Document:

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                                                                 EXHIBIT 10.18.3

                THIRD AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

      THIS THIRD AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this "AMENDMENT")
is made as of the 4th day of August, 2004, by and between ASHFORD HOSPITALITY
LIMITED PARTNERSHIP, a Delaware limited partnership ("PURCHASER"), and DUNN
FAMILY ASSOCIATES, LLP, an Indiana limited liability partnership, HOTEL
INVESTMENT, LLC, an Indiana limited liability company, ENCORE HOTELS OF
BLOOMINGTON, INC., an Indiana corporation, ENCORE HOTELS OF TERRE HAUTE, LLC, an
Indiana limited liability company, ENCORE RESIDENTIAL HOTEL OF EVANSVILLE, LLC,
an Indiana limited liability company, ENCORE HOTELS OF COLUMBUS, LLC, an Indiana
limited liability company, ENCORE HOTELS OF HORSE CAVE, LLC, a Kentucky limited
liability company, ENCORE HOTELS OF PRINCETON II, LLC, an Indiana limited
liability company, and DUNN HOSPITALITY GROUP, LLC, an Indiana limited liability
company (collectively, "SELLER").

                                    RECITALS

      A. Seller and Purchaser have entered into that certain Agreement of
Purchase and Sale dated as of May 19, 2004, as amended by that certain First
Amendment to Agreement of Purchase and Sale dated July l, 2004 and that certain
Second Amendment to Agreement of Purchase and Sale dated July 23, 2004, executed
by Purchaser and Seller (collectively, the "PURCHASE AGREEMENT"), which
provides, among other things, for the Purchaser's purchase of the Property from
the Seller.

      B. Seller and Purchaser wish to modify and amend the Purchase Agreement
(as amended, the "AGREEMENT") as hereinafter provided.

      NOW, THEREFORE, in consideration of the mutual covenants provided herein
and for other good and valuable consideration, the receipt and sufficiency of
which Seller and Purchaser hereby acknowledge, Seller and Purchaser hereby agree
as follows:

      1. Definitions. Capitalized terms not otherwise defined in this Amendment
shall have the meanings given to them in the Agreement.

      2. Purchase Price. The definition of "Purchase Price" is hereby amended
and restated to be as follows:

      "Purchase Price" shall mean $62,000,000.00 payable in the manner described
      in Section 2.2 hereof.

      3. Common Partnership Units.

            (a) At Closing, Purchaser shall issue to Seller a number of "Common
Partnership Units" (as defined and described in the agreement of limited
partnership of Purchaser) in Purchaser equal to the quotient (rounded to the
nearest whole number) resulting from $3,000,000.00 divided by Nine and No/100ths
Dollars ($9.00).

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            (b) Subsection 2.2(b) of the Agreement is hereby amended to insert
the following sentence at the beginning of such paragraph: "Purchaser shall
receive a credit against the Purchase Price in an amount equal to $3,000,000.00,
which is the aggregate value of the Common Partnership Units to be issued to
Seller."

      4. Manager. Pursuant to Section 5.1(m) of the Agreement, Purchaser hereby
elects that Dunn Hospitality Dunn Hospitality Group Manager, Inc. ("Manager")
manage the Property pursuant to the New Management Agreements.

      5. PIP Requirements. Section 7.8 of the Agreement is hereby deleted.
Manager shall manage the performance and completion of the product improvement
plan requirements imposed by the Franchisor under the Franchise Agreements in
connection with the contemplated change in ownership of the Property (the
"PIPS"). Manager shall be entitled to receive a Ten Percent (10%) project
management fee based on the cost of the PIPS. Manager agrees to pay for the
aggregate cost to complete the PIPs that exceeds an amount equal to the
difference between the budgeted amount for the completion of the PIPS to be
agreed to by Purchaser and Manager (the maximum amount of which is currently
estimated to be $6,500,000.00 exclusive of the project management fee) (the "PIP
Budget") less the cost of any item in the PIPS that may be waived or deferred by
the applicable Franchisor after agreement to the PIP Budget (the "PIP Excess"),
and Manager agrees to indemnify and reimburse Purchaser and its Affiliates for
any costs or expenses incurred by Purchaser or any of its Affiliates which
constitute payment of all or any part of the PIP Excess (the "Reimbursement
Obligation"). Manager and John M. Dunn shall jointly and severally guarantee the
payment of the PIP Excess and the Reimbursement Obligation (the "Guaranty"). The
Guaranty is subject to approval by the parties to the PIP Budget. Seller,
Manager and Purchaser shall use good faith commercially efforts to agree to the
PIP Budget prior to Closing, upon which the Reimbursement Obligation shall be
based, or after Closing pursuant to the approval terms applicable to budgets
contained in the New Management Agreement. The Guaranty shall be secured by a
pledge by Seller of the Common Partnership Units issued to Seller at Closing
("Pledge Agreement"). Additionally, the parties agree that to the extent of any
Reimbursement Obligation, Ashford TRS Lessee LLC, as "owner" under the New
Management Agreements, may offset such Reimbursement Obligation against any
management fees otherwise due and owing to Manager under the New Management
Agreements. The provisions of this Paragraph 5 shall survive the Closing.

      6. Study Period. Seller and Purchaser agree that the Study Period has
expired on the date hereof.

      7. Repairs. Manager, at its sole cost and expense, shall complete the
repairs to the Property described on Exhibit A attached hereto within the time
frames set forth for the completion of the applicable PIPs. The provisions of
this Paragraph 7 shall survive the Closing.

      8. Closing Date. The Closing Date shall occur on a date no later than
August 31, 2004; provided, however, Purchaser shall have the right, upon written
notice to Seller, to extend the Closing Date for a period not to exceed thirty
(30) days in order to finalize Purchaser's loan documents for the acquisition of
the Property.

                               Exhibit 8 - Page 2

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      9. Conditions to Closing. The following conditions precedent are hereby
added to Section 5.1 of the Agreement:

            (o) Seller and Purchaser shall have agreed upon the form of
            documentation required in connection with the issuance of the Common
            Partnership Units to Seller at Closing.

            (p) Seller and Purchaser shall have agreed upon the form of Guaranty
            and Pledge Agreement in connection with the Reimbursement
            Obligation.

            (q) Purchaser shall be satisfied, in its sole and absolute
            discretion, as to the results of a limited subsurface investigation
            at and around the elevator pits at the Hampton Inn Terre Haute hotel
            to determine the environmental impact of a leaking hydraulic system
            for the elevators.

      10. Conflicts. Except to the extent expressly modified by this Amendment,
the terms, provisions and conditions of the Agreement are hereby ratified and
confirmed and shall remain in full force and effect, unmodified by the terms and
provisions hereof and, in the event of any conflict between the terms and
provisions of the Agreement and this Amendment, the terms and provisions of this
Amendment shall be deemed controlling. In the event of any conflict between the
terms and provisions of the New Management Agreement and this Amendment, the
terms and provisions of this Amendment shall be deemed controlling.

      11. Counterparts. The parties hereto may execute this Amendment in one or
more identical counterparts, all of which when taken together will constitute
one and the same instrument. Copied or telecopied signatures may be attached
hereto and shall have the same binding and legal effect as original signatures.

                               Exhibit 8 - Page 3

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      IN WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to be
executed effective as of the date first above written.

                                SELLER:

                                DUNN FAMILY ASSOCIATES, LLP, an Indiana
                                limited liability partnership

                                By: /s/ JOHN M. DUNN
                                    ------------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                HOTEL INVESTMENT, LLC, an Indiana limited
                                liability company

                                By: /s/ JOHN M. DUNN
                                    ------------------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                ENCORE HOTEL OF BLOOMINGTON, INC.,
                                an Indiana corporation

                                By: /s/ JOHN M. DUNN
                                    ---------------------------
                                Name: John M. Dunn
                                Title: President

                                Date of Execution:  August 4, 2004

                               Exhibit 8 - Page 4

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                                ENCORE HOTEL OF TERRE HAUTE, LLC, an
                                Indiana limited liability company

                                By: /s/ JOHN M. DUNN
                                    ---------------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                ENCORE RESIDENTIAL HOTEL OF EVANSVILLE, LLC,
                                an Indiana limited liability company

                                By: /s/ JOHN M. DUNN
                                    ----------------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                ENCORE HOTEL OF COLUMBUS, LLC, an Indiana
                                limited liability company

                                By: /s/ JOHN M. DUNN
                                    -------------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                ENCORE HOTEL OF HORSE CAVE, LLC, a Kentucky
                                limited liability company

                                By: /s/ JOHN M. DUNN
                                    ----------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                               Exhibit 8 - Page 6

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                                ENCORE HOTEL OF PRINCETON II, LLC, an Indiana
                                limited liability company

                                By: /s/ JOHN M. DUNN
                                    --------------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                ENCORE DUNN HOSPITALITY GROUP, LLC,
                                an Indiana limited liability company

                                By: /s/ JOHN M. DUNN
                                    ----------------
                                Name: John M. Dunn
                                Title: Manager

                                Date of Execution:  August 4, 2004

                                Exhibit 8 - Page 6

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                                PURCHASER:

                                ASHFORD HOSPITALITY LIMITED PARTNERSHIP,
                                a Delaware limited partnership

                                By: /s/ DAVD A. BROOKS
                                    -------------------------
                                Name: David A. Brooks
                                Title: Vice President

                                Date of Execution:  August 4, 2004

                               Exhibit 8 - Page 7<PAGE>

                                                                 EXHIBIT 10.18.4

               FOURTH AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

         THIS FOURTH AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this
"AMENDMENT") is made as of the 2nd day of September, 2004, by and between
ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
("PURCHASER"), and DUNN FAMILY ASSOCIATES, LLP, an Indiana limited liability
partnership, as the sole Beneficiary with sole management and control under that
certain Land Trust Agreement dated July 16, 1990, HOTEL INVESTMENT, LLC, an
Indiana limited liability company, ENCORE HOTELS OF BLOOMINGTON, INC., an
Indiana corporation, ENCORE HOTELS OF TERRE HAUTE, LLC, an Indiana limited
liability company, ENCORE RESIDENTIAL HOTELS OF EVANSVILLE, LLC, an Indiana
limited liability company, ENCORE HOTELS OF COLUMBUS, LLC, an Indiana limited
liability company, ENCORE HOTELS OF HORSE CAVE, LLC, a Kentucky limited
liability company, ENCORE HOTELS OF PRINCETON II, LLC, an Indiana limited
liability company, and DUNN HOSPITALITY GROUP, LLC, an Indiana limited liability
company (collectively, "SELLER").

                                    RECITALS

         A. Seller and Purchaser have entered into that certain Agreement of
Purchase and Sale dated as of May 19, 2004, as amended by that certain First
Amendment to Agreement of Purchase and Sale dated July 1, 2004 that certain
Second Amendment to Agreement of Purchase and Sale dated July 23, 2004, and that
certain Third Amendment to Agreement of Purchase and Sale dated August 4, 2004,
executed by Purchaser and Seller (collectively, the "PURCHASE AGREEMENT"), which
provides, among other things, for the Purchaser's purchase of the Property from
the Seller.

         B. Seller and Purchaser wish to modify and amend the Purchase Agreement
(as amended, the "AGREEMENT") as hereinafter provided.

         NOW, THEREFORE, in consideration of the mutual covenants provided
herein and for other good and valuable consideration, the receipt and
sufficiency of which Seller and Purchaser hereby acknowledge, Seller and
Purchaser hereby agree as follows:

         1. Definitions. Capitalized terms not otherwise defined in this
Amendment shall have the meanings given to them in the Agreement. The following
definitions are added and incorporated into Section 1.1 of the Agreement:

          "COMMON STOCK" has the meaning given such term in the attached Exhibit
1 (Registration Rights Agreement).

         "COMPANY" shall mean Ashford Hospitality Trust, Inc., a Maryland
corporation.

         "DUNN APPROVED TRANSFEREE" has the meaning given such term in the
attached Exhibit 2 (Partnership Amendment).

          "GUARANTY" shall mean the Guaranty as defined in the Third Amendment
to Agreement of Purchase and Sale.

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         "PARTNERSHIP AGREEMENT" shall mean the Second Amended and Restated
Agreement of Limited Partnership of Purchaser, as the same has been and may be
amended from time to time.

         "PLEDGE AGREEMENT" shall mean have the meaning ascribed to such term in
the Third Amendment to Agreement of Purchase and Sale.

         "REGISTRATION RIGHTS AGREEMENT" shall mean the Registration Rights
Agreement attached hereto as Exhibit 1.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

         "UNIT RECIPIENT" shall mean any Seller who shall acquire and have any
Unit issued to it by Purchaser pursuant to this Agreement.

         "UNITS" shall mean "COMMON PARTNERSHIP UNITS" in Purchaser, as defined
and described in the Partnership Agreement.

         2. Subsection 2.2(b) of the Agreement is hereby revised and amended to
insert the following as the last sentence of such Subsection:

                           "The percentage of the total amount of Units issued
                  pursuant to this Agreement as allocated to each Unit Recipient
                  is set forth on Schedule 1 attached hereto."

         3. ARTICLE III of the Agreement is hereby revised to add a new Section
3.31 as follows:

                           "3.31 Investment Representations and Warranties. Each
         Unit Recipient represents, warrants and covenants as follows:

                           (a) Unit Recipient is an `ACCREDITED INVESTOR' within
                  the meaning of Rule 501(a) promulgated under the Securities
                  Act, and understands the risks of, and other considerations
                  relating to, the purchase of the Units. Unit Recipient, by
                  reason of its business and financial experience, together with
                  the business and financial experience of those persons, if
                  any, retained by it to represent or advise it with respect to
                  its investment in the Units, (i) has such knowledge,
                  sophistication and experience in financial and business
                  matters and in making investment decisions of this type, (ii)
                  is capable of evaluating the merits and risks of an investment
                  in Purchaser and of making an informed investment decision,
                  (iii) is capable of protecting its own interest or has engaged
                  representatives or advisors to assist it in protecting its
                  interests and (iv) is capable of bearing the economic risk of
                  such investment.

                           (b) The Units to be issued to Unit Recipient will be
                  acquired by Unit Recipient for its own account for investment
                  only and not with a view to, or with any intention of, a
                  distribution or resale thereof, in whole or in part, or the
                  grant of any participation therein, other than the potential
                  distribution of the Units to the

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                  respective partners or members of Unit Recipient, as
                  applicable, following the expiration of the lock-up period
                  provided in Section 6.15 of this Agreement.

                           (c) Unit Recipient acknowledges that (i) the Units to
                  be issued to Unit Recipient have not been registered under the
                  Securities Act or state securities laws by reason of a
                  specific exemption or exemptions from registration under the
                  Securities Act and applicable state securities laws, (ii)
                  Purchaser's reliance on such exemptions is predicated in part
                  on the accuracy and completeness of the representations and
                  warranties of Unit Recipient contained herein, (iii) such
                  Units, therefore, cannot be resold unless registered under the
                  Securities Act and applicable state securities laws (unless an
                  exemption from registration is available), (iv) there is no
                  public market for such Units, and (v) Purchaser has no
                  obligation or intention to register such Units for resale
                  under the Securities Act or any state securities laws or to
                  take any action that would make available any exemption from
                  the registration requirements of such laws. Unit Recipient
                  hereby acknowledges that because of the restrictions on
                  transfer or assignment of such Units to be issued hereunder
                  (such restrictions on transfer or assignment being set forth
                  in this Agreement and the Partnership Agreement), Unit
                  Recipient may have to bear the economic risk of the investment
                  commitment evidenced by this Agreement and any Units purchased
                  hereby for an indefinite period of time, although (x) Units
                  may be redeemed at the request of the holder thereof for cash
                  or (at the option of the general partner of Purchaser) for
                  Common Stock of Company pursuant to the terms of the
                  Partnership Agreement (which redemption rights may be limited
                  or modified pursuant to the terms of the Partnership
                  Agreement) and (y) Company and Unit Recipient will execute and
                  deliver a Registration Rights Agreement in the form attached
                  hereto as Exhibit 1.

                           (d) The address set forth for Unit Recipient in this
                  Agreement is the address of the Unit Recipient's principal
                  place of business or residence, as applicable, and Unit
                  Recipient has no present intention of becoming a resident of
                  any country, state or jurisdiction other than the country and
                  state in which such principal place of business or residence,
                  as applicable, is sited."

         4. ARTICLE IV of the Agreement is hereby revised to add a new Section
4.6 as follows:

                           "4.6 Issuance of Units. Capitalized terms used in
                  this Section 4.6 and not otherwise defined shall have the
                  meaning given such terms in the Partnership Agreement.

                           (a) The Partnership Agreement shall be amended
                  effective with the Closing Date in the form attached hereto as
                  Exhibit 2 (the `PARTNERSHIP AMENDMENT'), to provide for the
                  issuance of the Units to Unit Recipients as provided herein.
                  The Units to be issued in connection with the transactions
                  herein contemplated have been, or prior to the Closing Date
                  will have been, duly authorized for issuance by Purchaser to
                  Unit Recipients and, on the Closing Date,

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                  will be validly issued. The rights and obligations of Unit
                  holders will be as set forth in the Partnership Agreement,
                  provided that, after the expiration of the lock-up period as
                  provided in Section 6.15 of this Agreement and the Lock-Up
                  Agreement, a Transfer of the Units by Unit Recipients to any
                  Dunn Approved Transferee shall be excepted from the
                  restrictions of Subsections 9.5(a) and 9.6(a)(i) of the
                  Partnership Agreement.

                           (b) With respect to the transfer of Units by Unit
                  Recipients to any Dunn Approved Transferee after the lock-out
                  period as contemplated by Subsection 4.6(a) of this Agreement,
                  the parties further agree that the provisions relating to a
                  `Transfer' in Section 9.5 and Section 9.6 of the Partnership
                  Agreement will be deemed to have been satisfied or discharged
                  as to any such Transfer to such Dunn Approved Transferee upon
                  the following:

                  (i)      such Dunn Approved Transferee completes, executes and
                           delivers to the Partnership the Subscriber
                           Questionnaire in the form attached hereto as Exhibit
                           3;

                  (ii)     such Dunn Approved Transferee executes and delivers
                           to the Partnership the Power of Attorney and Limited
                           Partner Signature Page in the form attached hereto as
                           Exhibit 4;

                  (iii)    such Dunn Approved Transferee executes and delivers
                           to the Partnership a letter in the form of Exhibit 6
                           attached hereto, containing the representations,
                           warranties, and agreement set forth in Section 3.31;

                  (iv)     such Dunn Approved Transferee executes and delivers
                           to Company the signature page to the Registration
                           Rights Agreement, the form of which is attached
                           hereto as Exhibit 1;

                  (v)      such Dunn Approved Transferee is an `accredited
                           investor' within the meaning of Rule 501 of the
                           Securities Act, as evidenced by the Subscriber
                           Questionnaire; and

                  (vi)     the Partnership shall not have received an opinion
                           from legal counsel that there has been a change in
                           the Securities Act or any applicable federal or state
                           securities or `Blue Sky' law, (including investment
                           suitability standards) which would require
                           registration under the Securities Act of the Units
                           being transferred to the Dunn Approved Transferee."

         5. ARTICLE V of the Agreement is hereby revised to add a new Subsection
5.1(o) as follows:

                  "(o) Offering of Units. There shall have been no change in any
         securities or related law or interpretation, nor any change in Seller's
         status as an `accredited investor' under the Securities Act that would
         render the consummation of the conveyance of the

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         Property for Units, as contemplated by this Agreement, a violation of
         any such laws or interpretations thereof."

         6. ARTICLE VI of the Agreement is hereby revised as follows:

         a. A new Section 6.10 is added as follows:

                  "6.10 Prospective Subscriber Questionnaire. Each Unit
         Recipient shall deliver to Purchaser, at or prior to the expiration of
         the Study Period, a Prospective Subscriber Questionnaire with respect
         to such Unit Recipient in substantially the form attached hereto and
         made a part hereof as Exhibit 3. Each Unit Recipient shall also deliver
         to Purchaser, upon Purchaser's reasonable request, such other
         information, certificates and materials as Purchaser may reasonably
         request in connection with offering the Units without registration
         under the Securities Act and the securities laws of applicable states
         and other jurisdictions."

         b. A new Section 6.11 is added as follows:

                  "6.11 Delivery of Tax Information. In connection with the
         issuance of Units to Unit Recipients, each Unit Recipient shall deliver
         to Purchaser no later than the Closing, at such Unit Recipient's sole
         cost and expense, the following information in a form reasonably
         determined by the Unit Recipients:

                           (a) depreciation and amortization schedules for all
                  assets constituting or otherwise included in such Unit
                  Recipient's respective Property (the `Assets'), as kept for
                  both book and tax purposes, showing original basis and
                  accumulated depreciation or amortization;

                           (b) basis information (computed for both book and tax
                  purposes, if different) for all non-depreciable,
                  non-amortizable Assets;

                           (c) the adjusted basis of such Unit Recipient's
                  respective partners or members, as the case may be, in the
                  Assets;

                           (d) calculations of the estimated amounts of gain to
                  be realized and recognized by such Unit Recipient's respective
                  partners or members, as the case may be, as a result of the
                  transactions contemplated by this Agreement, including the
                  disclosure of the method by which such amounts are calculated;

                           (e) breakouts of basis information for any other
                  balance sheet accounts of such Unit Recipient for which
                  information has not been provided pursuant to the other
                  clauses of this Section;

                           (f) the names and numbers of such Unit Recipient's
                  respective partners or members, as the case may be; and

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                           (g) for each of such Unit Recipient's respective
                  partners or members, as the case may be, that is a partnership
                  (or other entity treated as a partnership for federal income
                  tax purposes), S corporation or grantor trust (any of the
                  foregoing, a `LOOK-THROUGH ENTITY'), and for each look-through
                  entity that holds an indirect interest in such Unit Recipient
                  through other look-through entities, the names and numbers of
                  such entity's partners, shareholders or grantors."

         c. A new Section 6.12 is added as follows:

                  "6.12 Cooperation on Tax Matters. In connection with the
         issuance of Units to the Unit Recipients, each Unit Recipient shall
         provide reasonable assistance to Company to enable Company to prepare
         its tax returns. Each Unit Recipient shall deliver to Company copies of
         its federal, state and local tax returns (including information
         returns) for the tax year in which the Closing occurs, including any
         amendments thereto, and each Unit Recipient shall notify Company, in
         writing, of any audits of such returns, or of any audits for other tax
         years that could affect the amounts shown on the returns, for the tax
         year in which the Closing occurs. Copies of such returns shall be
         provided to Company in draft form at least twenty (20) days before they
         are filed and in final form upon filing. Each Unit Recipient shall also
         provide to Company, promptly upon receipt, any notice that such Unit
         Recipient receives from any of its respective partners or members, as
         the case may be, that such partner or member intends to prepare its tax
         returns in a manner inconsistent with the returns filed by such Unit
         Recipient. The parties understand and agree that the tax returns filed
         by each Unit Recipient will be substantially consistent with the
         information provided to Company pursuant to this Agreement. The
         provisions of this Section shall survive the Closing."

         d. A new Section 6.13 is added as follows:

                  "6.13 Information Regarding the Restrictions on Beneficial
         Ownership of Units. From the date of this Agreement until the Closing,
         and then so long as a Unit Recipient holds any Units, such Unit
         Recipient shall promptly provide Purchaser with written notice of any
         change in the identity or number of its respective partners or members,
         as the case may be (or of its indirect partners or members as
         identified pursuant to this Agreement), and shall provide the
         information called for in this Amendment with respect to any such
         change. In addition, so long as a Unit Recipient holds any Units, any
         such Unit Recipient shall not, without the prior written consent of
         Purchaser: (i) admit additional partners or members, (ii) permit the
         transfer of interests in such Unit Recipient to a look-through entity,
         or (iii) permit any transfer of interests in such Unit Recipient if, as
         a result of the admissions or transfers described in the foregoing (i)
         through (iii), the number of direct or indirect beneficial owners in
         such Unit Recipient would increase. Each Unit Recipient shall use its
         best efforts to secure the compliance of any look-through entities that
         hold direct or indirect interests in such Unit Recipient with the
         requirements of this Section as if such requirements applied directly
         to such entities. Each Unit Recipient acknowledges that the provisions
         of this Section are imposed to aid Purchaser in avoiding taxation as a
         corporation for federal income tax purposes, agrees that monetary
         damages may be insufficient to remedy the potential harm caused by any

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         breach of the provisions of this Section, and agrees that injunctive
         relief, including specific performance or another equitable remedy
         would be an appropriate remedy. The provisions of this Section shall
         survive the Closing."

         e. A new Section 6.14 is added as follows:

                  "6.14 Partnership Agreement. Each Unit Recipient agrees to be
         bound by and subject to all of the terms of the Partnership Agreement,
         including the grant of the Power of Attorney to the general partner of
         the Partnership. At or prior to the Closing, each Unit Recipient shall
         execute and deliver to Purchaser a Power of Attorney and Limited
         Partner Signature Page in substantially the form attached hereto and
         made a part hereof as Exhibit 4."

         f. A new Section 6.15 is added as follows:

                  "6.15 Lock Up Agreement. Each Unit Recipient acknowledges and
         agrees that all Units issued to it at Closing must be held by such Unit
         Recipient for a period of one (1) year from the Closing Date with
         respect to one-half (1/2) of the Units, and two (2) years with respect
         to the remaining one-half (1/2) of the Units, and, during such period,
         may not be assigned, pledged, sold or otherwise transferred in whole or
         in part or subjected to any claim, lien, pledge, voting agreement,
         option, charge, security interest, mortgage, deed of trust,
         encumbrance, rights of assignment, purchase rights or rights of any
         nature whatsoever of any third party. Accordingly, at or prior to the
         Closing, each Unit Recipient shall execute and deliver to Purchaser a
         Lock Up Agreement (the "LOCK UP AGREEMENT") in substantially the form
         attached hereto and made a part hereof as Exhibit 5."

         g. A new Section 6.16 is added as follows:

                  "6.16 Pledge Agreement. At the time of the execution of the
         Guaranty, each Unit Recipient agrees to pledge its respective Units to
         Purchaser as security for the Guaranty upon the terms and provisions as
         set forth in the Pledge Agreement, in the form attached hereto and made
         a part hereof as Exhibit 7, and accordingly each Unit Recipient shall
         execute and deliver to Purchaser the Pledge Agreement at Closing or at
         such later date that the Guaranty is executed."

         h. A new Section 6.17 is added as follows:

                  "6.17 Guaranty. In the event of a Reimbursement Obligation,
         Dunn Hospitality Group Manager, Inc. and John M. Dunn shall guarantee
         payment of the Reimbursement Obligation to Purchaser, and any costs,
         fees or other amounts arising in connection with such guarantee, in
         accordance with and as provided and described in the Guaranty, in the
         form attached hereto and made a part hereof as Exhibit 8 (the
         "GUARANTY"), subject to the conditions set forth in the Guaranty and
         Seller shall cause to be executed and delivered to Purchaser the
         Guaranty at Closing or at such later date as the applicable parties
         agree to the PIP Budget (as defined in the Guaranty)."

Fourth Amendment to Agreement
of Purchase and Sale

                                      -7-
<PAGE>

         i. The following sentence is added to the end of ARTICLE VI:

                  "The foregoing covenants of Seller and the Unit Recipients are
         for the benefit of Purchaser and Company or any of their assignees of
         their respective rights under this Agreement."

         7. ARTICLE VII of the Agreement is revised as follows:

         a. Section 7.2 is revised to change the Subparagraph (ll) to (rr) and
to add the following new Subsections 7.2(ll), 7.2(mm), 7.2(nn), 7.2(oo), 7.2(pp)
and 7.2(qq):

                  "7.2(ll) The Prospective Subscriber Questionnaire.

                  7.2(mm) The Lock-Up Agreement restricting transfer of Units.

                  7.2(nn) The Registration Rights Agreement.

                  7.2(oo) The Power of Attorney and Limited Partner Signature
                  Page

                  7.2(pp) The Pledge Agreement, if applicable in accordance with
                  Section 6.16.

                  7.2(qq) The Guaranty, if applicable in accordance with Section
                  6.17."

         b. Section 7.3 is revised to change subparagraph (e) to (g) and to add
the following new Subsections 7.3(e) and 7.3(f):

                           "(e) To Unit Recipients, the Partnership Amendment
                  executed by the general partner of Purchaser.

                           (f) To Unit Recipients, the Registration Rights
                  Agreement executed by Company."

         8. Conflicts. Except to the extent expressly modified by this
Amendment, the terms, provisions and conditions of the Agreement are hereby
ratified and confirmed and shall remain in full force and effect, unmodified by
the terms and provisions hereof and, in the event of any conflict between the
terms and provisions of the Agreement and this Amendment, the terms and
provisions of this Amendment shall be deemed controlling.

         9. Counterparts. The parties hereto may execute this Amendment in one
or more identical counterparts, all of which when taken together will constitute
one and the same instrument. Copied or telecopied signatures may be attached
hereto and shall have the same binding and legal effect as original signatures.

Fourth Amendment to Agreement
of Purchase and Sale

                                      -8-
<PAGE>

     [signature page to Fourth Amendment to Agreement of Purchase and Sale]

         IN WITNESS WHEREOF, Seller and Purchaser have caused this Amendment to
be executed effective as of the date first above written.

                                    SELLER:

Seller:                    Dunn Hospitality Group, LLC
Purchaser:                 Ashford Louisville LP, d/b/a Ashford Louisville
                           Limited Partnership
Property Address:          819 Phillips Lane, Louisville, Kentucky  40209
Hotel:                     Courtyard Inn

                                       DUNN HOSPITALITY GROUP, LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       Its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Seller:                    Encore Hotels of Bloomington, Inc.
Purchaser:                 Ashford Bloomington LP
Property Address:          310 South College Avenue, Bloomington, IN  47403
Hotel:                     Courtyard Inn

                                       ENCORE HOTELS OF BLOOMINGTON, INC.

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Seller:                    Encore Hotels of Columbus, LLC
Purchaser:                 Ashford Tipton Lakes LP
Property Address:          3888 Mimosa Drive, Columbus, IN  47201
Hotel:                     Courtyard Inn

                                       ENCORE HOTELS OF COLUMBUS, LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Fourth Amendment to Agreement
of Purchase and Sale

                                      -9-
<PAGE>

Seller:                    Encore Hotels of Horse Cave, LLC
Purchaser:                 Ashford Horse Cave Limited Partnership
Property Address:          750 Flintridge Road, Horse Cave, Kentucky  42749
Hotel:                     Hampton Inn

                                       ENCORE HOTELS OF HORSE CAVE, LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       Its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Seller:                    Encore Hotels of Princeton II, LLC
Purchaser:                 Ashford Evansville II LP
Property Address:          2828 Dixon, Princeton, Indiana  47670
Hotel:                     Fairfield Inn

                                       ENCORE HOTELS OF PRINCETON II, LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       Its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Seller:                    Encore Hotels of Terre Haute, LLC
Purchaser:                 Ashford Terre Haute LP
Property Address:          3325 U.S. 41 South, Terre Haute, Indiana  47802
Hotel:                     Hampton Inn

                                       ENCORE HOTELS OF TERRE HAUTE, LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       Its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Fourth Amendment to Agreement
of Purchase and Sale

                                      -10-
<PAGE>

Seller:                    Encore Residential Hotels of Evansville, LLC
Purchaser:                 Ashford Evansville III LP
Property Address:          8283 E. Walnut Street, Evansville, IN  47715
Hotel:                     Residence Inn

                                       ENCORE RESIDENTIAL HOTELS OF EVANSVILLE,
                                       LLC
                                       By: Dunn Hospitality Group Manager, Inc.,
                                       Its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Seller:                    Hotel Investment, LLC
Purchaser:                 Ashford Evansville II LP
Property Address:          5400 Weston Drive, Evansville, IN  47712
Hotel:                     Fairfield Inn

                                       HOTEL INVESTMENT, LLC
                                       By: Evansville Hotel Corporation,
                                       its Manager

                                       /s/ JOHN M. DUNN
                                       ----------------
                                       John M. Dunn, President

Legal Owner:               Fifth Third Bank as Successor Trustee by merger to
                           The Citizens National Bank of Evansville, IN as
                           Trustee Under Land Trust Agreement dated July 16,
                           1990
Purchaser:                 Ashford Evansville I LP
Property Address:          8000 Eagle Lake, Evansville, IN  47715
Hotel:                     Hampton Inn

                                       DUNN FAMILY ASSOCIATES, LLP,
                                       an Indiana limited liability partnership,
                                       as Sole Beneficiary under Land
                                       Trust Agreement dated July
                                       16, 1990

                                       By: /s/ JOHN M. DUNN
                                       ----------------
                                       Name:  John M. Dunn

                                       As: Agent and Attorney-in-Fact for
                                           Beneficiary and as General Partner

Fourth Amendment to Agreement
of Purchase and Sale

                                      -11-
<PAGE>

                                       PURCHASER:

                                       ASHFORD HOSPITALITY LIMITED PARTNERSHIP,
                                       a Delaware limited partnership

                                       By:    /s/ DAVID A. BROOKS
                                              ----------------------
                                       Name:  David A. Brooks
                                       Title: Vice President

Fourth Amendment to Agreement
of Purchase and Sale

                                      -12-

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