Document:

Exhibit 10.12

 

OMNIBUS ASSIGNMENT AND AMENDMENT OF MANAGEMENT
AGREEMENT

 

This Omnibus Assignment
and Amendment of Management Agreement (“Assignment”) is made, effective as of March 31, 2017 (the “Effective
Date”), by and between (1) American Realty Capital Hospitality Grace Portfolio,
LLC, a Delaware limited liability company, whose principal place of business is 405 Park Avenue, New York, NY 10022
(“Assignor”); (2) ARC Hospitality Portfolio I HIL TRS, LLC,
a Delaware limited liability company, ARC Hospitality Portfolio I NTC HIL TRS, LP,
a Delaware limited partnership, ARC Hospitality Portfolio II HIL TRS, LLC,
a Delaware limited liability company, and ARC Hospitality Portfolio II NTC HIL TRS,
LP, a Delaware limited partnership, the principal place of business of each of which is 3950 University Drive, Suite
301, Fairfax, Virginia 22030 (collectively, “Assignee”); and (3) Hampton
Inns Management LLC, a Delaware limited liability company, and HOMEWOOD SUITES
Management LLC, a Delaware limited liability company, the principal place of business of each of which is 7930 Jones
Branch Drive, Suite 1100, McLean, Virginia 22102 (collectively, “Manager”).

 

RECITATIONS

 

WHEREAS, Assignee
is the operating lessee of the Hotels listed on Exhibit A hereto (collectively, “Hotels”), pursuant to leases
(collectively, “Leases”) between Assignee and the entities listed as “REIT Property Owner Entity”
on Exhibit A hereto (collectively, “Property Owners”), which are the owners of the respective listed
Hotels;

 

WHEREAS, Assignor and
Assignee have entered into those certain management agreements by and between the entities listed as “Owner Management
Agreement Parties” with respect to each Hotel on Exhibit A hereto, dated as of February 27, 2015 (collectively,
“Owner Management Agreements”), pursuant to which the Assignee has, among other things, appointed Assignor
as Assignee’s exclusive agent to supervise, direct, and control management and operation of the Hotels pursuant to the
terms thereof;

 

WHEREAS, Assignor
and Manager are parties to those certain Management Agreements (collectively, “Management Agreements”), dated
February 27, 2015 with respect to the management of the Hotels, as clarified effective January 1, 2016 by that certain Omnibus
2016 Incentive Fee Implementation;

 

WHEREAS, Assignor,
Assignee, Property Owners, and Manager have entered into those certain Owner Agreements dated as of February 27, 2015 (collectively,
“Owner Agreements”) governing certain rights and obligations as between the entities listed as “Owner
Agreement Parties” with respect to each Hotel on Exhibit A hereto, in connection with the Leases, the Management Agreements,
and the Owner Management Agreements;

 

WHEREAS, Assignor
and Assignee are, contemporaneously with execution of this Assignment, terminating the Owner Management Agreements, and in connection
therewith, Assignor desires to assign its rights and obligations under the Management Agreements, Assignee desires to accept the
assignment of Assignor’s rights and obligations under the Management Agreements, as amended by this Assignment, and Manager
desires to acknowledge and consent to such assignment; and

 

     

     

    

 

NOW THEREFORE,
in consideration of the foregoing recitals and the premises and the mutual covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto
agree as follows:

 

		1.	Effective as of the Effective Date, Assignor hereby assigns, transfers and conveys to the applicable
Assignee set forth opposite the name of the applicable Hotel on Exhibit B hereto all of Assignor’s rights, title and obligations
in, to and under the Management Agreements for such Hotels, and such Assignee hereby accepts and assumes all such rights under
such Management Agreements and assumes all obligations and liabilities of Assignor under such Management Agreements. Manager hereby
consents to such assignment and assumption.

 

		2.	Each of Assignee and Manager agrees that each of the Management Agreements are hereby amended as
follows:

 

		a.	All references to “Owner” and/or “Lessee” shall hereafter be deemed to
refer to the applicable Assignee set forth opposite the name of the applicable Hotel on Exhibit B hereto. References to both “Owner”
and “Lessee” in any single sentence shall each be deemed to refer to the applicable Assignee set forth opposite the
name of the applicable Hotel on Exhibit B hereto.

 

		b.	In the fourth line of the Preamble of each of the Management Agreements, “(hereinafter referred
to as “Owner”)” is replaced with “(hereinafter referred to as “Owner” and/or “Lessee”).

 

		c.	In the first “Whereas” clause, the following words are deleted: “an Affiliate
(defined below) of [Assignee entity name] (the “Lessee”),”.

 

		d.	The second “Whereas” clause is deleted in its entirety.

 

		e.	In the third “Whereas” clause, the reference to the “Owner Management Agreement”
at the end of the sentence is deleted.

 

		f.	In Section 2.3, the reference to “(or Lessee as directed by Owner”) is deleted.

 

		g.	In Section 6.2, the last sentence is deleted.

 

		h.	In Sections 10.1 and 10.2, the reference to “, or cause Lessee to obtain and maintain,”
is deleted.

 

		i.	In Section 10.3, the reference to “or causing Lessee to maintain insurance meeting the requirements
of this Section 10.3” is deleted.

 

    	 	2	 

     

    

 

		j.	In Section 10.5, the reference to “or cause Lessee to obtain and continuously maintain,”
is deleted.

 

		k.	In Section 10.7:

 

		i.	the second sentence shall be deleted and replaced
with the following: “Any insurance policies obtained by Owner shall show Owner as the principal or first named insured and
Manager as an additional insured, along with other entities as are named in the Brand Insurance Requirements.”; and

 

		ii.	the third sentence is deleted.

 

		l.	In Section 11.2.A(iii) the reference to “(and/or Property Owner or Lessee)” is deleted
and replaced with “(and/or Property Owner with respect to Manager’s right to terminate)”.

 

		m.	The following is added as a new Section 11.2.D. to the Management Agreements for the Hotels listed
under “ENN I” in the “Portfolio Column” of Exhibit A hereto:

 

Notwithstanding anything herein
to the contrary, in the event that W2007 Equity Inns Senior Mezz, LLC, or its successor or assign (“Preferred Equity Holder”),
delivers notice to Management Company that a “Changeover Event” has occurred under the Amended and Restated Limited
Liability Company Agreement of ARC Hospitality Portfolio I Holdco, LLC, dated February 27, 2015, which notice shall be definitive
hereunder as to whether a “Changeover Event” has occurred for purposes of this Agreement, and upon which Management
Company shall be required and entitled to rely, Management Company agrees that Preferred Equity Holder may exercise Owner’s
termination right under Section 11.2.B.(vi) by written notice (which may be incorporated in the initial notice as to the occurrence
of a Changeover Event), effective no less than ninety (90) days and no more than one hundred and fifty (150) days thereafter as
specified in said notice, without the payment by Preferred Equity Holder of any termination fee, penalty, accrued and unpaid Base
Management Fees or Incentive Fees or any other fees, commissions or other amounts payable or reimbursable to Management Company
under this Management Agreement (though Owner shall remain liable for any of the same as to which it is otherwise obligated under
this Agreement).  The parties hereby agree and acknowledge that the Preferred Equity Holder shall be an express third party
beneficiary of this Management Agreement and entitled to enforce the provisions hereof in accordance with the terms set forth herein. 
Management Company acknowledges that the provisions of this Section 11.2.D. were a material component of the consideration received
by Owner for entering into this Agreement.

 

    	 	3	 

     

    

 

		n.	The following is added as a new Section 11.2.D. to the Management Agreements for the Hotels listed
under “ENN II” in the “Portfolio Column” of Exhibit A hereto:

 

Notwithstanding anything herein
to the contrary, in the event that W2007 Equity Inns Senior Mezz, LLC, or its successor or assign (“Preferred Equity Holder”),
delivers notice to Management Company that a “Changeover Event” has occurred under the Amended and Restated Limited
Liability Company Agreement of ARC Hospitality Portfolio II Holdco, LLC, dated February 27, 2015, which notice shall be definitive
hereunder as to whether a “Changeover Event” has occurred for purposes of this Agreement, and upon which Management
Company shall be required and entitled to rely, Management Company agrees that Preferred Equity Holder may exercise Owner’s
termination right under Section 11.2.B.(vi) by written notice (which may be incorporated in the initial notice as to the occurrence
of a Changeover Event), effective no less than ninety (90) days and no more than one hundred and fifty (150) days thereafter as
specified in said notice, without the payment by Preferred Equity Holder of any termination fee, penalty, accrued and unpaid Base
Management Fees or Incentive Fees or any other fees, commissions or other amounts payable or reimbursable to Management Company
under this Management Agreement (though Owner shall remain liable for any of the same as to which it is otherwise obligated under
this Agreement).  The parties hereby agree and acknowledge that the Preferred Equity Holder shall be an express third party
beneficiary of this Management Agreement and entitled to enforce the provisions hereof in accordance with the terms set forth herein. 
Management Company acknowledges that the provisions of this Section 11.2.D. were a material component of the consideration received
by Owner for entering into this Agreement.

 

		o.	In Section 13.1(b)(i):

 

		i.	the reference to “permit Lessee to” in
the first sentence is deleted; and

 

		ii.	the last two sentences are deleted.

 

		p.	In Section 16.9, the “Owner” section is replaced with

To Owner:

ARC Hospitality Portfolio I HIL
TRS, LLC

ARC Hospitality Portfolio I NTC
HIL TRS, LP

ARC Hospitality Portfolio II HIL
TRS, LLC

ARC Hospitality Portfolio II NTC
HIL TRS LP

3950 University Drive, Suite 301

Fairfax, Virginia 22030

Attention: General Counsel

 

    	 	4	 

     

    

 

		3.	With respect to the Owner Agreements:

 

		a.	The parties acknowledge that each Contractor Agreement (as defined in each Owner Agreement) has been terminated but each Lease
(as defined in the Owner Agreement) remains in effect.

 

		b.	Accordingly, pursuant to Sections 5.(A) and 5.(B) thereof, Assignee hereby recognizes Manager’s rights under the Management
Agreements, and agrees that Manager shall not be named as a party in any eviction or other possessory action or proceeding, and
that Manager shall not be disturbed in its right to manage the Hotel pursuant to (and subject to the terms of) the Management Agreement;
and

 

		c.	Assignee and Manager acknowledge that this Assignment
satisfies Assignee’s obligations under Section 5(c)(i) thereof.

 

		d.	Each Property Owner, Manager and Assignee reaffirms
their applicable rights and obligations under the applicable Owner Agreement set opposite their names on Exhibit A which such
Owner Agreements remain in full force and effect as between the applicable Property Owner, Manager and Assignee but with Sections
1 through 16 of each Owner Agreement deemed amended and restated as set forth on Exhibit C.

 

		4.	Except as specifically modified by this Assignment, all of the provisions of the Management Agreements are unchanged and continue
in full force and effect. In the event of any conflicts between any Management Agreement and this Assignment, this Assignment shall
control.

 

		5.	This Assignment is executed by, and shall be binding upon and inure to the benefit of, the parties hereto and each of their
respective administrators, personal representatives, legal representatives, heirs, successors and permitted assigns. None of the
provisions of this Assignment shall be for the benefit of or enforceable by any other person.

 

		6.	This Assignment may not be amended nor may any rights hereunder be waived except by an instrument in writing signed by the
parties sought to be charged with such amendment or waiver.

 

		7.	This Assignment may be executed in counterparts, all of which taken together shall constitute one and the same instrument and
each of which shall be deemed an original instrument as against any party who has signed it. Each party may execute this Assignment
via a facsimile (or transmission of a .pdf file) of this Assignment. In addition, facsimile or .pdf signatures of authorized signatories
of the parties shall be valid and binding and delivery of a facsimile or .pdf signature by any party shall constitute due execution
and delivery of this Assignment.

 

[Signatures appear on the following page]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be executed and delivered by their duly authorized officers as of the Effective
Date.

 

	WITNESS:	 	ASSIGNOR:	 
	 	 	 	 
	 	 	American Realty Capital Hospitality Grace Portfolio, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 /s/ Daneale Erickson	 	By:	/s/ James
    A. Tanaka	 
	Daneale Erickson	 	 	Name:  	James A. Tanaka 
	 
	 	 	 	Title: 	Authorized Signatory	 

  

	WITNESS:	 	ASSIGNEES:	 
	 	 	 	 
	 	 	ARC Hospitality Portfolio I HIL TRS, LLC, a Delaware limited liability company
	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 

 

	 	 	ARC Hospitality Portfolio I NTC HIL TRS, LP, a Delaware limited partnership
	 	 	 	 
	 	 	By:	ARC HOSPITALITY PORTFOLIO I NTC TRS GP, LLC, its general partner
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 

 

     

     

    

 

	 	 	ARC Hospitality Portfolio II HIL TRS, LLC, a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 
	 	 	 	 	 	 
	 	 	ARC Hospitality Portfolio II NTC HIL TRS, LP, a Delaware limited partnership
	 	 	 	 	 
	 	 	By: 	ARC HOSPITALITY PORTFOLIO II NTC TRS GP, LLC, its general partner
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 

 

	WITNESS:	 	PROPERTY OWNERS (solely for purposes of the Owner Agreement amendments):
	 	 	 	 
	 	 	ARC Hospitality Portfolio I Owner, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 		 	 
	 	 	ARC Hospitality Portfolio I GBGL Owner, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 

 

    	 	2	 

     

    

 

	 	 	ARC Hospitality Portfolio I BHGL Owner, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 
	 	 	ARC Hospitality Portfolio I NFGL Owner, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 
	 	 	ARC Hospitality Portfolio I PXGL Owner, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 
	 	 	ARC Hospitality Portfolio I NTC Owner, LP,
	 	 	a Delaware limited partnership
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 

 

    	 	3	 

     

    

 

	 	 	ARC Hospitality Portfolio II Owner, LLC
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 
	 	 	ARC Hospitality Portfolio II NTC Owner, LP,
	 	 	a Delaware limited partnership
	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 
	WITNESS:	 	MANAGERS:	 
	 	 	 	 
	 	 	Hampton Inns Management LLC, 
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 	 	By:	Hilton Domestic Operating Company Inc.,	 
	 	 	 	a Delaware corporation, as “operator”	 
	 	 	 	 	 
	 /s/ Michelle D. Koh	 	By: 	/s/
    William Fortier	 
	Michelle D. Koh	 	 	Name:  	William Fortier	 
	 	 	 	Title: 	Senior Vice President	 
	 	 	 	 	 
	 	 	HOMEWOOD SUITES Management LLC, 
	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	Hilton Domestic Operating Company Inc.,	 
	 	 	 	a Delaware corporation, as “operator”	 
	 	 	 	 	 
	 /s/ Michelle D. Koh	 	By: 	/s/
    William Fortier	 
	Michelle D. Koh	 	 	Name:  	William Fortier	 
	 	 	 	Title: 	Senior Vice President	 

 

    	 	4	 

     

    

 

EXHIBIT A

 

	PORT-
    FOLIO	HOTEL
    NAME	REIT
    LESSEE ENTITY	HILTON
    MANAGER ENTITY	REIT
    PROPERTY OWNER ENTITY	OWNER
    MANAGEMENT AGREEMENT PARTIES	OWNER
    AGREEMENT PARTIES
	ENN
    I	Hampton
    Inn & Suites Boynton Beach	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn & Suites Colorado Springs Air Force Academy I-25 North	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Albany-Wolf Road (Airport)	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Baltimore/Glen Burnie	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I GBGL Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I GBGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace
    Portfolio, LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Beckley	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Birmingham/Mountain Brook	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I BHGL Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I BHGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace
    Portfolio, LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Boca Raton	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Boca Raton – Deerfield Beach	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Charleston- Airport/Coliseum	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Chattanooga-Airport/I- 75	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Chicago/Gurnee	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Cleveland/Westlake	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Columbia - I-26 Airport	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Columbus/Dublin	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Columbus-Airport	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Detroit/Madison Heights/South Troy	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Detroit/Northville	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Kansas City/Overland Park	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Kansas City-Airport	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Memphis-Poplar	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Morgantown	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Norfolk-Naval Base	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I NFGL Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I NFGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace
    Portfolio, LLC & Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Palm Beach Gardens	ARC
    Hospitality Portfolio I HIL TRS, LLC	Hampton
    Inns Management LLC	ARC
    Hospitality Portfolio I Owner, LLC	ARC
    Hospitality Portfolio I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Hampton Inns Management LLC

 

  

     

     

    

 

EXHIBIT A

 

	PORT- FOLIO	HOTEL
    NAME	REIT
    LESSEE ENTITY	HILTON
    MANAGER ENTITY	REIT
    PROPERTY OWNER ENTITY	OWNER
    MANAGEMENT AGREEMENT PARTIES	OWNER
    AGREEMENT PARTIES
	ENN
    I	Hampton Inn Pickwick
    Dam - at Shiloh Falls	ARC Hospitality Portfolio
    I HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC & Hampton
    Inns Management LLC
	ENN
    I	Hampton Inn Scranton
    at Montage Mountain	ARC Hospitality Portfolio
    I HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC & Hampton
    Inns Management LLC
	ENN
    I	Hampton
    Inn St. Louis/Westport	ARC Hospitality Portfolio
    I HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC & Hampton
    Inns Management LLC
	ENN
    I	Hampton
    Inn State College	ARC Hospitality Portfolio
    I HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC & Hampton
    Inns Management LLC
	ENN
    I	Hampton Inn West Palm
    Beach Florida Turnpike	ARC Hospitality Portfolio
    I HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC & Hampton
    Inns Management LLC
	ENN
    I	Homewood Suites by
    Hilton Hartford/Windsor Locks	ARC Hospitality Portfolio
    I HIL TRS, LLC	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Homewood Suites Management LLC
	ENN
    I	Homewood Suites by
    Hilton Memphis-Germantown	ARC Hospitality Portfolio
    I HIL TRS, LLC	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    I Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC
    Hospitality Portfolio I Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio,
    LLC & Homewood Suites Management LLC
	ENN
    I	Homewood Suites by
    Hilton Phoenix-Biltmore	ARC Hospitality Portfolio
    I HIL TRS, LLC	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    I PXGL Owner, LLC	ARC Hospitality Portfolio
    I HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I PXGL Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, American Realty Capital Hospitality Grace Portfolio, LLC &
    Homewood Suites Management LLC
	ENN
    I	Hampton
    Inn Charlotte/Gastonia	ARC Hospitality Portfolio
    I NTC HIL TRS, LP	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I NTC Owner, LP	ARC Hospitality Portfolio
    I NTC HIL TRS, LP & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I NTC Owner, LP, ARC Hospitality Portfolio I NTC HIL TRS, LP, American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    I	Hampton
    Inn Dallas -Addison	ARC Hospitality Portfolio
    I NTC HIL TRS, LP	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I NTC Owner, LP	ARC Hospitality Portfolio
    I NTC HIL TRS, LP & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I NTC Owner, LP, ARC Hospitality Portfolio I NTC HIL TRS, LP, American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    I	Hampton Inn Fayetteville
    I-95 10/25/2007	ARC Hospitality Portfolio
    I NTC HIL TRS, LP	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    I NTC Owner, LP	ARC Hospitality Portfolio
    I NTC HIL TRS, LP & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I NTC Owner, LP, ARC Hospitality Portfolio I NTC HIL TRS, LP, American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    I	Homewood Suites by
    Hilton San Antonio-Northwest	ARC Hospitality Portfolio
    I NTC HIL TRS, LP	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    I NTC Owner, LP	ARC Hospitality Portfolio
    I NTC HIL TRS, LP & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    I NTC Owner, LP, ARC Hospitality Portfolio I NTC HIL TRS, LP, American Realty Capital Hospitality Grace Portfolio, LLC &
    Homewood Suites Management LLC
	ENN
    II	Hampton
    Inn Chicago/Naperville	ARC Hospitality Portfolio
    II HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    II	Hampton
        Inn Indianapolis

        –NE/Castleton
	ARC Hospitality Portfolio
    II HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    II	Hampton
    Inn Knoxville – Airport	ARC Hospitality Portfolio
    II HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    II	Hampton
    Inn Milford	ARC Hospitality Portfolio
    II HIL TRS, LLC	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC
	ENN
    II	Homewood Suites by
    Hilton Augusta	ARC Hospitality Portfolio
    II HIL TRS, LLC	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Homewood Suites Management LLC
	ENN
    II	Homewood Suites by
    Hilton Seattle Downtown	ARC Hospitality Portfolio
    II HIL TRS, LLC	Homewood Suites Management
    LLC	ARC Hospitality Portfolio
    II Owner, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II HIL TRS, LLC, ARC Hospitality Portfolio II Owner, LLC , American Realty Capital Hospitality Grace Portfolio, LLC &
    Homewood Suites Management LLC
	ENN
    II	Hampton
    Inn College Station	ARC Hospitality Portfolio
    II NTC HIL TRS, LP	Hampton Inns Management
    LLC	ARC Hospitality Portfolio
    II NTC Owner, LP	ARC Hospitality Portfolio
    II NTC HIL TRS, LP & American Realty Capital Hospitality Grace Portfolio, LLC	ARC Hospitality Portfolio
    II NTC HIL TRS, LP, ARC Hospitality Portfolio II NTC Owner, LP, American Realty Capital Hospitality Grace Portfolio, LLC &
    Hampton Inns Management LLC

  

     

     

    

 

Exhibit B

 

	PORT- FOLIO	HOTEL NAME	ASSIGNEE
	ENN I	Hampton Inn & Suites Boynton Beach	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn & Suites Colorado Springs Air Force Academy I-25 North	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Albany-Wolf Road (Airport)	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Baltimore/Glen Burnie	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Beckley	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Birmingham/Mountain Brook	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Boca Raton	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Boca Raton – Deerfield Beach	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Charleston- Airport/Coliseum	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Chattanooga-Airport/I- 75	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Chicago/Gurnee	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Cleveland/Westlake	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Columbia - I-26 Airport	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Columbus/Dublin	ARC Hospitality Portfolio I HIL TRS, LLC

 

     

     

    

 

Exhibit B

 

	PORT- FOLIO	HOTEL NAME	ASSIGNEE
	ENN I	Hampton Inn Columbus-Airport	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Detroit/Madison Heights/South Troy	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Detroit/Northville	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Kansas City/Overland Park	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Kansas City-Airport	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Memphis-Poplar	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Morgantown	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Norfolk-Naval Base	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Palm Beach Gardens	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Pickwick Dam - at Shiloh Falls	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Scranton at Montage Mountain	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn St. Louis/Westport	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn State College	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn West Palm Beach Florida Turnpike	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Homewood Suites by Hilton Hartford/Windsor Locks	ARC Hospitality Portfolio I HIL TRS, LLC

 

     

     

    

 

Exhibit B

 

	PORT- FOLIO	HOTEL NAME	ASSIGNEE
	ENN I	Homewood Suites by Hilton Memphis-Germantown	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Homewood Suites by Hilton Phoenix-Biltmore	ARC Hospitality Portfolio I HIL TRS, LLC
	ENN I	Hampton Inn Charlotte/Gastonia	ARC Hospitality Portfolio I NTC HIL TRS, LP
	ENN I	Hampton Inn Dallas -Addison	ARC Hospitality Portfolio I NTC HIL TRS, LP
	ENN I	Hampton Inn Fayetteville I-95 10/25/2007	ARC Hospitality Portfolio I NTC HIL TRS, LP
	ENN I	Homewood Suites by Hilton San Antonio-Northwest	ARC Hospitality Portfolio I NTC HIL TRS, LP
	ENN II	Hampton Inn Chicago/Naperville	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	
        Hampton Inn
Indianapolis–NE/Castleton
	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	Hampton Inn Knoxville – Airport	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	Hampton Inn Milford	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	Homewood Suites by Hilton Augusta	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	Homewood Suites by Hilton Seattle Downtown	ARC Hospitality Portfolio II HIL TRS, LLC
	ENN II	Hampton Inn College Station	ARC Hospitality Portfolio II NTC HIL TRS, LP

 

     

     

    

 

EXHIBIT C

 

1.       Definitions.
Capitalized terms that are not specifically defined herein shall have the meaning ascribed to such terms in the Management Agreement.

 

2.       Landlord
and Lessee Consideration.Property Owner hereby acknowledges that it:

 

(i)       derives
and expects to derive benefits from this Agreement and Lessee’s execution of the Management Agreement, and (ii) has determined
that its execution, delivery and performance of this Agreement directly benefit Property Owner, are within the organizational purposes
of Property Owner, and are in the best interest of Property Owner; and Lessee hereby acknowledges that it: (A) derives and expects
to derive benefits from this Agreement and Lessee’s execution of the Management Agreement, and (B) has determined that its
execution, delivery and performance of this Agreement directly benefit Lessee, are within the organizational purposes of Lessee,
and are in the best interest of Lessee.

 

3.       Acknowledgement
of Lease. The Lease shall not be construed to impose any additional obligations or liabilities upon Manager, and shall not
be construed to modify or amend any of the rights and duties of the parties under the Management Agreement. To the extent that
any of the provisions of the Management Agreement impose a greater or inconsistent obligation on Lessee than the corresponding
provisions of the Lease, Lessee shall be obligated to comply with, and to take all actions necessary to prevent breaches or defaults
under, the relevant provisions of the Management Agreement. Manager shall have no duty, obligation or liability to Property Owner
or Lessee to (i) make any determination as to whether any expense required to be paid by Manager hereunder is a cost of Property
Owner or Lessee or (ii) require that any costs or expenses of Property Owner or Lessee be paid from funds that can be identified
as belonging to Property Owner or Lessee, respectively; it being the intent of the parties to this Agreement that (x) except to
the extent Manager agrees to make Owner distributions to a Lessee bank account to the extent set forth in the Management Agreement,
Lessee and Property Owner shall look only to each other and not to Manager with respect to moneys that may be owed one to the
other under the Management Agreement and/or the Lease, and (y) Manager need only look to Lessee to pay (or arrange the payment
of) operating costs of the Hotel and other "Owner" obligations under the Management Agreement.

 

		4.	Property Owner and Lessee Representations and Warranties.

 

a.       Property
Owner and Lessee each hereby represents and warrants that Property Owner or its Affiliates has and will maintain direct or indirect
controlling and majority interest in Lessee

 

b.       Property
Owner and Lessee each represent and warrant that to Property Owner's and Lessee’s actual knowledge: (a) neither
Property Owner nor Lessee (including their respective directors and officers), nor any of their Affiliates, subsidiaries,
respective shareholders, beneficial owners of non-publicly traded shareholders or, to Property Owner 's or Lessee’s
knowledge, the funding sources for any of the foregoing is a Specially Designated National or Blocked Person; (b) neither
Property Owner nor Lessee, nor any of their respective Affiliates, subsidiaries, respective shareholders, beneficial owners
of non-publicly traded shareholders is directly or indirectly owned or controlled by the government of any country that is
subject to an embargo or economic or trade sanctions by the United States government; (c) neither Property Owner nor Lessee,
or any of their respective Affiliates, subsidiaries, respective shareholders, beneficial owners of non-publicly traded
shareholders is acting on behalf of a government of any country that is subject to such an embargo; and (d) neither Property
Owner nor Lessee, or any of their respective Affiliates, subsidiaries, respective shareholders, beneficial owners of
non-publicly traded shareholders is involved in business arrangements or otherwise engaged in transactions with countries
subject to economic or trade sanctions imposed by the United States government. Property Owner or Lessee (as applicable)
shall notify Manager in writing immediately upon the occurrence of any event which would render the foregoing representations
and warranties of this Section 4b incorrect.

 

    Page 1

     

    

 

5.       Termination
of the Lease. The parties agree that the Management Agreement and the rights and benefits of Manager thereunder shall not
be terminated or disturbed in any respect except in accordance with the terms of the Management Agreement, and not as a result
of any termination of the Lease. Accordingly, if the Lease is terminated for any reason, including, without limitation, expiration
of the term thereof or the "rejection" thereof following Bankruptcy (as defined below) of Lessee (collectively, a "Lease
Termination"), Property Owner: (a) shall recognize Manager’s rights under the Management Agreement, (b) agree that
Manager shall not be named as a party in any eviction or other possessory action or proceeding, and that Manager shall not be
disturbed in its right to manage the Hotel pursuant to the Management Agreement, and (c) shall at the time of or prior to such
Lease Termination either (i) not take any of the applicable actions described in clause (c)(ii) below (to the extent such actions
are applicable), in which case all of "Owner’s" rights, benefits, privileges and obligations under the Management
Agreement with respect to periods after such Lease Termination shall be assumed directly by Property Owner and the applicable
parties hereto agree that the applicable provisions of the Management Agreement reflecting the Lease structure shall be amended
to reflect such Lease Agreement Termination, or (ii) cause a successor Lessee, consented to by Manager, which consent shall not
be unreasonably withheld or delayed, to (x) succeed to and assume Lessee’s obligations under the Lease, this Agreement,
and the Management Agreement (as may be amended) or (y) enter a new lease with Property Owner in substantially the same form as
the Lease, and assume the rights and obligations of the Lessee (if any) under the Management Agreement (as may be amended) and
this Agreement (as may be amended), the intent being that the relationship between any successor Lessee, Property Owner, and Manager
be under substantially the same terms and conditions as the relationship between Lessee, Property Owner, and Manager hereunder
and under the Management Agreement and Lease.

 

6.       Guaranty.
Property Owner hereby guarantees the complete and satisfactory payment and performance of each and every obligation of Lessee
as "Owner" under the Management Agreement (the "Guaranteed Obligations"). Property Owner hereby absolutely,
irrevocably, and unconditionally guarantees that the Guaranteed Obligations which are monetary obligations shall be paid when
due and payable and that the Guaranteed Obligations which are performance obligations shall be fully performed at the times and
in the manner such performance is required by the Management Agreement. This guaranty is an absolute, irrevocable and unconditional
guaranty of payment and performance and the liability of Property Owner hereunder shall be absolute and unconditional irrespective
of: (i) any lack of validity, irregularity or enforceability of the Management Agreement (but only to the extent that such lack
of validity, irregularity, or enforceability arises out of or relates to the fact that Manager, unlike its usual arrangements,
is not contracting directly with Property Owner or Lessee under the Management Agreement) or this Agreement; (ii) any change in
the time, manner, place or any other term or condition of payments due under the Management Agreement or this Agreement, or any
other amendment or waiver of, or consent to, or any departure from, the Management Agreement or this Agreement; or (iii) any other
circumstances that might otherwise constitute a defense available to Property Owner with respect to, or a discharge of, any of
the Guaranteed Obligations (other than because, or to the extent, the same have been previously discharged in accordance with
the terms of the Management Agreement, and/or because Lessee would have a valid defense against Manager with respect to such Guaranteed
Obligations). If all or any part of the Guaranteed Obligations shall not have been paid when due and payable or performed at the
time performance is required, Property Owner (without first requiring the Manager to proceed against Lessee or any other party
or any other security) shall pay or cause to be paid to Manager the amount thereof as is then due and payable and unpaid (including
interest and other charges, if any, due thereon through the date of payment in accordance with the applicable provisions of the
Management Agreement) or perform or cause to be performed such obligations in accordance with the Management Agreement, within
twenty (20) business days after receipt of written notice from the Manager of the failure by Lessee to make such payment or render
such performance within the period required by the Management Agreement including the passage of any applicable notice and cure
periods. If for any reason Property Owner fails to perform or cause to be performed such obligations, Manager shall have the right
to exercise any and all of the remedies available at law or in equity, and Property Owner hereby agrees to pay any and all reasonable
expenses (including reasonable counsel fees and expenses) incurred by Manager in enforcing its rights under this Agreement. The
guaranty contained in this Agreement: (A) is a continuing guaranty and shall remain in full force and effect until the indefeasible
satisfaction and discharge in full of Lessee’s obligations as "Owner" under the Management Agreement and Property
Owner’s and Lessee’s obligations under this Agreement, and (B) shall continue to be effective or shall be reinstated,
as the case may be, if at any time any payment under the Management Agreement or this Agreement becomes unrecoverable from Lessee
by operation of law or for any other reason or must otherwise be returned by Manager upon the insolvency, bankruptcy or reorganization
of Property Owner or Lessee. The provisions of this Section shall survive the expiration or termination of the Management Agreement
and this Agreement. For the avoidance of doubt, nothing in this Agreement shall curtail Lessee’s right under Section 11.2.B.(vi)
of the Management Agreement to terminate Manager at any time without cause upon 90 days’ advance written notice, and in
no event shall Property Owner have any greater liability to Manager under this Section 6 than Lessee has under the Management
Agreement.

 

    Page 2

     

    

 

7.       Certain
Property Owner Obligations. Property Owner agrees that it shall comply with and be bound by the provisions of the Management
Agreement, as it may be amended, in accordance with the terms thereof and hereof, which relate to restrictions on transfer and
restrictions on financing, as if Property Owner were "Owner" thereunder. Lessee further acknowledges and agrees to be
bound by the restrictions on Lessee’s transfer set forth in Section 13.1(a) and 13.1(b) of the Management Agreement.

 

8.       Lease
Modifications. Manager agrees that the Lease may be amended or modified from time to time by agreement between Property Owner
and Lessee and Property Owner may exercise any one or more of its rights under the Lease from time to time at Property Owner’s
discretion (subject, in all events, to the terms and conditions of Section 5 above), all without consent of Manager (provided,
however, that no such amendment or modification shall excuse Property Owner or Lessee from its obligations hereunder or limit
Property Owner’s or Lessee’s obligations hereunder), and this Agreement shall continue in full force and effect as
to all such renewals, extensions and/or modifications and all such exercise of rights. To the extent any amendment or modification
to the Lease results in provisions that would be would be inconsistent with the obligations of the Property Owner or Lessee hereunder
or under the Management Agreement, the terms of the Management Agreement and this Agreement shall govern. Property Owner and Lessee
agree to deliver copies to Manager of any amendments or modifications of the Lease promptly following the execution and delivery
thereof.

 

9.       Consents
Under Management Agreement. Manager will look solely to Lessee to satisfy Owner’s obligations and duties under the Management
Agreement, except as otherwise specifically provided in this Agreement or in the Management Agreement. Without limiting the foregoing,
except as otherwise specifically provided in this Agreement or in the Management Agreement, Manager shall seek all approvals and/or
consents required from "Owner" under the Management Agreement, and elections to be made by "Owner" under the
Management Agreement, solely from Lessee, and shall be entitled to rely and act on all approvals and/or consents obtained or received
from, or elections made by, Lessee under any provisions or requirements of the Management Agreement, without any obligation to
confirm the granting of any approval or consent or the making of such election by Lessee or Property Owner that may be required
under the Lease, or to obtain the signature of any representative of Lessee or Property Owner, and Manager shall not be required
to grant any additional time for Property Owner to instruct the Lessee with respect to such matters. Property Owner agrees that,
in its exercise of rights under the Lease that affect Lessee’s exercise of rights under the Management Agreement, Property
Owner shall exercise such rights under the same conditions and principles that apply to Lessee’s exercise of the same rights
under the Management Agreement, and shall, where a dispute is referred for resolution in accordance with the Management Agreement,
agree to be bound by such resolution.

 

10.       Agreements
Relating to Tenancy. In order to address the fact that Lessee’s interest in the Hotel is leasehold, and to address certain
other related matters, the parties agree to the following modifications of the Management Agreement, to be effective for so long
as Lessee’s interest in the Hotel is held through tenancy title (subject to the provisions of Section 6 above):

 

A.       In
connection with a sale, assignment, or transfer of the Hotel and/or Management Agreement, Property Owner and Lessee agree that
an agreement in form and substance similar to this Agreement (or assumption of this Agreement) will be required from the transferee,
assignee, and/or lessee in order to ensure that Manager will incur no greater liability, cost or risk of termination of the Management
Agreement as a result of such sale, assignment or transfer of the Hotel and/or Management Agreement.

  

B.       Property
Owner and Lessee each agrees, where applicable, upon request by Manager pursuant to the terms and conditions of the Management
Agreement, not to unreasonably withhold, condition or delay the prompt signing, without charge, of applications for licenses, permits
or other instruments necessary for operation of the Hotel, which applications shall be prepared by Manager as necessary from time
to time.

 

    Page 3

     

    

 

C.       Property
Owner represents that Property Owner owns fee simple title to the Hotel. Lessee represents that Lessee holds leasehold title to
the Hotel, free and clear of any and all liens, encumbrances or other charges, except for those specifically permitted pursuant
to the Management Agreement.

 

11.       Certain
Provisions Regarding Bankruptcy. In the event the Lease shall be rejected on behalf of Property Owner under Section 365 of
the United States Bankruptcy Code ("Code") or any other applicable law or authority ("Rejection"), Lessee
shall promptly notify Manager in writing of such Rejection and Lessee shall, as directed by Manager, either treat the Lease as
terminated by such Rejection or retain its rights under the Lease as permitted by the Code or other applicable law or authority.
In the event the Management Agreement is terminated as a result of Rejection on behalf of Lessee, the Management Agreement shall
be assumed by Property Owner , and Property Owner shall, if directed by Manager (but only to the extent such right may be exercised
under the Code or other applicable law and authority), terminate the Lease (as applicable), subject to the provisions of Section
5 hereof. Property Owner and Lessee each agrees that it will not join in any involuntary petition against the other under the
Code or any other similar federal or state law providing for debtor relief, without the consent of Manager.

 

12.       Term.
The term of this Agreement shall commence on the date set forth above and shall run concurrently with the term of the Management
Agreement, except as otherwise expressly set forth herein.

 

13.       Indemnification
by Lessee. Lessee acknowledges that, notwithstanding Property Owner’s contractual liability to Manager hereunder, Manager
is operating the Hotel for the benefit of Lessee, and Lessee agrees to hold Property Owner harmless for any loss suffered by Property
Owner as a result of Lessee’s failure to timely perform all of the obligations assumed by Lessee.

 

14.       Notices.
All notices and other communications provided for hereunder shall be in writing, and shall be sent or delivered by the methods
and to the addresses for Lessee and Manager as required under the Management Agreement. The address for Property Owner and Lessee
for purposes of such notices is, as of the date hereof:

 

ARC Hospitality Portfolio I HIL TRS, LLC

ARC
Hospitality Portfolio I NTC HIL TRS, LP

ARC Hospitality Portfolio II HIL TRS, LLC

ARC Hospitality Portfolio II NTC HIL TRS LP

3950 University Drive, Suite 301

Fairfax, Virginia 22030

Attention: Jonathan
Mehlman

 

with a copy to:

 

ARC Hospitality Portfolio I HIL TRS, LLC

ARC
Hospitality Portfolio I NTC HIL TRS, LP

ARC Hospitality Portfolio II HIL TRS, LLC

ARC Hospitality Portfolio II NTC HIL TRS LP

3950 University Drive, Suite 301

Fairfax, Virginia 22030

Attention: Legal Department

 

    Page 4

     

    

 

15.       REIT
Compliance. Manager has been advised that Property Owner is indirectly owned by American Realty Capital Hospitality Trust,
Inc. (“REIT Parent”), a REIT, and that Lessee is a “taxable REIT subsidiary” within the meaning
of Section 856(1) of the Internal Revenue Code of 1986, as amended, together with all regulations promulgated thereunder (the
“Code”). Manager agrees that the provisions of this Section 15 shall apply for so long as the Hotel is owned
by Property Owner and leased to Lessee as part of any ownership structure that is subject to REIT tax requirements.

 

A.       Property
Owner has advised Manager that in order for REIT Parent to qualify as a REIT, and Lessee to qualify as a taxable REIT subsidiary,
Manager must be an "eligible independent contractor" with respect to REIT Parent and the Hotel must constitute a “qualified
lodging facility,” as each such term is defined in Section 856(d)(9) of the Code. For purposes of this Section 15A, if the
Manager is currently disregarded as an entity separate from its owner for federal income tax purposes, any reference to “Manager”
shall include the Manager’s owner for federal income tax purposes. To that end, Manager and Property Owner hereby agree as
follows:

 

(i)       Manager
shall not permit wagering activities to be conducted at or in connection with the Hotel by any person who is engaged in the business
of accepting wagers and who is legally authorized to engage in such business at or in connection with the Hotel throughout the
term of the Management Agreement. Property Owner, Lessee, and Manager agree that Manager shall not be deemed in breach of this
Section 15A(i) if Manager used commercially reasonable efforts to comply with this Section 15A(i) and, notwithstanding such efforts,
was not aware of such wagering activities taking place at the Hotel, or if Manager was aware of such wagering activities at the
Hotel, Manager used reasonable efforts to cause such activities to cease at the Hotel;

 

(ii)       As
of the date of this Agreement, Manager represents to Property Owner that it is currently engaged in the trade or business of operating
“qualified lodging facilities” (defined below) for a person who is not a Related Person (defined below) with respect
to (a) REIT Parent, (b) Property Owner or (c) any direct or indirect subsidiary of the foregoing (“Unrelated Persons”).

 

(A)       “qualified
lodging facility” means a “lodging facility” (defined below), unless wagering activities are conducted at or
in connection with such facility by any person who is engaged in the business of accepting wagers and who is legally authorized
to engage in such business at or in connection with such facility.

 

(B)       “lodging
facility” means a hotel, motel or other establishment more than one-
half of the dwelling units in which are used on a transient basis, and includes customary amenities and facilities operated
as part of, or associated with, the lodging facility so long as such amenities and facilities are customary for other properties
of a comparable size and class owned by other owners unrelated to Property Owner.

 

(C)       “Related
Person” shall have the same meaning as provided in Section 856(d)(9)(F) of the Code.

 

Notwithstanding
the foregoing, Manager shall not, except as otherwise stated above, be required to agree to actions which impair its rights or
increase its obligations under the Management Agreement or this Agreement, shall have no independent obligation to be or remain
familiar with requirements arising from REIT Parent’s status as a REIT and shall be entitled to reimbursement by Property
Owner or Lessee of all reasonable costs incurred by Manager in connection with, or as a result of, cooperation pursuant to this
Section 15.A.

 

    Page 5

     

    

 

B.       Manager
agrees that Manager shall not enter into any assignment, lease, sublease or license (including, but not limited to, with Manager
or an affiliate of Manager) with respect to the Hotel (or any part thereof), but expressly excluding the rental of Hotel rooms
and meeting or banquet space in the ordinary course of business of the Hotel, without first providing Property Owner with a copy
thereof. Property Owner shall have twenty (20) days from the date of its receipt of such proposed assignment, lease, sublease or
license to give written notice to Manager indicating whether such assignment, lease, sublease or license could, in Property Owner's
reasonable judgment, cause Property Owner to receive or accrue any amount that would fail to qualify as "rents from real property"
within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto. If Property Owner provides timely
notice of its determination that such proposed assignment, lease, sublease or license could cause Property Owner to receive such
an amount, then Manager will not enter into such proposed assignment, lease, sublease or license. If Property Owner shall fail
to give Manager such written notice within such twenty (20) day period, Property Owner shall be estopped from claiming that such
assignment, lease, sublease or license violates the terms of this Section 15.B.

 

		16.	Miscellaneous.

 

A.       Modification
of this Agreement. No amendment, modification, alteration or waiver of any provision of this Agreement shall be effective
unless it is signed by the parties hereto, and no waiver of any provision of this Agreement by any party hereto, and no consent
to any departure therefrom by any party hereto, shall be effective unless it is in writing and signed by such party, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

B.       No
Waiver. No failure by any party hereto to exercise, and no delay in exercising, any right under the Management Agreement or
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right preclude any other or
further exercise thereof or the exercise of any other right.

 

C.       Remedies
Cumulative. The rights and remedies of any party hereto provided in this Agreement are cumulative and are in addition to,
and not exclusive of, any rights or remedies provided by law or equity.

 

D.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

E.       Severability.
The invalidity, illegality or unenforceability of any one or more phrases, sentences, clauses or sections contained in this Agreement
shall not affect the validity, legality or enforceability of the remaining portions of this Agreement.

 

F.       Successors
and Assigns. The parties hereto shall not assign or transfer or permit the assignment or transfer of this Agreement without
the prior written consent of the other parties hereto, except that Lessee and Manager shall each have the right and obligation
to assign its respective interest in this Agreement to any party to which its respective interest in the Management Agreement
may be assigned under the terms of the Management Agreement, and Property Owner shall have the right and obligation to assign
its interest in this Agreement to any party to which its interest in the Hotel may be assigned, subject to the requirements of
the Management Agreement.

 

G.       Captions.
The captions and headings of the sections and subsections of this Agreement are for purposes of convenience and reference only
and shall not limit or otherwise affect the meaning hereof.

 

H.      Time
of the Essence. Time shall be of the essence in the performance of this Agreement.

 

I.       Incorporation
of Recitals. The recitals hereto are incorporated herein as part of this Agreement.

 

J.       Counterparts.
This Agreement may be executed simultaneously in several counterparts, each of which shall be deemed an original, but each of
which, taken together with the others shall constitute one and the same instrument.

 

    Page 6Exhibit 10.13

 

ASSIGNMENT AND AMENDMENT OF MANAGEMENT
AGREEMENTS

 

This
Assignment and Amendment of Management Agreement (“Assignment”) is made, effective as of March 31, 2017 (the “Effective
Date”), by and between (1) American Realty Capital Hospitality Grace Portfolio,
LLC, a Delaware limited liability company, whose principal place of business is 405 Park Avenue, New York, NY 10022
(“Assignor”); (2) ARC Hospitality Portfolio I MCK TRS, LLC,
a Delaware limited liability company, ARC Hospitality Portfolio I NTC TRS, LP,
a Delaware limited partnership, ARC Hospitality Portfolio II NTC TRS, LP,
Delaware limited partnership, and ARC Hospitality Portfolio II MISC TRS, LLC,
a Delaware limited liability company, the principal place of business of each of which is 3950 University Drive, Suite 301, Fairfax,
Virginia 22030 (collectively, “Assignee”);
and (3) McKibbon Hotel Management, inc., a Florida corporation, with an office
at 402 Washington Street, SE, Suite 200, Gainesville, GA 30501 (“Manager”). 

 

RECITATIONS

 

WHEREAS, Assignee
is the operating lessee of the Hotels listed on Exhibit A hereto (collectively, “Hotels”), pursuant to leases
(collectively, “Leases”) between Assignee and the entities listed as “Property Owner” on Exhibit
A hereto (collectively, “Property Owners”), which are the owners of the respective listed Hotels;

 

WHEREAS, Assignor and Assignee
have entered into those certain management agreements by and between the entities listed as “Owner” with respect to
each Hotel on Exhibit A hereto, dated as of February 27, 2015 (collectively, “Owner Management Agreements”),
pursuant to which the Assignee has, among other things, appointed Assignor as Assignee’s exclusive agent to supervise, direct,
and control management and operation of the Hotels pursuant to the terms thereof;

 

WHEREAS, Assignor
and Manager are parties to those certain Management Agreements (collectively, “Management Agreements”), dated
October 3, 2014 but effective as of February 27, 2015 with respect to the management of the Hotels;

 

WHEREAS, Assignor
and Assignee are, contemporaneously with the execution of this Assignment, terminating the Owner Management Agreements, and in
connection therewith, Assignor desires to assign its rights and obligations under the Management Agreements, Assignee desires to
accept the assignment of Assignor’s rights and obligations under the Management Agreements, as amended by this Assignment,
and Manager desires to acknowledge and consent to such assignment; and

 

NOW THEREFORE,
in consideration of the foregoing recitals and the premises and the mutual covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto
agree as follows:

 

     

     

    

 

		1.	Effective as of the Effective Date, Assignor hereby assigns, transfers and conveys to the applicable
Assignee set forth opposite the name of the applicable Management Agreement on Exhibit A hereto all of Assignor’s rights,
title and obligations in, to and under such Management Agreements, and such Assignee hereby accepts and assumes all such rights
under such Management Agreements and assumes all obligations and liabilities of Assignor under such Management Agreements. Manager
hereby consents to such assignment and assumption.

 

		2.	Each of Assignee and Manager agrees that each of the Management Agreements are hereby amended as
follows:

 

		a.	All references to “Owner” and/or “TRS” shall hereafter be deemed to refer
to the applicable Assignee set forth opposite the name of the applicable Management Agreement on Exhibit A hereto. References to
both “Owner” and “TRS” in any single sentence shall each be deemed to refer to the applicable Assignee
set forth opposite the name of the applicable Management Agreement on Exhibit A hereto.

 

		b.	In the first line of the Subsection A of the Preliminary Statement, the words “of the operating
lessee (“TRS”) and” are deleted.

 

		c.	The second sentence of Subsection A of the Preliminary Statement is deleted.

 

		d.	The following is added as a new Section 8.01(h) to the Management Agreements for the Hotels listed
on the first two pages of Exhibit A hereto:

 

    	 	2	 

     

    

 

Notwithstanding anything herein
to the contrary, in the event that W2007 Equity Inns Senior Mezz, LLC, or its successor or assign (“Preferred Equity Holder”),
delivers notice to Management Company that a “Changeover Event” has occurred under the Amended and Restated Limited
Liability Company Agreement of ARC Hospitality Portfolio I Holdco, LLC, dated February 27, 2015, which notice shall be definitive
hereunder as to whether a “Changeover Event” has occurred for purposes of this Agreement, and upon which Management
Company shall be required and entitled to rely, Preferred Equity Holder may terminate this Agreement by written notice (which may
be incorporated in the initial notice as to the occurrence of a Changeover Event), effective fifteen (15) days after receipt by
the Management Company or upon such later date as set forth in said notice, without the payment of any termination fee, penalty,
accrued and unpaid Base Management Fees or Incentive Fees or any other fees, commissions or other amounts payable or reimbursable
to Management Company under this Management Agreement. Notwithstanding anything herein to the contrary, (a) Management Company
shall not be obligated to return or refund to the Preferred Equity Holder any Base Management Fee or Incentive Fees or any other
fees, commissions or other amounts payable or reimbursable to the Management Company under the Management Agreements already received
by the Management Company prior to its receipt of such notice of the Changeover Event, and to which the Management Company was
entitled under the Management Agreements, (b) Management Company shall be entitled to collect from the Preferred Equity Holder
the Base Management Fee (other than any termination fee and penalty) or Incentive Fees or any other fees, commissions or other
amounts payable or reimbursable to the Management Company under the Management Agreements accruing in accordance with the Management
Agreements for any period of time that the Management Company continues to perform its obligations under the terms of the Management
Agreements at the request of the Preferred Equity Holder and (c) in the event of a Changeover Event, the Management Company shall
be entitled to collect and retain from the Assignor any Base Management Fee or Incentive Fee or any other fees, commissions or
other amounts payable or reimbursable to the Management Company under the Management Agreements accrued but unpaid prior to the
occurrence of the Changeover Event and to which Management Company is entitled under the Management Agreements. The parties hereto
acknowledge that the foregoing agreement by the Management Company does not constitute a waiver by the Management Company of the
payment by the Assignor of the Management Fees or other amounts payable or reimbursable under the Management Agreements. 
The parties hereby agree and acknowledge that the Preferred Equity Holder shall be an express third party beneficiary of this Management
Agreement and entitled to enforce the provisions hereof in accordance with the terms set forth herein.  Management Company
acknowledges that the provisions of this Section 8.01(h) were a material component of the consideration received by Owner for entering
into this Agreement.

 

		e.	The following is added as a new Section 8.01(h) to the Management Agreements for the Hotels listed
on the third page of Exhibit A hereto:

 

    	 	3	 

     

    

 

Notwithstanding anything herein
to the contrary, in the event that W2007 Equity Inns Senior Mezz, LLC, or its successor or assign (“Preferred Equity Holder”),
delivers notice to Management Company that a “Changeover Event” has occurred under the Amended and Restated Limited
Liability Company Agreement of ARC Hospitality Portfolio II Holdco, LLC, dated February 27, 2015, which notice shall be definitive
hereunder as to whether a “Changeover Event” has occurred for purposes of this Agreement, and upon which Management
Company shall be required and entitled to rely, Preferred Equity Holder may terminate this Agreement by written notice (which may
be incorporated in the initial notice as to the occurrence of a Changeover Event), effective fifteen (15) days after receipt by
the Management Company or upon such later date as set forth in said notice, without the payment of any termination fee, penalty,
accrued and unpaid Base Management Fees or Incentive Fees or any other fees, commissions or other amounts payable or reimbursable
to Management Company under this Management Agreement.  Notwithstanding anything herein to the contrary, (a) Management Company
shall not be obligated to return or refund to the Preferred Equity Holder any Base Management Fee or Incentive Fees or any other
fees, commissions or other amounts payable or reimbursable to the Management Company under the Management Agreements already received
by the Management Company prior to its receipt of such notice of the Changeover Event, and to which the Management Company was
entitled under the Management Agreements, (b) Management Company shall be entitled to collect from the Preferred Equity Holder
the Base Management Fee (other than any termination fee and penalty) or Incentive Fees or any other fees, commissions or other
amounts payable or reimbursable to the Management Company under the Management Agreements accruing in accordance with the Management
Agreements for any period of time that the Management Company continues to perform its obligations under the terms of the Management
Agreements at the request of the Preferred Equity Holder and (c) in the event of a Changeover Event, the Management Company shall
be entitled to collect and retain from the Assignor any Base Management Fee or Incentive Fee or any other fees, commissions or
other amounts payable or reimbursable to the Management Company under the Management Agreements accrued but unpaid prior to the
occurrence of the Changeover Event and to which Management Company is entitled under the Management Agreements. The parties hereto
acknowledge that the foregoing agreement by the Management Company does not constitute a waiver by the Management Company of the
payment by the Assignor of the Management Fees or other amounts payable or reimbursable under the Management Agreements. The
parties hereby agree and acknowledge that the Preferred Equity Holder shall be an express third party beneficiary of this Management
Agreement and entitled to enforce the provisions hereof in accordance with the terms set forth herein.  Management Company
acknowledges that the provisions of this Section 8.01(h) were a material component of the consideration received by Owner for entering
into this Agreement.

		f.	In Section 12.10, the “If to Owner” section is replaced with

If to Owner:

ARC Hospitality Portfolio I MCK
TRS, LLC

ARC Hospitality Portfolio I NTC
TRS, LP

ARC Hospitality Portfolio II NTC
TRS, LP

ARC Hospitality Portfolio II MISC
TRS, LLC

3950 University Drive, Suite 301

Fairfax, Virginia 22030

Attention: General Counsel

 

		3.	Except as specifically modified by this Assignment, all of the provisions of the Management Agreements are unchanged and continue
in full force and effect. In the event of any conflicts between any Management Agreement and this Assignment, this Assignment shall
control.

 

		4.	This Assignment is executed by, and shall be binding upon and inure to the benefit of, the parties hereto and each of their
respective administrators, personal representatives, legal representatives, heirs, successors and permitted assigns. None of the
provisions of this Assignment shall be for the benefit of or enforceable by any other person.

 

    	 	4	 

     

    

 

		5.	This Assignment may not be amended nor may any rights hereunder be waived except by an instrument in writing signed by the
parties sought to be charged with such amendment or waiver.

 

		6.	This Assignment may be executed in counterparts, all of which taken together shall constitute one and the same instrument and
each of which shall be deemed an original instrument as against any party who has signed it. Each party may execute this Assignment
via a facsimile (or transmission of a .pdf file) of this Assignment. In addition, facsimile or .pdf signatures of authorized signatories
of the parties shall be valid and binding and delivery of a facsimile or .pdf signature by any party shall constitute due execution
and delivery of this Assignment.

 

[Signatures appear on the following page]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be executed and delivered by their duly authorized officers as of the Effective
Date.

 

	WITNESS:	 	ASSIGNOR:	 
	 	 	 	 
	 	 	American Realty Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability company
	 	 	 	 	 	 
	 /s/ Daneale Erickson	 	By:	/s/ James
    A. Tanaka	 
	Daneale Erickson	 	 	Name:  	James A. Tanaka 
	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	 	 	 
	WITNESS:	 	ASSIGNEE:	 
	 	 	 	 
	 	 	ARC Hospitality Portfolio I MCK TRS, LLC, a Delaware limited liability company
	 	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 
	 	 	 	 	 	 
	 	 	ARC Hospitality Portfolio I NTC TRS, LP, a Delaware limited partnership
	 	 	 	 
	 	 	By: 	ARC HOSPITALITY PORTFOLIO I NTC TRS GP, LLC,
its general partner
	 	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 

 

    	 	1	 

     

    

  

	 	 	ARC Hospitality Portfolio II MISC TRS, LLC, a Delaware limited liability company
	 	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 
	 	 	 	 	 	 
	 	 	ARC Hospitality Portfolio II NTC TRS, LP, a Delaware limited partnership	 
	 	 	 	 
	 	 	By: 	ARC HOSPITALITY PORTFOLIO II NTC TRS GP, LLC,
its general partner
	 	 	 	 	 	 
	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 
	 	 	 	 	 	 
	WITNESS:	 	MANAGER :	 
	 	 	 	 
	 	 	McKibbon Hotel Management, inc., a Florida corporation
	 	 	 	 	 	 
	/s/ James M. Coyle	 	By:	/s/ David J. Hughs	 
	James M. Coyle	 	 	Authorized Signatory  	 

 

    	 	2	 

     

    

 

Exhibit A

 

	HOTEL
    NAME	 	ADDRESS	 	CITY/STATE/ZIP	 	TRS
    OWNER	 	PROPERTY
    OWNER
	Courtyard Asheville	 	One Buckstone Place	 	Asheville, NC 28805	 	ARC Hospitality Portfolio I NTC TRS, LP	 	ARC Hospitality Portfolio
I NTC Owner, LP

	Courtyard Athens Downtown	 	166 North Finley Street	 	Athens, GA 30601	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Courtyard Gainesville	 	3700 SW 42nd Street	 	Gainesville, FL 32608	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Courtyard Knoxville Cedar Bluff	 	216 Langley Place	 	Knoxville, TN 37922	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Courtyard Mobile	 	1000 West I-65 Service Road	 	Mobile, AL 36609	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I MBGL 1000 Owner,
    LLC
	Courtyard Orlando Altamonte Springs/Maitland	 	1750 Pembrook Drive	 	Orlando, FL 32810	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Courtyard Sarasota Bradenton Airport	 	850 University Parkway	 	Sarasota, FL 34234	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Courtyard Tallahassee North/I-10 Capital Circle	 	1972 Raymond Diehl Road	 	Tallahassee, FL 32308	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Holiday Inn Express
    and Suites: Kendall East-Miami	 	11520 SW 88th Street	 	Miami, FL 33176	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Chattanooga Downtown	 	215 Chestnut Street	 	Chattanooga, TN 37402	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Fort Myers	 	2960 Colonial Boulevard	 	Fort Myers, FL 33912	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Knoxville Cedar Bluff	 	215
    Langley Place at North Peters Road	 	Knoxville, TN 37922	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Macon	 	3900 Sheraton Drive	 	Macon, GA 31210	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Mobile	 	950 West I-65 Service Road S.	 	Mobile , AL 36609	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I MBGL 950 Owner, LLC
	Residence Inn Sarasota Bradenton	 	1040 University Parkway	 	Sarasota, FL 34234	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Savannah Midtown	 	5710 White Bluff Road	 	Savannah, GA 31405	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Tallahassee
    North/I-10 Capital Circle	 	1880 Raymond Diehl Road	 	Tallahassee, FL 32308	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Tampa North/I-75 Fletcher	 	13420 North Telecom Parkway	 	Tampa, FL 33637	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	Residence Inn Tampa Sabal Park/Brandon	 	9719 Princess Palm Avenue	 	Tampa, FL 33619	 	ARC Hospitality Portfolio I MCK TRS,	 	ARC Hospitality Portfolio I Owner, LLC
	SpringHill Suites Asheville	 	Two Buckstone Place	 	Asheville, NC 28805	 	ARC Hospitality Portfolio
II NTC TRS, LP
	 	ARC Hospitality Portfolio II NTC Owner, LP
	TownePlace Suites Savannah Midtown	 	11309 Abercorn Street	 	Savannah, GA 31419	 	ARC Hospitality Portfolio
II MISC TRS, LLC
	 	ARC Hospitality Portfolio II Owner, LLC

 

    	 	1

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