Document:

EX-10.19

 Exhibit 10.19 

Berkadia Loan No. 01-0085684 & 01-0086644 

ASSUMPTION AND RELEASE AGREEMENT 

(MEZZANINE) 
 THIS
ASSUMPTION AND RELEASE AGREEMENT (MEZZANINE) (this “Agreement”) is entered into and made effective as of the 27th day of February, 2015 (the “Effective Date”), by and among WNT MEZZ I, LLC, a
Delaware limited liability company, with a mailing address at c/o Goldman Sachs & Co., 200 West Street, New York, New York 10282 (“Original Borrower”), ARC HOSPITALITY PORTFOLIO I MEZZ, LP, a Delaware limited
partnership, with a mailing address at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022 (“New Borrower”), U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF EQTY 2014-MZ
MEZZANINE TRUST, COMMERCIAL MEZZANINE PASS-THROUGH CERTIFICATES (“Lender”), with a mailing address at c/o Berkadia Commercial Mortgage LLC, 323 Norristown Road, Suite 300, Ambler, Pennsylvania 19002
(“Berkadia”), WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership (“Whitehall Street Global”), and WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED
PARTNERSHIP 2007, a Delaware limited partnership (“Whitehall Parallel Global”; Whitehall Street Global and Whitehall Parallel Global are individually and collectively, as the context may require, referred to as
“Original Guarantor” and together with the Original Borrower, the “Original Indemnitors”), each with a mailing address at c/o Goldman Sachs & Co., 200 West Street, New York, New York 10282,
and AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“ARC OP”) and AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation (“ARC
REIT”; together with Whitehall Street Global and Whitehall Parallel Global, ARC OP and ARC REIT are individually and collectively, as the context may require, referred to as “New Guarantor” and together with the
New Borrower, the “New Indemnitors”), each with a mailing address at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022. 

RECITALS: 
 The following
recitals are a material part of this Agreement: 
 A. German American Capital Corporation, a Maryland corporation (“Original
Lender”), made a mezzanine loan in the aggregate original principal amount of $111,000,000.00 to Original Borrower, which Loan is evidenced by that certain (i) Mezzanine Promissory Note A-1, dated April 11, 2014 (together with
all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the original principal amount of $66,600,000.00 (the “A-1 Loan”), and
(ii) Mezzanine Promissory Note A-2, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2 Note” and together with the A-1 Note, the
“Note”), from Original Borrower in the original principal amount of $44,400,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”). The Loan is further evidenced,
governed and/or secured by the following agreements and documents, all executed and delivered, or caused to be executed and delivered, by Original Borrower for the benefit of Original Lender: 

 1. Pledge and Security Agreement (Mezzanine), dated as of April 11, 2014, from Original
Borrower for the benefit of Original Lender (the “Original Pledge Agreement”), as replaced by that certain Pledge and Security Agreement (Mezzanine) of even date herewith from New Borrower for the benefit of Lender (as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Pledge Agreement”), securing the Lender’s interest in the Collateral, as more particularly described in the Pledge
Agreement. 
 2. that certain Mezzanine Loan Agreement, dated as of April 11, 2014, as amended by that certain First Amendment to
Mezzanine Loan Agreement, dated as of June 18, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Loan Agreement”). 

3. that certain Collateral Assignment of Interest Rate Protection Agreement (Mezzanine), dated as of April 11, 2014 (together with all
addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Assignment of Rate Cap Agreement”); and 

4. that certain Indemnification Agreement, dated as of April 11, 2014 (together with all addenda, modifications, amendments, riders,
exhibits and supplements thereto, the “Indemnification Agreement”). 
 B. In connection with the Loan, Original
Borrower and/or Original Guarantor also executed and/or delivered, or caused to be executed and/or delivered, the following agreements and documents for the benefit of Original Lender: 

1. that certain Environmental Indemnity Agreement (Mezzanine), dated April 11, 2014 (the “Original Environmental
Indemnity”), executed by the Original Indemnitors; 
 2. that certain Guaranty of Recourse Obligations (Mezzanine), dated
April 11, 2014 (the “Original Guaranty”), executed by Original Guarantor; and 
 3. those certain Subordination
of Management Agreements (Mezzanine), each dated as of dated as of April 11, 2014 (the “Original Assignment of Management Agreements”); and 

4. that certain First Mezzanine Assignment of Title Insurance Proceeds (Multi-State), dated as of April 11, 2014 (together with all
addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Original Assignment of Title Insurance Proceeds”). 

The agreements and documents set forth in Recital A and Recital B (excluding the Pledge Agreement) above are hereinafter referred to collectively as
the “Original Borrower’s Loan Documents.” 

  
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 C. Upon the Effective Date, New Borrower and/or New Guarantor are executing and delivering, or
are causing to be delivered, to Lender the following documents, each dated as of the Effective Date: 
 1. those certain UCC Financing
Statements naming New Borrower as debtor therein, and naming Lender, as secured party therein, to be filed in the records of the Secretary of State of Delaware; 

2. that certain Environmental Indemnity Agreement (Mezzanine) from New Indemnitors in favor of Lender (the “New Environmental
Indemnity”); 
 3. that certain Guaranty of Recourse Obligations (Mezzanine) (the “New Guaranty”),
executed and delivered by each New Guarantor in favor of Lender; 
 4. that certain Subordination of Management Agreement (Mezzanine –
Operating Agreement) executed by New Borrower, ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company (“TRS LLC”), ARC Hospitality Portfolio I DEKS TRS, LLC, a Delaware limited liability company
(“DEKS TRS”), ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership (“NTC TRS”), Lender, and American Realty Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability
company (“ARC Manager”), as operator, for the benefit of Lender (the “Crestline Operating Agreement Subordination”); 

5. that certain Subordination of Management Agreement (Mezzanine – Management Agreement) executed by New Borrower, TRS LLC, DEKS LLC, NTC
TRS, Lender, ARC Manager, as operator, and Crestline Hotels & Resorts, LLC, a Delaware limited liability company (“Crestline”), as manager, for the benefit of Lender (the “Crestline Management Agreement
Subordination”); 
 6. that certain Subordination of Management Agreement (Mezzanine) (Texas – Alcohol Management and
Services Agreement) executed by Crestline, as manager, for the benefit of Lender, and acknowledged by ARC Hospitality Portfolio I TX Beverage Company, LLC, a Delaware limited liability company (the “Crestline TX Alcohol Management
Agreement Subordination”, and together with the Crestline Operating Agreement Subordination and the Crestline Management Agreement Subordination, the “Crestline Subordination”); 

7. that certain Subordination of Management Agreement (Mezzanine – Operating Agreement) executed by New Borrower, ARC Hospitality
Portfolio I MISC TRS, LLC, a Delaware limited liability company (“MISC TRS”), Lender, and ARC Manager, as operator, for the benefit of Lender (the “Pillar Operating Agreement Subordination”); 

8. that certain Subordination of Management Agreement (Mezzanine – Management Agreement) executed by New Borrower, MISC TRS, LLC, Lender,
ARC Manager, as operator, and Pillar Hotels & Resorts, L.P. (“Pillar”), as manager, for the benefit of Lender (the “Pillar Management Agreement Subordination” and together with the Pillar
Operating Agreement Subordination, the “Pillar Subordination”); 

  
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 9. that certain Subordination of Management Agreement (Mezzanine – Operating Agreement)
executed by New Borrower, MISC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “Musselman Operating Agreement Subordination”); 

10. that certain Subordination of Management Agreement (Mezzanine – Management Agreement) executed by New Borrower, MISC TRS, Lender, ARC
Manager, as operator, and Musselman Hotels Management, L.L.C. (“Musselman”), as manager, for the benefit of Lender (the “Musselman Management Agreement Subordination” and together with the Musselman
Operating Agreement Subordination, the “Musselman Subordination”); 
 11. that certain Subordination of Management
Agreement (Mezzanine – Operating Agreement) executed by New Borrower, ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company (“HIL TRS”), ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware
limited partnership (“NTC HIL TRS”), Lender, and ARC Manager, as operator for the benefit of Lender (the “Hilton-Hampton Operating Agreement Subordination”); 

12. that certain Subordination of Management Agreement (Mezzanine – Management Agreement) executed by New Borrower, HIL TRS, NTC HIL TRS,
Lender, ARC Manager, as operator, and Hampton Inns Management LLC, a Delaware limited liability company (“Hilton-Hampton”), as manager, for the benefit of Lender (the “Hilton-Hampton Management Agreement
Subordination” and together with the Hilton-Hampton Operating Agreement Subordination, the “Hilton-Hampton Subordination”); 

13. that certain Subordination of Management Agreement (Mezzanine – Operating Agreement) executed by New Borrower, HIL TRS, NTC HIL TRS,
Lender, and ARC Manager, as operator for the benefit of Lender (the “Hilton-Homewood Operating Agreement Subordination”); 

14. that certain Subordination of Management Agreement (Mezzanine – Management Agreement) executed by New Borrower, HIL TRS, NTC HIL TRS,
Lender, ARC Manager, as operator, and Hampton Inns Management LLC, a Delaware limited liability company (“Hilton-Homewood”), as manager, for the benefit of Lender (the “Hilton-Homewood Management Agreement
Subordination” and together with the Hilton-Homewood Operating Agreement Subordination, the “Hilton-Homewood Subordination”); 

15. that certain Subordination of Management Agreements (Mezzanine – Operating Agreement) executed by New Borrower, ARC Hospitality
Portfolio I MCK TRS, LLC, a Delaware limited liability company (“MCK TRS”), NTC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “McKibbon Operating Agreement Subordination”);

 16. that certain Subordination of Management Agreements (Mezzanine – Management Agreement) executed by New Borrower, MCK TRS, NTC
TRS, Lender, ARC Manager, as operator, and McKibbon Hotel Management, Inc. (“McKibbon”), as manager, for the benefit of Lender (the “McKibbon Management Agreement Subordination” and together with the
McKibbon Operating Agreement Subordination, the “McKibbon Subordination”); 

  
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 17. that certain Subordination of Management Agreements (Mezzanine – Operating Agreement)
executed by New Borrower, MISC TRS, Lender, and ARC Manager, as operator, for the benefit of Lender (the “Innventures Operating Agreement Subordination”); 

18. that certain Subordination of Management Agreements (Mezzanine – Management Agreement) executed by New Borrower, MISC TRS, Lender, ARC
Manager, as operator, and InnVentures IVI, LP (“Innventures”), as manager, for the benefit of Lender (the “Innventures Management Agreement Subordination” and together with the Innventures Operating
Agreement Subordination, the “Innventures Subordination”); 
 19. that certain Subordination of Management Agreements
(Mezzanine – Operating Agreement) executed by New Borrower, MISC TRS, Lender, ARC Manager, as operator, for the benefit of Lender (the “First Hospitality Operating Agreement Subordination”); 

20. that certain Subordination of Management Agreements (Mezzanine – Management Agreement) executed by New Borrower, MISC TRS, Lender, ARC
Manager, as operator, and First Hospitality Group, Inc. (“First Hospitality” and together with ARC Manager, Crestline, Pillar, Musselman, Hilton-Hampton, Hilton-Homewood, McKibbon, and Innventures, the “Property
Managing Entities”), as manager, for the benefit of Lender (the “First Hospitality Management Agreement Subordination” and together with the First Hospitality Operating Agreement Subordination, the
“First Hospitality Subordination” and, together with the Crestline Subordination, the Pillar Subordination, the Musselman Subordination, the Hilton-Hampton Subordination, the Hilton-Homewood Subordination, the McKibbon
Subordination, and the Innventures Subordination, the “Management Subordination”); 
 21. that certain Subordination
Agreement executed by and among TRS LLC, HIL TRS, MCK TRS, MISC TRS, DEKS TRS, NTC TRS, NTC HIL TRS, New Borrower and Lender (the “Operating Lease Subordinations”); 

22. that certain Recognition Agreement (Mezzanine) (the “Recognition Agreement”), executed by and between W2007 Equity
Inns Senior Mezz, LLC, a Delaware limited liability company (“Qualified Preferred Equity Investor”), and Lender; 

23. that certain First Mezzanine Assignment of Title Insurance Proceeds (Multi-State) executed by and between New Borrower, Lender and such
other parties as more particularly set forth therein (the “New Assignment of Title Insurance Proceeds”); 
 24. that
certain incumbency certificate of ARC REIT, ARC OP, New Borrower and each New Operating Lessee (as defined on Schedule I attached hereto) certifying as to the incumbency of each of ARC REIT, ARC OP, New Borrower and each New Operating
Lessee, executed by an authorized officer of ARC REIT, for the benefit of Lender; 
 25. those certain incumbency certificates of Whitehall
Street Global, Whitehall Parallel Global and Qualified Preferred Equity Investor executed by an authorized officer of WH Advisors, L.L.C. 2007, a Delaware limited liability company, as applicable, for the benefit of Lender; 

  
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 26. the Pledge Agreement; and 

27. this Agreement. 
 The agreements and
documents set forth in Recital A and Recital C above (except for the Original Pledge Agreement and the incumbency certificates referred to as numbers 24-25), together with all other documents evidencing, securing or otherwise pertaining to the Loan
(other than the documents and agreements set forth in Recital B), and such other agreements and documents as Lender may reasonably require, are hereinafter referred to collectively as the “Loan Documents”, and individually as
a “Loan Document”. 
 D. Original Lender assigned, sold and transferred its interest in the Loan and the
Original Borrower’s Loan Documents to Lender pursuant to certain assignment documents, including, without limitation, those certain Bills of Sale, dated as of June 6, 2014, and Lender is the current holder of all of Original Lender’s
interest in the Loan and Original Borrower’s Loan Documents. 
 E. Lender, as the holder of the Note and beneficiary under the Loan
Documents, has been asked to consent to the assumption by New Borrower and New Guarantor of the obligations of the Original Borrower and Original Guarantor, respectively, under the Loan Documents (the “Assumption”). 

F. Lender, acting by and through its servicer Berkadia, has agreed to consent to the Assumption subject to the terms and conditions stated
below, including, without limitation, the execution and delivery of the agreements and documents set forth in Recital C above and such other documents and instruments as may be reasonably required by Lender. 

G. Unless the context requires otherwise, references in this Agreement to Original Borrower’s Loan Documents shall be deemed to refer to
such documents as amended by this Agreement, and as such documents may be further amended, modified, extended or replaced from time to time. 

CONTRACTUAL PROVISIONS: 

NOW, THEREFORE, in consideration of the Recitals, which are incorporated herein as if set forth below in full as a substantive, contractual
part of this Agreement, and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Acknowledgement of Debt. 

(a) Lender, Original Borrower and New Borrower confirm and acknowledge that the aggregate outstanding principal balance under the Note
immediately prior to the Effective Date is $102,800,212.95. New Borrower declares and acknowledges, for the specific reliance and benefit of Lender, that (i) New Borrower has no claim, or to New Borrower’s knowledge, defense, or right of
offset of any kind or in any amount with respect to the Note or any of the other Loan Documents, and (ii) no amounts paid by New Borrower or Original Borrower to Lender pursuant to or in connection with the execution and delivery of this
Agreement shall be applied to or set off against the principal balance of the Note. 

  
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 (b) Berkadia, as the servicing agent on behalf of Lender, hereby confirms, as of the Effective
Date, that it has not issued to Original Borrower or Original Guarantor any written notice of, and has no actual knowledge of, a default or an Event of Default under the Original Borrower’s Loan Documents that has not been cured and is
continuing. For the purposes of this Section 1(b), the term “actual knowledge” shall be limited to the actual knowledge of the undersigned, Gary A. Routzahn. 

2. Conditions Precedent; Consent to Assumption; Consent to Qualified Preferred Equity Investment; Consent to Operating Lease Agreements;
Consent to Management Agreement. 
 (a) Original Borrower, and New Borrower, each individually, represents and warrants to Lender as of
the Effective Date that it has satisfied its respective requirements in connection with the Assumption of the Loan, the Qualified Preferred Equity Investment (as defined below), the execution of the Operating Lease Agreements (as defined below), and
the execution of the Management Agreements (as defined below), as such requirements are set forth in the Original Borrower’s Loan Documents and that certain conditional consent letter issued by Berkadia on August 27, 2014 and executed by
Original Borrower and New Borrower (the “Original Conditional Approval Letter”), as affected by that certain conditional approval extension letter issued by Berkadia on November 20, 2014 and executed by Original Borrower
and New Borrower (the “Conditional Approval Extension Letter”), as further affected by that certain conditional approval letter issued by Berkadia on February 26, 2015 and executed by Original Borrower and New Borrower
(the “Modifications Conditional Approval Letter” and together with the Original Conditional Approval Letter and the Conditional Approval Extension Letter, the “Conditional Approval Letter”). Lender
hereby confirms receipt of the deliverables required in connection with the Assumption of the Loan, the Qualified Preferred Equity Investment, the execution of the Operating Lease Agreements, and the execution of the Management Agreements, as such
requirements are set forth in the Original Borrower’s Loan Documents and the Conditional Approval Letter. 
 (b) In reliance upon the
representations, warranties and covenants set forth herein by Original Borrower, Original Guarantor, New Borrower and New Guarantor, Lender hereby consents to the Assumption and waives its right to accelerate the Loan pursuant to any provision of
the Original Borrower’s Loan Documents which might otherwise provide such right to Lender solely on account of such Assumption. Lender’s consent to the Assumption is not intended to be and shall not be construed as its consent to any
subsequent assumption which requires Lender’s consent pursuant to the terms of the Loan Agreement or any other Loan Document. 
 (c)
New Borrower hereby authorizes the Lender to file any and all UCC financing statements and UCC financing statement amendments as Lender may deem necessary from time to time including, without limitation, financing statements containing the
description “all assets of New Borrower” or “all personal property of New Borrower” or similar language. 

  
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 (d) Concurrently with the Lender’s consent to the Assumption, Lender consents to a certain
equity investment by W2007 Equity Inns Senior Mezz, LLC, a Delaware limited liability company (the “Qualified Preferred Equity Investor”), in ARC Hospitality Portfolio I Holdco LLC, a Delaware limited liability company (the
“Qualified Preferred Equity Investment”), the owner of ninety-nine percent of the limited partnership interests in New Borrower, which Qualified Preferred Equity Investment is evidenced by that certain Amended and Restated
Limited Liability Company Agreement, dated as of the date hereof, executed by and among American Realty Capital Hospitality Portfolio Member, LP, a Delaware limited partnership, Qualified Preferred Equity Investor and William G. Popeo, as initial
special member. 
 (e) Concurrently with the Lender’s consent to the Assumption, Lender consents to those certain operating lease
agreements identified on Schedule I attached hereto and by this reference incorporated herein (collectively, the “Operating Lease Agreements”). 

(f) Concurrently with the Lender’s consent to the Assumption, Lender consents to those certain management agreements identified on
Schedule II attached hereto and by this reference incorporated herein (collectively, the “Management Agreements”). 

(g) Original Borrower, New Borrower and Lender hereby acknowledge that the Cap Agreement (as defined in the Assignment of Rate Cap Agreement)
has been novated pursuant to a Novation Confirmation dated on or about the Effective Date executed by SMBC Capital Markets, Inc., New Borrower and Original Borrower. 

3. Assumption of Obligations. As of the Effective Date, Original Borrower does hereby assign, transfer and convey to New Borrower all of
its right, title and interest in and to the Loan Documents, and New Borrower hereby unconditionally accepts and assumes Original Borrower’s right, title and interest in and to the Loan Documents and agrees to comply with all covenants and
obligations therein, including, without limitation, the obligation to pay the unpaid balance due and owing on the Loan and all interest thereon. Without limiting the foregoing, New Borrower agrees to keep and observe all of the covenants, terms and
conditions required to be kept, observed and performed by Borrower pursuant to the Note and all of the other Loan Documents, to the same effect as if New Borrower were the original maker of, and a party to, the Loan Documents including, but not
limited to, payment of all sums presently outstanding under the Note. New Borrower hereby adopts, ratifies and confirms as of the Effective Date all of the representations, warranties and covenants of Original Borrower contained in the Loan
Documents as if made by New Borrower as of the Effective Date except to the extent such representations and warranties are matters which by their nature can no longer be true and correct as a result of the passage of time or apply only to the
Original Borrower, Original Guarantor, or other facts or circumstances that existed only at the execution of the Original Borrower’s Loan Documents. 

  
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 4. Limited Release of Original Borrower and Original Guarantor; Reaffirmation. 

(a) In reliance upon the representations, warranties and covenants set forth herein by Original Borrower and Original Guarantor, Lender hereby
releases: (i) Original Borrower from any and all liability for repayment of the principal and interest under the terms of the Note and the other Original Borrower’s Loan Documents, and all other obligations under the Original
Borrower’s Loan Documents, to the extent such obligations arise from matters first occurring from and after the Effective Date which are not caused by or arise out of any acts of Original Borrower or its Affiliates (as defined in the Loan
Agreement); and (ii) Original Guarantor from any and all liability under the Original Guaranty and the Original Environmental Indemnity to the extent arising from matters first occurring from and after the Effective Date which are not caused by
or arise out of any acts of Original Guarantor or its Affiliates. Lender hereby reserves all rights it may have against Original Borrower and Original Guarantor for acts or omissions of or events caused by Original Borrower or Original Guarantor, in
each case, arising or occurring prior to the Effective Date. 
 (b) The release of Original Borrower and Original Guarantor provided for in
Section 4(a) above shall be deemed withdrawn and shall have no effect to the extent that this Agreement is held to be void or is determined to be unenforceable in its entirety by any court in a final non-appealable order as a result of any
action or inaction by or on behalf of Original Borrower or Original Guarantor, or if any representation or warranty by Original Borrower or Original Guarantor made in connection with this Agreement is false or misleading in any material respect when
made. In all cases, Original Borrower and Original Guarantor, as applicable, shall bear the burden of proof on the issue of the time at which an act or event first occurred or an obligation first arose, which is the subject of claimed liability
under any of the Original Borrower’s Loan Documents. 
 (c) Notwithstanding anything to the contrary contained herein, and subject to
the release contained in Section 4(a) hereof, Original Borrower and Original Guarantor do hereby ratify and confirm their respective obligations under the Original Borrower’s Loan Documents to the extent arising or resulting from acts or
omissions of or events caused by Original Borrower or Original Guarantor, in each case, arising or occurring prior to the Effective Date. 

5. Representations.  
 (a)
New Borrower represents and warrants to Berkadia and Lender that as of the Effective Date: 
 (i) New Borrower is duly
organized, validly existing and in good standing under the laws of its state of formation or organization and has full power and authority to conduct its affairs as now being conducted and as proposed to be conducted; 

(ii) New Borrower has full power and authority to enter into, execute, deliver and carry out this Agreement and the Loan
Documents to which it is a party, by assumption or otherwise, and to perform its obligations hereunder and thereunder and all such actions have been duly authorized by all necessary actions on its part; 

  
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 (iii) This Agreement and the other documents executed in connection herewith have
been duly executed and delivered by New Borrower. This Agreement and the Loan Documents to which New Borrower is a party, by assumption or otherwise, constitute legal, valid and binding obligations of New Borrower, enforceable against New Borrower
in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally; 

(iv) New Borrower has received and reviewed copies of all of the Loan Documents; 

(v) New Borrower nor, to New Borrower’s knowledge, any person owning an interest in New Borrower (except that New
Borrower’s knowledge shall not require any investigation into ownership of issued shares of ARC REIT), is a country, territory, individual or entity named on a list maintained by the U.S. Treasury Department’s Office of Foreign Assets
Control (“OFAC”), or is a Specially Designated National or Blocked Person under the programs administered by OFAC; 

(vi) Except in connection with the Qualified Preferred Equity Investment (as defined in the Loan Agreement), no equity interest
in New Borrower has been pledged, hypothecated or otherwise encumbered as security for any obligation, and none of the capital contributed to New Borrower was made in the form of a loan; 

(vii) There is no litigation or other proceeding against New Borrower pending or, to New Borrower’s knowledge, threatened
in writing against New Borrower, which, if adversely determined, is reasonably likely to materially and adversely affect the financial condition of New Borrower or its ability to legally perform its obligations under this Agreement and the other
Loan Documents; 
 (viii) The execution, delivery and performance of this Agreement, and the performance of New
Borrower’s obligations under the Loan Documents, (A) does not conflict with or result in a violation of New Borrower’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which New
Borrower is a party, and (B) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which New Borrower is bound or to which New Borrower is a party;

 (ix) There is no bankruptcy, receivership or insolvency proceeding pending or threatened against New Borrower; and 

(x) No proceeding is pending for the dissolution or annulment of New Borrower, and all license, income and franchise taxes due
and payable by New Borrower have been paid in full, unless the non-payment of such taxes could not be reasonably expected to have a material adverse change in the financial condition, operations or business of New Borrower. 

  
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 (b) Each New Guarantor individually represents and warrants to Berkadia and Lender that as of
the Effective Date, solely with respect to itself: 
 (i) Such New Guarantor is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full power and authority to conduct its affairs as now being conducted and as proposed to be conducted; 

(ii) This Agreement, the New Guaranty, the New Environmental Indemnity and the other documents executed by such New Guarantor
in connection herewith have been duly executed and delivered by such New Guarantor. This Agreement, the New Guaranty, the New Environmental Indemnity and such other documents constitute such New Guarantor’s legal, valid and binding obligations,
enforceable against such New Guarantor in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally; 

(iii) Such New Guarantor has received and reviewed copies of all of the Loan Documents; 

(iv) Such New Guarantor nor, to such New Guarantor’s knowledge, any person owning an interest in such New Guarantor
(except that such New Guarantor’s knowledge shall not require any investigation into ownership of issued shares of ARC REIT), is a country, territory, individual or entity named on a list maintained by OFAC, or is a Specially Designated
National or Blocked Person under the programs administered by OFAC; 
 (v) There is no litigation or other proceeding against
such New Guarantor pending or, to such New Guarantor’s knowledge, threatened in writing against such New Guarantor, which, if adversely determined, is reasonably likely to materially and adversely affect the financial condition of such New
Guarantor or its ability to legally perform its obligations under this Agreement and the other Loan Documents to which such New Guarantor is a party; 

(vi) Such New Guarantor has full power and authority to enter into, execute, deliver and perform this Agreement and the New
Guaranty, the New Environmental Indemnity and the other documents executed by such New Guarantor in connection herewith and such execution, delivery and performance (A) have been duly and validly authorized by all necessary actions on the part
of such New Guarantor, (B) does not conflict with or result in a violation of such New Guarantor’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which such New Guarantor is a party,
and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which such New Guarantor is bound or to which such New Guarantor is a party; 

 

  
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 (vii) There is no bankruptcy, receivership or insolvency proceeding pending or
threatened against such New Guarantor; and 
 (viii) No proceeding is pending for the dissolution or annulment of such New
Guarantor, and all license, income and franchise taxes due and payable by such New Guarantor have been paid in full, unless the non-payment of such taxes could not be reasonably expected to have a material adverse change in the financial condition,
operations or business of New Guarantor. 
 (c) Original Borrower represents and warrants to Berkadia and Lender that as of the Effective
Date: 
 (i) Original Borrower has not received a security instrument or security agreement from New Borrower encumbering the
Collateral to secure the payment of any sums due Original Borrower or obligations to be performed by New Borrower; 
 (ii)
There exist no defenses, offsets or counterclaims by Original Borrower to this Agreement or the Original Borrower’s Loan Documents; 

(iii) There is no Event of Default by Original Borrower under the provisions of Original Borrower’s Loan Documents
executed or assumed by Original Borrower, nor, to Original Borrower’s knowledge, are there any conditions which with the giving of notice or the passage of time or both may constitute an Event of Default by Original Borrower under the
provisions of the Original Borrower’s Loan Documents; 
 (iv) The Original Borrower’s Loan Documents are in full
force and effect; 
 (v) There are no subordinate liens of any kind covering or relating to the Collateral, nor has notice of
a lien or notice of intent to file a lien been received; 
 (vi) There is no litigation or other proceeding against Original
Borrower or the Collateral pending or overtly threatened, by written communication to Original Borrower, wherein an unfavorable decision might reasonably result in a material adverse change in the financial condition of Original Borrower or its
ability to legally perform its obligations under this Agreement and the Original Borrower’s Loan Documents; 
 (vii)
There is no bankruptcy, receivership or insolvency proceeding pending or, to Original Borrower’s knowledge, threatened in writing against Original Borrower; 
  

  
 12 

 (viii) No proceeding is pending for the dissolution or annulment of Original
Borrower, and all license, income and franchise taxes due and payable by Original Borrower have been paid in full; and 

(ix) Original Borrower has full power and authority to enter into, execute, deliver and perform this Agreement and such
execution, delivery and performance (A) have been duly and validly authorized by all necessary actions on the part of Original Borrower, (B) does not conflict with or result in a violation of Original Borrower’s organizational
documents or any judgment, order or decree of any court or arbiter in any proceeding to which Original Borrower is a party, and (C) does not conflict with, or constitute a material breach of, or constitute a material default under, any
contract, agreement or other instrument by which Original Borrower is bound or to which Original Borrower is a party. 
 (d) Each Original
Guarantor represents and warrants to Berkadia and Lender that as of the Effective Date: 
 (i) As of the Effective Date,
there is no Event of Default or, to Original Guarantor’s knowledge, event which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Original Borrower’s Loan Documents executed or
assumed by Original Guarantor; 
 (ii) The Original Borrower’s Loan Documents executed by Original Guarantor are in full
force and effect; 
 (iii) There is no litigation or other proceeding against Original Guarantor pending or overtly
threatened, by written communication to Original Guarantor, wherein an unfavorable decision might reasonably result in a material adverse change in the financial condition of Original Guarantor or its ability to legally perform its obligations under
this Agreement; 
 (iv) Original Guarantor has the full power and authority to enter into this Agreement and perform its
obligations hereunder. The execution, delivery and performance of this Agreement and the other documents contemplated herein by Original Guarantor (A) have been duly and validly authorized by all necessary action on the part of Original
Guarantor, (B) does not conflict with or result in a violation of Original Guarantor’s organizational documents or any judgment, order or decree of any court or arbiter in any proceeding to which Original Guarantor is a party, and
(C) does not conflict with, or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which Original Guarantor is bound or to which Original Guarantor is a party; 

(v) There is no bankruptcy, receivership or insolvency proceeding pending or, to Original Guarantor’s knowledge,
threatened in writing against Original Guarantor; and 

  
 13 

 (vi) No proceeding is pending for the dissolution or annulment of Original
Guarantor, and all license, income and franchise taxes due and payable by Original Guarantor have been paid in full. 
 6. Financial
Information. 
 (a) New Borrower hereby represents and warrants to Lender that all information and materials regarding New Borrower and
its affiliates provided by or on behalf of New Borrower to Berkadia were true and correct in all material respects as of the date of delivery thereof and remain materially true and correct as of the Effective Date. 

(b) Each New Guarantor hereby represents and warrants to Lender, solely as to itself, that all information and materials regarding such New
Guarantor and its affiliates provided by or on behalf of such New Guarantor to Berkadia were true and correct in all material respects as of the date of delivery thereof and remain materially true and correct as of the Effective Date. 

7. Addresses. Lender, New Borrower and New Guarantor agree that all notice provisions contained in the Loan Documents are hereby
modified to amend the notice address for Lender, New Borrower and New Guarantor, and that from and after the Effective Date, the notice addresses for Lender, New Borrower and New Guarantor, respectively, are as follows: 

If to Lender: 
 U.S. Bank
National Association, as Trustee for the Registered Holders of 
 EQTY 2014-MZ Mezzanine Trust, Commercial Mezzanine Pass-Through
Certificates 
 c/o Berkadia Commercial Mortgage LLC 

323 Norristown Road, Suite 300 

Ambler, PA 19002 
 Attention:
Client Relations Manager for 

                  Loan Nos. 01-0085684 &
01-0086644 
 Facsimile No.: (215) 328-3832 

If to New Borrower: 
 ARC
Hospitality Portfolio I Mezz, LP 
 c/o American Realty Capital 

405 Park Avenue 
 New York, New
York 10022 
 Facsimile No.: (212) 421-5799 

If to New Guarantor: 
 Whitehall
Street Global Real Estate Limited Partnership 2007 and 
 Whitehall Parallel Global Real Estate Limited Partnership 2007 

  
 14 

 c/o Goldman Sachs & Co. 

200 West Street 
 New York, New
York 10282 
 Attention: Chief Financial Officer 

Facsimile No.: (212) 357-5505 

And 
 American Realty Capital
Hospitality Operating Partnership, L.P. and 
 American Realty Capital Hospitality Trust, Inc. 

c/o American Realty Capital 

405 Park Avenue 
 New York, New
York 10022 
 Facsimile No.: (212) 421-5799 

with a copy to: 
 Goldman Sachs
Realty Management, L.P. 
 6011 Connection Drive 

Irving, Texas 7039 
 Attention:
Investment Management 
 Facsimile No.: (972) 368-3699 

with a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention: Anthony J. Colletta, Esq. 

Facsimile No. (212) 291-9029 

with a copy to: 
 Goodwin
Procter LLP 
 53 State Street 

Boston, MA 02109 
 Attn: Samuel
L. Richardson, Esq. 
 Facsimile No.: (617) 523-1231 

8. Release of Berkadia and Lender. Original Borrower, New Borrower, Original Guarantor and New Guarantor hereby each, as to its own
Claims only, unconditionally and irrevocably releases and forever discharges Berkadia and Lender and their respective successors, assigns, agents, directors, officers, employees, and attorneys (collectively, the
“Indemnitees”) from all Claims, as defined below, and each, as to its own Claims only, agrees to indemnify the Indemnitees, hold the Indemnitees harmless, and defend the Indemnitees with counsel reasonably acceptable to the
Indemnitees from and against any and all claims, losses, 

  
 15 

 
causes of action, costs and expenses of every kind or character in connection with the Claims in connection with this Agreement (excluding any Claims arising out of or resulting from the gross
negligence, illegal acts, bad faith or willful misconduct of any of the Indemnitees). As used in this Agreement, the term “Claims” shall mean any and all possible claims, demands, actions, costs, expenses and liabilities
whatsoever, known or unknown, at law or in equity, originating in whole or in part on or before the Effective Date, which each of Original Borrower, New Borrower, Original Guarantor or New Guarantor or any of their respective directors, partners,
principals, affiliates, members, shareholders, officers, agents, employees or successors, may now or hereafter have against the Indemnitees, if any, and irrespective of whether any such Claims arise out of contract, tort, violation of laws, or
regulations, or otherwise in connection with the Loan or any of the Loan Documents (other than the Assumption Agreement) or the Original Borrower’s Loan Documents, including, without limitation, any contracting for, charging, taking, reserving,
collecting or receiving interest in excess of the highest lawful rate applicable thereto and any loss, cost or damage, of any kind or character, arising out of or in any way connected with or in any way resulting from the acts, actions or omissions
of any of the Indemnitees (excluding any claims, demands, actions, costs, expenses and liabilities arising out of or resulting from the gross negligence, illegal acts, bad faith or willful misconduct of any of the Indemnitees), including any
requirement that the Loan Documents or Original Borrower’s Loan Documents be modified as a condition to the transactions contemplated by this Agreement. Original Borrower, New Borrower, Original Guarantor and each New Guarantor agree that
Berkadia and Lender have no fiduciary or similar obligations to Original Borrower, New Borrower, Original Guarantor or New Guarantor or any of them and that their relationship is strictly that of creditor and debtor. This release is accepted by
Berkadia and Lender pursuant to this Agreement and shall not be construed as an admission of liability on the part of either of them. Original Borrower, New Borrower, Original Guarantor and each New Guarantor hereby represents and warrants, each as
to itself only, that it is the current legal and beneficial owner of all Claims, if any, applicable to it and released hereby by such party and has not assigned, pledged or contracted to assign or pledge any such Claim to any other person. 

9. Confirmation of Waivers. New Borrower, without limiting the generality of its obligations under the Loan Documents, hereby confirms
and ratifies the submission to jurisdiction and waivers set forth in the Loan Documents. 
 10. Binding Effect. This Agreement shall
be binding upon the parties and their respective heirs, executors, administrators, successors, permitted assigns and representatives. 
 11.
Ratification. Lender and New Borrower hereby ratify and affirm all of the Loan Documents and all of its or the other’s, as applicable, respective rights, agreements, obligations, priorities, reservations, promises and waivers as made and
agreed and contained therein and as assumed pursuant to this Agreement by New Borrower, all of which shall remain in full force and effect. 

12. No Impairment of Lien; No Satisfaction. Nothing set forth herein shall affect the priority or extent of the lien of any of the Loan
Documents, nor, except as expressly set forth herein, release or change the liability of any party who may now be or after the Effective Date, become liable, primarily or secondarily, under the Loan Documents. This Agreement does not, and shall not
be construed to, constitute the creation of new indebtedness or the satisfaction, discharge or extinguishment of the debt secured by the Loan Documents. 

  
 16 

 13. Third Party Beneficiary Status of Berkadia. New Borrower, Original Borrower, Original
Guarantor and New Guarantor hereby each acknowledges and agrees that Berkadia, its successors and assigns, are all intended third party beneficiaries of this Agreement. 

14. Bankruptcy Remote Single Purpose Entities. New Borrower is currently a bankruptcy-remote single purpose entity and will take all
necessary company action (including, but not limited to, revising and filing charter and control documents in form, substance and structure as may be reasonably required by Lender) in order for the New Borrower to continue as a bankruptcy-remote
single purpose entity. 
 15. Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. For the avoidance of
doubt, New Borrower shall comply with the requirements of Section 4.32 of the Loan Agreement. 
 16. Fees. Original Borrower,
New Borrower and Lender have agreed that, simultaneously with the execution hereof, all fees, costs, and charges arising in connection with the execution of this Agreement, including without limitation, all reasonable attorneys’ fees, title
company fees, title insurance premiums, recording costs, assumption and/or transfer fees and other closing costs incurred by Lender in connection with this Agreement, will be paid as of the Effective Date, and that Lender shall have no obligation
whatsoever for payment thereof. New Borrower acknowledges and agrees that none of the fees, costs, and charges paid in connection with the execution of this Agreement shall be applied to or set off against the principal balance of the Note. 

17. Miscellaneous. 
 (a)
Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York pursuant to Section 5-1401 of the New York General Obligations Law. 

(b) Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 (c) Modifications. No change or modification of this Agreement shall be
valid unless the same is in writing and signed by all parties hereto. 
 (d) Complete Agreement. This Agreement and the Loan
Documents represent the complete agreement among the parties with regard to the items set forth herein, and there are no representations, covenants, warranties, agreements or conditions, oral or written, between the parties not set forth in this
Agreement and the Loan Documents. 

  
 17 

 (e) Headings, Schedules and Exhibits. The Article and/or Section headings in this
Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the
same effect as if set forth in the body hereof. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts,
each of which when taken together shall be deemed an original, but all of which shall together constitute one and the same instrument. 

(g) Joint and Several Liability. If New Borrower consists of more than one person or entity, each is jointly and severally liable to
perform the obligations of New Borrower hereunder, and all representations, warranties, covenants and agreements made by New Borrower are joint and several. 

18. Supremacy Clause. It is hereby agreed that the terms and conditions of the Note and other Loan Documents, as modified by this
Agreement, shall remain in full force and effect and shall be binding upon New Borrower. It is understood and agreed that in the event there are any conflicting or omitted provisions or variations between the terms, conditions, rights, or remedies
in the Note or any other Loan Document (other than this Agreement) and the terms of this Agreement, those terms, conditions, rights or remedies which are most favorable to Lender shall remain in full force and effect and shall prevail. A default
under the terms and conditions of this Agreement shall constitute a default under the terms and conditions of the Note and other Loan Documents. 

19. Waiver of Trial by Jury. ORIGINAL BORROWER, NEW BORROWER, ORIGINAL GUARANTOR AND NEW GUARANTOR EACH HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 
 20.
Further Assurances. Original Borrower, Original Guarantor, New Borrower and New Guarantor shall cooperate with Lender and shall execute and deliver, or cause to be executed and delivered, all such other documents and instruments, and shall
take all such other action that Lender may request from time to time in order to accomplish and satisfy the provisions and purposes of this Agreement, including such confirmations and/or corrective instruments as Lender reasonably may require,
provided that such documents, instruments or actions shall not increase the liabilities or obligations of Original Borrower, Original Guarantor, New Borrower or New Guarantor under this Agreement of any of the other Loan Documents. 

  
 18 

 21. Modification to Loan Documents. From and after the Effective Date, New Borrower and
Lender hereby agree that the Loan Documents are hereby amended as follows: 
  

	(a)	The defined term “Loan Party” as provided in Section 1.1 of the Loan Agreement shall include SPC Party. 

  

	(b)	The defined term “Pledged Collateral” as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“Pledged Collateral” shall mean (A) the 100% ownership interest of Borrower in (i) ARC Hospitality Portfolio
I Owner, LLC, a Delaware limited liability company, (ii) ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company, (iii) ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company,
(iv) ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company, (v) ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company, (vi) ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a
Delaware limited liability company, (vii) ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company, (viii) ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership, (ix) ARC Hospitality
Portfolio I DLGL Owner, LP, a Delaware limited partnership, and (x) ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership, and (B) the 100% ownership interest of Borrower in ARC Hospitality Portfolio I NTC Owner GP,
LLC, a Delaware limited liability company and the general partner of (i) ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership, (ii) ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership, and
(iii) ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership. 
  

	(a)	Schedule I of the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Individual Properties and Allocated Loan Amounts attached hereto as Exhibit A.

  

	(b)	Schedule I-M1 of the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Mortgage Loan Allocated Loan Amounts attached hereto as Exhibit B.

  

	(c)	Schedule III to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Organizational Chart of New Borrower and Tax ID Numbers attached hereto as Exhibit C and by
this reference incorporated herein. 

  

	(d)	Schedule VI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Intellectual Property/Websites attached hereto as Exhibit D and by this
reference incorporated herein. 

  
 19 

	(e)	Schedule VIII to the Loan Agreement is hereby amended to include the additional documents pertaining to the Ground Leases listed on that certain schedule of additional Ground Lease documents attached
hereto as Exhibit E and by this reference incorporated herein. 

  

	(f)	Schedule XI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Rent Roll attached hereto as Exhibit F and by this reference incorporated herein.

  

	(g)	Schedule XII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Franchise Agreements attached hereto as Exhibit G and by this reference
incorporated herein. 

  

	(h)	Schedule XVII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain schedule of Expiring Franchise Properties attached hereto as Exhibit H and by this
reference incorporated herein. 

  

	(i)	Schedule XVIII to the Loan Agreement is hereby deleted in its entirety and replaced with that certain Scheduled PIP attached hereto as Exhibit I and by this reference incorporated herein.

  

	(j)	Schedule XXI to the Loan Agreement is hereby deleted in its entirety and replaced with that certain PIP Work Other Than Scheduled PIP attached hereto as Exhibit J and by this reference
incorporated herein. 

  

	(k)	The term “ARC Hospitality” as defined in Section 4.14.2(b) of the Loan Agreement shall mean American Realty Capital Hospitality Properties, LLC or American Realty Capital Hospitality Grace Portfolio, LLC,
a Delaware limited liability company, a wholly-owned subsidiary of American Realty Capital Hospitality Properties, LLC. 

  

	(l)	Section 10.4(a) of the Loan Agreement is hereby modified by deleting “CT Corporation System, 111 Eighth Avenue, New York, New York 10011” and replacing it with “Corporation Service Company, 1180
Avenue of the Americas, Suite 210, New York, New York 10036-8401”. 

  

	(m)	For the avoidance of doubt, ARC Hospitality Portfolio I Mezz GP, LLC, a Delaware limited liability company, the general partner of Borrower shall be deemed to be an SPC Party under the Loan Agreement and the other Loan
Documents. 

  

	(n)	The provisions provided on Schedule III attached hereto and by this reference incorporated herein are hereby deleted in their entirety and restated or amended and restated as provided therein to
incorporate references to the SPC Party. 

  

	(o)	Section 7.2(g)(iv) of the Loan Agreement is hereby deleted in its entirety. 

  
 20 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 21 

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

			
	ORIGINAL BORROWER:
	
	 WNT MEZZ I, LLC,
 a Delaware
limited liability company

		
	By:		 /s/ Greg Fay

	Name: Greg Fay
	Title:   Manager

 [Signatures continue on next page] 

 
					
	NEW BORROWER:
	
	 ARC HOSPITALITY PORTFOLIO I MEZZ, LP,

a Delaware limited partnership

		
	By:		ARC Hospitality Portfolio I NTC Owner GP, LLC, a Delaware limited liability company
			
			By:		 /s/ Jonathan Mehlman

			Name: Jonathan Mehlman
			Title: CEO and President

 [Signatures continue on next page] 

 
					
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF EQTY 2014-MZ MEZZANINE TRUST, COMMERCIAL MEZZANINE PASS-THROUGH CERTIFICATES
		
	By:		KeyBank National Association
		
	Its:		Master Servicer
			
			By:		Berkadia Commercial Mortgage LLC, a Delaware limited liability company
			
			Its:		Subservicer
			
			By:		 /s/ Gary A. Routzahn

			 Name:  Gary A. Routzahn Authorized Representative

 [Signatures continue on next page] 

 
			
	ORIGINAL GUARANTOR:
	
	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
		
	By:		WH Advisors, L.L.C. 2007, a Delaware limited liability company, its General Partner
		
	By:		 /s/ Peter Weidman

	Name: Peter Weidman
	Title:   Vice President
	
	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
		
	By:		WH Advisors, L.L.C. 2007, a Delaware limited liability company, its General Partner
		
	By:		 /s/ Peter Weidman

	Name: Peter Weidman
	Title:   Vice President

 [Signatures continue on next page] 

 
					
	NEW GUARANTOR:
	
	 AMERICAN REALTY CAPITAL
HOSPITALITY OPERATING PARTNERSHIP, L.P., 

a Delaware limited partnership

		
	By:		American Realty Capital Hospitality Trust, Inc., a Maryland corporation, its general partner
			
			By:		 /s/ Jonathan Mehlman

			Name: Jonathan Mehlman
			Title: CEO and President
	
	AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation
		
	By:		 /s/ Jonathan Mehlman

	Name: Jonathan Mehlman
	Title: CEO and President

 [Signatures continue on next page] 

 
			
	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
		
	By:		WH Advisors, L.L.C. 2007, a Delaware limited liability company, its General Partner
		
	By:		 /s/ Peter Weidman

	Name: Peter Weidman
	Title:   Vice President
	
	WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership
		
	By:		WH Advisors, L.L.C. 2007, a Delaware
			limited liability company, its General Partner
		
	By:		 /s/ Peter Weidman

	Name: Peter Weidman
	Title:   Vice President

 SCHEDULE I 

Operating Lease Agreements 

(see attached) 

											
	 Lease #
	  	 Lessor
	  	 Lessee
	  	 Property Name
	  	 Property Address
	  	 City/St/Zip

						
	001	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Birmingham/Hoover	  	2980 John Hawkins Parkway	  	Birmingham, AL 35244
						
	002	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Embassy Suites Orlando International Drive/Jamaican Court	  	8250 Jamaican Court	  	Orlando, FL 32819
						
	003	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Miami Airport—West/Doral	  	3655 NW 82nd Avenue	  	Miami, FL 33166
						
	004	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Tampa Airport/Westshore	  	4811 West Main Street	  	Tampa Airport/Westshore, FL 33607
						
	005	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Fairfield Inn & Suites Atlanta Vinings	  	2450 Paces Ferry Road	  	Atlanta , GA 30339
						
	006	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Homewood Suites by Hilton Chicago-Downtown	  	40 East Grand Avenue	  	Chicago, IL 60611
						
	007	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Indianapolis/Keystone	  	9104 Keystone Crossing	  	Indianapolis, IN 46240
						
	008	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Baton Rouge/I-10	  	6080 Bluebonnet Boulevard	  	Baton Rouge, LA 70809
						
	009	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Baltimore/BWI Airport	  	940 International Drive	  	Linthicum Heights, MD 21090
						
	010	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Albuquerque/Uptown	  	6901 Arvada North East	  	Albuquerque, NM 87110
						
	011	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Cincinnati Blue Ash	  	11435 Reed Hartman Highway	  	Blue Ash, OH 45241
						
	012	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Columbus/Worthington	  	7490 Vantage Drive	  	Columbus, OH 43235
						
	013	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Memphis/Wolfchase Galleria	  	7905 Giacosa Place	  	Memphis, TN 38133
						
	014	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Nashville/Franklin/Cool Springs	  	650 Bakers Bridge Avenue	  	Franklin, TN 37067
						
	015	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Hyatt Place Richmond/Innsbrook	  	4100 Cox Road	  	Glen Allen, VA 23060
						
	016	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Courtyard Lexington South/Hamburg Place	  	1951 Pleasant Ridge	  	Lexington, KY 40509

											
						
	017	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Courtyard Louisville Downtown	  	100 South Second Street	  	Louisville, KY40202
						
	018	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Residence Inn Lexington South/Hamburg Place	  	2688 Pink Pigeon Parkway	  	Lexington, KY 40509
						
	019	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	SpringHill Suites Lexington Near the University of Kentucky	  	863 S. Broadway	  	Lexington, KY 40504
						
	020	  	ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Birmingham/Mountain Brook	  	2731 US Highway 280	  	Birmingham, AL 35223
						
	021	  	ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Homewood Suites by Hilton Phoenix-Biltmore	  	2001 East Highland Avenue	  	Phoenix, AZ 85016
						
	022	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Colorado Springs Air Force Academy	  	7245 Commerce Center Drive	  	Colorado Springs, CO 80919
						
	023	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Homewood Suites by Hilton Hartford/Windsor Locks	  	65 Ella Grasso Turnpike	  	Windsor Locks, CT 06096
						
	024	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn & Suites Boynton Beach	  	1475 West Gateway Boulevard	  	Boynton Beach, FL 33426
						
	025	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Boca Raton	  	1455 Yamato Road	  	Boca Raton, FL 33431
						
	026	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Boca Raton – Deerfield Beach	  	660 West Hillsboro Boulevard	  	Deerfield Beach, FL 33441
						
	027	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Palm Beach Gardens	  	4001 RCA Boulevard	  	Palm Beach Gardens, FL 33410
						
	028	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn West Palm Beach Florida Turnpike	  	2025 Vista Parkway	  	West Palm Beach, FL 33411
						
	029	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Chicago/Gurnee	  	5550 Grand Avenue	  	Gurnee, IL 60031
						
	030	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Kansas City/Overland Park	  	10591 Metcalf Frontage Road	  	Overland Park, KS 66212
						
	031	  	ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Baltimore/Glen Burnie	  	6617 Ritchie Highway	  	Glen Burnie, MD 21061
						
	032	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Detroit/Madison Heights/South Troy	  	32420 Stephenson Highway	  	Madison Heights, MI 48071

											
						
	033	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Detroit/Northville	  	20600 Haggerty Road	  	Northville, MI 48167
						
	034	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn St. Louis/Westport	  	2454 Old Dorsett Road	  	Maryland Heights, MO 63043
						
	035	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Albany-Wolf Road (Airport)	  	10 Ulenski Drive	  	Albany, NY 12005
						
	036	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Cleveland/Westlake	  	29690 Detroit Road	  	Westlake, OH 44145
						
	037	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Columbus/Dublin	  	3920 Tuller Road	  	Dublin, OH 43017
						
	038	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Scranton at Montage Mountain	  	22 Montage Mountain Road	  	Scranton, PA 18507
						
	039	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Kansas City-Airport	  	11212 North Newark Circle	  	Kansas City, MO 64153
						
	040	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn State College	  	1101 East College Avenue	  	State College, PA 16801
						
	041	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Charleston-Airport/Coliseum	  	4701 Saul White Boulevard North	  	Charleston, SC 29418
						
	042	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Columbia—I-26 Airport	  	1094 Chris Drive	  	West Columbia, SC 29169
						
	043	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Memphis-Poplar	  	5320 Poplar Avenue	  	Memphis, TN 38119
						
	044	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Pickwick Dam—at Shiloh Falls	  	90 Old South Road	  	Counce, TN 38326
						
	045	  	ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Norfolk-Naval Base	  	8501 Hampton Boulevard	  	Norfolk, VA 23505
						
	046	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Beckley	  	110 Harper Park Drive	  	Beckley, WV 25801
						
	047	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	Hampton Inn Morgantown	  	1053 Van Voorhis Road	  	Morgantown, WV 26505
						
	048	  	ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Mobile	  	1000 West I-65 Service Road	  	Mobile, AL 36609

											
						
	049	  	ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Mobile	  	 950 West I-65 Service
 Road S.
	  	Mobile , AL 36609
						
	050	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Gainesville	  	3700 SW 42nd Street	  	Gainesville, FL 32608
						
	051	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Orlando Altamonte Springs/Maitland	  	1750 Pembrook Drive	  	Orlando, FL 32810
						
	052	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Sarasota Bradenton Airport	  	850 University Parkway	  	Sarasota, FL 34234
						
	053	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Tallahassee North/I-10 Capital Circle	  	1972 Raymond Diehl Road	  	Tallahassee, FL 32308
						
	054	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Holiday Inn Express and Suites: Kendall East-Miami	  	11520 SW 88th Street	  	Miami, FL 33176
						
	055	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Fort Myers	  	2960 Colonial Boulevard	  	Fort Myers, FL 33912
						
	056	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Sarasota Bradenton	  	1040 University Parkway	  	Sarasota, FL 34234
						
	057	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Tallahassee North/I-10 Capital Circle	  	1880 Raymond Diehl Road	  	Tallahassee, FL 32308
						
	058	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Tampa Sabal Park/Brandon	  	9719 Princess Palm Avenue	  	Tampa, FL 33619
						
	059	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Tampa North/I-75 Fletcher	  	13420 North Telecom Parkway	  	Tampa, FL 33637
						
	060	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Athens Downtown	  	166 North Finley Street	  	Athens, GA 30601
						
	061	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Macon	  	3900 Sheraton Drive	  	Macon, GA 31210
						
	062	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Savannah Midtown	  	5710 White Bluff Road	  	Savannah, GA 31405
						
	063	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Courtyard Knoxville Cedar Bluff	  	216 Langley Place	  	Knoxville, TN 37922
						
	064	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Chattanooga Downtown	  	215 Chestnut Street	  	Chattanooga, TN 37402

											
						
	065	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company	  	Residence Inn Knoxville Cedar Bluff	  	215 Langley Place at North Peters Road	  	Knoxville, TN 37922
						
	066	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Courtyard Jacksonville Airport Northeast	  	14668 Duval Road	  	Jacksonville, FL 32218
						
	067	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Residence Inn Boise Downtown	  	1401 Lusk Avenue	  	Boise, ID 83706
						
	068	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Courtyard Chicago Elmhurst/Oakbrook Area	  	370 North IL Route 83	  	Elmhurst, Il 60126
						
	069	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I TRS, LLC, a Delaware limited liability company	  	Courtyard Bowling Green Convention Center	  	1010 Wilkinson Trace	  	Bowling Green, KY 42104
						
	070	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Hampton Inn Boston/Peabody	  	59 Newbury Street Route 1 North	  	Peabody, MA 01960
						
	071	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Homewood Suites by Hilton Boston-Peabody	  	57 Newbury Street	  	Boston, MA 01960
						
	072	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Hampton Inn Grand Rapids-North	  	500 Center Drive	  	Grand Rapids, MI 49544
						
	073	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	SpringHill Suites Grand Rapids North	  	450 Center Drive	  	Grand Rapids, MI 49544
						
	074	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Hyatt Place Minneapolis Airport-South	  	7800 International Drive	  	Bloomington, MN 55425
						
	075	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Hyatt Place Las Vegas	  	4520 Paradise Road	  	Las Vegas, NV 89109
						
	076	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Residence Inn Portland Downtown/Lloyd Center	  	1710 NE Multnomah Street	  	Portland, OR 97232
						
	077	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Holiday Inn Charleston Mt. Pleasant	  	250 Johnny Dodds Boulevard	  	Mount Pleasant, SC 29464
						
	078	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company	  	Hampton Inn & Suites Nashville/Franklin (Cool Springs)	  	7141 South Springs Drive	  	Franklin, TN 37067
						
	079	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Residence Inn Los Angeles LAX/El Segundo	  	2135 East El Segundo Boulevard	  	El Segundo, CA 90245
						
	080	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Residence Inn San Diego Rancho Bernardo/Scripps Poway	  	12011 Scripps Highlands Drive	  	San Diego, CA 92131

											
						
	081	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	SpringHill Suites San Diego Rancho Bernardo/Scripps Poway	  	12032 Scripps Highlands Drive	  	San Diego, CA 92131
						
	082	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Fairfield Inn & Suites Dallas Medical/Market Center	  	2110 Market Center Boulevard at Stemmons	  	Dallas, TX 75207
						
	083	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	SpringHill Suites Austin Round Rock	  	2960 Hoppe Trail	  	Round Rock, TX 78681
						
	084	  	ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	SpringHill Suites San Antonio Medical Center/Northwest	  	3636 NW Loop 410	  	San Antonio, TX 78201
						
	085	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Courtyard Asheville	  	One Buckstone Place	  	Asheville, NC 28805
						
	086	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership	  	Hampton Inn Charlotte/Gastonia	  	1859 Remount Road	  	Gastonia, NC 28054
						
	087	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership	  	Hampton Inn Dallas -Addison	  	4505 Beltway Drive	  	Addison, TX 75001
						
	088	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership	  	Homewood Suites by Hilton San Antonio-Northwest	  	4323 Spectrum One	  	San Antonio, TX 78230
						
	089	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership	  	Hampton Inn Fayetteville I-95 10/25/2007	  	1922 Cedar Creek Road	  	Fayetteville, NC 28312
						
	090	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I DEKS TRS, LLC, a Delaware limited liability company	  	Hyatt Place Kansas City/Overland Park/Metcalf	  	6801 West 112th Street	  	Overland Park, KS 66211
						
	091	  	ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Courtyard Dallas Medical/Market Center	  	2150 Market Center Blvd.	  	Dallas, TX 75207
						
	092	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	Hilton Garden Inn Austin/Round Rock	  	2310 North IH35	  	Round Rock, TX 78681
						
	093	  	ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership	  	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership	  	SpringHill Suites Houston Hobby Airport	  	7922 Mosley Road	  	Houston, TX 77061
						
	094	  	ARC Hospitality Portfolio I Owner, LLC, a Delaware limited liability company	  	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company	  	 Hampton Inn Columbus-Airport
 Hampton Inn
Chattanooga-Airport/I-75
 Homewood Suites by Hilton Memphis-Germantown
	  	 5585 Whitesville Road
 7013 Shallowford
Road
 7855 Wolf River Boulevard
	  	 Columbus, GA 31904
 Chattanooga, TN 37421

Germantown, TN 38138

 SCHEDULE II 

Management Agreements 

(see attached) 

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Courtyard Asheville	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Athens Downtown	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Bowling Green Convention Center	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Courtyard Chicago Elmhurst/Oakbrook Area	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	First Hospitality Group, Inc.	  	
					
	Courtyard Dallas Medical/Market Center	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor-Related Agreement – Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	
					
		  	Liquor-Related Agreement – Management Agreement	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Courtyard Gainesville	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Jacksonville Airport Northeast	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Courtyard Knoxville Cedar Bluff	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Lexington South/Hamburg Place	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Musselman Hotels Management, LLC	  	
					
	Courtyard Louisville Downtown	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Musselman Hotels Management, LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Courtyard Mobile	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Orlando Altamonte Springs/Maitland	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Sarasota Bradenton Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Courtyard Tallahassee North/I-10 Capital Circle	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Embassy Suites Orlando International Drive/Jamaican Court	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Fairfield Inn & Suites Atlanta Vinings	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Fairfield Inn & Suites Dallas Medical/Market Center	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hampton Inn & Suites Boynton Beach	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Colorado Springs Air Force Academy	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn & Suites Nashville/Franklin (Cool Springs)	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Hampton Inn Albany-Wolf Road (Airport)	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Hampton Inn Baltimore/Glen Burnie	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Beckley	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Birmingham/Mountain Brook	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Boca Raton	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Boca Raton – Deerfield Beach	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Boston/Peabody	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Hampton Inn Charleston-Airport/Coliseum	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Charlotte/Gastonia	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC HIL TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Chattanooga-Airport/I-75	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Chicago/Gurnee	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Cleveland/Westlake	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Hampton Inn Columbia—I-26 Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Columbus/Dublin	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Columbus-Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Dallas -Addison	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC HIL TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Detroit/Madison Heights/South Troy	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Detroit/Northville	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Fayetteville I-95 10/25/2007	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC HIL TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Grand Rapids-North	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Hampton Inn Kansas City/Overland Park	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Kansas City-Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Memphis-Poplar	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Hampton Inn Morgantown	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Norfolk-Naval Base	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Palm Beach Gardens	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Pickwick Dam—at Shiloh Falls	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn Scranton at Montage Mountain	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn St. Louis/Westport	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn State College	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hampton Inn West Palm Beach Florida Turnpike	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Hampton Inns Management LLC	  	
					
	Hilton Garden Inn Austin/Round Rock	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor-Related Agreement – Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	
					
		  	Liquor-Related Agreement – Management Agreement	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Holiday Inn Charleston Mt. Pleasant	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Holiday Inn Express and Suites: Kendall East-Miami	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Homewood Suites by Hilton Boston-Peabody	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Homewood Suites by Hilton Chicago-Downtown	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Homewood Suites by Hilton Hartford/Windsor Locks	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Homewood Suties Management LLC	  	
					
	Homewood Suites by Hilton Memphis-Germantown	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Homewood Suties Management LLC	  	
					
	Homewood Suites by Hilton Phoenix-Biltmore	  	Operator Agreement	  	ARC Hospitality Portfolio I HIL TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Homewood Suties Management LLC	  	
					
	Homewood Suites by Hilton San Antonio-Northwest	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC HIL TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Homewood Suties Management LLC	  	
					
	Hyatt Place Albuquerque/Uptown	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Baltimore/BWI Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor Related Agreement—Occupancy Agreement	  	Crestline Hotels & Resorts, LLC	  	Crestline Hotels & Resorts, Inc.-Baltimore	  	ARC Hospitality Portfolio I TRS, LLC
					
	Hyatt Place Baton Rouge/I-10	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Birmingham/Hoover	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Hyatt Place Cincinnati Blue Ash	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	F&B Tenancy Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	Crestline Hotels Ohio BevCo, LLC	  	
					
	Hyatt Place Columbus/Worthington	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	F&B Tenancy Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	Crestline Hotels Ohio BevCo, LLC	  	
					
	Hyatt Place Indianapolis/Keystone	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Kansas City/Overland Park/Metcalf	  	Operator Agreement	  	ARC Hospitality Portfolio I DEKS TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor Related Agreement—F&B Management Agreement	  	ARC Hospitality Portfolio I KS TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Liquor Related Agreement—Sub-Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Las Vegas	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	Hyatt Place Memphis/Wolfchase Galleria	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Miami Airport—West/Doral	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Minneapolis Airport-South	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	First Hospitality Group, Inc.	  	
					
	Hyatt Place Nashville/Franklin/Cool Springs	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Hyatt Place Richmond/Innsbrook	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Hyatt Place Tampa Airport/Westshore	  	Operator Agreement	  	ARC Hospitality Portfolio I TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Residence Inn Boise Downtown	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Innventures IVI, LP	  	
					
	Residence Inn Chattanooga Downtown	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Fort Myers	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Knoxville Cedar Bluff	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Lexington South/Hamburg Place	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Musselman Hotels Management, LLC	  	
					
	Residence Inn Los Angeles LAX/El Segundo	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Residence Inn Macon	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Mobile	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Portland Downtown/Lloyd Center	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Innventures IVI, LP	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	Residence Inn San Diego Rancho Bernardo/Scripps Poway	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	Residence Inn Sarasota Bradenton	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Savannah Midtown	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Tallahassee North/I-10 Capital Circle	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Tampa North/I-75 Fletcher	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	Residence Inn Tampa Sabal Park/Brandon	  	Operator Agreement	  	ARC Hospitality Portfolio I MCK TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	McKibbon Hotel Management, Inc.	  	
					
	SpringHill Suites Austin Round Rock	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor-Related Agreement – Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	
					
		  	Liquor-Related Agreement – Management Agreement	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	SpringHill Suites Grand Rapids North	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Pillar Hotels and Resorts, LP	  	
					
	SpringHill Suites Houston Hobby Airport	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor-Related Agreement – Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	
					
		  	Liquor-Related Agreement – Management Agreement	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	Crestline Hotels & Resorts, LLC	  	

									
	 HOTEL NAME
	  	 AGREEMENT TYPE
	  	 SIGNATORY 1
	  	 SIGNATORY 2
	  	 SIGNATORY 3

	SpringHill Suites Lexington Near the University of Kentucky	  	Operator Agreement	  	ARC Hospitality Portfolio I MISC TRS, LLC	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Musselman Hotels Management, LLC	  	
					
	SpringHill Suites San Antonio Medical Center/Northwest	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
		  	Liquor-Related Agreement – Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	
					
		  	Liquor-Related Agreement – Management Agreement	  	ARC Hospitality Portfolio I TX Beverage Company, LLC	  	Crestline Hotels & Resorts, LLC	  	
					
	SpringHill Suites San Diego Rancho Bernardo/Scripps Poway	  	Operator Agreement	  	ARC Hospitality Portfolio I NTC TRS, LP	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	
					
		  	Management Agreement	  	American Realty Capital Hospitality Grace Portfolio, LLC	  	Crestline Hotels & Resorts, LLC	  	

 SCHEDULE III 

Provisions Regarding SPC Party 
 (a)
Section 3.1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 3.1.1 Organization;
Special Purpose. Each of Borrower, SPC Party and each Individual Owner is duly organized, validly existing and in good standing with full power and authority to own its assets and conduct its business, and is duly qualified and in good
standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, and Borrower has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and the other Loan Documents by it, and has the power and authority to execute, deliver and perform under this Agreement, the other Loan Documents and all the transactions contemplated hereby. Each of Borrower, SPC Party and each
Individual Owner is, and at all times since the date of its formation has been (but only to the extent that the applicable requirements set forth in Schedule V speak of a time prior to the Closing Date), a Special Purpose Bankruptcy Remote
Entity. Borrower has provided Lender with true, correct and complete copies of Borrower’s, SPC Party’s and each Individual Owner’s current (and since the date of its inception) organizational documents. 

(b) Section 3.1.2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

3.1.2 Proceedings; Enforceability. This Agreement and the other Loan Documents have been duly authorized, executed and delivered
by Borrower and constitute a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Loan Documents are not subject
to any right of rescission, set-off, counterclaim or defense by Borrower, any SPC Party, any Individual Owner or any Guarantor including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any
right thereunder, render the Loan Documents unenforceable, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and none of Borrower, and SPC Party, any Individual Owner or any Guarantor have asserted any right of rescission, set-off,
counterclaim or defense with respect thereto. 

 (c) Section 3.1.4 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 3.1.4 Litigation. There is no action, suit, proceeding or investigation pending or, to Borrower’s knowledge, threatened
in writing against Borrower, any SPC Party, any Individual Owner, any Guarantor, Manager (but only as it relates to any Individual Property), the Collateral or any Individual Property in any court or by or before any other Governmental Authority
which, if adversely determined, is reasonably likely to materially and adversely affect the condition (financial or otherwise) or business of Borrower (including the ability of Borrower to carry out the transactions contemplated by this Agreement),
such SPC Party, such Individual Owner, any Guarantor (including the ability of any Guarantor to perform its obligations under the Guaranty), Manager (but only as it relates to any Individual Property, including such Manager’s ability to perform
its obligations under any Management Agreement), the Collateral or the condition or ownership of such Individual Property. 
 (d) Section 4.4 of the
Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 Section 4.4 Special Purpose. Without
in any way limiting the provisions of this Article 4, Borrower hereby represents and warrants to, and covenants with, Lender that since the date of Borrower’s, each SPC Party’s, each Individual Owner’s, each Individual
Owner’s general partner’s, and each Liquor Subsidiary’s (as defined in the Mortgage Loan Agreement) formation and at all times on and after the date hereof and until such time as the Obligations shall be paid and performed in full,
Borrower, each SPC Party, each Individual Owner and each Liquor Subsidiary has at all times been and shall at all times be a Special Purpose Bankruptcy Remote Entity. Neither Borrower, any SPC Party, any Individual Owner, any Individual Owner’s
general partner nor any Liquor Subsidiary shall directly or indirectly make any change, amendment or modification to its organizational documents, or otherwise take any action which could result in Borrower, any SPC Party, any Individual Owner, any
Individual Owner’s general partner, or any Liquor Subsidiary not being a Special Purpose Bankruptcy Remote Entity. 
 (e) Section 4.5 of the Loan
Agreement is hereby deleted in its entirety and replaced with the following: 
 Section 4.5 Existence; Compliance with Legal
Requirements. Each of Borrower, each SPC Party and each Individual Owner shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence and all rights, licenses, permits, franchises and
all applicable governmental authorizations necessary for the operation of the Properties and comply with all Legal Requirements applicable to it, the Collateral and the Properties. 

 (f) Section 4.7 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 Section 4.7 Litigation. Borrower shall give prompt notice to Lender of any litigation or governmental proceedings
pending or threatened in writing against any Individual Property, the Collateral, Borrower, any SPC Party, any Individual Owner or Manager (but only as it relates to any Individual Property and only if Borrower has received notice of any such
litigation or governmental proceedings) which might materially adversely affect such Individual Property or the Collateral or Borrower’s, such SPC Party’s, such Individual Owner’s or Manager’s condition (financial or otherwise)
or business (including Borrower’s ability to perform its Obligations hereunder or under the other Loan Documents but, in the case of Manager’s condition or business, only to the extent Borrower has a reasonable belief that such litigation
or proceeding might materially adversely affect Manager’s condition or business). 
 (g) Section 4.23 of the Loan Agreement is hereby deleted in
its entirety and replaced with the following: 
 Section 4.23 Dissolution. Borrower shall not and shall not permit Owner
to (i) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (ii) engage in any business activity not related to the ownership and operation of the Properties and the Collateral,
(iii) transfer, lease or sell, in one transaction or any combination of transactions, all or substantially all of the property or assets of Borrower except to the extent expressly permitted by the Loan Documents and the Mortgage Loan Documents,
or (iv) cause, permit or suffer any SPC Party to (A) dissolve, wind up or liquidate or take any action, or omit to take any action, as a result of which SPC Party or Owner would be dissolved, wound up or liquidated in whole or in part, or
(B) amend, modify, waive or terminate, the certificate of incorporation, bylaws, certificate of formation or operating agreement of such SPC Party or Owner, in each case without obtaining the prior consent of Lender. 

(h) Section 8.1(vii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

if Borrower, any SPC Party, Guarantor, any Individual Owner or Approved Mezzanine Borrower shall make an assignment for the benefit of
creditors; 
 (i) Section 8.1(viii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

if a receiver, liquidator or trustee shall be appointed for Borrower, any Guarantor, any SPC Party, any Individual Owner or Approved Mezzanine
Borrower, or if Borrower, any SPC Party, any Guarantor, any Individual Owner or any Approved Mezzanine Borrower shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal
bankruptcy law, or any similar federal or state law, shall be filed by or against, 

 
consented to, or acquiesced in by, Borrower, any SPC Party, any Guarantor, any Individual Owner or any Approved Mezzanine Borrower or if any proceeding for the dissolution or liquidation of
Borrower, any SPC Party, any Guarantor, any Individual Owner or any Approved Mezzanine Borrower shall be instituted, or if Borrower or Owner or any Approved Mezzanine Borrower is substantively consolidated with any other Person; provided, however,
if such appointment, adjudication, petition, proceeding or consolidation was involuntary and not consented to by Borrower, such SPC Party, any Guarantor, or such Individual Owner, upon the same not being discharged, stayed or dismissed within ninety
(90) days following its filing; 
 (j) The fifth line of the first paragraph of Section 10.1 of the Loan Agreement is hereby amended to add
“any SPC Party,” before the word “Owner”. 
 (k) The last paragraph of Section 10.1 the Loan Agreement is hereby deleted in its
entirety and replaced with the following: 
 Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents,
(A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations or to require that
all collateral shall continue to secure all of the Obligations owing to Lender in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to Borrower (and guaranteed by any Guarantor pursuant to the Guaranty) in the
event that any of the following occur (each, a “Springing Recourse Event”): (i) Borrower or Owner fails to obtain Lender’s prior consent to any financing for borrowed money secured by the Collateral or
any Individual Property, or any voluntary conveyance of a mortgage, deed of trust, security deed, security agreement or similar grant by Borrower or Owner of a voluntary Lien upon any Individual Property or the Collateral, or any voluntary granting
of a security interest in, voluntary pledge of or other voluntary Lien upon any direct or indirect equity interest in any Individual Owner, and SPC Party, or any Mezzanine Borrower, in each case, as security for any obligations or liabilities that
is not permitted under the Loan Documents (excluding, for the avoidance of doubt, the security interests, pledges or Liens granted under the Mortgage Loan Documents securing the Mortgage Loan, the Loan Documents securing the Loan or the Approved
Mezzanine Loan Documents securing the Approved Mezzanine Loan); (ii) Borrower or Owner fails to obtain Lender’s prior consent to (a) any voluntary transfer of any Individual Property or the Collateral that is not permitted under the
Loan Documents or (b) any voluntary transfer of a direct or indirect interest in Borrower or Owner that results in a change of control of Borrower or Owner that is not permitted under the Loan Documents (specifically excluding from this
clause (ii): (x) any transfer of the direct ownership interests in any Individual Owner, any SPC Party or any Mezzanine Borrower to any Mezzanine Lender or its designee as a result of any foreclosure upon such ownership interests (or
transfer-in-lieu of foreclosure of the ownership interests that are the collateral for the applicable Mezzanine Loan), consummated in accordance with the applicable Mezzanine Loan Documents) and (y) any Qualified Preferred Equity

 
Vehicle Change of Control consummated in accordance with Section 7.2(k) hereof; (iii) Borrower, any SPC Party, any Individual Owner and/or Approved Mezzanine Borrower, files a
voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, subject to a maximum aggregate liability equal to the BK Cap; (iv) the filing of an involuntary petition against Borrower, any SPC Party,
any Individual Owner and/or Approved Mezzanine Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by any other Person in which Borrower, any SPC Party, any Individual Owner and/or Approved Mezzanine
Borrower colludes with or otherwise assists such Person, and/or Borrower, any SPC Party, any Individual Owner and/or Approved Mezzanine Borrower solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower,
any SPC Party, any Individual Owner and/or Approved Mezzanine Borrower by any Person, subject to a maximum aggregate liability equal to the BK Cap; (v) Borrower, any SPC Party, any Individual Owner and/or Approved Mezzanine Borrower files an
answer consenting to, or joining in, any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, subject to a maximum aggregate liability equal to the BK Cap;
(vi) Borrower, any Individual Owner or Approved Mezzanine Borrower or any Affiliate, officer, director or representative which controls Borrower, such Individual Owner or Approved Mezzanine Borrower, as the case may be, consents to, or joins
in, an application for the appointment of a custodian, receiver, trustee or examiner for Borrower, such Individual Owner and/or any portion of any Individual Property, the Collateral or Approved Mezzanine Borrower, as the case may be, subject to a
maximum aggregate liability equal to the BK Cap; (vii) Borrower, any SPC Party, any Individual Owner and/or Approved Mezzanine Borrower makes an assignment for the benefit of creditors or admits, in any legal proceeding, its insolvency or
inability to pay its debts as they become due, subject to a maximum aggregate liability equal to the BK Cap; (viii) Borrower fails to comply with the provisions of Section 4.4 or Schedule V of this Agreement (other
than those relating to solvency or adequacy of capital or adequacy of cash flow), and such failure results in an order of substantive consolidation of Borrower or one (1) or more of the Individual Owners with any other Person (other than
another Individual Owner or the Liquor Subsidiary) in a bankruptcy or similar proceeding under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, subject to a maximum liability equal to the BK Cap; or (ix) such
third party’s claim of ownership of, or a Lien upon, the Pledged Securities is fully and finally disposed of in favor of such third party, whether such disposition shall occur prior to or after a foreclosure on the Collateral by Lender. 

 (l) Schedule V(o) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

(o) (1) If Borrower is a limited partnership, Borrower’s general partner (“SPC Party”) has been and shall be a
Delaware limited liability company or a corporation formed under the laws of any jurisdiction of the United States, and SPC Party (i) has caused and will cause Borrower to be a Special Purpose Bankruptcy Remote Entity; (ii) has complied
and will at all times comply with each of the representations, warranties and covenants contained on this Schedule V (other than subsections (a), (b) and (d)) as if such representation, warranty or covenant was made
directly by SPC Party; (iii) has not engaged and will not engage in any business or activity other than owning an interest in Borrower; (iv) has not acquired or owned and will not acquire or own any assets other than its partnership
interest in Borrower; (v) has not incurred and will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation) other than unsecured trade payables incurred in the ordinary course of business related
to the ownership of an interest in Borrower that (A) do not exceed at any one time $50,000.00, and (B) are paid within ninety (90) days after the date incurred; provided that it shall not be a breach of this subsection (o)(1) to the
extent that Borrower has (or had) sufficient cash flow (without giving effect to any Trigger Period) to make distributions to SPC Party for the payment of unsecured trade payables but such cash flow is (or was) not made available to Borrower for
distribution during a Trigger Period or during the continuance of an Event of Default (or during similar periods under the documentation for the Prior Loans); and (vi) has no contingent or actual obligations not related to the ownership of
limited partnership interest in Borrower’s. Upon the withdrawal or the disassociation of SPC Party from Borrower, Borrower shall immediately appoint a new SPC Party whose articles or certificate of formation or incorporation are substantially
similar to those of SPC Party and deliver a new non-consolidation opinion to the Rating Agency or Rating Agencies, as applicable, with respect to the new SPC Party and its equity owners. 

(2) The organizational documents of SPC Party or, if Borrower is a limited liability company, Borrower shall provide that at all times there
shall be (and Borrower shall at all times cause there to be) at least two (2) duly appointed Independent Directors or Independent Managers. In addition, the organizational documents of Borrower and SPC Party shall provide that no Independent
Director or Independent Manager (as applicable) of Borrower or SPC Party may be removed or replaced without Cause and unless Borrower or SPC Party, as applicable, provides Lender with not less than three (3) Business Days’ prior written
notice of (a) any proposed removal of an Independent Director or Independent Manager (as applicable), together with a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Director or
Independent Manager (as applicable), together with a certification that such replacement satisfies the requirements set forth in the organizational documents for an Independent Director or Independent Manager (as applicable). 

 (m) Schedule V(p) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

(p) The organizational documents of Borrower and SPC Party shall also provide an express acknowledgment that Lender is an intended third-party
beneficiary of the “special purpose” provisions of such organizational documents. 
 (n) Schedule V(q) of the Loan Agreement is hereby deleted in
its entirety and replaced with the following: 
 (q) The organizational documents of Borrower, if Borrower is a limited liability company,
and SPC Party shall provide that such Person shall not take any action which, under the terms of any certificate of formation, limited liability company operating agreement or any voting trust agreement, requires a unanimous vote of (A) the
sole member of Borrower or SPC Party, as applicable (each, a “Sole Member”), (B) the board of directors of Borrower or SPC Party, as applicable, or (C) the committee of managers of Borrower or SPC Party, as
applicable, designated to manage the business affairs of Borrower or SPC Party, as applicable (each, a “Committee”), unless at the time of such action there shall be at least two (2) duly appointed Independent Directors
or Independent Managers and all such Independent Directors or Independent Managers (as applicable) have participated in such vote. The organizational documents of Borrower, if Borrower is a limited liability company, and SPC Party shall provide that
actions requiring such unanimous written consent, including the Independent Directors or Independent Managers (as applicable), shall include each of the following with respect to Borrower, if Borrower is a limited liability company, and SPC Party:
(i) filing or consenting to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii) seeking or consenting to the appointment of a
receiver, liquidator or any similar official of Borrower or a substantial part of its business, (iii) making an assignment for the benefit of creditors, (iv) admitting in writing its inability to pay debts generally as they become due, or
(v) taking any action in furtherance of the foregoing. In addition, the organizational documents of Borrower, if Borrower is a limited liability company, and SPC Party shall provide that, when voting with respect to any matters set forth in the
immediately preceding sentence of this clause (q), the Independent Directors or Independent Managers (as applicable) shall consider only the interests of Borrower, including its creditors. Borrower and SPC Party shall not take any of the
foregoing actions without the unanimous written consent of its board of directors, its member(s) or the Committee, as applicable, including (or together with) all Independent Directors or Independent Managers, as applicable. Without limiting the
generality of the foregoing, such documents shall expressly provide that, to the greatest extent permitted by law, except for duties to Borrower (including duties to Borrower’s equity holders solely to the extent of their respective economic
interests in Borrower and to Borrower’s creditors as set forth in the immediately preceding sentence), such Independent Directors or Independent Managers (as applicable) shall not owe any fiduciary duties to, and shall not consider, in acting

 
or otherwise voting on any matter for which their approval is required, the interests of (i) Borrower or SPC Party equity holders, (ii) other Affiliates of Borrower, or (iii) any
group of Affiliates of which Borrower is a part); provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. 

(n) Schedule V(r) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

(r) The organizational documents of Borrower and SPC Party, as applicable, shall provide that, as long as any portion of the Obligations
remains outstanding, upon the occurrence of any event that causes Sole Member of Borrower or SPC Party, as applicable, to cease to be a member of Borrower or SPC Party, as applicable, (other than (i) upon an assignment by Sole Member of all of
its limited liability company interest in Borrower or SPC Party, as applicable, and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower or SPC Party, as applicable, and the Loan Documents, or
(ii) the resignation of Sole Member and the admission of an additional member of Borrower or SPC Party, as applicable, if permitted pursuant to the organizational documents of Borrower or SPC Party, as applicable, and the Loan Documents), each
of the persons acting as an Independent Director or Independent Manager (as applicable) of Borrower or SPC Party, as applicable, shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of Borrower or SPC
Party, as applicable, automatically be admitted as members of Borrower (in each case, individually, a “Special Member” and collectively, the “Special Members”) and shall preserve and continue the
existence of Borrower or SPC Party, as applicable, without dissolution. The organizational documents of Borrower or SPC Party, as applicable, shall further provide that for so long as any portion of the Obligations is outstanding, no Special Member
may resign or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to Borrower or SPC Party, as applicable, as a Special Member, and (ii) such successor Special Member has also accepted its
appointment as an Independent Director or Independent Manager (as applicable). 
 (o) Schedule V(s) of the Loan Agreement is hereby deleted in its entirety
and replaced with the following: 
 (s) The organizational documents of Borrower or SPC Party, as applicable, shall provide that, as long as
any portion of the Obligations remains outstanding, except as expressly permitted pursuant to the terms of this Agreement, (i) Sole Member may not resign, and (ii) no additional member shall be admitted to Borrower or SPC Party, as
applicable. 
 (p) Schedule V(t) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 
The organizational documents of Borrower or SPC Party, as applicable, shall provide that, as long as any portion of the Obligations remains outstanding: (i) Borrower or SPC Party, as
applicable, shall be dissolved, and its affairs shall be wound up, only upon the first to occur of the following: (A) the termination of the legal existence of the last remaining member of Borrower or SPC Party, as applicable, or the occurrence
of any other event which terminates the continued membership of the last remaining member of Borrower or SPC Party, as applicable, in Borrower or SPC Party, as applicable, unless the business of Borrower or SPC Party, as applicable, is continued in
a manner permitted by its operating agreement or the Delaware Limited Liability Company Act (the “Act”), or (B) the entry of a decree of judicial dissolution under Section 18-802 of the Act;
(ii) upon the occurrence of any event that causes the last remaining member of Borrower or SPC Party, as applicable, to cease to be a member of Borrower or SPC Party, as applicable, or that causes Sole Member to cease to be a member of Borrower
or SPC Party, as applicable (other than (A) upon an assignment by Sole Member of all of its limited liability company interest in Borrower or SPC Party, as applicable, and the admission of the transferee, if permitted pursuant to the
organizational documents of Borrower or SPC Party, as applicable, and the Loan Documents, or (B) the resignation of Sole Member and the admission of an additional member of Borrower or SPC Party, as applicable, if permitted pursuant to the
organizational documents of Borrower or SPC Party, as applicable, and the Loan Documents), to the fullest extent permitted by law, the personal representative of such last remaining member shall be authorized to, and shall, within ninety
(90) days after the occurrence of the event that terminated the continued membership of such member in Borrower, agree in writing (I) to continue the existence of Borrower or SPC Party, as applicable, and (II) to the admission of the
personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower or SPC Party, as applicable, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower
or SPC Party, as applicable; (iii) the bankruptcy of Sole Member or a Special Member shall not cause such Sole Member or Special Member, respectively, to cease to be a member of Borrower or SPC Party, as applicable, and upon the occurrence of
such an event, the business of Borrower or SPC Party, as applicable, shall continue without dissolution; (iv) in the event of the dissolution of Borrower or SPC Party, as applicable, Borrower or SPC Party, as applicable, shall conduct only such
activities as are necessary to wind up its affairs (including the sale of the assets of Borrower or SPC Party, as applicable, in an orderly manner), and the assets of Borrower or SPC Party, as applicable, shall be applied in the manner, and in the
order of priority, set forth in Section 18-804 of the Act; and (v) to the fullest extent permitted by law, each of Sole Member and the Special Members shall irrevocably waive any right or power that they might have to cause Borrower or SPC
Party, as applicable, or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of Borrower or SPC Party, as applicable, to compel any sale of all or any portion of the assets of Borrower or
SPC Party, as applicable, pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of Borrower or SPC Party, as applicable. 

 (q) Schedule V(ee) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

(ee) Borrower and the Independent Directors or Independent Manager (as applicable) will consider the interests of Borrower’s creditors in
connection with all limited liability company actions. Without limiting the generality of the foregoing to the greatest extent permitted by law, except for duties to Borrower (including duties to Borrower’s equity holders solely to the extent
of their respective economic interests in Borrower and to Borrower’s creditors as set forth in the immediately preceding sentence), such Independent Directors shall not owe any fiduciary duties to, and shall not consider, in acting or otherwise
voting on any matter for which their approval is required, the interests of (i) the members of Borrower or SPC Party, (ii) other Affiliates of Borrower, or (iii) any group of Affiliates of which Borrower is a part); provided, however,
the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. 

 EXHIBIT A 

Individual Properties and Allocated Loan Amounts 
  

					
	 Individual Property Name
	  	Allocated Loan
Amount	 
	 Hampton Inn Morgantown
	  	 	1,160,037	  
	 Hampton Inn Beckley
	  	 	1,419,747	  
	 Hyatt Place Richmond Innsbrook
	  	 	683,903	  
	 Hampton Inn Norfolk-Naval Base
	  	 	328,966	  
	 Fairfield Inn & Suites by Marriott Dallas Medical Market Center
	  	 	827,382	  
	 Courtyard by Marriott Dallas Medical Market Center
	  	 	1,601,544	  
	 SpringHill Suites by Marriott Austin Round Rock
	  	 	744,502	  
	 Hilton Garden Inn Austin Round Rock
	  	 	1,082,124	  
	 SpringHill Suites by Marriott San Antonio Medical Center Northwest
	  	 	502,106	  
	 SpringHill Suites by Marriott Houston Hobby Airport
	  	 	1,004,212	  
	 Hampton Inn Dallas-Addison
	  	 	857,043	  
	 Homewood Suites by Hilton San Antonio-Northwest
	  	 	1,255,264	  
	 Hampton Inn & Suites Nashville Franklin Cool Springs
	  	 	1,791,998	  
	 Courtyard by Marriott Knoxville Cedar Bluff
	  	 	969,584	  
	 Residence Inn by Marriott Chattanooga Downtown
	  	 	952,270	  
	 Residence Inn by Marriott Knoxville Cedar Bluff
	  	 	891,671	  
	 Hyatt Place Nashville Franklin Cool Springs
	  	 	1,298,549	  
	 Hyatt Place Memphis Wolfchase Galleria
	  	 	891,671	  
	 Homewood Suites by Hilton Memphis-Germantown
	  	 	657,932	  
	 Hampton Inn Memphis-Poplar
	  	 	1,108,095	  
	 Hampton Inn Pickwick Dam at Shiloh Falls
	  	 	181,797	  
	 Hampton Inn Chattanooga Airport I-75
	  	 	383,178	  
	 Hampton Inn Columbia I-26 Airport
	  	 	467,478	  
	 Hampton Inn Charleston-Airport Coliseum
	  	 	320,025	  
	 Holiday Inn Charleston Mount Pleasant
	  	 	917,642	  
	 Hampton Inn Scranton at Montage Mountain
	  	 	986,898	  
	 Hampton Inn State College
	  	 	1,004,212	  
	 Residence Inn by Marriott Portland Downtown Lloyd Center
	  	 	2,813,524	  
	 Hyatt Place Columbus Worthington
	  	 	744,502	  
	 Hyatt Place Cincinnati Blue Ash
	  	 	588,676	  
	 Hampton Inn Columbus Dublin
	  	 	978,241	  
	 Hampton Inn Cleveland-Westlake
	  	 	1,073,467	  

					
	 Hampton Inn Albany-Wolf Road (Airport)
		 	1,437,061	  
	 Hyatt Place Las Vegas
		 	1,584,230	  
	 Hyatt Place Albuquerque Uptown
		 	1,298,549	  
	 Courtyard by Marriott Asheville
		 	1,108,095	  
	 Hampton Inn Fayetteville I-95
		 	452,718	  
	 Hampton Inn Charlotte-Gastonia
		 	883,014	  
	 Hampton Inn St. Louis Westport
		 	666,589	  
	 Hampton Inn Kansas City-Airport
		 	813,758	  
	 Hyatt Place Minneapolis Airport-South
		 	1,056,153	  
	 SpringHill Suites by Marriott Grand Rapids North
		 	934,956	  
	 Hampton Inn Grand Rapids-North
		 	1,038,839	  
	 Hampton Inn Detroit Madison Heights South Troy
		 	1,056,153	  
	 Hampton Inn Detroit Northville
		 	779,130	  
	 Hyatt Place Baltimore BWI Airport
		 	865,700	  
	 Hampton Inn Baltimore Glen Burnie
		 	233,739	  
	 Homewood Suites by Hilton Boston-Peabody
		 	796,444	  
	 Hampton Inn Boston Peabody
		 	1,168,694	  
	 Hyatt Place Baton Rouge I-10
		 	986,898	  
	 Residence Inn by Marriott Lexington South Hamburg Place
		 	1,056,153	  
	 SpringHill Suites by Marriott Lexington Near the University of Kentucky
		 	1,237,950	  
	 Courtyard by Marriott Louisville Downtown
		 	2,337,389	  
	 Courtyard by Marriott Lexington South Hamburg Place
		 	1,211,979	  
	 Courtyard by Marriott Bowling Green Convention Center
		 	995,555	  
	 Hyatt Place Kansas City Overland Park Metcalf
		 	701,217	  
	 Hampton Inn Kansas City Overland Park
		 	320,025	  
	 Hyatt Place Indianapolis Keystone
		 	995,555	  
	 Courtyard by Marriott Chicago Elmhurst Oakbrook Area
		 	934,956	  
	 Homewood Suites by Hilton Chicago Downtown
		 	5,746,968	  
	 Hampton Inn Chicago Gurnee
		 	995,555	  
	 Residence Inn by Marriott Boise Downtown
		 	753,159	  
	 Fairfield Inn & Suites by Marriott Atlanta Vinings
		 	796,444	  
	 Residence Inn by Marriott Macon
		 	476,135	  
	 Residence Inn by Marriott Savannah Midtown
		 	675,246	  
	 Courtyard by Marriott Athens Downtown
		 	770,473	  
	 Hampton Inn Columbus-Airport
		 	218,554	  

					
	 Embassy Suites by Hilton Orlando—International Drive Jamaican Court
		 	1,800,655	  
	 Residence Inn by Marriott Tampa North I-75 Fletcher
		 	822,415	  
	 Courtyard by Marriott Orlando Altamonte Springs Maitland
		 	1,142,723	  
	 Courtyard by Marriott Sarasota Bradenton Airport
		 	761,816	  
	 Residence Inn by Marriott Sarasota Bradenton
		 	891,671	  
	 Courtyard by Marriott Jacksonville Airport Northeast
		 	444,913	  
	 Hampton Inn Palm Beach Gardens
		 	1,817,969	  
	 Hampton Inn Boca Raton-Deerfield Beach
		 	1,168,694	  
	 Hampton Inn & Suites Boynton Beach
		 	2,501,872	  
	 Hampton Inn Boca Raton
		 	1,246,607	  
	 Courtyard by Marriott Gainesville
		 	1,073,467	  
	 Residence Inn by Marriott Tampa Sabal Park Brandon
		 	1,038,839	  
	 Holiday Inn Express & Suites Kendall East
		 	848,386	  
	 Hyatt Place Tampa Airport Westshore
		 	1,506,317	  
	 Hyatt Place Miami Airport-West Doral
		 	1,627,515	  
	 Homewood Suites by Hilton Hartford Windsor Locks
		 	995,555	  
	 Hampton Inn Colorado Springs Central Air Force Academy
		 	265,387	  
	 Residence Inn by Marriott Los Angeles LAX El Segundo
		 	3,173,286	  
	 SpringHill Suites by Marriott San Diego Rancho Bernardo Scripps Poway
		 	1,817,969	  
	 Residence Inn by Marriott San Diego Rancho Bernardo Scripps Poway
		 	2,158,572	  
	 Homewood Suites by Hilton Phoenix-Biltmore
		 	1,489,003	  
	 Residence Inn by Marriott Mobile
		 	578,316	  
	 Courtyard by Marriott Mobile
		 	458,821	  
	 Hyatt Place Birmingham Hoover
		 	839,729	  
	 Hampton Inn Birmingham Mountain Brook
		 	753,159	  
	 Residence Inn by Marriott Tallahassee North I-10 Capital Circle
		 	891,671	  
	 Courtyard by Marriott Tallahassee North I-10 Capital Circle
		 	934,956	  
	 Residence Inn by Marriott Ft Myers
		 	744,502	  
	 Hampton Inn West Palm Beach Florida Turnpike
		 	1,523,621	  

 EXHIBIT B 

Mortgage Loan Allocated Loan Amounts 
  

					
	 Individual Property Name
	  	Allocated Loan
Amount	 
	 Hampton Inn Morgantown
	  	 	9,039,931	  
	 Hampton Inn Beckley
	  	 	11,063,797	  
	 Hyatt Place Richmond Innsbrook
	  	 	5,329,512	  
	 Hampton Inn Norfolk-Naval Base
	  	 	2,563,563	  
	 Fairfield Inn & Suites by Marriott Dallas Medical Market Center
	  	 	6,447,614	  
	 Courtyard by Marriott Dallas Medical Market Center
	  	 	12,480,502	  
	 SpringHill Suites by Marriott Austin Round Rock
	  	 	5,801,747	  
	 Hilton Garden Inn Austin Round Rock
	  	 	8,432,772	  
	 SpringHill Suites by Marriott San Antonio Medical Center Northwest
	  	 	3,912,806	  
	 SpringHill Suites by Marriott Houston Hobby Airport
	  	 	7,825,612	  
	 Hampton Inn Dallas-Addison
	  	 	6,678,755	  
	 Homewood Suites by Hilton San Antonio-Northwest
	  	 	9,782,015	  
	 Hampton Inn & Suites Nashville Franklin Cool Springs
	  	 	13,964,670	  
	 Courtyard by Marriott Knoxville Cedar Bluff
	  	 	7,555,764	  
	 Residence Inn by Marriott Chattanooga Downtown
	  	 	7,420,839	  
	 Residence Inn by Marriott Knoxville Cedar Bluff
	  	 	6,948,604	  
	 Hyatt Place Nashville Franklin Cool Springs
	  	 	10,119,326	  
	 Hyatt Place Memphis Wolfchase Galleria
	  	 	6,948,604	  
	 Homewood Suites by Hilton Memphis-Germantown
	  	 	5,127,125	  
	 Hampton Inn Memphis-Poplar
	  	 	8,635,158	  
	 Hampton Inn Pickwick Dam at Shiloh Falls
	  	 	1,416,706	  
	 Hampton Inn Chattanooga Airport I-75
	  	 	2,986,031	  
	 Hampton Inn Columbia I-26 Airport
	  	 	3,642,957	  
	 Hampton Inn Charleston-Airport Coliseum
	  	 	2,493,889	  
	 Holiday Inn Charleston Mount Pleasant
	  	 	7,150,990	  
	 Hampton Inn Scranton at Montage Mountain
	  	 	7,690,688	  
	 Hampton Inn State College
	  	 	7,825,612	  
	 Residence Inn by Marriott Portland Downtown Lloyd Center
	  	 	21,925,207	  
	 Hyatt Place Columbus Worthington
	  	 	5,801,747	  
	 Hyatt Place Cincinnati Blue Ash
	  	 	4,587,428	  
	 Hampton Inn Columbus Dublin
	  	 	7,623,226	  
	 Hampton Inn Cleveland-Westlake
	  	 	8,365,310	  

					
	 Hampton Inn Albany-Wolf Road (Airport)
		 	11,198,721	  
	 Hyatt Place Las Vegas
		 	12,345,578	  
	 Hyatt Place Albuquerque Uptown
		 	10,119,326	  
	 Courtyard by Marriott Asheville
		 	8,635,158	  
	 Hampton Inn Fayetteville I-95
		 	3,527,940	  
	 Hampton Inn Charlotte-Gastonia
		 	6,881,142	  
	 Hampton Inn St. Louis Westport
		 	5,194,587	  
	 Hampton Inn Kansas City-Airport
		 	6,341,444	  
	 Hyatt Place Minneapolis Airport-South
		 	8,230,385	  
	 SpringHill Suites by Marriott Grand Rapids North
		 	7,285,915	  
	 Hampton Inn Grand Rapids-North
		 	8,095,461	  
	 Hampton Inn Detroit Madison Heights South Troy
		 	8,230,385	  
	 Hampton Inn Detroit Northville
		 	6,071,596	  
	 Hyatt Place Baltimore BWI Airport
		 	6,746,217	  
	 Hampton Inn Baltimore Glen Burnie
		 	1,821,479	  
	 Homewood Suites by Hilton Boston-Peabody
		 	6,206,520	  
	 Hampton Inn Boston Peabody
		 	9,107,394	  
	 Hyatt Place Baton Rouge I-10
		 	7,690,688	  
	 Residence Inn by Marriott Lexington South Hamburg Place
		 	8,230,385	  
	 SpringHill Suites by Marriott Lexington Near the University of Kentucky
		 	9,647,091	  
	 Courtyard by Marriott Louisville Downtown
		 	18,214,787	  
	 Courtyard by Marriott Lexington South Hamburg Place
		 	9,444,704	  
	 Courtyard by Marriott Bowling Green Convention Center
		 	7,758,150	  
	 Hyatt Place Kansas City Overland Park Metcalf
		 	5,464,436	  
	 Hampton Inn Kansas City Overland Park
		 	2,493,889	  
	 Hyatt Place Indianapolis Keystone
		 	7,758,150	  
	 Courtyard by Marriott Chicago Elmhurst Oakbrook Area
		 	7,285,915	  
	 Homewood Suites by Hilton Chicago Downtown
		 	44,784,930	  
	 Hampton Inn Chicago Gurnee
		 	7,758,150	  
	 Residence Inn by Marriott Boise Downtown
		 	5,869,209	  
	 Fairfield Inn & Suites by Marriott Atlanta Vinings
		 	6,206,520	  
	 Residence Inn by Marriott Macon
		 	3,710,420	  
	 Residence Inn by Marriott Savannah Midtown
		 	5,262,050	  
	 Courtyard by Marriott Athens Downtown
		 	6,004,134	  
	 Hampton Inn Columbus-Airport
		 	1,703,143	  

					
	 Embassy Suites by Hilton Orlando - International Drive Jamaican Court
		 	14,032,132	  
	 Residence Inn by Marriott Tampa North I-75 Fletcher
		 	6,408,907	  
	 Courtyard by Marriott Orlando Altamonte Springs Maitland
		 	8,905,007	  
	 Courtyard by Marriott Sarasota Bradenton Airport
		 	5,936,671	  
	 Residence Inn by Marriott Sarasota Bradenton
		 	6,948,604	  
	 Courtyard by Marriott Jacksonville Airport Northeast
		 	3,467,113	  
	 Hampton Inn Palm Beach Gardens
		 	14,167,057	  
	 Hampton Inn Boca Raton-Deerfield Beach
		 	9,107,394	  
	 Hampton Inn & Suites Boynton Beach
		 	19,496,568	  
	 Hampton Inn Boca Raton
		 	9,714,553	  
	 Courtyard by Marriott Gainesville
		 	8,365,310	  
	 Residence Inn by Marriott Tampa Sabal Park Brandon
		 	8,095,461	  
	 Holiday Inn Express & Suites Kendall East
		 	6,611,293	  
	 Hyatt Place Tampa Airport Westshore
		 	11,738,418	  
	 Hyatt Place Miami Airport-West Doral
		 	12,682,889	  
	 Homewood Suites by Hilton Hartford Windsor Locks
		 	7,758,150	  
	 Hampton Inn Colorado Springs Central Air Force Academy
		 	2,068,103	  
	 Residence Inn by Marriott Los Angeles LAX El Segundo
		 	24,728,758	  
	 SpringHill Suites by Marriott San Diego Rancho Bernardo Scripps Poway
		 	14,167,057	  
	 Residence Inn by Marriott San Diego Rancho Bernardo Scripps Poway
		 	16,821,306	  
	 Homewood Suites by Hilton Phoenix-Biltmore
		 	11,603,494	  
	 Residence Inn by Marriott Mobile
		 	4,506,694	  
	 Courtyard by Marriott Mobile
		 	3,575,495	  
	 Hyatt Place Birmingham Hoover
		 	6,543,831	  
	 Hampton Inn Birmingham Mountain Brook
		 	5,869,209	  
	 Residence Inn by Marriott Tallahassee North I-10 Capital Circle
		 	6,948,604	  
	 Courtyard by Marriott Tallahassee North I-10 Capital Circle
		 	7,285,915	  
	 Residence Inn by Marriott Ft Myers
		 	5,801,747	  
	 Hampton Inn West Palm Beach Florida Turnpike
		 	11,873,343	  

 EXHIBIT C 

Organizational Chart of New Borrower 

(see attached) 

 

 

 

 

 EXHIBIT D 

Intellectual Property/Websites 
  

											
	 Borrower
	  	 Asset Name
	  	 Domain Name
	  	 Hosting
Expiration
Date
	  	 Domain
Expiration
Date
	  	 Account
Holder

	 ARC Hospitality
 Portfolio I

Owner, LLC
	  	 Homewood
 Suites

Chicago
	  	www.homewoodsuiteschicago.com	  	4/10/2016	  	4/10/2016	  	First Hospitality
	 ARC Hospitality
 Portfolio I

Owner, LLC
	  	 Embassy
 Suites

Orlando
	  	www.orlandoembassysuites.com	  		  	9/30/2016	  	Hilton
	 ARC Hospitality
 Portfolio I

Owner, LLC
	  	 Hampton
 Inn

Charleston
	  	www.hamptoninncharlestonairport.com	  		  	4/19/2015	  	Hilton
	 ARC Hospitality
 Portfolio I NTC

Owner, LP
	  	 Residence
 Inn San

Diego
	  	www.residenceinnhotelsandiego.com	  	Month-to-Month	  	2/10/2015	  	Huntington
	 ARC Hospitality
 Portfolio I NTC

Owner, LP
	  	 SpringHill
 Suites San

Diego
	  	www.springhillsandiegohotel.com	  	Month-to-Month	  	2/10/2015	  	Huntington
	 ARC Hospitality
 Portfolio I NTC

Owner, LP
	  	 Fairfield Inn
 & Suites

Dallas
	  	www.fairfieldinndallashotel.com	  	Month-to-Month	  	1/4/2015	  	Huntington
	 ARC Hospitality
 Portfolio I DLGL

Owner, LP
	  	 Courtyard
 Dallas
	  	www.courtyarddallashotel.com	  	Month-to-Month	  	1/4/2015	  	Huntington
	 ARC Hospitality
 Portfolio I

Owner, LLC
	  	 Holiday Inn
 Charleston

Mt.
 Pleasant
	  	www.himtpleasant.com	  	12/31/2015	  	4/30/2017	  	Pillar

 EXHIBIT E 

Ground Leases 
  

			
	 Property
	  	 Additional Ground Lease Documents

		
	 Hampton Inn
 Birmingham (Mountain

Brook), AL
	  	 •    Consent of Landlord by S&S Associates LLC and New Owners, Vestavia
LLC as Tenants in Common
  

•    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns
Realty, LLC in favor of ARC Hospitality Portfolio I BHGL Owner, LLC
  

•    Unconditional & Irrevocable Guaranty, by American Realty Capital Hospitality Trust,
Inc. in favor of S&S Associates LLC and New Owners, Vestavia LLC as Tenants in Common

		
	 Homewood Suites,
 Phoenix, AZ
	  	 •    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in
favor of ARC Hospitality Portfolio I PXGL Owner, LLC

		
	 Hampton Inn,
 Norfolk, VA
	  	 •    Ground Lease Consent to Assignment and Sublease and Estoppel, dated as
of January 21, 2015, between Glenwood Square Shopping Center Associates, L.L.C. and ARC Hospitality Portfolio I NFGL Owner, LLC
  

•    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns
Realty, LLC in favor of ARC Hospitality Portfolio I NFGL Owner, LLC
  

•    Guaranty of Lease, made as of the
[27th day of February 2015], by American Realty Capital Hospitality Operating Partnership, L.P., in favor of Glenwood Square Shopping Center Associates,
L.L.C.

			
	 Courtyard,
 Dallas, TX
		 •    Consent to Assignment, Sublease, Management Agreement, Sub-Management
Agreement, Concession Agreement and Alcohol Services Agreement and Amendment to Ground Lease, dated as of [February 27, 2015] by Istar Dallas GL LLP, W2007 Equity Inns Realty, LP, ARC Hospitality Portfolio I DLGL Owner, LP, American Realty Capital
Hospitality Grace Portfolio, LLC, Crestline Hotels & Resorts, LLC and ARC Hospitality Portfolio I TX Beverage Company, LLC
  

•    Guaranty of Lease dated February 27, 2015 by American Realty Capital Hospitality
Trust, Inc. to Istar Dallas GL LLP
  

•    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity
Inns Realty, LP in favor of ARC Hospitality Portfolio I DLGL Owner, LP

		
	 Residence Inn,
 Mobile, AL
		 •    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in
favor of ARC Hospitality Portfolio I MGBL 950 Owner, LLC

		
	 Courtyard,
 Mobile, AL
		 •    Assignment and Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LLC in
favor of ARC Hospitality Portfolio I MGBL 1000 Owner, LLC

		
	 Springhill Suites,
 San Antonio,
TX
		 •    Consent to Assignment and Assumption of Lease, made and entered into
as of the 31st day of December, 2014, by and between Crossroads Mall Partners, Ltd, W2007 Equity Inns Realty, L.P. and ARC Hospitality Portfolio I SAGL Owner, LP

 
 •    Assignment and
Assumption of Ground Lease, dated February 27, 2015, by W2007 Equity Inns Realty, LP in favor of ARC Hospitality Portfolio I SAGL Owner, LP
  

•    Guaranty, dated as of [February 27, 2015], by American Realty Capital Hospitality Trust,
Inc. in favor of Crossroads Mall Partners, Ltd.
  

•    Consent to Sublease dated as of January 27, 2015 by and between Crossroads Mall
Partners, Ltd, ARC Hospitality Portfolio I SAGL Owner, LP, and ARC Hospitality Portfolio I NTC TRS, LP

			
	 Hampton Inn,

Baltimore (Glen Burnie),
 MD
		 •    Lease Assignment and Assumption Agreement, dated [February 27, 2015],
by Governor Plaza Associates, Federal Realty Investment Trust, W2007 Equity Inns Realty, LLC, ARC Hospitality Portfolio I GBGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, and American Realty Capital Hospitality Trust, Inc.

 
 •    Assignment and
Assumption of Ground Lease, dated [February 27, 2015], by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I GBGL Owner, LLC
  

•    Guaranty, dated as of [February 27, 2015], by American Realty Capital Hospitality Trust,
Inc. in favor of Governor Plaza Associates and Federal Realty Investment Trust

 EXHIBIT F 

Rent Roll 
 (see attached)

 ENN Rent Roll 
  

									
	 Asset
	  	 PMC
	  	 Lease
	  	In or
Noticed
of
Default	  	Annual Amount
	Residence Inn Los Angeles	  	Huntington Pacific Hotels	  	ATM Cash Dispenser	  	No	  	based on # of
 transactions

	Embassy Suites Orlando	  	Hilton	  	Plaza Resort Gift Shop	  	No	  	1,061
	Hampton Inn Knoxville	  	Hilton	  	Parking Agreement	  	No	  	18,000
	Embassy Suites Orlando	  	Hilton	  	Avis Budget	  	No	  	3,600
	Courtyard Houston I-10 (ENN)	  	Huntington Hospitality Management	  	Parking Agreement	  	No	  	21,000
	Embassy Suites Orlando	  	Hilton	  	Sterling Shuttle	  	No	  	1,200
					
	Courtyard Louisville	  	Musselman Hotels	  	Riverside 307 Parking spaces	  	No	  	299,000 (YTD ’13)
	Fairfield Inn Atlanta Vinings	  	LinGate	  	Cell Tower	  	No	  	Immaterial
	Hampton Inn Baltimore	  	Hilton	  	Cell Tower	  	No	  	Immaterial
	Hampton Inn Knoxville	  	Hilton	  	Cell Tower	  	No	  	Immaterial
	Hyatt Place Las Vegas	  	Pillar	  	Cell Tower	  	No	  	Immaterial
	Hyatt Place Tampa Airport/Westshore	  	Pillar	  	Cell Tower	  	No	  	Immaterial
	SpringHill Suites San Diego	  	Huntington	  	Cell Tower	  	No	  	Immaterial

 EXHIBIT G 

Franchise Agreements 
 (see
attached) 

 SCHEDULE XII 

FRANCHISE AGREEMENTS 
  

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	1.	  	Courtyard	  	 Courtyard Asheville
 One Buckstone Place

Asheville, NC 28805
	  	Marriott International, Inc.	  		  	2/27/2030
						
	2.	  	Courtyard	  	 Courtyard Athens Downtown
 166 North Finley
Street
 Athens, GA 30601
	  	Marriott International, Inc.	  		  	2/27/2030
						
	3.	  	Courtyard	  	 Courtyard Bowling Green Convention Center
 1010
Wilkinson Trace
 Bowling Green, KY 42104
	  	Marriott International, Inc.	  		  	2/27/2030
						
	4.	  	Courtyard	  	 Courtyard Chicago Elmhurst/Oakbrook Area
 370
North IL Route 83
 Elmhurst, IL 60126
	  	Marriott International, Inc.	  		  	2/27/2030
						
	5.	  	Courtyard	  	 Courtyard Dallas Medical/Market Center
 2150
Market Center Blvd.
 Dallas, TX 75207
	  	Marriott International, Inc.	  		  	2/27/2030
						
	6.	  	Courtyard	  	 Courtyard Gainesville
 3700 SW 42nd Street

Gainesville, FL 32608
	  	Marriott International, Inc.	  		  	2/27/2030
						
	7.	  	Courtyard	  	 Courtyard Jacksonville Airport Northeast
 14668
Duval Road
 Jacksonville, FL 32218
	  	Marriott International, Inc.	  		  	2/27/2030
						
	8.	  	Courtyard	  	 Courtyard Knoxville Cedar Bluff
 216 Langley
Place
 Knoxville, TN 37922
	  	Marriott International, Inc.	  		  	2/27/2030

  

					
		  	Schedule XIII-1	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	9.	  	Courtyard	  	 Courtyard Lexington South/Hamburg Place
 1951
Pleasant Ridge
 Lexington, KY 40509
	  	Marriott International, Inc.	  		  	2/27/2030
						
	10.	  	Courtyard	  	 Courtyard Louisville Downtown
 100 South Second
Street
 Louisville, KY40202
	  	Marriott International, Inc.	  		  	2/27/2030
						
	11.	  	Courtyard	  	 Courtyard Mobile
 1000 West I-65 Service
Road
 Mobile, AL 36609
	  	Marriott International, Inc.	  		  	2/27/2030
						
	12.	  	Courtyard	  	 Courtyard Orlando Altamonte Springs/Maitland

1750 Pembrook Drive
 Orlando, FL 32810
	  	Marriott International, Inc.	  		  	2/27/2030
						
	13.	  	Courtyard	  	 Courtyard Sarasota Bradenton Airport
 850
University Parkway
 Sarasota, FL 34234
	  	Marriott International, Inc.	  		  	2/27/2030
						
	14.	  	Courtyard	  	 Courtyard Tallahassee North/I-10 Capital Circle

1972 Raymond Diehl Road
 Tallahassee, FL 32308
	  	Marriott International, Inc.	  		  	2/27/2030
						
	15.	  	Embassy
Suites	  	 Embassy Suites Orlando International Drive/Jamaican Court

8250 Jamaican Court
 Orlando, FL 32819
	  	Embassy Suites Franchise LLC	  		  	2/27/2030
						
	16.	  	Fairfield Inn &
Suites	  	 Fairfield Inn & Suites Atlanta Vinings
 2450
Paces Ferry Road
 Atlanta , GA 30339
	  	Marriott International, Inc.	  		  	2/27/2030
						
	17.	  	Fairfield Inn &
Suites	  	 Fairfield Inn & Suites Dallas Medical/Market Center

2110 Market Center Boulevard at Stemmons
 Dallas, TX
75207
	  	Marriott International, Inc.	  		  	2/27/2030

  

					
		  	Schedule XIII-2	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	18.	  	Hampton Inn &
 Suites
	  	 Hampton Inn & Suites Boynton Beach1475 West Gateway Boulevard

Boynton Beach, FL 33426
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	19.	  	Hampton Inn	  	 Hampton Inn Colorado Springs Air Force Academy

7245 Commerce Center Drive
 Colorado Springs, CO 80919
	  	Hampton Inns Franchise LLC	  		  	10/31/2017
	20.	  	Hampton Inn &
Suites	  	 Hampton Inn & Suites Nashville/Franklin (Cool Springs)

7141 South Springs Drive
 Franklin, TN 37067
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	21.	  	Hampton Inn	  	 Hampton Inn Albany-Wolf Road (Airport)
 10
Ulenski Drive
 Albany, NY 12005
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	22.	  	Hampton Inn	  	 Hampton Inn Baltimore/Glen Burnie
 6617 Ritchie
Highway
 Glen Burnie, MD 21061
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	23.	  	Hampton Inn	  	 Hampton Inn Beckley
 110 Harper Park Drive

Beckley, WV 25801
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	24.	  	Hampton Inn	  	 Hampton Inn Birmingham/Mountain Brook
 2731 US
Highway 280
 Birmingham, AL 35223
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	25.	  	Hampton Inn	  	 Hampton Inn Boca Raton
 1455 Yamato Road

Boca Raton, FL 33431
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
	26.	  	Hampton Inn	  	 Hampton Inn Boca Raton – Deerfield Beach

660 West Hillsboro Boulevard
 Deerfield Beach, FL 33441
	  	Hampton Inns Franchise LLC	  		  	2/27/2030

  

					
		  	Schedule XIII-3	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	27.	  	Hampton Inn	  	 Hampton Inn Boston/Peabody
 59 Newbury Street
Route 1 North
 Peabody, MA 01960
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	28.	  	Hampton Inn	  	 Hampton Inn Charleston-Airport/Coliseum
 4701
Saul White Boulevard North
 Charleston, SC 29418
	  	Hampton Inns Franchise LLC	  		  	10/31/2017
						
	29.	  	Hampton Inn	  	 Hampton Inn Charlotte/Gastonia
 1859 Remount
Road
 Gastonia, NC 28054
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	30.	  	Hampton Inn	  	 Hampton Inn Chattanooga-Airport/I-75
 7013
Shallowford Road
 Chattanooga, TN 37421
	  	Hampton Inns Franchise LLC	  		  	10/31/2017
						
	31.	  	Hampton Inn	  	 Hampton Inn Chicago/Gurnee
 5550 Grand
Avenue
 Gurnee, IL 60031
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	32.	  	Hampton Inn	  	 Hampton Inn Cleveland/Westlake
 29690 Detroit
Road
 Westlake, OH 44145
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	33.	  	Hampton Inn	  	 Hampton Inn Columbia—I-26 Airport
 1094
Chris Drive
 West Columbia, SC 29169
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	34.	  	Hampton Inn	  	 Hampton Inn Columbus/Dublin
 3920 Tuller
Road
 Dublin, OH 43017
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	35.	  	Hampton Inn	  	 Hampton Inn Columbus-Airport
 5585 Whitesville
Road
 Columbus, GA 31904
	  	Hampton Inns Franchise LLC	  		  	10/31/2017
						
	36.	  	Hampton Inn	  	 Hampton Inn Dallas -Addison
 4505 Beltway
Drive
 Addison, TX 75001
	  	Hampton Inns Franchise LLC	  		  	2/27/2030

  

					
		  	Schedule XIII-4	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	37.	  	Hampton Inn	  	 Hampton Inn Detroit/Madison Heights/South Troy

32420 Stephenson Highway
 Madison Heights, MI 48071
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	38.	  	Hampton Inn	  	 Hampton Inn Detroit/Northville
 20600 Haggerty
Road
 Northville, MI 48167
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	39.	  	Hampton Inn	  	 Hampton Inn Fayetteville I-95 10/25/2007
 1922
Cedar Creek Road
 Fayetteville, NC 28312
	  	Hampton Inns Franchise LLC	  		  	12/31/2016
						
	40.	  	Hampton Inn	  	 Hampton Inn Grand Rapids-North
 500 Center
Drive
 Grand Rapids, MI 49544
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	41.	  	Hampton Inn	  	 Hampton Inn Kansas City/Overland Park
 10591
Metcalf Frontage Road
 Overland Park, KS 66212
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	42.	  	Hampton Inn	  	 Hampton Inn Kansas City-Airport
 11212 North
Newark Circle
 Kansas City, MO 64153
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	43.	  	Hampton Inn	  	 Hampton Inn Memphis-Poplar
 5320 Poplar
Avenue
 Memphis, TN 38119
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	44.	  	Hampton Inn	  	 Hampton Inn Morgantown
 1053 Van Voorhis
Road
 Morgantown, WV 26505
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	45.	  	Hampton Inn	  	 Hampton Inn Norfolk-Naval Base
 8501 Hampton
Boulevard
 Norfolk, VA 23505
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	46.	  	Hampton Inn	  	 Hampton Inn Palm Beach Gardens
 4001 RCA
Boulevard
 Palm Beach Gardens, FL 33410
	  	Hampton Inns Franchise LLC	  		  	2/27/2030

  

					
		  	Schedule XIII-5	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	47.	  	Hampton Inn	  	 Hampton Inn Pickwick Dam - at Shiloh Falls
 90
Old South Road
 Counce, TN 38326
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	48.	  	Hampton Inn	  	 Hampton Inn Scranton at Montage Mountain
 22
Montage Mountain Road
 Scranton, PA 18507
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	49.	  	Hampton Inn	  	 Hampton Inn St. Louis/Westport
 2454 Old Dorsett
Road
 Maryland Heights, MO 63043
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	50.	  	Hampton Inn	  	 Hampton Inn State College
 1101 East College
Avenue
 State College, PA 16801
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	51.	  	Hampton Inn	  	 Hampton Inn West Palm Beach Florida Turnpike

2025 Vista Parkway
 West Palm Beach, FL 33411
	  	Hampton Inns Franchise LLC	  		  	2/27/2030
						
	52.	  	Hilton Garden Inn	  	 Hilton Garden Inn Austin/Round Rock
 2310 North
IH35
 Round Rock, TX 78681
	  	Hilton Garden Inns Franchise LLC	  		  	2/27/2030
						
	53.	  	Holiday Inn	  	 Holiday Inn Charleston Mt. Pleasant
 250 Johnnie
Dodds Boulevard
 Mount Pleasant, SC 29464
	  	Holiday Hospitality Franchising, LLC	  		  	2/27/2030
						
	54.	  	Holiday Inn
 Express and Suites
	  	 Holiday Inn Express and Suites: Kendall East-Miami

11520 SW 88th Street
 Miami, FL 33176
	  	Holiday Hospitality Franchising, LLC	  		  	2/27/2030
						
	55.	  	Homewood Suites
by Hilton	  	 Homewood Suites by Hilton Boston-Peabody
 57
Newbury Street
 Boston, MA 01960
	  	Homewood Suites Franchise LLC	  		  	2/27/2030

  

					
		  	Schedule XIII-6	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	56.	  	Homewood Suites
 by Hilton
	  	 Homewood Suites by Hilton Chicago-Downtown
 40
East Grand Avenue
 Chicago, IL 60611
	  	Homewood Suites Franchise LLC	  		  	2/27/2030
	57.	  	Homewood Suites
 by Hilton
	  	 Homewood Suites by Hilton Hartford/Windsor Locks

65 Ella Grasso Turnpike
 Windsor Locks, CT 06096
	  	Homewood Suites Franchise LLC	  		  	2/27/2030
	58.	  	Homewood Suites
 by Hilton
	  	 Homewood Suites by Hilton Memphis-Germantown

7855 Wolf River Boulevard
 Germantown, TN 38138
	  	Homewood Suites Franchise LLC	  		  	2/27/2030
	59.	  	Homewood Suites
 by Hilton
	  	 Homewood Suites by Hilton Phoenix-Biltmore
 2001
East Highland Avenue
 Phoenix, AZ 85016
	  	Homewood Suites Franchise LLC	  		  	2/27/2030
	60.	  	Homewood Suites
by Hilton	  	 Homewood Suites by Hilton San Antonio-Northwest

4323 Spectrum One
 San Antonio, TX 78230
	  	Homewood Suites Franchise LLC	  		  	2/27/2030
	61.	  	Hyatt Place	  	 Hyatt Place Albuquerque/Uptown
 6901 Arvada
North East
 Albuquerque, NM 87110
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
	62.	  	Hyatt Place	  	 Hyatt Place Baltimore/BWI Airport
 940
International Drive
 Linthicum Heights, MD 21090
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
	63.	  	Hyatt Place	  	 Hyatt Place Baton Rouge/I-10
 6080 Bluebonnet
Boulevard
 Baton Rouge, LA 70809
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
	64.	  	Hyatt Place	  	 Hyatt Place Birmingham/Hoover
 2980 John Hawkins
Parkway
 Birmingham, AL 35244
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035

  

					
		  	Schedule XIII-7	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	65.	  	Hyatt Place	  	 Hyatt Place Cincinnati Blue Ash
 11435 Reed
Hartman Highway
 Blue Ash, OH 45241
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	66.	  	Hyatt Place	  	 Hyatt Place Columbus/Worthington
 7490 Vantage
Drive
 Columbus, OH 43235
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	67.	  	Hyatt Place	  	 Hyatt Place Indianapolis/Keystone
 9104 Keystone
Crossing
 Indianapolis, IN 46240
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	68.	  	Hyatt Place	  	 Hyatt Place Kansas City/Overland Park/Metcalf

6801 West 112th Street
 Overland Park, KS 66211
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	69.	  	Hyatt Place	  	 Hyatt Place Las Vegas
 4520 Paradise Road

Las Vegas, NV 89109
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	70.	  	Hyatt Place	  	 Hyatt Place Memphis/Wolfchase Galleria
 7905
Giacosa Place
 Memphis, TN 38133
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	71.	  	Hyatt Place	  	 Hyatt Place Miami Airport—West/Doral
 3655
NW 82nd Avenue
 Miami, FL 33166
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	72.	  	Hyatt Place	  	 Hyatt Place Minneapolis Airport-South
 7800
International Drive
 Bloomington, MN 55425
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	73.	  	Hyatt Place	  	 Hyatt Place Nashville/Franklin/Cool Springs
 650
Bakers Bridge Avenue
 Franklin, TN 37067
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	74.	  	Hyatt Place	  	 Hyatt Place Richmond/Innsbrook
 4100 Cox
Road
 Glen Allen, VA 23060
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035

  

					
		  	Schedule XIII-8	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	75.	  	Hyatt Place	  	 Hyatt Place Tampa Airport/Westshore
 4811 West
Main Street
 Tampa Airport/Westshore, FL 33607
	  	Hyatt Place Franchising, L.L.C.	  		  	2/27/2035
						
	76.	  	Residence Inn	  	 Residence Inn Boise Downtown
 1401 Lusk
Avenue
 Boise, ID 83706
	  	Marriott International, Inc.	  		  	12/22/2022
						
	77.	  	Residence Inn	  	 Residence Inn Chattanooga Downtown
 215 Chestnut
Street
 Chattanooga, TN 37402
	  	Marriott International, Inc.	  		  	2/27/2030
						
	78.	  	Residence Inn	  	 Residence Inn Fort Myers
 2960 Colonial
Boulevard
 Fort Myers, FL 33912
	  	Marriott International, Inc.	  		  	2/27/2030
						
	79.	  	Residence Inn	  	 Residence Inn Knoxville Cedar Bluff
 215 Langley
Place at North Peters Road
 Knoxville, TN 37922
	  	Marriott International, Inc.	  		  	2/27/2030
						
	80.	  	Residence Inn	  	 Residence Inn Lexington South/Hamburg Place

2688 Pink Pigeon Parkway
 Lexington, KY 40509
	  	Marriott International, Inc.	  		  	2/27/2030
						
	81.	  	Residence Inn	  	 Residence Inn Los Angeles LAX/El Segundo
 2135
East El Segundo Boulevard
 El Segundo, CA 90245
	  	MIF, L.L.C.	  		  	2/27/2030
						
	82.	  	Residence Inn	  	 Residence Inn Macon
 3900 Sheraton Drive

Macon, GA 31210
	  	Marriott International, Inc.	  		  	2/27/2030
						
	83.	  	Residence Inn	  	 Residence Inn Mobile
 950 West I-65 Service Road
S.
 Mobile , AL 36609
	  	Marriott International, Inc.	  		  	2/27/2030
						
	84.	  	Residence Inn	  	 Residence Inn Portland Downtown/Lloyd Center

1710 NE Multnomah Street
 Portland, OR 97232
	  	Marriott International, Inc.	  		  	12/22/2022

  

					
		  	Schedule XIII-9	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	85.	  	Residence Inn	  	 Residence Inn San Diego Rancho Bernardo/Scripps Poway

12011 Scripps Highlands Drive
 San Diego, CA 92131
	  	MIF, L.L.C.	  		  	2/27/2030
						
	86.	  	Residence Inn	  	 Residence Inn Sarasota Bradenton
 1040
University Parkway
 Sarasota, FL 34234
	  	Marriott International, Inc.	  		  	2/27/2030
						
	87.	  	Residence Inn	  	 Residence Inn Savannah Midtown
 5710 White Bluff
Road
 Savannah, GA 31405
	  	Marriott International, Inc.	  		  	2/27/2030
						
	88.	  	Residence Inn	  	 Residence Inn Tallahassee North/I-10 Capital Circle

1880 Raymond Diehl Road
 Tallahassee, FL 32308
	  	Marriott International, Inc.	  		  	2/27/2030
						
	89.	  	Residence Inn	  	 Residence Inn Tampa North/I-75 Fletcher
 13420
North Telecom Parkway
 Tampa, FL 33637
	  	Marriott International, Inc.	  		  	2/27/2030
						
	90.	  	Residence Inn	  	 Residence Inn Tampa Sabal Park/Brandon
 9719
Princess Palm Avenue
 Tampa, FL 33619
	  	Marriott International, Inc.	  		  	2/27/2030
						
	91.	  	SpringHill Suites	  	 SpringHill Suites Austin Round Rock
 2960 Hoppe
Trail
 Round Rock, TX 78681
	  	Marriott International, Inc.	  		  	2/27/2030
						
	92.	  	SpringHill Suites	  	 SpringHill Suites Grand Rapids North
 450 Center
Drive
 Grand Rapids, MI 49544
	  	Marriott International, Inc.	  		  	2/27/2030
						
	93.	  	SpringHill Suites	  	 SpringHill Suites Houston Hobby Airport
 7922
Mosley Road
 Houston, TX 77061
	  	Marriott International, Inc.	  		  	2/27/2030

  

					
		  	Schedule XIII-10	  	Loan Agreement

											
	 No.
	  	Brand	  	 Asset Name and Address
	  	 Franchisor
	  	 	  	Expiration
	94.	  	SpringHill Suites	  	 SpringHill Suites Lexington Near the University of Kentucky

863 S. Broadway
 Lexington, KY 40504
	  	Marriott International, Inc.	  		  	2/27/2030
						
	95.	  	SpringHill Suites	  	 SpringHill Suites San Antonio Medical Center/Northwest

3636 NW Loop 410
 San Antonio, TX 78201
	  	Marriott International, Inc.	  		  	2/27/2030
						
	96.	  	SpringHill Suites	  	 SpringHill Suites San Diego Rancho Bernardo/Scripps Poway

12032 Scripps Highlands Drive
 San Diego, CA 92131
	  	MIF, L.L.C.	  		  	2/27/2030

  

					
		  	Schedule XIII-11	  	Loan Agreement

 EXHIBIT H 

Expiring Franchise Properties 

(see attached) 

 SCHEDULE XVII 

EXPIRING FRANCHISE AGREEMENTS 
  

									
	 No.
	  	 Brand
	  	 Asset Name and Address
	  	 Franchisor
	  	Expiration
	1.	  	 Hampton Inn &
 Suites
	  	 Hampton Inn Colorado Springs Air Force Academy

7245 Commerce Center Drive
 Colorado Springs, CO 80919
	  	Hampton Inns Franchise LLC	  	10/31/2017
					
	2.	  	Hampton Inn	  	 Hampton Inn Charleston-Airport/Coliseum
 4701
Saul White Boulevard North
 Charleston, SC 29418
	  	Hampton Inns Franchise LLC	  	10/31/2017
					
	3.	  	Hampton Inn	  	 Hampton Inn Chattanooga-Airport/I-75
 7013
Shallowford Road
 Chattanooga, TN 37421
	  	Hampton Inns Franchise LLC	  	10/31/2017
					
	4.	  	Hampton Inn	  	 Hampton Inn Columbus-Airport
 5585 Whitesville
Road
 Columbus, GA 31904
	  	Hampton Inns Franchise LLC	  	10/31/2017
					
	5.	  	Hampton Inn	  	 Hampton Inn Fayetteville I-95 10/25/2007
 1922
Cedar Creek Road
 Fayetteville, NC 28312
	  	Hampton Inns Franchise LLC	  	12/31/2016

  

					
		  	Schedule XIII-1	  	Loan Agreement

 EXHIBIT I 

Scheduled PIP 
 NONE. 

 EXHIBIT J 

PIP Work Other Than Scheduled PIP 

(see attached) 

									
	 Hotel Name
	  	Estimated PIP
Cost $000s	 	  	PIP Completion
Date	 
	 HP Albuquerque/Uptown
	  	 	1,633	  	  	 	2015	  
	 HP Baltimore/BWI Airport
	  	 	1,762	  	  	 	2015	  
	 HP Baton Rouge/I-10
	  	 	1,752	  	  	 	2016	  
	 HP Birmingham/Hoover
	  	 	1,715	  	  	 	2016	  
	 HP Cincinnati/Blue Ash
	  	 	1,782	  	  	 	2015	  
	 HP Columbus
	  	 	1,526	  	  	 	2016	  
	 HP Indianapolis
	  	 	1,494	  	  	 	2015	  
	 HP Kansas City/Overland Park/Metcalf
	  	 	1,622	  	  	 	2016	  
	 HP Las Vegas
	  	 	2,544	  	  	 	2015	  
	 HP Memphis/Wolfchase Galleria
	  	 	1,613	  	  	 	2016	  
	 HP Miami Airport - West/Doral
	  	 	438	  	  	 	2016	  
	 HP Minneapolis Airport
	  	 	1,771	  	  	 	2015	  
	 HP Nashville/Franklin/Cool Springs
	  	 	1,696	  	  	 	2016	  
	 HP Richmond/Innsbrook
	  	 	1,907	  	  	 	2015	  
	 HP Tampa Airport Westshore
	  	 	1,547	  	  	 	2015	  
	 HoI Mt Pleasant
	  	 	3,994	  	  	 	2016	  
	 CY Asheville
	  	 	1,484	  	  	 	2016	  
	 CY Dallas Medical/Market Center
	  	 	2,755	  	  	 	2016	  
	 CY Gainesville
	  	 	197	  	  	 	2016	  
	 CY Jacksonville Airport Northeast
	  	 	1,587	  	  	 	2016	  
	 CY Knoxville Cedar Bluff
	  	 	1,104	  	  	 	2016	  
	 CY Mobile
	  	 	1,114	  	  	 	2016	  
	 CY Sarasota Bradenton Airport
	  	 	1,495	  	  	 	2016	  
	 FFIS Atlanta Vinings
	  	 	2,075	  	  	 	2016	  
	 RI Boise Downtown
	  	 	1,965	  	  	 	2016	  
	 RI Chattanooga Downtown
	  	 	1,920	  	  	 	2016	  
	 RI Fort Myers
	  	 	210	  	  	 	2016	  
	 RI Knoxville Cedar Bluff
	  	 	1,710	  	  	 	2016	  
	 RI Lexington South/Hamburg Place
	  	 	2,527	  	  	 	2016	  
	 RI Los Angeles LAX/El Segundo
	  	 	2,290	  	  	 	2016	  
	 RI Macon
	  	 	1,580	  	  	 	2016	  
	 RI Savannah Midtown
	  	 	1,640	  	  	 	2016	  
	 RI Tallahassee North/I-10 Capital Circle
	  	 	2,198	  	  	 	2016	  
	 SHS Austin Round Rock
	  	 	2,243	  	  	 	2016	  
	 SHS Grand Rapids North
	  	 	716	  	  	 	2016	  
	 SHS San Diego Rancho Bernardo/Scripps Poway
	  	 	445	  	  	 	2017	  
	 ES Orlando-Int’l/ Dr
	  	 	1,665	  	  	 	2016	  
	 HGI Austin/Round Rock
	  	 	3,139	  	  	 	2016	  
	 HI Beckley
	  	 	1,700	  	  	 	2016	  
	 HI Birmingham
	  	 	843	  	  	 	2016	  
	 HI Boca Raton/Deerfield Beach
	  	 	2,112	  	  	 	2016	  
	 HI Boston/Peabody
	  	 	573	  	  	 	2016	  
	 HI Charlotte/Gastonia
	  	 	1,577	  	  	 	2016	  
	 HI Chicago/Gurnee
	  	 	1,366	  	  	 	2016	  
	 HI Cleveland/Westlake
	  	 	646	  	  	 	2016	  
	 HI Columbus/Dublin
	  	 	979	  	  	 	2016	  
	 HI Kansas City—Airport
	  	 	865	  	  	 	2016	  
	 HI Memphis-Poplar
	  	 	2,553	  	  	 	2016	  
	 HI Norfolk
	  	 	3,859	  	  	 	2016	  
	 HI Pickwick Dam—At Shiloh Falls
	  	 	498	  	  	 	2016	  
	 HI Scranton at Montage Mountain
	  	 	1,213	  	  	 	2016	  
	 HI St Louis/Westport (Maryland Heights)
	  	 	895	  	  	 	2016	  
	 HI State College
	  	 	3,465	  	  	 	2016	  
	 HI West Palm Beach/FL Turnpike
	  	 	1,671	  	  	 	2016	  
	 HIS Boynton Beach
	  	 	2,195	  	  	 	2016	  
	 HIS Nashville/Franklin (Cool Springs)
	  	 	1,409	  	  	 	2016	  
	 HWS Boston-Peabody
	  	 	3,711	  	  	 	2016	  
	 HWS Hartford/Windsor Locks
	  	 	3,156	  	  	 	2016	  
	 HWS Memphis/Germantown
	  	 	3,003	  	  	 	2016	  
	 HWS San Antonio-Northwest
	  	 	4,913	  	  	 	2016	  
	 HIE Miami
	  	 	2,420	  	  	 	2017	  
	 HI Albany-Wolf Road (Airport)
	  	 	4,216	  	  	 	2017	  
	 HI Columbia
	  	 	2,191	  	  	 	2017	  
	 HI Dallas/Addison
	  	 	4,441	  	  	 	2017	  
	 HI Detriot/Northville
	  	 	1,969	  	  	 	2017	  
	 HI Grand Rapids—North
	  	 	2,429	  	  	 	2017	  
	 HI Morgantown
	  	 	1,810	  	  	 	2017	  
	 HI Overland Park
	  	 	2,660	  	  	 	2017	  
	 HI Palm Beach Gardens
	  	 	1,401	  	  	 	2017	  
	 HWS Chicago-Downtown
	  	 	7,428	  	  	 	2017	  
	 HWS Phoenix-Biltmore
	  	 	4,242	  	  	 	2017	  
	 CY Athens Downtown
	  	 	961	  	  	 	2018	  
	 CY Bowling Green Convention Center
	  	 	1,905	  	  	 	2018	  
	 RI Mobile
	  	 	352	  	  	 	2018	  
	 RI San Diego Rancho Bernardo/Scripps Poway
	  	 	190	  	  	 	2018	  
	 RI Sarasota Bradenton
	  	 	373	  	  	 	2018	  
	 RI Tampa North/I-75 Fletcher
	  	 	585	  	  	 	2018	  
	 RI Tampa Sabal Park/Brandon
	  	 	682	  	  	 	2018	  
	 SHS Houston Hobby Airport
	  	 	258	  	  	 	2018	  
	 SHS Lexington Near the University of Kentucky
	  	 	62	  	  	 	2018	  
	 SHS San Antonio Medical Center/Northwest
	  	 	243	  	  	 	2018	  
	 HI Baltimore/ Glen Burnie
	  	 	2,274	  	  	 	2018	  
	 HI Boca Raton
	  	 	2,611	  	  	 	2018	  
	 HI Detroit/Madison Heights/South Troy
	  	 	1,667	  	  	 	2018	  
	 CY Chicago Elmhurst/Oakbrook Area
	  	 	1,058	  	  	 	2018	  
	 CY Lexington South/Hamburg Place
	  	 	660	  	  	 	2018	  
	 CY Louisville Downtown
	  	 	376	  	  	 	2018	  
	 CY Orlando Altamonte Springs/Maitland
	  	 	319	  	  	 	2018	  
	 RI Portland Downtown/Lloyd Center
	  	 	4,490	  	  	 	2018	  
	 CY Tallahassee North/I-10 Capital Circle
	  	 	130	  	  	 	2019	  
	 FFIS Dallas Medical/Market Center
	  	 	215	  	  	 	2019	  
		  	  
	  
	 	  			
	 Total
		$	162,675EX-10.20

 Exhibit 10.20 

BAD BOY GUARANTY 
 This
BAD BOY GUARANTY (this “Guaranty”) is executed as of February 27, 2015, by AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an office at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022, Nicholas S. Schorsch, an individual, William M. Kahane, an individual, Edward M. Weil, Jr., an individual, and Peter M.
Budko, an individual (each of the foregoing, a “Guarantor”, and collectively, “Guarantors”), for the benefit of W2007 EQUITY INNS PARTNERSHIP, L.P., a Tennessee limited partnership, and W2007 EQUITY
INNS TRUST, a Maryland trust, each having an office at c/o Goldman Sachs Realty Management, L.P., 6011 Connection Drive, Irving, Texas 75039 (collectively, and together with their respective successors and/or assigns, the “Class A
Member”). 
 W I T N E S S E T H: 

WHEREAS, the Class A Member is prepared to make an investment (the “Investment”) in ARC Hospitality
Portfolio II Holdco, LLC, a Delaware limited liability company (the “Company”), in the amount of $99,799,180.00 as described in the Amended and Restated Limited Liability Company Agreement of the Company, of even date
herewith, among the Class A Member, American Realty Capital Hospitality Portfolio Member LP, a Delaware limited partnership (the “Class B Member”), and William G. Popeo, as special member (as the same may be amended,
modified or supplemented from time to time, the “Operating Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Operating Agreement; 

WHEREAS, each Guarantor acknowledges receipt and approval of copies of the Operating Agreement and the other Transaction Documents; 

WHEREAS, each Guarantor acknowledges that it owns, either directly or indirectly, a beneficial interest in the Class B Member and, as a result
of such beneficial interest, will receive substantial economic and other benefits from the Class A Member making the Investment in the Company; and 

WHEREAS, the Class A Member is unwilling to make the Investment or to enter into the Operating Agreement unless Guarantors agree to
provide the indemnification, representations, warranties, covenants and other matters described in this Guaranty for the benefit of the Class A Member. 

NOW, THEREFORE, as an inducement to the Class A Member to make the Investment, enter into the Operating Agreement and become a Member of
the Company, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 

 ARTICLE 1 

NATURE AND SCOPE OF GUARANTY 

Section 1.1 Guaranty of Obligation. 

(a) Subject to Section 1.10 hereof, each Guarantor hereby irrevocably and unconditionally guarantees to the Class A Member and
its successors and assigns the payment and performance of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Each Guarantor hereby
irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor. 

(b) As used herein, the term “Guaranteed Obligations” means (i) the Recourse Liabilities and
(ii) from and after the date that any Springing Recourse Event occurs, payment of the Redemption Price. 

(c) For purposes hereof, the “Recourse Liabilities” shall mean any actual loss, damage, out-of-pocket
cost or expense, liability, claim or other obligation incurred by the Class A Member (including reasonable outside attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following: 

(i) fraud or intentional misrepresentation committed by the Company, the Class B Member, any Guarantor or any of their respective Affiliates
in connection with the Investment; 
 (ii) wrongful removal of personal property from the Properties after a Changeover Event by the
Company, the Class B Member, any Guarantor or any of their respective Affiliates, unless replaced with personal property of substantially the same or greater utility and of the same or greater value; 

(iii) any intentional physical waste at any Property committed by the Company, the Class B Member, any Guarantor or any of their respective
Affiliates; 
 (iv) the misappropriation by the Company, the Class B Member, any Guarantor or any of their respective Affiliates of any
proceeds (including proceeds of Capital Contributions, Capital Event Proceeds and Protective Capital) or other funds (including any proceeds paid by reason of any Casualty to any Property and any awards in connection with the Condemnation of any
Property), revenues, rents, income, security deposits or other amounts; 
 (v) failure to obtain and maintain the fully paid for insurance
policies in accordance with Section 5.7 of the Operating Agreement to the extent that adequate funds were available to the Company and its Subsidiaries from the income of the Properties for the payment of the premiums thereof; 

(vi) if the Class B Member, the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance with
the terms of Section 5.15(a) of the Operating Agreement and such failure does not result in the substantive consolidation of the assets and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person as a
result of such breach; and/or 

  
 -2- 

 (vii) the modification of any ground lease affecting any Property if such modification is
prohibited under the Operating Agreement or any of the other Transaction Documents and such modification has a material adverse effect on the related Property or the leasehold interest therein (including the value or operation thereof) or the
Class A Member’s ability to exercise its rights and remedies under the Transaction Documents. 
 (d) For purposes hereof, each of
the following shall constitute a Springing Recourse Event: 
 (i) if the Company fails to obtain the Class A
Member’s prior written consent to any financing for borrowed money, whether secured or unsecured, in violation of the terms of the Operating Agreement or any of the other Transaction Documents; 

(ii) if the Class B Member, the Company or any of the Subsidiaries fails to obtain the Class A Member’s prior written
consent to any voluntary mortgage, deed of trust, security deed, security agreement or similar grant by the Company or any of its Subsidiaries of a voluntary Lien upon any Property, or any voluntary granting of a security interest in, voluntary
pledge of or other voluntary Lien upon any direct or indirect equity interest in the Company or any of the Subsidiaries, in each case, as security for any obligations or liabilities that is not permitted under the Operating Agreement or any of the
other Transaction Documents; 
 (iii) if the Class B Member, the Company or any of the Subsidiaries fails to obtain the
Class A Member’s prior written consent to any voluntary transfer of any Property or any of the equity interests in the Subsidiaries that is not permitted under the Operating Agreement or any of the other Transaction Documents; 

(iv) if the Class B Member ceases to be Controlled, directly or indirectly, by ARC OP, or if ARC OP ceases to be Controlled,
directly or indirectly by the REIT, or if the REIT ceases to be Controlled, directly or indirectly, by AR Capital, LLC; 

(v) the Class B Member, the Company or any of the Subsidiaries files a voluntary petition under the Bankruptcy Code or any
other Federal or state bankruptcy or insolvency law; 
 (vi) the filing of an involuntary petition against the Class B
Member, the Company or any of the Subsidiaries under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by any other Person in which the Class B Member, the Company, any Subsidiary or any of their respective Affiliates
colludes with or otherwise assists such Person, and/or the Class B Member, the Company, any Subsidiary or any of their respective Affiliates solicits or causes to be solicited petitioning creditors for any involuntary petition against the Class B
Member, the Company or any of the Subsidiaries by any Person; 

  
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 (vii) if the Class B Member, the Company or any of the Subsidiaries files an
answer consenting to, or joining in, any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; 

(viii) if the Class B Member, the Company, any Subsidiary or any of their respective Affiliates consents to, or joins in, an
application for the appointment of a custodian, receiver, trustee or examiner for the Class B Member, the Company or any of the Subsidiaries and/or any portion of any Property; 

(ix) if the Class B Member, the Company or any of the Subsidiaries makes an assignment for the benefit of creditors or admits,
in any legal proceeding, its insolvency or inability to pay its debts as they become due; or 
 (x) if the Class B Member,
the Company or any of the Subsidiaries fails to maintain its status as a single purpose entity in accordance with the terms of Section 5.15(a) of the Operating Agreement and such failure results in the substantive consolidation of the assets
and liabilities of the Class B Member, the Company or any of the Subsidiaries with any other Person in a bankruptcy or similar proceeding under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law. 

(e) Notwithstanding anything to the contrary in this Guaranty or in any of the other Transaction Documents, then Class A Member shall not
be deemed to have waived any right which the Class A Member may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Redemption Price or to require that all
collateral shall continue to secure all of the obligations owed to the Class A Member in accordance with the Transaction Documents. 

Section 1.2 Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance
and not a guaranty of collection. This Guaranty may not be revoked by any Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by any Guarantor and after (if such
Guarantor is a natural person) such Guarantor’s death (in which event this Guaranty shall be binding upon such Guarantor’s estate and such Guarantor’s legal representatives and heirs). The fact that at any time or from time to time
the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of any Guarantor to the Class A Member with respect to the Guaranteed Obligations. This Guaranty may be enforced by the Class A Member and
any subsequent holder of the Class A Member’s Interest and shall not be discharged by the assignment of all or part of such Interest. 

Section 1.3 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of
Guarantors to the Class A Member hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of the Class A Member, the Company, any Subsidiary or any other party against
the Class B Member or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

  
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 Section 1.4 Payment By Guarantors. If all or any part of the Guaranteed
Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantors shall, immediately upon demand by the Class A Member and without presentment, protest, notice of protest, notice of
non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to the Class A
Member at the Class A Member’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to
the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof. 

Section 1.5 No Duty To Pursue Others. It shall not be necessary for the Class A Member (and each Guarantor hereby
waives any rights which such Guarantor may have to require the Class A Member), in order to enforce the obligations of Guarantors hereunder, first to (i) institute suit or exhaust its remedies against the Company or others liable for the
Guaranteed Obligations or any other Person, including, without limitation, any general partner of any of the foregoing which is a partnership, (ii) declare a Changeover Event, (iii) enforce the Class A Member’s rights against any
collateral which shall ever have been given to secure the obligations owed to the Class A Member under the Operating Agreement or the other Transaction Documents, (iv) enforce the Class A Member’s rights against any other
guarantors of the Guaranteed Obligations, including, without limitation, any general partner of any of the foregoing which is a partnership, (v) join the Class B Member, the Company or any others liable on the Guaranteed Obligations in any
action seeking to enforce this Guaranty, (vi) exhaust any remedies available to the Class A Member under the Transaction Documents, or (vii) resort to any other means of obtaining payment of the Guaranteed Obligations, including, to
the extent California law is deemed to apply notwithstanding the choice of law set forth herein, any of the foregoing which may be available to the Class A Member by virtue of California Civil Code Sections 2845, 2849, and 2850. The
Class A Member shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations. 

Section 1.6 Waivers. Each Guarantor acknowledges receipt of copies of the Operating Agreement and the other Transaction
Documents and hereby waives notice of (i) any loans or advances (including advances of Protective Capital) made by the Class A Member to the Company, (ii) acceptance of this Guaranty, (iii) any amendment of any Transaction
Document or extension of the Mandatory Redemption Date, (iv) the occurrence of any breach by the Class B Member or the Company under the Operating Agreement or the other Transaction Documents or the declaration of a Changeover Event,
(v) the Class A Member’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vi) protest, proof of non-payment or default by the Class B Member or the Company, or (vii) any other action at any time
taken or omitted by the Class A Member and, generally, all demands and notices of every kind in connection with this Guaranty, the Transaction Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and/or the obligations hereby guaranteed. 

  
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 Section 1.7 Payment of Expenses. In the event that any Guarantor shall breach
or fail to timely perform any provisions of this Guaranty, Guarantors shall, immediately upon demand by the Class A Member, pay the Class A Member all reasonable out-of-pocket costs and expenses (including court costs and reasonable
attorneys’ fees) incurred by the Class A Member in the enforcement hereof or the preservation of the Class A Member’s rights hereunder. The covenant contained in this Section shall survive the payment and performance of the
Guaranteed Obligations. 
 Section 1.8 Effect of Bankruptcy. In the event that pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, the Class A Member must rescind or restore any payment or any part thereof received by the Class A Member in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantors by the Class A Member shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full
force and effect. It is the intention of the Guarantors that Guarantors’ obligations hereunder shall not be discharged (other than as expressly set forth herein) except by Guarantors’ performance of such obligations and then only to the
extent of such performance. 
 Section 1.9 Waiver and Postponement of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, each Guarantor hereby unconditionally and irrevocably agrees to postpone the exercise of and, until the Redemption Price has been paid in full (subject to the terms of
Section 6.14 regarding reinstatement of this Guaranty), does hereby irrevocably waive and defer any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating
Guarantors’ rights to the rights of the Class A Member), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from the Company or any of its Subsidiaries or any other party liable to the
Class A Member for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantors under or in connection with this Guaranty or otherwise; provided that, for clarity, such postponement and waiver shall only be in
effect until the Redemption Price has been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty). 

Section 1.10 Limitations on Liability of Guarantors. 

(a) As used herein, a “Guarantor Affiliate” shall mean any Guarantor, the Class B Member and/or any other Person that
either (or both) (a) is in Control of, is Controlled by or is under common Control with (i) any Guarantor or (ii) any general partner or managing member of, or other Person or Persons Controlling, any Guarantor (each a
“Clause (a) Person”), or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity interests in any Guarantor or any other Clause
(a) Person, or (2) a Person with respect to which either (or a combination) of the Guarantors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity interests in such Person, or (3) a
Person with respect to which any combination of Guarantors and Clause (a) Persons own, directly or indirectly, fifty-one percent (51%) or more of the direct or indirect voting equity interests in such Person. In addition to, and without
limiting, the foregoing, if a direct or indirect interest in a loan secured by direct or indirect interests in the Company or any of its Subsidiaries is held by a Guarantor Affiliate, the related lender will be deemed a Guarantor Affiliate unless
such Guarantor Affiliate is a Disabled Participant (as defined below) and one or more other holders of substantial interests in such loan that are not Guarantor Affiliates control the administration of such loan and the enforcement of the rights and
remedies of such lender. A Guarantor Affiliate is a “Disabled Participant” with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right
to approve amendments to the material economic terms of such loan). 

  
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 (b) Notwithstanding anything to the contrary herein or in the other Transaction Documents,
in the event of the declaration of a Changeover Event, then Guarantors shall not have any liability hereunder for any Losses arising from any circumstance, condition, action or event first occurring after the date of the declaration of a Changeover
Event and not caused by the acts of either of the Guarantors or any other Guarantor Affiliate; provided that (i) Guarantors shall remain liable hereunder that arise from any action or event prior to the date of the declaration of a
Changeover Event and (ii) if, following the declaration of a Changeover Event, an arbitration panel appointed pursuant to Section 12.10 of the Operating Agreement determines that such Changeover Event has not occurred pursuant to
Section 3.5 of the Operating Agreement, then the Guarantors shall continue to be fully liable for all of its obligations hereunder (other than any liabilities caused solely by the actions of the Class A Member taken on behalf of the
Company or any of its Subsidiaries following such declaration of a Changeover Event). 
 (c) At any time prior to the declaration of a
Changeover Event, Guarantors shall be entitled to request and Class A Member agrees to grant the release of any Guarantor from its obligations hereunder so long as, following such release, the remaining Guarantor(s) collectively and not
individually continue(s) to satisfy the Net Worth Threshold and Liquid Assets Threshold requirements set forth in Section 5.2 hereof. In connection with any release of a Guarantor pursuant to this Section 1.10(c), the
Class A Member shall execute and deliver a release of such Guarantor from all liability in respect of the Guaranteed Obligations. 
 (d)
Subject to the reinstatement of the Guarantors’ obligations hereunder pursuant to Section 6.14 hereof, this Guaranty shall terminate and be of no further force and effect upon the date of the payment in full of the Redemption Price;
provided, however, that the Guaranteed Obligations shall survive such termination with respect to any and all such Guaranteed Obligations accruing prior to or arising out of or related to any circumstances, conditions, actions or
events occurring or arising prior to the date of such repayment and satisfaction, even to the extent the applicable liability, loss, cost or expense does not occur or the applicable circumstance, condition, action or event is not discovered until
after such date. 
 ARTICLE 2 

EVENTS AND CIRCUMSTANCES NOT REDUCING 

OR DISCHARGING GUARANTORS’ OBLIGATIONS 

Subject to Section 1.10 hereof, to the extent permitted by applicable law, each Guarantor hereby consents and agrees to each of
the following and agrees that such Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable, statutory or other rights
(including, without limitation, rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following: 

  
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 Section 2.1 Modifications. Any renewal, extension, increase, modification,
alteration or rearrangement of all or any part of the Guaranteed Obligations, the Operating Agreement, the Transaction Documents or any other document, instrument, contract or understanding between Class B Member, any Guarantor or the Company and
the Class A Member or any other parties pertaining to the Guaranteed Obligations or any failure of the Class A Member to notify Guarantors of any such action. 

Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by the
Class A Member to the Class B Member, the Company or any Guarantor. 
 Section 2.3 Condition of Relevant Entities.
The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of the Class B Member, the Company or any of its Subsidiaries, any Guarantor or any other Person at any time liable for the
payment of all or part of the Guaranteed Obligations; or, subject to Section 1.10(b) hereof, any sale, lease or transfer of any or all of the assets of the Class B Member, any Guarantor, the Company or any of the Subsidiaries, or,
subject to Section 1.10(b) hereof, any changes in the direct or indirect shareholders, partners or members, as applicable, of the Class B Member, any Guarantor or the Company or any of its Subsidiaries; or any reorganization of the Class
B Member, any Guarantor or the Company or any of its Subsidiaries. 
 Section 2.4 Invalidity of Guaranteed Obligations.
The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact
that (i) the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the
Operating Agreement or the other Transaction Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) the Class B Member, any
Guarantor or the Company has valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from such Persons, (vi) the creation, performance or repayment
of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the
Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Operating Agreement or any of the other Transaction Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that
Guarantors shall remain liable hereon regardless of whether any the Class B Member, the Company or any other Person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 

Section 2.5 Release of Obligors. Any full or partial release of the liability of the Class B Member or the Company for the
Guaranteed Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of
the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations in full 

  
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without assistance or support from any other Person, and no Guarantor has been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other
Persons will be liable to pay or perform the Guaranteed Obligations or that the Class A Member will look to other Persons to pay or perform the Guaranteed Obligations. 

Section 2.6 Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of
payment, for all or any part of the Guaranteed Obligations. 
 Section 2.7 Release of Collateral. Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or
assuring or securing payment of, all or any part of the Guaranteed Obligations, subject, however, to the terms of Section 1.10 hereof. 

Section 2.8 Care and Diligence. The failure of the Class A Member or any other party to exercise diligence or
reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to, any neglect, delay, omission, failure or refusal of the
Class A Member (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose
upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

Section 2.9 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to
be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by each Guarantor that such Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for the
Guaranteed Obligations. 
 Section 2.10 Offset. Any existing or future right of offset, claim or defense of the Class B
Member or the Company against the Class A Member, or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions
creating the Guaranteed Obligations) or otherwise. 
 Section 2.11 Merger. The reorganization, merger or consolidation of
the Class B Member, the Company or any of the Subsidiaries into or with any other Person. 
 Section 2.12 Preference. Any
payment by the Class B Member, the Company or any Person to the Class A Member is held to constitute a preference under the Bankruptcy Code or for any reason the Class A Member is required to refund such payment or pay such amount to the
Class B Member, the Company or such other Person. 

  
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 Section 2.13 Other Actions Taken or Omitted. Any other action taken or
omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations or the security and collateral therefor, whether or not such action or omission prejudices Guarantors or increases the likelihood that Guarantors will be
required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention of Guarantors that such Guarantors shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any
occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment
and satisfaction of the Guaranteed Obligations. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

To induce the Class A Member to enter into the Transaction Documents and to invest in the Company, each Guarantor represents and warrants
to the Class A Member as follows: 
 Section 3.1 Benefit. Each Guarantor is an Affiliate of the Class B Member, is
the owner of a direct or indirect interest in the Class B Member and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

Section 3.2 Familiarity and Reliance. Each Guarantor is familiar with, and has independently reviewed books and records
regarding, the financial condition of the Class B Member, the Company and the Subsidiaries and is familiar with the value of any and all collateral intended to be created as security for the payment of the Guaranteed Obligations; however, such
Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 
 Section 3.3
No Representation By the Class A Member. Neither the Class A Member nor any other party has made any representation, warranty or statement to any Guarantor in order to induce such Guarantor to execute this Guaranty. 

Section 3.4 Each Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and
the contingent obligation evidenced hereby, each Guarantor (a) is and intends to remain solvent, (b) has and intends to have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and
(c) has and intends to have property and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations. 

Section 3.5 Legality. The execution, delivery and performance by each Guarantor of this Guaranty and the consummation of
the transactions contemplated hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which such Guarantor is subject, or constitute a default (or an event which, with notice or lapse of time or both,
would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which such Guarantor is a party or which may be applicable to such Guarantor. This Guaranty is a legal
and binding obligation of each Guarantor and is enforceable against such Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights.

  
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 Section 3.6 No Plan Assets. No Guarantor sponsors, is obligated to contribute
to, or is itself an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of any Guarantor constitutes or will, until the Redemption Price has been paid in full (subject to
the terms of Section 6.14 regarding reinstatement of this Guaranty), constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) no Guarantor is a
“governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Guarantor are not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental
plans. As of the date hereof, none of the Guarantors, nor any member of a “controlled group of corporations” (within the meaning of Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan”
(within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA). 

Section 3.7 ERISA. No Guarantor shall engage in any transaction, other than a transaction contemplated hereunder, which
would cause any obligation, or action taken or to be taken, hereunder (or the exercise by the Class A Member of any of its rights under the Operating Agreement or the other Transaction Documents) to be a non-exempt prohibited transaction under
ERISA. 
 Section 3.8 Survival. All representations and warranties made by each Guarantor herein shall survive the
execution hereof. 
 ARTICLE 4 

SUBORDINATION OF CERTAIN INDEBTEDNESS 

Section 4.1 Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims”
shall mean all debts and liabilities of the Class B Member, the Company or any of the Subsidiaries to any one or more of the Guarantors, whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of
such Person thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person
or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired by the applicable Guarantor or Guarantors. The Guarantor
Claims shall include, without limitation, all rights and claims of any one or both of the Guarantors against the Class B Member, the Company or any of the Subsidiaries (arising as a result of subrogation or otherwise) as a result of payment of all
or a portion of the Guaranteed Obligations by any Guarantor or the Guarantors. Until the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor shall
receive or collect, directly or indirectly, from e Class B Member, the Company, any of the Subsidiaries or any other Person obligated to the Class A Member any amount upon the Guarantor Claims. 

  
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 Section 4.2 Claims in Bankruptcy. In the event of any receivership,
bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding involving any Guarantor as a debtor, the Class A Member shall have the right to prove its claim in any such proceeding so as to establish its rights
hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to the Class A Member.
Should the Class A Member receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to any Guarantor and which, as between any the Class B Member or the Company and any one or more of the
Guarantors, shall constitute a credit against the Guarantor Claims, then, upon payment to the Class A Member in full of the Guaranteed Obligations, such Guarantor shall become subrogated to the rights of the Class A Member to the extent
that such payments to the Class A Member on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have
been unpaid if the Class A Member had not received dividends or payments upon the Guarantor Claims. 
 Section 4.3 Payments
Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees
to hold in trust for the Class A Member an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to the Class A Member, and agrees that it shall have absolutely no dominion over
the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to the Class A Member, and such Guarantor covenants promptly to pay the same to the
Class A Member. 
 Section 4.4 Liens Subordinate. Each Guarantor agrees that any liens, security interests, judgment
liens, charges or other encumbrances upon the assets of the Class B Member, the Company or any of the Subsidiaries securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment
liens, charges or other encumbrances upon such Person’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or the Class A Member presently exist or are hereafter created
or attach. Without the prior written consent of the Class A Member, until the Redemption Price shall have been paid in full (subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), no Guarantor shall
(i) exercise or enforce any creditor’s rights it may have against the Class B Member, the Company or any of the Subsidiaries, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security
interests, collateral rights, judgments or other encumbrances on the assets of the Class B Member, the Company or any of the Subsidiaries held by any Guarantor. 

  
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 ARTICLE 5 

COVENANTS 

Section 5.1 Definitions. As used in this Article 5, the following terms shall have the respective meanings set forth below: 

(a) “GAAP” shall mean generally accepted accounting principles, consistently applied. 

(b) “IFRS” shall mean the International Financial Reporting Standards. 

(c) “Liquid Assets” shall mean any of the following, but only to the extent owned individually, free of
all security interests, liens, pledges, charges or any other encumbrance: (a) cash (excluding proceeds of the Properties that have not been distributed by the Company), (b) certificates of deposit (with a maturity of two years or less)
issued by, or savings account with, any Approved Bank or other bank or other financial institution reasonably acceptable to the Class A Member, (c) marketable securities listed on a national or international exchange reasonably acceptable
to the Class A Member (it being understood, without limitation of the foregoing, that the New York Stock Exchange and NASDAQ shall be deemed acceptable to the Class A Member), marked to market, (d) U.S. Obligations or
(e) aggregate availability under unencumbered, unfunded capital commitments that any Guarantor may unconditionally draw from any of its partners. 

(d) “Net Worth” shall mean, as of a given date, (i) a Person’s total assets as of such date
(without regard to the Properties or any equity therein) less (ii) such Person’s total liabilities as of such date (exclusive of any liability under the Mortgage Loan Documents), determined in accordance with GAAP or IFRS.

 Section 5.2 Covenants. Until the Redemption Price and the Guaranteed Obligations have been paid in full
(subject to the terms of Section 6.14 regarding reinstatement of this Guaranty), Guarantors shall collectively and not individually maintain (x) an aggregate Net Worth of not less than $250,000,000.00 (the “Net Worth
Threshold”) and (y) aggregate Liquid Assets of not less than $20,000,000.00 (the “Liquid Assets Threshold”). 

Section 5.3 Intentionally Omitted. 

Section 5.4 Financial Statements. Each Guarantor shall deliver to the Class A Member: 

(a) within 120 days after the end of each fiscal year of such Guarantor, a complete copy of such Guarantor’s annual financial statements
in the form delivered to such guarantor’s limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s knowledge, such annual financial statements fairly present the
financial condition and results of the operations of such Guarantor; 

  
 -13- 

 (b) within 90 days after the end of each fiscal quarter of such Guarantor, financial statements
in the form delivered to such Guarantor’s limited partners, together with a certificate of the general partner of such Guarantor certifying that, to the best of the signer’s knowledge, such quarterly financial statements fairly present the
financial condition and results of the operations of such Guarantor in a manner consistent with GAAP (subject to year-end adjustments) or IFRS; and 

(c) 20 days after request by the Class A Member, such other financial information with respect to such Guarantor as the Class A
Member may reasonably request. 
 (d) No individual Guarantor shall have any obligation to deliver financial statements under this Guaranty.

 ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Waiver. No failure to exercise, and no delay in exercising, on the part of the Class A Member, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of the Class A Member hereunder shall be in addition to
all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and
purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 

Section 6.2 Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a
“Notice”) required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or
delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this
Section 6.2. Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day (otherwise on the next
Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case
addressed to the parties as follows: 
 If to the Class A 

			
	Member:		c/o Goldman Sachs Realty Management, L.P.
			6011 Connection Drive
			Irving, Texas 75039
			Attn: Greg Fay
			Facsimile No.: (972) 368-3699
			Telephone No.: (972) 368-2743

  
 -14- 

			
	with copies to:		Whitehall Street Global Real Estate Limited Partnership 2007
			c/o Goldman, Sachs & Co.
			200 West Street
			New York, New York 10282
			Attn: Chief Financial Officer
			Facsimile No.: (212) 357-5505
			Telephone No.: (212) 902-5520
		
	and:		Sullivan & Cromwell LLP
			125 Broad Street
			New York, New York 10004
			Attention: Anthony J. Colletta, Esq.
			Facsimile No. (212) 291-9029
		
	If to Guarantors:		c/o American Realty Capital
			405 Park Avenue
			New York, New York 10022
			Attn: Jon Mehlman
			 Facsimile No.: (212) 421-5799
 Telephone
No.: (646) 626-8857

		
	with a copy to:		c/o American Realty Capital
			405 Park Avenue
			New York, New York 10022
			Attn: Michael Ead
			Facsimile No.: (212) 421-5799
			Telephone No.: (646) 381-0604

 Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days’ written
notice of such change to the other parties in accordance with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there is an inability to actually deliver any Notice because of a
changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. 

Section 6.3 Governing Law; Jurisdiction; Service of Process. (a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK,
AND MADE BY EACH GUARANTOR AND ACCEPTED BY THE CLASS A MEMBER IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE 

  
 -15- 

 
UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS
THIS GUARANTY AND/OR THE OTHER TRANSACTION DOCUMENTS, AND THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE CLASS A MEMBER OR ANY GUARANTOR ARISING OUT OF OR RELATING TO
THIS GUARANTY MAY AT THE CLASS A MEMBER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH GUARANTOR WAIVES ANY
OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR
PROCEEDING. EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SUCH GUARANTOR AT THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO THE CLASS A MEMBER OF ANY CHANGE IN THE ADDRESS FOR SUCH GUARANTOR
SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF SUCH GUARANTOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE CLASS A MEMBER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION. 
 Section 6.4 Invalid Provisions.
If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as
if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

  
 -16- 

 Section 6.5 Amendments. This Guaranty may be amended only by an instrument in
writing executed by the party(ies) against whom such amendment is sought to be enforced. 
 Section 6.6 Parties Bound;
Assignment. This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives. Any assignee or transferee of the Class A Member
shall be entitled to all the benefits afforded to the Class A Member under this Guaranty. No Guarantor shall have the right to assign or transfer its rights or obligations under this Guaranty without the prior written consent of the
Class A Member, and any attempted assignment without such consent shall be null and void. 
 Section 6.7 Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty. 

Section 6.8 Recitals. The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and
shall be considered prima facie evidence of the facts and documents referred to therein. 
 Section 6.9 Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart
identical thereto except having attached to it additional signature pages. 
 Section 6.10 Rights and Remedies. If any
Guarantor becomes liable for any indebtedness owing by any the Class B Member or the Company to the Class A Member, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected
hereby and the rights of the Class A Member hereunder shall be cumulative of any and all other rights that the Class A Member may ever have against Guarantor. The exercise by the Class A Member of any right or remedy hereunder or
under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

Section 6.11 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTORS AND THE CLASS A MEMBER WITH RESPECT TO
GUARANTORS’ GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY
GUARANTORS AND THE CLASS A MEMBER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTORS AND THE CLASS A MEMBER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF

  
 -17- 

 
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY.
THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTORS AND THE CLASS A MEMBER. 
 Section 6.12 Waiver of Right To Trial By Jury.
EACH GUARANTOR AND THE CLASS A MEMBER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO
THIS GUARANTY, THE OPERATING AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR AND THE
CLASS A MEMBER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY THE OTHER PARTIES. 
 Section 6.13 Cooperation. Each Guarantor acknowledges that the
Class A Member and its successors and assigns may (subject to Section 9.2 of the Operating Agreement) (i) sell this Guaranty and the other Transaction Documents and/or the Class A Member’s Interest to one or more investors,
(ii) deposit this Guaranty and the other Transaction Documents with a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or (iii) otherwise sell the Class A Member’s
Interest or one or more interests therein to investors (the transactions referred to in clauses (i) through (iii) are hereinafter each referred to as “Secondary Market Transaction”). Each Guarantor shall at no cost
to any Guarantor, cooperate with the Class A Member in effecting any such Secondary Market Transaction and shall provide (or cause the Class B Member, the Company and/or the Subsidiaries to provide) such information and materials as may be
reasonably requested by the Class A Member in connection with such Secondary Market Transaction. 
 Section 6.14
Reinstatement in Certain Circumstances. If at any time any payment of the Class A Return, the Unrecovered Capital or any other amount payable by the Company or the Class B Member under the Operating Agreement or the other Transaction
Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or the Class B Member or otherwise, Guarantors’ obligations hereunder with respect to such payment shall be
reinstated as though such payment had been due but not made at such time. 
 Section 6.15 Exculpation of Certain Persons.
Notwithstanding anything to the contrary contained in this Guaranty or any other Transaction Document, no direct or indirect shareholder, partner, member, principal, Affiliate (other than the Class B Member and the Company), employee, officer,
trustee, director, agent or other representative of a Guarantor and/or of any of its Affiliates (each, a “Related Party”) shall have any personal liability for, nor 

  
 -18- 

 
be joined as party to, any action with respect to payment, performance or discharge of any covenants, obligations, or undertakings of any Guarantor under this Guaranty, and by acceptance hereof,
the Class A Member for itself and its successors and assigns irrevocably waives any and all right to sue for, seek or demand any such damages, money judgment, deficiency judgment or personal judgment against any Related Party under or by reason
of or in connection with this Guaranty; except that any Related Party that is a party to any Transaction Document or any other separate written guaranty, indemnity or other agreement given by such Related Party in connection with the Investment
shall remain fully liable therefor and the foregoing provisions shall not operate to limit or impair the liabilities and obligations of such Related Parties or the rights and remedies of the Class A Member thereunder. 

Section 6.16 Gender; Number; General Definitions. Unless the context clearly indicates a contrary intent or unless
otherwise specifically provided herein, (a) words used in this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding masculine, feminine or neuter forms,
(c) the word “the Class A Member” shall mean “the Class A Member and any subsequent holder of the Class A Member’s Interest”, (d) the word “Properties” shall
include any portion of any of the Properties and any interest therein, and (e) the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk
fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by the Class A Member in protecting its interest in the Company (including any Protective Capital
advances by the Class A Member) and/or in enforcing its rights hereunder. 
 Section 6.17 Joint and Several. The
obligations of each Guarantor hereunder are joint and several. 
 Section 6.18 Certain California State Specific
Provisions. 
 (a) To the extent California law applies, nothing herein shall be deemed to limit the right of the Class A Member
to recover in accordance with California Code of Civil Procedure Section 736 (as such Section may be amended from time to time), any costs, expenses, liabilities or damages, including reasonable attorneys’ fees and costs, incurred by the
Class A Member and arising from any covenant, obligation, liability, representation or warranty contained in any indemnity agreement given to the Class A Member, or any order, consent decree or settlement relating to the cleanup of
Hazardous Substances (as defined in the Environmental Indemnity Agreement) or any other “environmental provision” (as defined in such Section 736) relating to any Property or any portion thereof. 

(b) To the extent California law applies, in addition to and not in lieu of any other provisions of this Guaranty (provided, however, that in
the case of any conflict or inconsistency between the provisions of this Section 6.18(b) and the other provisions of this Guaranty as to any subject matter described in this Section 6.18(b), such other provisions shall
control), each Guarantor represents, warrants and covenants as follows: 

  
 -19- 

 (c) The obligations of each Guarantor under this Guaranty shall be performed without demand by
the Class A Member and shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any of the Operating Agreement or any of the other Transaction Documents, and without regard to any other circumstance
which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so such Guarantor shall
be liable even if neither the Company nor the Class B Member had no liability at the time of execution of the Transaction Documents, or thereafter ceases to be liable. Each Guarantor hereby waives any and all benefits and defenses under California
Civil Code Section 2809 and agrees that by doing so such Guarantor’s liability may be larger in amount and more burdensome than that of the Company or any of its Subsidiaries. Each Guarantor hereby waives the benefit of all principles or
provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that such Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this Guaranty
which might otherwise constitute a legal or equitable discharge of a surety or a guarantor. Each Guarantor hereby waives the benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other
rights of sureties and guarantors thereunder. 
 (d) In accordance with Section 2856 of the California Civil Code, each Guarantor hereby
waives all rights and defenses arising out of an election of remedies by the Class A Member even though that election of remedies, such as a nonjudicial foreclosure with respect to security for guaranteed obligations, has destroyed or otherwise
impaired such Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Each Guarantor hereby authorizes and empowers the Class A
Member to exercise, in its sole and absolute discretion, any right or remedy, or any combination thereof, which may then be available, since it is the intent and purpose of each Guarantor that the obligations under this Guaranty shall be absolute,
independent and unconditional under any and all circumstances. Specifically, and without in any way limiting the foregoing, each Guarantor hereby waives any rights of subrogation, indemnification, contribution or reimbursement arising under
Sections 2846, 2847, 2848 and 2849 of the California Civil Code or any other right of recourse to or with respect to the Company or any of its Subsidiaries, any general partner, member or other constituent of the Company or any of its
Subsidiaries, any other person obligated to the Class A Member with respect to the matters set forth herein, or the assets or property of any of the foregoing until the Redemption Price has been paid in full and all obligations of the Company
and its Affiliates under the Transaction Documents have been fully performed, and there has expired the maximum possible period thereafter during which any payment made by the Company or others to the Class A Member with respect to such
obligations could be deemed a preference under the United States Bankruptcy Code. In connection with the foregoing, subject to the foregoing limitations, each Guarantor expressly waives any and all rights of subrogation against the Company and each
of its Subsidiaries, and each Guarantor hereby waives any rights to enforce any remedy which the Class A Member may have against the Company or any of its Subsidiaries. 

(e) In addition to and without in any way limiting the foregoing, each Guarantor hereby subordinates any and all indebtedness of the Company
and each Subsidiary now or hereafter owed to any Guarantor to all the indebtedness of the Company or any Subsidiary to the Class A Member and agrees with the Class A Member that until the Redemption Price has been paid in full and all
obligations owed to the Class A Member under 

  
 -20- 

 
the Transaction Documents have been fully performed, and there has expired the maximum possible period thereafter during which any payment made by the Company or others to the Class A Member
with respect to such obligations could be deemed a preference under the United States Bankruptcy Code, no Guarantor shall demand or accept any payment of principal or interest from the Company or any of its Subsidiaries or claim any offset or other
reduction of any Guarantor’s obligations hereunder because of any such indebtedness. If any amount shall nevertheless be paid to an Guarantor by the Company or any Subsidiary or another guarantor prior to payment in full of the Redemption
Price, such amount shall be held in trust for the benefit of the Class A Member and shall forthwith be paid to the Class A Member to be credited and applied to the Unrecovered Capital. Further, no Guarantor shall have any right of recourse
against the Class A Member by reason of any action the Class A Member may take or omit to take under the provisions of this Guaranty or under the provisions of any of the Transaction Documents. Without limiting the generality of the
foregoing, each Guarantor hereby waives, to the fullest extent permitted by law, diligence in collecting the obligations owed to the Class A Member under the Transaction Documents, presentment, demand for payment, protest, all notices with
respect to the Operating Agreement, this Guaranty, or any other Transaction Document which may be required by statute, rule of law or otherwise to preserve the Class A Member’s rights against such Guarantor under this Guaranty, including,
but not limited to, notice of acceptance, notice of any amendment of the Transaction Documents, notice of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of
protest, and notice of the incurring by the Company or any of its Subsidiaries of any obligation or indebtedness. 
 (f) Without limiting the
foregoing, but subject to the same limitations set forth above, each Guarantor waives (i) all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to any
Guarantor by reason of California Civil Code Sections 2787 to 2855, inclusive, including any and all rights or defenses such Guarantor may have by reason of protection afforded to the Company or any of its Subsidiaries with respect to any of the
obligations of any Guarantor under this Guaranty by reason of a nonjudicial foreclosure or pursuant to the antideficiency or other laws of the State of California limiting or discharging the obligations of the Company or any of its Subsidiaries.
Without limiting the generality of the foregoing, each Guarantor hereby expressly waives any and all benefits under California Code of Civil Procedure Section 726 (which Section, if such Guarantor had not given this waiver, among other things,
would otherwise require the Class A Member to exhaust all of its security before a personal judgment could be obtained for a deficiency). 

(g) Likewise, each Guarantor waives (i) any and all rights and defenses available to such Guarantor under California Civil Code
Sections 2899 and 3433; and (ii) any rights or defenses such Guarantor may have with respect to its obligations as a guarantor by reason of any election of remedies by the Class A Member. These rights and defenses include, but are not
limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. 

[NO FURTHER TEXT ON THIS PAGE.] 

  
 -21- 

 IN WITNESS WHEREOF, each Guarantor has executed this Guaranty as of the day and year first above
written. 
  

					
	GUARANTORS:
	
	 AMERICAN REALTY CAPITAL

HOSPITALITY OPERATING PARTNERSHIP, L.P.

		
	By:		 American Realty Capital Hospitality

Trust, Inc., its general partner

			
			By:		 /s/ Jonathan Mehlman

					Name: Jonathan Mehlman
					Title: CEO and President
	
	 AMERICAN REALTY CAPITAL

HOSPITALITY TRUST, INC.

		
	By:		 /s/ Jonathan Mehlman

			Name: Jonathan Mehlman
			Title: CEO and President

 [Signatures continue on next page] 

Signature Page to Bad Boy Guaranty – Portfolio II 

 
	
	NICHOLAS S. SCHORCSH
	
	 /s/ Nicholas S. Schorsch

	 Name: Nicholas S. Schorsch

 [Signatures continue on next page] 

Signature Page to Bad Boy Guaranty – Portfolio II 

 
	
	WILLIAM M. KAHANE
	
	 /s/ William M. Kahane

	 Name: William M. Kahane

 [Signatures continue on next page] 

Signature Page to Bad Boy Guaranty – Portfolio II 

 
	
	EDWARD M. WEIL, JR.
	
	 /s/ Edward M. Weil, Jr.

	 Name: Edward M. Weil, Jr.

 [Signatures continue on next page] 

Signature Page to Bad Boy Guaranty – Portfolio II 

 
	
	PETER M. BUDKO
	
	 /s/ Peter M. Budko

	 Name: Peter M. Budko

 Signature Page to Bad Boy Guaranty – Portfolio II

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