Document:

EXHIBIT 10.26

  
 Exhibit 10.26

  
 DIAMONDROCK HOSPITALITY COMPANY 
 10400 FERNWOOD ROAD, SUITE 300 
 BETHESDA, MARYLAND 20817 
  
 May 6, 2005 

 
 VIA FACSIMILE & CERTIFIED MAIL 
  
 BCM/CHI Cayman Islands, Inc. 
 c/o Blackacre Capital Management, LLC 
 299 Park Avenue 
 New York, New York 10171 
 Attn: Ronald Kravit 
  
 BCM/CHI LAX Owner, LLC 
 c/o Blackacre Capital
Management, LLC 
 299 Park Avenue 
 New York, New York 10171

 Attn: Ronald Kravit 
  
 BCM/CHI Alpharetta Owner, LLC 
 c/o Blackacre Capital Management, LLC

 299 Park Avenue 
 New York, New York 10171 
 Attn: Ronald Kravit 
  
 BCM/CHI Worthington Owner, L.P. 
 c/o Blackacre Capital Management, LLC 
 299 Park Avenue 
 New York, New York 10171 
 Attn: Ronald Kravit 
  
 Blackacre Capital Management 
 299 Park Avenue 
 New York, New York 10171 
 Attn: Peter Locke 
  
 First American Title Insurance Company 
 1800 K
Street, Suite 200 K 
 Washington, DC 20006 
 Attn: Brian Lobuts

  
 Re: Sale of Los Angeles Airport Marriott, Renaissance Worthington Hotel,
Frenchman’s Reef & Morning Star Marriott Beach Resort and Atlanta Marriott Alpharetta (collectively, the “Properties”) 
  

 Gentlemen: 
  
 Reference is made to (i) that certain Purchase and Sale Agreement, dated as of May 3, 2005, among BCM/CHI LAX Owner, LLC, BCM/CHI LAX Tenant, Inc. (collectively, the
“LAX Sellers”) and DiamondRock Hospitality Company (“Purchaser”) (the “LAX Agreement”), (ii) that certain Purchase and Sale Agreement, dated as of May 3, 2005, among BCM/CHI Alpharetta Owner, LLC, BCM/CHI Alpharetta
Tenant, Inc. (collectively, the “Alpharetta Sellers”) and Purchaser (the “Alpharetta Agreement”), (iii) that certain Purchase and Sale Agreement, dated as of May 3, 2005, among BCM/CHI Worthington Owner, L.P., BCM/CHI Worthington
Tenant, Inc. (collectively, the “Worthington Sellers”) and Purchaser (the “Worthington Agreement”, and together with the LAX Agreement and the Alpharetta Agreement, the “Asset Agreements”) and (iv) that certain Purchase
and Sale Agreement among BCM/CHI Cayman Islands, Inc., BCM/CHI Frenchman’s Reef, Inc. (collectively, the “Frenchman’s Sellers”, and together with the LAX Sellers, the Alpharetta Sellers and the Worthington Sellers, the
“Sellers”) and Purchaser (the “Frenchman’s Agreement,” and together with the Asset Agreements, the “Agreements”). Reference also is made to that certain Downpayment Escrow Agreement dated as of March 21, 2005 (the
“Escrow Agreement”) by and among Blackacre Capital Management (“BCM”), Purchaser and First American Title Insurance Company (“Title Company”). All defined terms used herein but not otherwise defined shall have the
meanings ascribed to them in the Agreements. 
  
 I. Amendments to
Agreements: Sellers and Purchaser hereby agree to amend Agreements as follows: 
  
 a) Purchaser hereby acknowledges and agrees that the Due Diligence Period under each of the Agreement has expired. Accordingly, Purchaser acknowledges and agrees that it has waived its right, pursuant to Section
2.3(g) of each of the Asset Agreements and Section 11(f) of the Frenchman’s Agreement, to terminate each of the Agreements. 
  
 b) In the penultimate sentence of (i) Section 2.3(g) to each of the Asset Agreements and (ii) Section 11(a) of the Frenchman’s Agreement, the phrase
“and the Earnest Money shall be non-refundable” hereby is deleted in its entirety and replaced with the phrase “and one-half (1/2) of the Earnest Money shall be non-refundable.” 
  
 c) In Section 3.1 of the Asset Agreements and Section 14(a) of the
Frenchman’s Agreement, (x) the phrase “May 15, 2005” hereby is deleted in its entirety and replaced with “June 15, 2005”, (y) the phrase “upon (i) delivery of written notice to Seller within five (5) days prior to the
originally scheduled Closing Date”, hereby is deleted in its entirety and replaced with “upon (i) delivery of written notice to Seller at least five (5) days prior to the originally scheduled Closing Date”, and (z) clause (ii) of the
final sentence to such Sections is hereby deleted in its entirety and is replaced with the following phrase: “(ii) remittance to the Title Company of an additional One Million Dollars ($1,000,000) to be held and maintained by Title Company as
additional Earnest Money in accordance with the terms of the Escrow Agreement and the additional Earnest Money together with the balance of the original Earnest Money shall be non-refundable, except as otherwise provided herein.” 
  

 - 2 - 

 II. Amendments to Escrow Agreement: BCM, Purchaser and Title Company hereby agree that clause (ii) of the first
sentence to Section 2(c) the Escrow Agreement hereby is modified to provide that (x) if Purchaser has not previously exercised its option to extend the Closing Date pursuant to Section 3.1 of the Asset Agreements and Section 14(a) of the
Frenchman’s Agreement, Escrow Agent shall deliver one-half of the Escrow Funds to Seller and one-half of the Escrow Funds to Purchaser and (y) if Purchaser previously shall have exercised its option to extend the Closing Date pursuant to
Section 3.1 of the Asset Agreements and Section 14(a) of the Frenchman’s Agreement, Escrow Agent shall deliver the entirety of the Escrow Funds to Seller. 
  

III. Miscellaneous Provisions: Except as modified hereby, all terms of the Agreements and Escrow Agreement shall remain in full force and effect and, as
modified hereby, are hereby ratified and confirmed in all respects. This letter agreement (i) shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, (ii) shall be governed by the laws of the
State of New York, (iii) may not be changed orally, but only by a writing signed by all of the parties hereto, (iv) may be executed in two or more counterparts, each of which shall be deemed an original, and all such counterparts shall together
constitute one and the same instrument and (v) may be executed by facsimile signatures. 
  
 [The remainder of this page is intentionally left blank.] 
  

 - 3 - 

			
	 Very Truly Yours,

	
	 DIAMONDROCK HOSPITALITY
 COMPANY, a Maryland corporation

		
	 By:
	 	 /s/ Mark W. Brugger

			
	 Name:
	 	 Mark. W. Brugger

	 Title:
	 	 Chief Financial Officer and
 Executive Vice President

  

			
	 Agreed to and accepted as
 of this 6th day of May, 2005

	
	 BCM/CHI WORTHINGTON OWNER, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 BCM/CHI Worthington SPC, Inc.,
 a Delaware corporation, its sole general partner

					
			
	 	 	 By: 
	 	 /s/ Jeffrey B. Citrin

					
	 	 	 Name:
	 	 Jeffrey B. Citrin

	 	 	 Title:
	 	 Vice President

  

			
	 BCM/CHI WORTHINGTON TENANT, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

  

			
	 BCM/CHI ALPHARETTA OWNER, LLC,
 a Delaware limited liability company

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

  

 - 4 - 

			
	 BCM/CHI ALPHARETTA TENANT, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

	
	 BCM/CHI LAX OWNER, LLC,
 a Delaware limited liability company

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

	
	 BCM/CHI LAX TENANT, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

	
	 BCM/CHI CAYMAN ISLANDS, INC.,
 a Cayman Islands corporation

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

	
	 BCM/CHI FRENCHMAN’S REEF, INC.,
 a US Virgin Islands corporation

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

  

 - 5 - 

			
	 BLACKACRE CAPITAL MANAGEMENT

		
	 By:
	 	 /s/ Jeffrey B. Citrin

			
	 Name:
	 	 Jeffrey B. Citrin

	 Title:
	 	 Vice President

	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	 By:
	 	 /s/ Brian A. Lobuts

			
	 Name:
	 	 Brian A. Lobuts

	 Title:
	 	 Vice President

  
 cc: 
  
 Katten Muchin Rosenman LLP 
 525 West Monroe Street 
 Chicago, Illinois 60661-3693 
 Attn: Nina B. Matis, Esq. 
 Fax: (312) 902-1061 
  
 Katten Muchin Rosenman LLP 
 525 West Monroe
Street 
 Chicago, Illinois 60661-3693 
 Attn: Ferdianad J. Gallo,
III, Esq. 
 Fax: (212) 940-8776 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, New York 10012 
 Attn: Steven D. Klein, Esq. 
 Fax: (212) 728-8111 
  

 - 6 -Exhibit 10.27

 Exhibit 10.27 
  
 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 
  
 THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”), dated as of the 10th day of May, 2005, is made by and between VAMHC, INC., a Colorado corporation, having an office at c/o Vail Associates, Inc.,
137 Benchmark Road, Avon, Colorado 81620 (“Seller”), and DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership, having an office at c/o DiamondRock Hospitality Company, 10400 Fernwood Road, Suite 300, Bethesda,
Maryland 20817 (“Purchaser”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, Seller and Purchaser, entered into a Purchase and Sale Agreement (as the same may be amended from time to time, referred to hereinafter as the
“Sale Agreement”) for the sale of that certain premises (the “Property”) known as the Vail Marriott Mountain Resort and Spa; and 
  
 WHEREAS, Seller and Purchaser desire to amend and modify the Sale Agreement as hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree that the Sale Agreement is hereby amended as follows: 
  
 1. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Sale Agreement. 
  
 2. Section 8.1 of the Sale Agreement hereby is deleted in its entirety and
replaced with the following: “The closing of the transaction contemplated hereby (the “Closing”) shall take place in escrow with the Title Company on June 16, 2005 (the “Closing Date”). Provided
that Purchaser is not in default under the terms of this Agreement, Purchaser shall be permitted a one-time 14-day extension of the Closing Date specified in the first sentence of this Section 8.1 by (a) delivering written
notice to Seller no later than 10 days prior to the scheduled Closing Date, and (b) simultaneously with such notice to Seller, delivering to Escrow Agent the amount of $2,000,000, which amount when received by Escrow Agent shall be added to the
Deposit hereunder, shall be non-refundable (except as otherwise expressly provided herein with respect to the Deposit), and shall be held, credited and disbursed in the same manner as provided hereunder with respect to the Deposit.”

  
 3. Section 8.2.1(l) of the Sale Agreement hereby is deleted in
its entirety and replaced with the following: “A Parking Easement Agreement in the form of Exhibit LL attached hereto (the “Parking Easement Agreement”) and duly executed and acknowledged by
the owner of property identified on Exhibit A-3 burdened by the Parking Easement Agreement (the “Parking Easement Property”).” Attached to this Amendment as Exhibit A is a copy of
Exhibit LL to the Sale Agreement. 
  
 4. Section 8.2.1(n)
of the Sale Agreement hereby is deleted in its entirety and replaced with the following: “A Cooperation and Easement Agreement in a form of Exhibit MM-1 attached hereto (the “Cooperation and Easement
Agreement”), together with the side 

 
letter attached hereto as Exhibit MM-2 (the “Side Letter”), duly executed (and, in the case of the
Cooperation and Easement Agreement, acknowledged) by Seller.” Attached to this Amendment as Exhibit B-1 and Exhibit B-2, respectively, are copies of Exhibit MM-1 and Exhibit MM-2 to the Sale Agreement. 
  
 5. Section 8.2.1(p) of the Sale Agreement hereby is deleted in its entirety
and replaced with the following: “A duly executed Seller’s Guaranty, and guarantee of certain obligations under the Parking Easement Agreement and Cooperation Easement Agreement in the form of Exhibit KK attached hereto, each
duly executed by Guarantor.” Attached to this Amendment as Exhibit C is a copy of Exhibit KK to the Sale Agreement. 
  
 6. Section 8.2.2(f) of the Sale Agreement hereby is deleted in its entirety and replaced with the following: “A Purchaser’s Guaranty, and
guarantee of certain obligations under the Parking Easement Agreement and Cooperation Easement Agreement in the form of Exhibit JJ attached hereto, each duly executed by DiamondRock Hospitality Limited Partnership.” Attached to
this Amendment as Exhibit D is a copy of Exhibit JJ to the Sale Agreement. 
  
 7. Section 8.2.2(h) of the Sale Agreement hereby is deleted in its entirety and replaced with the following: “A duly executed (and, to the extent applicable, acknowledged) Cooperation and Easement Agreement and
Side Letter. 
  
 8. The following is added to the end of Section
12.1(d) of the Sale Agreement: “Between the date hereof and the Closing Date, Seller and Purchaser shall work in good faith to determine the “Liquidated Damages” amount set forth in Section 2(f) of the Parking Easement Agreement and
the “Monthly Parking Payment” described in Section 4(b)(ii) of the Parking Easement Agreement, each in accordance with the terms of such Sections in the form of the Parking Easement Agreement attached hereto as Exhibit LL.
Between the date hereof and May 19, 2005, but in any event prior to the Closing Date, Seller and Purchaser shall use commercially reasonable efforts to agree upon the Condominium Principles to be attached as Exhibit C to the Parking Easement
Agreement; provided however, that the failure of Purchaser and Seller to agree upon such Condominium Principles within the time frames set forth above shall not result in a failure of any condition precedent to either party’s obligation to
close the transaction contemplated by this Agreement or otherwise give rise to any rights to terminate this Agreement. If, notwithstanding such commercially reasonable efforts, Seller and Purchaser are unable to agree upon the Condominium Principles
prior to the Closing Date, then each of Purchaser and Seller shall mutually select a partner at an independent Denver, Colorado law firm (who has significant experience in transactions involving commercial condominiums in the State of Colorado, and
whose cost shall be shared by the parties) to review each of Seller’s and Purchaser’s proposed Condominium Principles and mediate to arrive at a set of Condominium Principles which more accurately reflects the prevailing custom and market
conditions for similar condominiums in the State of Colorado.” 
  
 9. Article 18 of the Sale Agreement hereby is deleted in its entirety. 
  
 10. Exhibit I to the Sale Agreement hereby is deleted in its entirety and replaced with Exhibit E attached hereto. 

 11. The terms “this Agreement” or “Sale Agreement” as used herein or in the Sale
Agreement prior to the execution of this Amendment shall mean the Sale Agreement as modified hereby. 
  
 12. Except as amended hereby, the terms and provisions of the Sale Agreement remain unmodified and in full force and effect and are hereby in all respects
ratified and confirmed. 
  
 13. This Amendment may be executed in
any number of counterparts, each of which shall be an original, but all of such counterparts together shall constitute one and the same instrument. 
  
 [remainder of page intentionally left blank] 
  
  

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

			
	 PURCHASER:
  
 DIAMONDROCK HOSPITALITY LIMITED
 PARTNERSHIP, a Delaware limited
partnership

		
	By:	 	DiamondRock Hospitality Company, a
	 	 	Maryland corporation, its general partner

  

			
		
	By:	 	/s/ Michael D. Schecter
	 	 	 Name: Michael D. Schecter
 Title:   General
Counsel

  

			
	 SELLER:
  
 VAMHC, INC., a Colorado corporation

		
	By:	 	/s/ Martha D. Rehm
	 	 	 Name: Martha D. Rehm
 Title:   Senior Vice
President

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