Document:

EXHIBIT
10.4

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CONSOLIDATED GUARANTY AGREEMENT

THIS FIRST AMENDMENT TO SECOND
AMENDED AND RESTATED CONSOLIDATED GUARANTY AGREEMENT (this “Amendment”)
is made and entered into as of December 21, 2006 by INTERCONTINENTAL
HOTELS GROUP PLC, a corporation organized and existing under the
laws of England and Wales (“Guarantor”), HPT TRS IHG-1,
INC., a Maryland
corporation (together with its successors and assigns, “TRS1”), HPT TRS IHG-2, INC., a Maryland corporation (together with its successors and
assigns, “TRS2”), HPT TRS IHG-3, INC.,
a Maryland corporation (together with its successors and assigns, “TRS3”),
HPT IHG PR, INC., a Puerto Rico corporation (together with its successors and
assigns, “PR Landlord”), and HOSPITALITY PROPERTIES
TRUST, a Maryland real estate investment trust (together with its
successors and assigns, “Trust”; and Trust together with TRS1, TRS2,
TRS3 and PR Landlord, collectively, “HPT” or the “HPT Parties”).

W I T N E
S S E T H :

WHEREAS, Guarantor
entered into that certain Second Amended and Restated Consolidated Guaranty
Agreement, dated as of January 20, 2006, for the benefit of the HPT Parties
(the “Guaranty”); and

WHEREAS,
the
Guaranty covers (among other things) various obligations owed to TRS2 under
that certain Amended and Restated Management Agreement, dated as of January 6,
2006, between TRS2 and IHG Management (Maryland) LLC and Intercontinental
Hotels Group (Canada), Inc. (the “IHG4 Management Agreement”); and

WHEREAS, the IHG4
Management Agreement provides that the Base Priority Amount (as defined
therein) will be increased to the extent of certain payments to be made under
Section 3.2(b) of the Purchase Agreement (as defined in the IHG4 Management
Agreement); and

WHEREAS, at the request
of certain affiliates of Guarantor, the parties to the Purchase Agreement are
entering into a First Amendment to Amended and Restated Purchase and Sale
Agreement (the “Purchase Agreement Amendment”) to delay the timing of
one of the payments to be made under Section 3.2(b) of the Purchase Agreement;
and

WHEREAS, in
connection with the Purchase Agreement Amendment, TRS2, IHG Management
(Maryland) LLC and InterContinental Hotels Group (Canada), Inc. are entering
into a First Amendment to Amended and Restated Management Agreement

(the “IHG Management
Agreement Amendment”) to amend the IHG4 Management Agreement to delay the
increase in Base Priority Amount which corresponds to the delay in the payment
documented under the Purchase Agreement Amendment; and

WHEREAS, the
amendment to the definition of Base Priority Amount pursuant to the IHG4
Management Agreement Amendment would affect the calculation of the IHG4
Coverage Ratio (as defined in the Guaranty) for the 2007 calendar year; and

WHEREAS, it is a
condition precedent to TRS2 entering into the IHG4 Management Agreement
Amendment that the calculation of the IHG4 Coverage Ratio for the 2007 calendar
year be unaffected by the IHG4 Management Agreement Amendment and that the
Guarantor enter into this Amendment; and

WHEREAS,
the
IHG4 Management Agreement Amendment constitutes a direct material benefit to
the Guarantor;

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration,
the mutual receipt and legal sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

1.             Calculation of IHG4 Coverage
Ratio.  Notwithstanding anything
contained in the Guaranty to the contrary, for purposes of calculating the IHG4
Coverage Ratio during the 2007 calendar year, any such calculation shall assume
that Purchaser performed its obligation under Section 3.2(b) of the original
Purchase Agreement to fund $10,000,000 of the “Additional Purchase Price” (as
defined in the Purchase Agreement) on December 31, 2006 and that the Base
Priority Amount was increased by $850,000 as of January 1, 2007 (despite the
express terms and conditions of the Purchase Agreement Amendment and the IHG4
Management Agreement Amendment).

2.             Ratification.  As modified hereby, the Guaranty remains in
full force and effect and is hereby ratified and confirmed.  All references in the Guaranty to the “Agreement”
shall refer to the Guaranty as modified by this Amendment.

3.             Counterparts.  This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but which, when taken
together, shall constitute but one instrument and shall become effective as of
the date hereof when copies hereof, which when taken together bear the
signatures of each of the parties hereto, shall have been signed.  Any such counterpart may be delivered by
facsimile or

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e-mail (in .pdf
format), and any signature so delivered shall be deemed an original signature
for all purposes.

 3
 

WITNESS the
execution hereof under seal as of the date above first written.

	
   

  	
  INTERCONTINENTAL HOTELS GROUP PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard
  Solomon

  	
   

  
	
   

  	
  Name:

  	
  Richard Solomon

  	
   

  
	
   

  	
  Its:

  	
  Financial
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T.
  Winter

  	
   

  
	
   

  	
  Name:

  	
  Richard T.
  Winter

  	
   

  
	
   

  	
  Its:

  	
  Company
  Secretary

  	
   

  
					

 

[Signatures continue on next page.]

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  ACKNOWLEDGED AND AGREED:

  
	
   

  
	
  HPT TRS
  IHG-1, INC.

  
	
   

  
	
   

  
	
  By:

  	
   /s/ John G.
  Murray

  	
   

  
	
   

  	
  John G. Murray

  
	
   

  	
  Vice President

  
	
   

  
	
   

  
	
  HPT TRS IHG-2, INC.

  
	
   

  
	
   

  
	
  By:

  	
   /s/ John G. Murray

  	
   

  
	
   

  	
  John G. Murray

  
	
   

  	
  Vice President

  
	
   

  
	
   

  
	
  HPT TRS
  IHG-3, INC.

  
	
   

  
	
   

  
	
  By:

  	
   /s/ John G.
  Murray

  	
   

  
	
   

  	
  John G. Murray

  
	
   

  	
  Vice President

  
	
   

  
	
  HPT IHG
  PR, INC.

  
	
   

  
	
   

  
	
  By:

  	
   /s/ John G.
  Murray

  	
   

  
	
   

  	
  John G. Murray

  
	
   

  	
  President

  
	
   

  
	
   

  
	
  HOSPITALITY
  PROPERTIES TRUST

  
	
   

  
	
   

  
	
  By:

  	
   /s/ John G.
  Murray

  	
   

  
	
   

  	
  John G. Murray

  
	
   

  	
  President

  

 

 5EXHIBIT
10.5

FIRST AMENDMENT TO LEASE AGREEMENT

THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is entered
into as of December 21, 2006 by and between HPT IHG PR, INC., a Puerto Rico
corporation, as landlord (“Landlord”), and INTERCONTINENTAL HOTELS
(PUERTO RICO) INC., a Puerto Rico corporation, as tenant (“Tenant”).

WI T N E
S S E T H:

WHEREAS, Landlord and Tenant entered into that certain Lease
Agreement, dated as of February 16, 2005 (the “Lease”), with respect to
certain Property (this and other capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to such terms in the Lease)
located in Puerto Rico, all as more particularly described in the Lease; and

WHEREAS, Section 20.22 of the Lease provides that if Landlord
is unable to obtain a private letter ruling to the effect that the Additional
Rent under the Lease qualifies as “rents from real property” within the meaning
of Section 856(d) of the Code, then the parties shall renegotiate, in good
faith, certain provisions in the Lease;

WHEREAS, Landlord has been unable to obtain the
aforementioned private letter ruling, and, in accordance with the terms of the
Lease, the parties have agreed to amend certain provisions therein;

NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant, intending to
be legally bound, hereby agree as follows:

1.             Applicable Percentage. The definition of “Applicable Percentage” set
forth in Section 1.7 of the Lease is hereby deleted in its entirety and
replaced with the following:

“Applicable
Percentage”  shall mean
the following percentages for the corresponding periods:

	
  Year

  	
   

  	
  Rate

  	
   

  
	
  2005

  	
   

  	
  0

  	
  %

  
	
  2006

  	
   

  	
  0

  	
  %

  
	
  2007

  	
   

  	
  3.375

  	
  %

  
	
  2008

  	
   

  	
  3.9375

  	
  %

  
	
  2009

  	
   

  	
  4.5

  	
  %

  
	
  2010

  	
   

  	
  5.0625

  	
  %

  
	
  Thereafter

  	
   

  	
  5.6250

  	
  %

  

 

2.             Total Hotel Sales.  The definition of “Total Hotel Sales” set
forth in Section 1.95 of the Lease is hereby deleted in its entirety and
replaced with the following:

“Total Hotel
Sales”  shall mean for any
period all revenues and receipts of any nature derived directly or indirectly
from the Hotel or from the use or operation thereof, including, without
limitation, room sales; food and beverage sales; telephone, telegraph, fax and
internet revenues; rental or other payments from lessees, sublessees,
concessionaires and others occupying or using space or rendering services at
the Hotel (but not the gross receipts of such lessees, sublessees or
concessionaires); and the actual cash proceeds of business interruption, use,
occupancy or similar insurance; provided, however, that Total
Hotel Sales shall not include gaming or gambling revenues (including, without
limitation, slot machine revenues), rental revenues under any lease or sublease
of the Casino to the extent that such rental revenues are based upon gaming or
gambling revenues (including, without limitation, slot machine revenues), or
the following (for which there shall be appropriate deductions made in
determining Total Hotel Sales for): gratuities or service charges in the nature
of a gratuity added to a customer’s bill; federal, State or municipal excise,
value added, sales or use taxes, room taxes, or any other taxes collected
directly from patrons or guests or included as part of the sales price of any
goods or services; interest received or accrued with respect to the funds in
the FF&E Reserve; any refunds, rebates, discounts and credits of a similar
nature, given, paid or returned in the course of obtaining Total Hotel Sales or
components thereof; insurance proceeds (other than proceeds from business
interruption or other loss of income insurance); condemnation proceeds (other
than for a temporary taking); credits or refunds made to customers, guests or
patrons; sums and credits received by Landlord for lost or damaged merchandise;
proceeds from the sale or other disposition of the Hotel, any part thereof, of
FF&E or any other assets of the Hotel; or proceeds of any financing or
re-financing; and any other matters specifically excluded from Total Hotel
Sales pursuant to this Agreement.

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3.             Casino.  A
new Section 1.99 is hereby added to the Lease as follows:

“Casino” 
shall mean the portions or areas of the Hotel used for gambling or
gaming (including, without limitation, those portions or areas of the Hotel
used for slot machines).

4.             Additional Rent. 
Section 3.1.2(a) of the Lease is deleted in its entirety and replaced
with the following:

Amount.  Tenant shall
pay additional rent (“Additional Rent”) with respect to the Property
with respect to each Lease Year beginning with the 2007 Lease Year, in an
amount, not less than zero, equal to eight and four thousand three hundred
seventy-five ten-thousandths of a percent (8.4375%) of Excess Total Hotel Sales
for the Property.

5.             Sublease Limitations.  Section 15.4 of the Lease is hereby deleted
in its entirety and replaced with the following:

(a)           For so long as Landlord or any
Affiliated Person as to Landlord shall seek to qualify as a “real estate
investment trust” under the Code, anything contained in this Agreement to the
contrary notwithstanding, Tenant shall not sublet or otherwise enter into any
agreement with respect to the Hotel (other than the Casino) on any basis such
that in the opinion of the Landlord the rental or other fees to be paid by any
sublessee thereunder would be based, in whole or in part, on either (i) the
income or profits derived by the business activities of such sublessee
including, without limitation, gaming or gambling revenues (including, without
limitation, slot machine revenues), or (ii) any other formula such that any
portion of such sublease rental would fail to qualify as “rents from real
property” within the meaning of Section 856(d) of the Code, or any similar or
successor provision thereto.

(b)           The Casino shall not be subleased or
leased to any third party together with any other portion of the Hotel.

6.             Private Letter Ruling.  Section 20.22 of the Lease is deleted in its
entirety and replaced with the following: 
“Intentionally deleted.”

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7.             Ratification. 
As modified hereby, the Lease remains in full force and effect and is
hereby ratified and confirmed.  All
references in the Lease to the “Agreement” shall refer to the Lease as modified
by this Amendment.

8.             Counterparts. 
This Amendment may be executed in two or more counterparts, each of
which shall constitute an original, but which, when taken together, shall
constitute but one instrument and shall become effective as of the date hereof
when copies hereof, which when taken together bear the signatures of each of
the parties hereto, shall have been signed. 
Any such counterpart may be delivered by facsimile or e-mail (in .pdf
format), and any signature so delivered shall be deemed an original signature
for all purposes.

[Remainder
of Page Intentionally Blank.]

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

                

	
  

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  HPT IHG PR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ John G. Murray

  	
   

  
	
   

  	
   

  	
  John G. Murray

  
	
   

  	
   

  	
  President

  

 

 

COMMONWEALTH OF
MASSACHUSETTS

COUNTY OF SUFFOLK

On this 21st day of December, 2006, before me, the
undersigned notary public, personally appeared John G. Murray, President of HPT
IHG PR, INC., a Puerto Rico corporation, proved to me through satisfactory
evidence of identification, which was by personal knowledge (state form of
identification), to be the person whose name is signed on the preceding or
attached document, and acknowledged to me that he signed it voluntarily for its
stated purpose.

	
  

  	
    /s/
  Jill M. Bjorkman

  
	
   

  	
  (affix official
  signature and seal of notary)

  

 

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  TENANT:

  
	
   

  	
   

  
	
   

  	
  INTERCONTINENTAL HOTELS (PUERTO

  RICO) INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Robert J. Chitty

  	
   

  
	
   

  	
   

  	
  Robert J. Chitty

  
	
   

  	
   

  	
  Vice President

  

 

STATE OF 

COUNTY OF 

On this      day of                     ,
2006, before me, the undersigned notary public, personally appeared Robert J.
Chitty, Vice President of INTERCONTINENTAL HOTELS (PUERTO RICO) INC., a Puerto
Rico corporation, proved to me through satisfactory evidence of identification,
which was                               
(state form of identification), to be the person whose name is signed on the
preceding or attached document, and acknowledged to me that he signed it
voluntarily for its stated purpose.

	
   

  	
   

  
	
  

  	
  (affix official
  signature and seal of notary)

  

 

 6

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