors, to: 

14185 Dallas Parkway, Suite 1100 

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

  
 -24- 

 Section 9.11 Computation of Time. Any time period provided for herein
which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next full Business Day. All times are Central Standard Time. 

Section 9.12 Time of the Essence. Time is of the essence with respect to all obligations of the Grantors under this
Option Agreement. 
 [Signature Pages Follow] 

  
 -25- 

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

					
	OPTIONEES:
	
	ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP
		
	By:	 	Ashford Prime OP General Partner LLC, its general partner
			
		 	By:	 	 /s/ David Brooks

		 		 	David Brooks, Vice President
	
	ASHFORD PRIME TRS CORPORATION
		
	By:	 	 /s/ David Kimichik

		 	David Kimichik, President

  
 Gateway Option Agreement
– Signature Page 

 
					
	GRANTORS:
	
	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
		
	By:	 	Ashford OP General Partner LLC, its general partner
			
		 	By:	 	 /s/ David Brooks

		 		 	David Brooks, Vice President
	
	ASHFORD TRS CORPORATION
		
	By:	 	 /s/ David Kimichik

		 	David Kimichik, President

  
 Gateway Option Agreement
– Signature Page 

 ACKNOWLEDGEMENT AND AGREEMENT: 

The undersigned has executed this Option Agreement to acknowledge and agree to the provisions of this Agreement imposing obligations on
Ashford Hospitality Prime, Inc., including but not limited to Section 7.3 and Article VIII. 
  

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

		 	David Brooks, Chief Operating Officer and General Counsel

 CONSENT TO PLEDGE: 

The undersigned is the sole general partner of Ashford Prime OP and hereby consents to the pledge by Ashford Trust OP under the Ashford Trust
Credit Facility of any Ashford Prime OP Units issued to Ashford Trust OP in connection with the exercise of this Option Agreement. 
  

			
	ASHFORD PRIME OP GENERAL PARTNER LLC
		
	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President

  
 Gateway Option Agreement
– Signature Page 

 LIST OF SCHEDULES AND EXHIBITS 

Exhibits 
 Exhibit A – Description of Property 

Exhibit B – Purchase Notice 
 Exhibit C – Form of
Assignment Agreement 
 Schedules 
 Schedule 3.10 –
Taxes of Ashford Trust OP 
 Schedule 3.11 – Claims or Litigation related to Ashford Trust OP 

Schedule 4.9 – Taxes of Ashford Trust TRS 
 Schedule 4.10
– Claims or Litigation related to Ashford Trust TRS 

  
 Gateway Option Agreement
– List of Schedules and Exhibits 

 Exhibit “A” 

PROPERTY DESCRIPTION 
 Tract 1: 

Parcel 1, containing 100,012 square feet, more or less, as shown on “Plat Showing the Resubdivision of the Property of Eads Associates, a Limited
Partnership” attached to a Deed of Resubdivision and Easement recorded in Deed Book 2231, page 1330, among the land records of Arlington County, Virginia, and more particularly described as follows: 

BEGINNING at the intersection of the westerly right of way line of South Jefferson-Davis Highway, U.S. Rte. 1, with the northerly right of way line of 18th
Street South, said point of beginning being the southeasterly corner of property of Eads Associates as acquired in Deed Book 1997, page 1214 of the land records of Arlington County, Virginia; thence running with said northerly right of way line of
18th Street South, along the following courses and distances: S. 79° 04’ 35” W. 11.74 feet to the P. C. of a curve to the left; thence continuing 83.47 feet along the arc of said curve to the left, which curve has a radius of 8,739.68
feet, the chord of which arc bears S. 78°48’ 10” W, 83.47 feet to the P. T.; thence continuing S. 78°31’45” W. 53.05 feet to the P.C. of a curve to the right; thence 34.04 feet along the arc of said curve to the right,
which curve has a radius of 20.00 feet, the chord of which arc bears N. 52°43’01.5” W. 30.08 feet to the P. T; thence still continuing 63.93 feet along the arc of a curve to the right, which curve has a radius of 2,919.79 feet,
the chord of which arc bears S. 3°20’17” E. 63.93 feet to a point lying in the original northerly right of way line of 18th Street South; thence still continuing S. 85°56’59’W. 30.01 feet to this intersection with the
easterly right of way line of South Eads Street; thence running with said easterly right of way line of South Eads Street, 420.99 feet along the arc of a curve to the left ,which curve has a radius of 2,889.79 feet, the chord of which arc bears N.
6°52’06.5” W. 420.62 feet to the P. T; thence still continuing N 11 °02’ 31” W. 97.16 feet to a point; thence departing from the easterly right of way line of South Eads Street and running through the property of Eads
Associates S. 87°50’00” E. 247.90 feet to a point in the new westerly right of way line of South Jefferson-Davis Highway, U.S. Route 1; thence running with said new westerly right of way line of South Jefferson-Davis Highway, along the
following courses and distances: S. 3°08’36” E. 67.80 feet; S. 86°51’24” W. 2.00 feet S. 3°8’36” E 118.00 feet; N. 86°51’24” E. 2.00 feet; S. 3°8’36” E. 15.50 feet; thence
103.46 feet along the arc of a curve to the right, which curve has a radius of 3,331.66 feet, the chord of which arc bears S. 2°15’ 13.5” E. 103.45 feet; N. 88°38’09” E. 1.00 feet; thence 84.20 feet along the arc of a
curve to the right, which curve has a radius of 3,332.66 feet, the chord of which arc bears S. 0 ° 38’25.5” E. 84.19 feet to a P. C. C; thence continuing 38.36 feet along the arc of a curve to the right, which curve has a radius of
2,845.79 feet, the chord of which arc bears S. 0°28’ 10” W. 38.35 feet to the point of beginning; containing 100,012 square feet of land, more or less, 

Tract 2: 
 Parcel 2B, containing 46,553 square feet, more or
less, as shown on “Plat Showing the Resubdivision of the Property of Eads Associates, a Limited Partnership” attached to a Deed of Resubdivision and Easement recorded in Deed Book 2231, page 1330, among the land records of Arlington
County, Virginia, and more particularly described as follows: 

  
 Gateway Crystal City, Virginia 

 BEGINNING at a point lying in the southerly right of way line of 15th Street South, said point of beginning being
the P.C. of a return curve located at the intersection of the aforesaid southerly right of way line of 15th Street South with the new westerly right of way line of South Jefferson Davis Highway, U.S. Route 1 as established by the Virginia Department
of Highways and Transportation, said point of beginning lying 70 feet from the Virginia Department of Highways and Transportation construction centerline of 15th Street South; thence 74.39 feet along the arc of a curve to the right, which curve has
a radius of 44. 75 feet, the chord of which arc bears S, 46°02’ 22.5” E. 66.12 feet to a P. R. C., said P. R. C. lying in the westerly right of way line of South Jefferson Davis Highway, U.S. Route 1; thence 4.02 feet along the arc of
a curve to the left, which curve has a radius of 1,916.86 feet, the chord of which arc bears S. 1°31’ 27.5” W., 4.02 feet to a point; thence still continuing with said right of way line N. 88°32’ 09’ W., 12.00 feet;
thence still continuing 155.11 feet along the arc of a curve to the left, which curve has a radius of 1,928.86 feet, the chord of which arc bears S. 0°50’22.5” E. 155.07 feet to the P.T; thence still continuing S.
3°08’36” E. 29.42 feet; S. 86°51’24” W. 1.00 feet, and S. 3°08’36” E, 91.20 feet to a point; thence departing from said right of way line and crossing the lands of Eads Associates as same appears duly
platted and recorded in Deed Book 1997, page 1214, among the land records of Arlington County, Virginia, N. 87°50’00” W. 247.90 feet to a point, said point lying in the easterly right of way line of South Eads Street (25 feet distant
from the centerline thereof); thence running with a portion of said easterly right of way line of South Eads Street, N. 11°02’31” W. 35.63 feet to a point, said point being the southwesterly corner of the property of Eads Condominium
Corp. as same appears duly recorded in Deed Book 2171, page 100, among the aforesaid land records; thence departing from said street line and running with the southerly and easterly boundary of the property of Eads Condominium Corp. along the
following courses and distances: S. 87°50’00” E. 79.20 feet; N. 02°10’ 00” E. 75.96 feet; N 42°50’ 00” W. 26.63 feet; N. 47°10’ 00” E. 63.92 feet; N. 2°10’ 00” E. 4.71 feet; N.
42°50’ 00” W. 13.42 feet; N. 47°10’ 00” E. 35.06 feet; N. 2°10’ 00” E. 16.38 feet; N. 47°10’ 00” E. 23.74 feet; S. 87°50’ 00” E. 16.38 feet; N. 47°10’ 00” E.
33.11 feet; N. 2°10’ 00” E. 31.11 feet; N. 87°50’ 00” W., 18.36 feet and N. 2°10’ 00” E. 17.72 feet to a point, said point lying in the aforementioned southerly right of way line of 15th Street South (70
feet distant from the VDH&T construction centerline); thence running with a portion of the new southerly right of way line of 15th Street South, N. 86°20’11” E. 41.52 feet to the point of beginning, containing 46,553 square feet of
land, more or less. 
 AND BEING a portion of the same property conveyed to EADS Associates, a Virginia limited partnership, by deed from Washington Brick
and Terra Cotta Company, a Virginia limited partnership, dated August 15,1979, and recorded September 25, 1979, in Deed Book 1997, page 1214 among the land records of Arlington County, Virginia. 

Tract 3: 
 TOGETHER WITH non-exclusive easements for pedestrian
and vehicular ingress and egress to and from the underground parking garages of Phase 11 and the Residential Building as defined in Paragraph 1(a) of that certain Easement Agreement by and between EADS CONDOMINIUM CORPORATION, a Virginia
corporation, and EADS ASSOCIATES, a Virginia limited partnership, dated August 28, 1986, and recorded September 2, 1986, in Deed Book 2232, page 1307. 

  
 Gateway Crystal City, Virginia 

 EXHIBIT B 

Form of 
 PURCHASE NOTICE 

[Insert Notice Date] 

Reference is made to that certain Option Agreement Crystal Gateway Marriott, dated as of November 19, 2013 by Ashford Hospitality
Prime Limited Partnership (“Ashford Prime OP”) and Ashford Hospitality Limited Partnership (“Ashford Trust OP”) with respect to the Property Entities (defined therein) and Ashford TRS Corporation (“Ashford
Trust TRS”) and Ashford Prime TRS Corporation (“Ashford Prime TRS”), with respect to the TRS Entities (defined therein) (the “Option Agreement”). Capitalized terms used but not defined herein have the
meaning set forth in the Option Agreement.  
 Ashford Prime OP, together with Ashford Prime TRS (collectively, the
“Optionees”) hereby exercise the option to acquire the Ashford Trust Equity Interests in exchange for the Property Purchase Price and the Ashford Trust TRS Equity Interest in exchange for the TRS Purchase
Price, subject to the terms and conditions set forth in the Option Agreement. The Closing Date shall be [Insert Closing Date], which date is not later than the first day of a calendar month following [Date 90 days from date of
notice].  
  

					
	ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP
		
	By:	 	Ashford Prime OP General Partner LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	ASHFORD PRIME TRS CORPORATION
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 EXHIBIT C 

ASSIGNMENT, ASSUMPTION AND ADMISSION AGREEMENT 

[Insert Property Entity or TRS Entity] 

This Assignment, Assumption and Admission Agreement, dated as of [Insert date] (this
“Agreement”), is entered into by and between [Ashford Hospitality Limited Partnership (“Ashford Trust OP”) and Ashford Hospitality Prime Limited Partnership
(“Ashford Prime OP”)] or [Ashford TRS Corporation (“Ashford Trust TRS”) and Ashford Prime TRS Corporation (“Ashford Prime
TRS”)]. Capitalized terms used and not otherwise defined herein have the meanings set forth in the [Insert applicable organizational document] (as defined below). 

W I T N E S S E T H : 

WHEREAS, [Insert Appropriate Whereas clauses to (i) identify the Property Entity or the TRS Entity, as applicable,
(ii) describe the ownership structure of such entity, and (iii) identify the parties with authority to consent to the transfer e.g. general partner, members]; 

WHEREAS, [Ashford Trust OP/Ashford Trust TRS] desires to assign, transfer and convey all of its Conveyed Interest in the [Property Entity/TRS
Entity] to Ashford Prime OP, and Ashford Trust OP desires to cease to be a [Limited Partner/Member] of such entity; 
 WHEREAS, [Ashford
Prime OP/Ashford Prime TRS] desires to acquire and accept the Conveyed Interest, and [Ashford Prime OP/Ashford Prime TRS] desires to be admitted to the [Partnership/Company] as a successor [Limited Partner of the Partnership/Member of the Company];

 NOW, THEREFORE, the undersigned, in consideration of the premises, covenants and agreements contained herein, do hereby agree as follows:

 1. Assignment and Assumption. For good and valuable consideration received, the receipt and sufficiency of which
are hereby acknowledged, upon the execution of this Agreement by the parties hereto, [Ashford Trust OP/Ashford Trust TRS] does hereby assign, transfer and convey the Conveyed Interest to [Ashford Prime OP/Ashford Prime TRS], and [Ashford Prime
OP/Ashford Prime TRS] does hereby accept such Conveyed Interest and agrees to become a [Limited Partner of the Partnership and to be bound by the terms and conditions of the Partnership Agreement][Member of the Company and to be bound by the terms
and conditions of the LLC Agreement. 
 2. Admission. Contemporaneously with the assignment of the Conveyed Interest
described in paragraph 1 of this Agreement, [Ashford Prime OP/Ashford Prime TRS] shall be admitted to the [Partnership as a substitute Limited Partner of the Partnership][Company as a Member of the Company] without any further action by any Person.

  
 1 

 3. Withdrawal. Contemporaneously with the admission of [Ashford Prime
OP/Ashford Prime TRS] as a successor [Limited Partner of the Partnership][Member of the Company], [Ashford Trust OP/Ashford Trust TRS] shall cease to be a [Limited Partner of the Partnership][Member of the Company] without any further action by any
Person. 
 4. [Partnership Agreement/LLC Agreement]. Except as hereby amended to reflect the substitution of a
[Limited Partner/Member], the [Partnership Agreement/LLC Agreement] shall remain in full force and effect. 
 5. Condition
Precedent. The obligation and ability of each party to effect the assignment of the Conveyed Interest contemplated by this Agreement is subject to [Identify any conditions precedent to the transfer – e.g. Lender consents].

 6. Future Cooperation. Each of the parties hereto agrees to cooperate at all times from and after the date hereof
with respect to all of the matters described herein, and to execute such other documents as may be reasonably requested for the purpose of giving effect to, or evidencing or giving notice of, the transactions contemplated by this Agreement. 

7. Binding Effect of this Agreement. This Agreement shall be binding upon, and shall inure to the benefit of, the
parties hereto and their respective successors and assigns. 
 8. Execution in Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

9. Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of
[Delaware], all rights and remedies being governed by such laws without regard to principles of conflict of laws. 
 [Signature page
follows] 

  
 2 

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

	
	ASSIGNOR:
	
	[Insert appropriate signature block]
	
	ASSIGNEE:
	
	[Insert appropriate signature block]

 [Insert any acknowledgement or consent language required, e.g. consent of general partner]

  
 Assignment, Assumption and Admission
Agreement 
 Signature Page 

 Schedule 3.10 

Taxes of Ashford Trust OP 
 None. 

  
 Gateway Option Agreement
– Schedules 

 Schedule 3.11 

Claims or Litigation related to Ashford Trust OP 

None. 

  
 Gateway Option Agreement
– Schedules 

 Schedule 4.9 

Taxes of Ashford Trust TRS 
 None. 

  
 Gateway Option Agreement
– Schedules 

 Schedule 4.10 

Claims or Litigation related to Ashford Trust TRS 

None. 

  
 Gateway Option Agreement
– SchedulesEX-10.9

 Exhibit 10.9 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of November 19, 2013, is entered into by and between Ashford Hospitality Prime, Inc.,
a Maryland corporation (“Ashford Prime”), Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Ashford Trust OP”), which holds common partnership units in Ashford Hospitality Prime Limited
Partnership, a Delaware limited partnership (Ashford Prime OP”) and Ashford Hospitality Advisors LLC, a Delaware limited liability company (“Ashford Advisor”). 

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 Trust OP has contributed to Ashford
Hospitality Prime Limited Partnership (“Ashford Prime OP”) certain assets in exchange for cash and 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 Ashford Trust OP has been admitted as a limited partner
of Ashford Prime OP; 
 WHEREAS, in connection with the Transaction and pursuant to an Advisory Agreement, Ashford Advisor will serve
as the external advisor to Ashford Prime, and may receive Ashford Prime OP Units as compensation for such services (the “Ashford Advisor Units”); 

WHEREAS, in connection with the Transaction, Ashford Prime OP and Ashford Trust OP, together with certain of their Affiliates have
entered into option agreement pursuant to which Ashford Trust OP may receive additional Ashford Prime OP Units in exchange for the contribution of specified properties (such additional Ashford Prime OP Units, together with the Ashford Advisor Units,
the “Additional Ashford Prime OP Units”); and 
 WHEREAS, pursuant to the Prime Partnership Agreement (as
defined below), Ashford Prime OP Units, including any Additional Ashford Prime OP Units, owned by Ashford Trust OP or Ashford Advisor 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.  
 “Ashford Trust OP Unitholder Registration Rights Agreement” means that certain Registration Rights
Agreement, dated as of the date hereof, by Ashford Prime for the benefit of Dartmore General Partnership, 5820 General Partnership, 3 MB Associates, Ashford Financial Corporation, Helmut Horn, Graham Hershman, Emily Landau, Martin Edelman, FGT,
L.P., David Kimichik, David Brooks, Mark Nunneley, Lawrence D. Barkman, Arthur A. Birney, Washington Brick & Terra Cotta Company, L.P., L.L.P., Barbara Fleischman, Laura Glassman, Paul Glassman, Kogod Family Holding Group LLC, Arlene R.
Kogod, Lauren Sue Kogod, Leslie Susan Kogod, Robert P. Kogod, Stuart Allan Kogod, Carice Smith Marital Deduction Trust, MC II Associates. 

“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). 

“Demand Registration” shall have the meaning set forth in Section 2.1(c) of this Agreement. 

“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, including any Additional
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, including, but not limited to, any assignment or transfer to KeyBank National Association, as Agent (or any successor agent or nominee that holds Registrable Securities), as
contemplated by that certain Credit Agreement, 

  
 -2- 

 
dated as of September 26, 2011, as the same may be now or hereafter amended, restated, extended, supplemented or consolidated, or any agreement executed pursuant thereto) (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 (i) in a public distribution pursuant to a registration statement under the Securities Act, (ii) 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 or (iii) subject to registration rights under the Ashford Trust OP Unitholder Registration Rights Agreement. 

“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) Ashford Trust OP, (ii) any partner, member or stockholder of Ashford Trust OP,
(iii) any Affiliate of any such partner, member or stockholder, and (iv) the Immediate Family of any of the foregoing. 

“Notice and Questionnaire” means a written notice, substantially in the form attached as Exhibit A, 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 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. 

“Piggyback Registration” shall have 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, (x) by Ashford Trust OP or Ashford Advisor which are issuable or issued upon exchange of Exchangeable Ashford Prime OP Units or (y) by any Holder which are issuable or issued upon exchange of Exchangeable Ashford Prime OP
Units issued in connection with the Transaction and, in each case, any additional shares of Common Stock issued as a dividend, distribution or exchange for, or in respect of such shares until: 

  
 -3- 

 (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; 
 (ii) such shares have been publicly sold under Rule 144; 

(iii) at all times that the Holder is an Initial Holder, 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). 

“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. 
 “Suspension Notice” means any written notice
delivered by Ashford Prime pursuant to Section 2.9 with respect to the suspension of rights under a Resale Shelf Registration Statement or any prospectus contained therein. 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal and not as part of such
dealer’s market-making activities. 

  
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 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 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(e) 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 Ashford Prime shall use its best efforts to have such amendment declared effective as soon as practicable after filing. In the event that Ashford Prime fails to so file, or if
filed fails to so maintain the effectiveness of, a Resale Shelf Registration Statement, Ashford Trust OP may participate in a Piggyback Registration pursuant to Section 2.1(b) herein; provided, further, that if and so long as a Resale Shelf
Registration Statement is on file and effective (subject to the terms and conditions of this Agreement), then Ashford Prime shall have no obligation to allow participation in a Piggyback Registration. 

At the time the Resale Shelf Registration Statement is declared effective, Ashford Trust OP and each other Holder that has delivered a duly
completed and executed Notice and Questionnaire to Ashford Prime 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 Ashford Trust OP 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) Piggyback
Registration. Subject to Section 2.1(a) hereof, if Ashford Prime proposes to file a registration statement (or a prospectus supplement pursuant to a then existing 

  
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shelf registration statement) under the Securities Act with respect to a proposed underwritten equity offering by Ashford Prime for its own account or for the account of any of its respective
securityholders of any class of security other than (i) any registration statement filed by Ashford Prime under the Securities Act relating to an offering of Common Stock for its own account as a result of the exercise of the exchange rights
set forth in Section 7.4 of the Partnership Agreement, (ii) any registration statement filed in connection with a demand registration or any other contractually obligated registration or (iii) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the Commission) filed in connection with an exchange offer or offering of securities solely to Ashford Prime’s
existing securityholders, then Ashford Prime shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event less than ten (10) days before the anticipated filing date of the
applicable preliminary prospectus or, if applicable, prospectus supplement; provided that in the case of a “bought deal” or an offering in which there is no (or very limited) marketing, seven (7) days before pricing, and such notice
shall offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Piggyback Registration”). Ashford Prime shall use commercially reasonable efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggyback Registration to be included on the same terms and conditions as any similar securities of Ashford
Prime included therein. 
 (c) Demand Registration. 

(i) Request for Registration. Commencing on or after the date which is one year after the consummation of the
Transaction, any Holder of Registrable Securities may make a written request for registration under the Securities Act of all or part of its Registrable Securities (a “Demand Registration”); provided, that Ashford Prime shall not be
obligated to effect more than one Demand Registration in any twelve month period and not more than two such Demand Registrations in total; and provided, further, that Holders making such written request shall propose the sale of at least 100,000
shares of Registrable Securities (such number to be adjusted successively in the event Ashford Prime effects any stock split, stock consideration or recapitalization after the date hereof) or such lesser number of Registrable Securities if such
lesser number is all of the Registrable Shares owned by the Holders. Any such request will specify the number of shares of Registrable Securities proposed to be sold and will also specify the intended method of disposition thereof. Within ten
(10) days after receipt of such request, Ashford Prime will give written notice of such registration request to all other Holders of the Registrable Securities and include in such registration all such Registrable Securities with respect to
which Ashford Prime has received written requests for inclusion therein within twenty (20) Business Days after the receipt by the applicable Holder of Ashford Prime’s notice. Each such request will also specify the number of shares of
Registrable Securities to be registered and the intended method of disposition thereof. 
 (ii) Effective Demand
Registration. A registration will not count as a Demand Registration until it has become effective and has remained effective and available for at least 180 days. 

  
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 (iii) Priority on Demand Registrations. If the Holders of a majority of
shares of the Registrable Securities to be registered in a Demand Registration so elect by written notice to Ashford Prime, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. Ashford Prime shall select the book-running managing Underwriter in connection with any such Demand Registration; provided that such managing Underwriter must be reasonably satisfactory to the Holders of a majority of the shares of the
Registrable Securities. Ashford Prime may select any additional investment banks and managers to be used in connection with the offering; provided that such additional investment bankers and managers must be reasonably satisfactory to the Holders of
a majority of the shares of the Registrable Securities. To the extent 10% or more of the Registrable Securities so requested to be registered are excluded from the offering in accordance with Section 2.1(d), the Holders of such Registrable
Securities shall have the right to one additional Demand Registration under this Section in such twelve-month period with respect to the Registrable Securities 

(d) Reduction of Offering. Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an
offering described in Section 2.1(b) or (c) deliver a written opinion to Ashford Prime and the Holders of the Registrable Securities included in such offering that (i) the size of the offering that the Holders, Ashford
Prime and such other persons intend to make or (ii) the kind of securities that Ashford Trust OP, Ashford Prime and such other Persons intend to include in such offering are such that the success of the offering would be materially and
adversely affected by inclusion of the Registrable Securities requested to be included, then: 
 (i) if the size of
the offering is the basis of such Underwriter’s opinion, the amount of securities to be offered for the accounts of Holders shall be reduced pro rata (according to the number of Registrable Securities proposed for registration) to the extent
necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter or Underwriters; provided that, in the case of a Piggyback Registration, if securities are being offered for
the account of other Persons as well as Ashford Prime, then with respect to the Registrable Securities intended to be offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced
shall not exceed the proportion by which the amount of such class of securities intended to be offered by such other Persons is reduced, if Ashford Prime has the right to reduce such other Person’s allocation; and 

(ii) if the combination of securities to be offered is the basis of such Underwriter’s opinion, (x) the Registrable
Securities to be included in such offering shall be reduced as described in clause (i) above (subject to the proviso in clause (i)) or (y) if the actions described in clause (x) would, in the judgment of the managing Underwriter,
be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included would have on such offering, such Registrable Securities will be excluded from such offering. 

(e) Continuous Effectiveness of Resale Shelf Registration Statement. Ashford Prime shall prepare and file such additional
registration statements as necessary and use its 

  
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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), such subsequent registration statements, if any, shall constitute a Resale Shelf Registration Statement hereunder. 

(f) 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) or whenever Ashford Trust requests than any Registrable Securities be registered pursuant to Section 2.1(c) hereof, 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. In connection with any such request: 

(a) Ashford Prime will, as expeditiously as possible, prepare and file with the Commission a registration statement on any form for which
Ashford Prime then qualifies or which counsel for Ashford Prime shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution
thereof; provided that if Ashford Prime shall furnish to the Holders making a request for a Demand Registration pursuant to Section 2.2(c) a certificate signed by either its Chairman, Chief Executive Officer or President stating that in his or
her good faith judgment it would be significantly disadvantageous to Ashford Prime or its shareholders for such a registration statement to be filed as expeditiously as possible, Ashford Prime shall have a period of not more than 180 days within
which to file such registration statement measured from the date of receipt of the request. 
 (b) Ashford Prime will, if requested, prior
to filing a registration statement or prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each Underwriter, if any, 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 or Underwriter, if any, 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 or Underwriter may reasonably request to
facilitate the disposition of the Registrable Securities owned by such Selling Holder. 
 (c) After the filing of the registration
statement, Ashford Prime will promptly notify each Selling Holder of Registrable Securities covered by such registration statement of any stop 

  
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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. 

(d) 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 or managing Underwriter or Underwriters, if any, 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. 
 (e) 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 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. 
 (f) Ashford Prime will enter into customary
agreements (including an underwriting agreement, if any, in customary form) and take such other actions as are reasonably required to expedite or facilitate the disposition of such Registrable Securities pursuant to a Demand Registration. 

(g) Ashford Prime will make available for inspection by any Selling Holder of such Registrable Securities, any Underwriter participating in
any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of Ashford Prime (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause Ashford Prime’s officers, directors and
employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records which Ashford Prime determines, in good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such registration statement or (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction. Each Selling Holder of such Registrable Securities agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be
used by it as the 

  
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basis for any market transactions in the securities of Ashford Prime unless and until such is made generally available to the public. Each Selling Holder of such Registrable Securities further
agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to Ashford Prime and allow Ashford Prime, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential. 
 (h) Ashford Prime will furnish to each Selling Holder and to each Underwriter, if any, a signed counterpart,
addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions of counsel to Ashford Prime and (ii) if eligible under SAS 100, a comfort letter or comfort letters from Ashford Prime’s independent public accountants,
each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing Underwriter or
Underwriters therefor reasonably requests. 
 (i) 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). 
 (j) Ashford Prime will use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by Ashford Prime are then listed. 
 (k) 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. 
 (l) 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(c) or 2.2(e) 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(e) or, if applicable, Section 2.9, copies of any supplemented or amended prospectus contemplated by clause (ii) of Section 2.2(e) 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

  
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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
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 (including the expenses of any comfort letters or costs associated with the delivery by independent
certified public accountants of a comfort letter or comfort letters requested pursuant to Section 2.2(h) hereof), 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. Ashford Prime also agrees to indemnify any Underwriters of the Registrable Securities, their officers and directors and each Person who controls such
underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 2.7, provided that
the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Underwriter of the Registrable Securities from whom the person asserting any such losses, claims, damages or liabilities purchased the
Registrable Securities which are the 

  
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subject thereof if such person did not receive a copy of the prospectus (or the prospectus as supplemented) at or prior to the confirmation of the sale of such Registrable Securities to such
person in any case where such delivery is required by the Securities Act and the untrue statement or omission of a material fact contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as supplemented). 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 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. Each Selling Holder also agrees to indemnify and hold
harmless Underwriters of the Registrable Securities, their officers and directors and each Person who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the
same basis as that of the indemnification of Ashford Prime provided in this Section 2.5. 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 

  
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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 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 (i) as between Ashford Prime and the Selling Holders on the one hand and the Underwriters on the other, in such proportion as is appropriate to reflect the relative
fault of Ashford Prime and each Selling Holder on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations and (ii) between Ashford Prime on the one hand and each Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of Ashford Prime and each Selling Holder in connection with such 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 and the Selling Holders on the one hand and of the Underwriters 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 Ashford Prime and the Selling
Holders or by the Underwriters. 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. 

  
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 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 (even if the Underwriters were treated as one entity for such purpose) 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 Underwriter shall be required to contribute any amount in excess of the amount by which the total commissions and discounts received by such Underwriter in connection with the sale of the securities underwritten by it and
distributed to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and 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 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. 

If the Board of Directors of Ashford Prime determines in its good faith judgment that the filing of a registration statement under
Section 2.1 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 

  
 -14- 

 
distribute any Registrable Securities pursuant to a registration Statement or to require Ashford Prime to take action with respect to the registration or sale of any Registrable Securities
pursuant to a 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 Ashford Trust OP to offer, sell or distribute any Registrable Securities pursuant to a registration
statement or to require Ashford Prime to take action with respect to the registration or sale of any Registrable Securities pursuant to a 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 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 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 Ashford Prime. 

Section 2.11 Holdback Agreements. 

(a) Restrictions on Public Sale by Holder of Registrable Securities. To the extent not inconsistent with applicable law and except with
respect to a shelf registration (including the Resale Shelf Registration Statement), each Holder whose securities are included in a registration statement agrees not to effect any sale or distribution of the issue being registered or a similar
security of Ashford Prime, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and during the 90-day period beginning on,
the effective date of such registration statement (except as part of such registration), if and to the extent requested in writing by Ashford Prime in the case of a non-underwritten public offering or if and to the extent requested in writing by the
managing Underwriter or Underwriters in the case of an underwritten public offering. 
 (b) Restrictions on Public Sale by Ashford Prime
and Others. Ashford Prime agrees that any agreement entered into after the date of this Agreement pursuant to which Ashford Prime issues or agrees to issue any privately placed securities shall contain a provision under which holders of such
securities agree not to effect any sale or distribution of any securities similar to 

  
 -15- 

 
those being registered in accordance with Section 2.1(b) or (c) hereof, or any securities convertible into or exchangeable or exercisable for such securities, during the 14 days prior
to, and during the 90-day period beginning on, the effective date of any registration statement (except as part of such registration statement where the Holders of a majority of the Registrable Securities to be included in such registration
statement consent or as part of registration statements filed as set forth in Section 2.1(b)(i) or (iii)), if and to the extent requested in writing by Ashford Prime in the case of a non-underwritten public offering or if and to the extent
requested in writing by the managing Underwriter or Underwriters in the case of an underwritten public offering, in each case including a sale pursuant to Rule 144 under the Securities Act (except as part of any such registration, if permitted);
provided, however, that the provisions of this paragraph (b) shall not prevent the conversion or exchange of any securities pursuant to their terms into or for other securities. 

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 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 Ashford Trust OP, 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; 

  
 -16- 

	 	(ii)	if to any other 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 

  

	 	(iii)	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. 
 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. 

  
 -17- 

 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 when there are no longer any Registrable Securities; 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] 

  
 -18- 

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

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

	 David A. Brooks, Chief Operating Officer and General Counsel

	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254
	
	ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
	
	By: Ashford OP General Partner, LLC, its sole general partner
			
		 	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President
	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254
	
	ASHFORD HOSPITALITY ADVISORS LLC
		
	By:	 	 /s/ David A. Brooks

	David A. Brooks, Vice President
	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254

 [Signature Page to Registration Rights Agreement] 

 Exhibit A 

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 and between the Company, Ashford Hospitality Limited partners and Ashford Hospitality Advisors LLC. 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 Officer

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