Document:

EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 

ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT 

by and between 
 ASHFORD
PRIME TRS CORPORATION, 
 a Delaware corporation 

and 
 REMINGTON
LODGING & HOSPITALITY, LLC 
 a Delaware limited liability company 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITION OF TERMS
	  	 	7	  
			
	 1.01
	 	 Definition of Terms
	  	 	7	  
		
	 ARTICLE II TERM OF AGREEMENT
	  	 	17	  
			
	 2.01
	 	 Term
	  	 	17	  
			
	 2.02
	 	 Actions to be Taken upon Termination
	  	 	18	  
			
	 2.03
	 	 Early Termination Rights; Liquidated Damages
	  	 	19	  
		
	 ARTICLE III PREMISES
	  	 	23	  
		
	 ARTICLE IV APPOINTMENT OF MANAGER
	  	 	23	  
			
	 4.01
	 	 Appointment
	  	 	23	  
			
	 4.02
	 	 Delegation of Authority
	  	 	24	  
			
	 4.03
	 	 Contracts, Equipment Leases and Other Agreements
	  	 	24	  
			
	 4.04
	 	 Alcoholic Beverage/Liquor Licensing Requirements
	  	 	24	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	24	  
			
	 5.01
	 	 Lessee Representations
	  	 	24	  
			
	 5.02
	 	 Manager Representations
	  	 	25	  
		
	 ARTICLE VI OPERATION
	  	 	26	  
			
	 6.01
	 	 Name of Premises; Standard of Operation
	  	 	26	  
			
	 6.02
	 	 Use of Premises
	  	 	27	  
			
	 6.03
	 	 Group Services
	  	 	28	  
			
	 6.04
	 	 Right to Inspect
	  	 	28	  
		
	 ARTICLE VII WORKING CAPITAL AND INVENTORIES
	  	 	29	  
			
	 7.01
	 	 Working Capital and Inventories
	  	 	29	  
			
	 7.02
	 	 Fixed Asset Supplies
	  	 	29	  

  
 2 

							
	 ARTICLE VIII MAINTENANCE, REPLACEMENT AND CHANGES
	  	 	30	  
			
	 8.01
	 	 Routine and Non-Routine Repairs and Maintenance
	  	 	30	  
			
	 8.02
	 	 Capital Improvement Reserve
	  	 	30	  
		
	 ARTICLE IX EMPLOYEES
	  	 	35	  
			
	 9.01
	 	 Employee Hiring
	  	 	35	  
			
	 9.02
	 	 Costs; Benefit Plans
	  	 	35	  
			
	 9.03
	 	 Manager’s Employees
	  	 	37	  
			
	 9.04
	 	 Special Projects - Corporate Employees
	  	 	37	  
			
	 9.05
	 	 Termination
	  	 	38	  
			
	 9.06
	 	 Employee Use of Hotel
	  	 	39	  
			
	 9.07
	 	 Non-Solicitation
	  	 	39	  
		
	 ARTICLE X BUDGET, STANDARDS AND CONTRACTS
	  	 	39	  
			
	 10.01
	 	 Annual Operating Budget
	  	 	39	  
			
	 10.02
	 	 Budget Approval
	  	 	39	  
			
	 10.03
	 	 Operation Pending Approval
	  	 	40	  
			
	 10.04
	 	 Budget Meetings
	  	 	40	  
		
	 ARTICLE XI OPERATING DISTRIBUTIONS
	  	 	41	  
			
	 11.01
	 	 Management Fee
	  	 	41	  
			
	 11.02
	 	 Accounting and Interim Payment
	  	 	41	  
		
	 ARTICLE XII INSURANCE
	  	 	42	  
			
	 12.01
	 	 Insurance
	  	 	42	  
			
	 12.02
	 	 Replacement Cost
	  	 	43	  
			
	 12.03
	 	 Increase in Limits
	  	 	43	  
			
	 12.04
	 	 Blanket Policy
	  	 	44	  
			
	 12.05
	 	 Costs and Expenses
	  	 	44	  

  
 3 

							
	 12.06
	 	 Policies and Endorsements
	  	 	44	  
			
	 12.07
	 	 Termination
	  	 	44	  
		
	 ARTICLE XIII TAXES AND DEBT SERVICE
	  	 	45	  
			
	 13.01
	 	 Taxes
	  	 	45	  
			
	 13.02
	 	 Debt Service; Ground Lease Payments
	  	 	45	  
		
	 ARTICLE XIV BANK ACCOUNTS
	  	 	45	  
		
	 ARTICLE XV ACCOUNTING SYSTEM
	  	 	47	  
			
	 15.01
	 	 Books and Records
	  	 	47	  
			
	 15.02
	 	 Monthly Financial Statements
	  	 	47	  
			
	 15.03
	 	 Annual Financial Statements
	  	 	47	  
		
	 ARTICLE XVI PAYMENT BY LESSEE
	  	 	48	  
			
	 16.01
	 	 Payment of Base Management Fee
	  	 	48	  
			
	 16.02
	 	 Distributions
	  	 	48	  
			
	 16.03
	 	 Payment Option
	  	 	48	  
		
	 ARTICLE XVII RELATIONSHIP AND AUTHORITY
	  	 	49	  
		
	 ARTICLE XVIII DAMAGE, CONDEMNATION AND FORCE MAJEURE
	  	 	50	  
			
	 18.01
	 	 Damage and Repair
	  	 	50	  
			
	 18.02
	 	 Condemnation
	  	 	50	  
			
	 18.03
	 	 Force Majeure
	  	 	51	  
			
	 18.04
	 	 Liquidated Damages if Casualty
	  	 	51	  
			
	 18.05
	 	 No Liquidated Damages if Condemnation or Force Majeure
	  	 	51	  
		
	 ARTICLE XIX DEFAULT AND TERMINATION
	  	 	52	  
			
	 19.01
	 	 Events of Default
	  	 	52	  
			
	 19.02
	 	 Consequence of Default
	  	 	52	  
		
	 ARTICLE XX WAIVER AND INVALIDITY
	  	 	53	  

  
 4 

							
	 20.01
	 	 Waiver
	  	 	53	  
			
	 20.02
	 	 Partial Invalidity
	  	 	53	  
		
	 ARTICLE XXI ASSIGNMENT
	  	 	53	  
		
	 ARTICLE XXII NOTICES
	  	 	54	  
		
	 ARTICLE XXIII SUBORDINATION; NON-DISTURBANCE
	  	 	55	  
			
	 23.01
	 	 Subordination
	  	 	55	  
			
	 23.02
	 	 Non-Disturbance Agreement
	  	 	55	  
		
	 ARTICLE XXIV PROPRIETARY MARKS; INTELLECTUAL PROPERTY
	  	 	56	  
			
	 24.01
	 	 Proprietary Marks
	  	 	56	  
			
	 24.02
	 	 Computer Software and Equipment
	  	 	56	  
			
	 24.03
	 	 Intellectual Property
	  	 	56	  
			
	 24.04
	 	 Books and Records
	  	 	57	  
		
	 ARTICLE XXV INDEMNIFICATION
	  	 	57	  
			
	 25.01
	 	 Manager Indemnity
	  	 	57	  
			
	 25.02
	 	 Lessee Indemnity
	  	 	57	  
			
	 25.03
	 	 Indemnification Procedure
	  	 	58	  
			
	 25.04
	 	 Survival
	  	 	58	  
			
	 25.05
	 	 No Successor Liability
	  	 	58	  
		
	 ARTICLE XXVI NEW HOTELS AND NON-MANAGED HOTELS
	  	 	59	  
		
	 ARTICLE XXVII GOVERNING; LAW VENUE
	  	 	59	  
		
	 ARTICLE XXVIII MISCELLANEOUS
	  	 	60	  
			
	 28.01
	 	 Rights to Make Agreement
	  	 	60	  
			
	 28.02
	 	 Agency
	  	 	60	  
			
	 28.03
	 	 Failure to Perform
	  	 	60	  
			
	 28.04
	 	 Headings
	  	 	60	  

  
 5 

							
	 28.05
	 	 Attorneys’ Fees and Costs
	  	 	60	  
			
	 28.06
	 	 Entire Agreement
	  	 	60	  
			
	 28.07
	 	 Consents
	  	 	61	  
			
	 28.08
	 	 Eligible Independent Contractor
	  	 	61	  
			
	 28.09
	 	 Environmental Matters
	  	 	62	  
			
	 28.10
	 	 Equity and Debt Offerings
	  	 	62	  
			
	 28.11
	 	 Estoppel Certificates
	  	 	63	  
			
	 28.12
	 	 Confidentiality
	  	 	63	  
			
	 28.13
	 	 Modification
	  	 	63	  
			
	 28.14
	 	 Counterparts
	  	 	63	  

  
 6 

 ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT 

THIS ASHFORD PRIME HOTEL MASTER MANAGEMENT AGREEMENT is made and entered into on this 19th day of November, 2013, by and between ASHFORD PRIME TRS
CORPORATION, a Delaware corporation (hereinafter referred to as “Lessee”), REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company (hereinafter referred to as “Manager”),
and for the limited purposes of Article VIII herein, the Landlords (defined below). 
 R E C I T A L S: 

1. Lessee desires to retain Manager to manage and operate each Hotel (as defined below), and Manager is willing to perform such services for the account of
Lessee, all as more particularly set forth in this Agreement. 
 A G R E E M E N T S: 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITION OF TERMS

 1.01 Definition of Terms. The following terms when used in this Agreement shall have the meanings indicated below. 

“Accounting Period” shall mean a calendar month. 

“Addendum” shall have the meaning as set forth in Article XXVI. 

“Agreement” shall mean this Master Management Agreement, and all amendments, modifications, supplements,
consolidations, extensions and revisions to this Master Management Agreement approved by Lessee and Manager in accordance with the provisions hereof. 

“AHP” means Ashford Hospitality Prime, Inc., a Maryland corporation. 

“Annual Operating Budget” shall have the meaning as set forth in Section 10.01. 

“AOB Objection Notice” shall have the meaning as set forth in Section 10.02. 

“Applicable Standards” shall mean standards of operation for the Premises which are (a) in accordance with the
requirements of the applicable Franchise Agreement, this Agreement and all CCRs affecting the Premises and of which true and complete copies have been made available by Lessee to Manager, (b) in accordance with applicable Legal Requirements,
(c) in accordance with the terms and conditions of any Hotel Mortgage or Ground 

  
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Lease to the extent not otherwise inconsistent with the terms of this Agreement (to the extent Lessee has made available to Manager true and complete copies of the applicable loan documents
relating to any such Hotel Mortgage and/or the Ground Leases), (d) in accordance with the Leases (to the extent Lessee has made available to Manager a true and complete copy thereof), (e) in accordance with the requirements of any carrier
having insurance on the Hotel or any part thereof (to the extent Manager has been given written notice of such requirements or policies and/or has coordinated same on behalf of Lessee), and (f) in accordance with the requirements of
Section 856(d)(9)(D) of the Code for qualifying each Hotel as a Qualified Lodging Facility. 
 “Approval
Requirement” shall have the meaning as set forth in Section 8.02I. 
 “Base Management
Fee” shall have the meaning as set forth in Section 11.01A. 
 “Benefit Plans” shall
have the meaning as set forth in Section 9.02. 
 “Black-Scholes Amount” shall have the meaning
as set forth in Section 16.03B. 
 “Black-Scholes Model” shall have the meaning as set forth in
Section 16.03B. 
 “Business Day” shall mean any day excluding (i) Saturday,
(ii) Sunday, (iii) any day which is a legal holiday under the laws of the States of New York, Maryland or Texas, and (iv) any day on which banking institutions located in such states are generally not open for the conduct of regular
business. 
 “Budgeted HP” shall mean the House Profit as set forth in the Annual Operating Budget for the
applicable Fiscal Year, as approved by Lessee and Manager pursuant to Article X hereof. 
 “CCRs”
shall mean those certain restrictive covenants encumbering the Premises recorded in the real property records of the county where such premises are located, as described in the owner policies of title insurance relating to such premises, a copy of
which are acknowledged received by the Manager. 
 “Capital Improvement Budget” shall have the meaning as set forth
in Section 8.02E. 
 “Cash Management Agreements” shall mean agreements, if any, entered into by
Lessee, Landlord and a Holder for the collection and disbursement of any Gross Revenues, Deductions, Management Fees or excess Working Capital with respect to the applicable Premises, which constitute a part of the loan documents executed and
delivered in connection with any Hotel Mortgage by Landlord. 
 “Capital Improvement Reserve” shall have the meaning
as set forth in Section 8.02A. 
 “CIB Objection Notice” shall have the meaning as set forth in
Section 8.02E. 

  
 8 

 “CPI” means the Consumer Price Index, published for all Urban Consumers
for the U.S. City Average for All Items, 1982-84=100 issued by the Bureau of Labor Statistics of the United States Department of Labor, as published in the Wall Street Journal. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commencement Date” shall have the meaning as set forth in Section 2.01. 

“Competitive Set” shall mean, for each Hotel, the hotels situated in the same market segment as such Hotel as noted on
Schedule 1 to the applicable Addendum for such Hotel, which competitive set shall include such Hotel. The Competitive Set may be changed from time to time by mutual agreement of Lessee and Manager to reasonably and accurately reflect a
set within the market of such Hotel that is comparable in rate quality and in operation to such Hotel and directly competitive with such Hotel. 

“Contract(s)” shall have the meaning as set forth in Section 4.03. 

“Debt Service” shall mean actual scheduled payments of principal and interest, including accrued and cumulative
interest, payable by a Landlord with respect to any Hotel Mortgage. 
 “Deductions” shall mean the following
matters: 
  

	 	1.	Employee Costs and Expenses (including, Employee Claims but excluding Excluded Employee Claims); 

  

	 	2.	Administrative and general expenses and the cost of advertising and business promotion, heat, light, power, communications (i.e., telephone, fax, cable service and internet) and other utilities and routine repairs,
maintenance and minor alterations pertaining to the Premises; 

  

	 	3.	The cost of replacing, maintaining or replenishing Inventories and Fixed Asset Supplies consumed in the operation of the Premises; 

  

	 	4.	A reasonable reserve for uncollectible accounts receivable as reasonably determined by Manager and approved by Lessee (such approval not to be unreasonably withheld); 

 

	 	5.	All costs and fees of independent accountants, attorneys or other third parties who perform services related to the Hotel or the operation thereof, including, without limitation, an allocation of costs of Manager’s
in-house corporate counsel who performs legal services directly for the benefit of the Hotels to be allocated on a fair and equitable cost basis as reasonably determined by Manager and approved by Lessee (such approval not to be unreasonably
withheld); 

  

	 	6.	 The cost and expense of non-routine technical consultants and operational experts for specialized services in connection with the Premises, including,
without limitation, an 

  
 9 

	 	
allocation of costs of Manager’s corporate staff who may perform special services directly related to the Hotels such as sales and marketing, revenue management, training, property tax
services, federal, state and/or local tax services, recruiting, and similar functions or services as set forth in Section 9.04, to be allocated on a fair and equitable cost basis as reasonably determined by Manager and approved by
Lessee (such approval not to be unreasonably withheld); 

  

	 	7.	Insurance costs and expenses as provided in Article XII; 

  

	 	8.	Real estate and personal property taxes levied or assessed against the Premises by duly authorized taxing authorities and such other taxes, if any, payable by or assessed against Manager or the Premises related to the
operation and/or ownership of the Premises; 

  

	 	9.	Franchise fees, royalties, license fees, or compensation or consideration paid or payable to the Franchisor (as hereinafter defined), or any successor Franchisor, pursuant to a Franchise Agreement (as hereinafter
defined); 

  

	 	10.	The Premises’ allocable share of the actual costs and expenses incurred by Manager in providing Group Services as provided in Section 6.03 hereof; 

 

	 	11.	The Management Fee; 

  

	 	12.	Rental payments made under equipment leases; and 

  

	 	13.	Other expenses incurred in connection with the maintenance or operation of the Premises not expressly set forth above and authorized pursuant to this Agreement. 

Deductions shall not include: (a) depreciation and amortization, (b) Debt Service, (c) Ground Lease Payments, or
(d) payments allocated or made to the Capital Improvement Reserve. 
 “Designated Fees” shall have the meaning
as set forth in Section 16.03. 
 “Effective Date” shall mean the date this Agreement is fully
executed and delivered. 
 “Eligible Independent Contractor” shall have the meaning as set forth in
Section 28.08. 
 “Emergency Expenses” shall mean any expenses, regardless of amount, which, in
Manager’s reasonable judgment, are immediately necessary to protect the physical integrity or lawful operation of the Hotel or the health or safety of its occupants. 

“Employee Claims” shall mean any claims (including all fines, judgments, penalties, costs, litigation and/or
arbitration expenses, attorneys’ fees and expenses, and costs of settlement with respect to any such claim) made by or in respect of an employee or potential hire 

  
 10 

 
of Manager against Manager and/or Lessee which are based on a violation or alleged violation of the Employment Laws or alleged contractual obligations. 

“Employee Costs and Expenses” shall have the meaning as set forth in Section 9.03. 

“Employee Related Termination Costs” shall have the meaning as set forth in Section 9.05. 

“Employment Laws” shall mean all applicable federal, state and local laws (including, without limitation, any
statutes, regulations, ordinances or common laws) regarding the employment, hiring or discharge of persons. 
 “Event(s) of
Default” shall have the meaning set forth in Article XIX. 
 “Excluded Employee Claims”
shall mean any Employee Claims (a) to the extent attributable to a substantial violation by Manager of Employment Laws, or (b) which do not arise from an isolated act of an individual employee but rather is the direct result of corporate
policies of Manager which either encourage or fail to discourage the conduct from which such Employee Claim arises. 
 “Executive
Employees” shall mean each member of the senior executive or Premises level staff and each department head of the Hotel. 

“Expiration Date” shall have the meaning as set forth in Section 2.01. 

“FF&E” shall have the meaning as set forth in Section 8.01. 

“Fiscal Year” shall mean the twelve (12) month calendar year ending December 31, except that the first
Fiscal Year and last Fiscal Year of the term of this Agreement may not be full calendar years. 
 “Fixed Asset
Supplies” shall mean supply items included within “Property and Equipment” under the Uniform System of Accounts, including linen, china, glassware, silver, uniforms, and similar items. 

“Force Majeure” shall mean any act of God (including adverse weather conditions); act of the state or federal
government in its sovereign or contractual capacity; war; civil disturbance, riot or mob violence; terrorism; earthquake, flood, fire or other casualty; epidemic; quarantine restriction; labor strikes or lock out; freight embargo; civil disturbance;
or similar causes beyond the reasonable control of Manager. 
 “Franchisor” shall mean the franchisors and any
successor franchisors selected by Lessee (subject to the terms of the Leases) identified on Exhibit “C” to the applicable Addendum for the Hotel. 

  
 11 

 “Franchise Agreement” shall mean any license agreements between a
Franchisor and Lessee and/or Landlord, as applicable, as such license agreements are amended from time to time, and any other contract hereafter entered into between Lessee and/or Landlord, as applicable, and such Franchisor pertaining to the name
and operating procedures, systems and standards, as described on Exhibit “C” to the applicable Addendum for the Hotel. 

“full replacement cost” shall have the meaning as set forth in Section 12.02. 

“GAAP” shall mean generally accepted accounting principles consistently applied as recognized by the accounting
industry and standards within the United States. 
 “General Manager” or “General Managers”
shall have the meanings as set forth in Section 9.07. 
 “Gross Operating Profit” shall mean the
actual gross operating profit of the Premises determined generally in accordance with the Uniform System of Accounts, consistently applied and consistent with the determination thereof in the Annual Operating Budget. 

“Gross Operating Profit Margin” shall mean for any applicable Fiscal Year, the quotient expressed as a percentage,
(i) the numerator of which is the Gross Operating Profit, and (ii) the denominator of which is Gross Revenues. 

“Gross Revenues” shall mean all revenues and receipts of every kind received from operating the Premises and all
departments and parts thereof, including but not limited to, income from both cash and credit transactions, income from the rental of rooms, stores, offices, banquet rooms, conference rooms, exhibits or sale space of every kind, license, lease and
concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires), vending machines, health club membership fees, food and beverage sales, wholesale and retail sales of merchandise, service charges, and proceeds,
if any, from business interruption or other loss of income insurance; provided, however, Gross Revenues shall not include (a) gratuities to the Premises’ employees, (b) federal, state or municipal excise, sales or use taxes or similar
impositions collected directly from customers, patrons or guests or included as part of the sales prices of any goods or services paid over to federal, state or municipal governments, (c) property insurance or condemnation proceeds (excluding
proceeds from business interruption or other loss of income coverage), (d) proceeds from the sale or refinance of assets other than sales in the ordinary course of business, (e) funds furnished by the Lessee, (f) judgments and awards
other than for lost business, (g) the amount of all credits, rebates or refunds (which shall be deductions from Gross Revenues) to customers, patrons or guests, (h) receipts of licensees, concessionaires, and tenants, (i) payments
received at any of the Hotels for hotel accommodations, goods or services to be provided at other hotels, although arranged by, for or on behalf of Manager; (j) the value of complimentary rooms, food and beverages, (k) interest income,
(l) lease security deposits, and (m) items constituting “allowances” under the Uniform System of Accounts. 

“Ground Lease Payments” shall mean payments due under any Ground Lease and payable by Landlord thereunder. 

  
 12 

 “Ground Lease” shall mean any ground lease agreements relating to the
Hotel, executed by Landlord with any third party landlords. 
 “Group Services” shall have the meaning as set forth
in Section 6.03. 
 “Holder” shall mean the holder of any Hotel Mortgage and the indebtedness
secured thereby, and such holder’s successors and assigns. 
 “Hotel” shall mean the hotel or motel property
leased by Lessee and managed by Manager pursuant to an Addendum. 
 “Hotel Mortgage” shall mean, collectively, any
mortgage or deed of trust hereafter from time to time, encumbering all or any portion of the Premises (or the leasehold interest therein), together with all other instruments evidencing or securing payment of the indebtedness secured by such
mortgage or deed of trust and all amendments, modifications, supplements, extensions and revisions of such mortgage, deed of trust, and other instruments. 

“Hotel’s REVPAR Yield Penetration” shall mean, for a Hotel for any applicable Fiscal Year, (i) such
Hotel’s actual occupancy rate multiplied by the actual average daily rate, divided by (ii) the Competitive Set’s occupancy rate multiplied by the Competitive Set’s average daily rate for the same Fiscal Period. The determination
of the Competitive Set’s occupancy and rate shall be made by reference to the Smith Travel Research reports or its successor or comparable market research reports prepared by another nationally recognized hospitality firm reasonably acceptable
to Lessee and Manager. 
 “House Profit” shall mean the actual house profit of the Premises determined generally in
accordance with the Uniform System of Accounts, consistently applied and consistent with the determination thereof in the Annual Operating Budget. 

“HP Test” shall have the meaning as set forth in Section 11.01B. 

“Incentive Fee” shall have the meaning as set forth in Section 11.01B. 

“Indemnifying Party” shall have the meaning as set forth in Section 25.03. 

“Independent Directors” shall mean those directors of AHP who are “independent” within the meaning of the
rules of the New York Stock Exchange or such other national securities exchange or interdealer quotation system on which AHP’s common stock is then principally traded. 

“Intellectual Property” shall have the meaning as set forth in Section 24.03. 

“Inventories” shall mean “Inventories” as defined in the Uniform System of Accounts, such as
provisions in storerooms, refrigerators, pantries and kitchens, beverages in wine cellars and bars, other merchandise intended for sale, fuel, mechanical supplies, stationery, and other supplies and similar items. 

  
 13 

 “issuing party” shall have the meaning as set forth in
Section 28.10. 
 “Key Employees” shall have the meaning as set forth in
Section 9.07. 
 “Landlords” shall mean the landlords under the Leases. 

“Leases” shall mean any lease agreements as amended, modified, supplemented, and extended from time to time, executed
by Lessee as tenant and the Landlords, as described on Exhibit “B” attached to an Addendum. 
 “Legal
Requirements” shall mean all laws, statutes, ordinances, orders, rules, regulations, permits, licenses, authorizations, directions and requirements of all governments and governmental authorities, which now or hereafter may be
applicable to the Premises and the operation of the Hotels. 
 “Lessee” shall have the meaning as set forth in the
introductory paragraph of this Agreement; provided, if Lessee is not the “lessee” under the Lease for the Hotel or a Non-Managed Hotel, the term “Lessee” with respect to the Hotel or Non-Managed Hotel shall mean the
“lessee” under the Lease, as designated in the applicable Addendum for the Hotel or Project Management Addendum for the Non-Managed Hotel. 

“Management Fee” shall collectively mean the Base Management Fee, the Incentive Fee, the Project Management Fee, the
Market Service Fee, and any other fees payable to Manager pursuant to the terms of this Agreement. 
 “Manager”
shall have the meaning as set forth in the introductory paragraph of this Agreement. 
 “Manager Affiliate Entity”
shall have the meaning as set forth in Article XXI. 
 “Market Service Fees” shall have the meaning as
set forth in Section 8.02(G). 
 “Mutual Exclusivity Agreement” shall mean that certain Mutual
Exclusivity Agreement dated the date hereof among the Partnership, AHP, Manager and Monty J. Bennett. 
 “Necessary
Expenses” shall mean any expenses, regardless of amount, which are necessary for the continued operation of the Hotel in accordance with Legal Requirements and the Applicable Standards and which are not within the reasonable control of
Manager (including, but not limited to those for taxes, utility charges, approved leases and contracts, licensing and permits). 

“Net Operating Income” shall be equal to Gross Operating Profit less (i) all amounts to be paid or
credited to the Capital Improvement Reserve, and (ii) Rental Payments to the extent that such rental payments are not properly chargeable as an operating expense. 

“Non-Disturbance Agreement” means an agreement, in recordable form in the jurisdiction in which a Hotel is located,
executed and delivered by the Holder of a Hotel 

  
 14 

 
Mortgage or a Landlord, as applicable, (which agreement shall by its terms be binding upon all assignees of such lender or landlord and upon any individual or entity that acquires title to or
possession of a Hotel (referred to as a “Subsequent Owner”), for the benefit of Manager, pursuant to which, in the event such holder (or its assignee) or landlord (or its assignee) or any Subsequent Owner comes into
possession of or acquires title to a Hotel, such holder (and its assignee) or landlord (or its assignee) and all Subsequent Owners shall (x) recognize Manager’s rights under this Agreement, and (y) shall not name Manager as a party in
any foreclosure action or proceeding, and (z) shall not disturb Manager in its right to continue to manage the Hotels pursuant to this Agreement; provided, however, that at such time, (i) this Agreement has not expired or otherwise been
earlier terminated in accordance with its terms, and (ii) there are no outstanding Events of Default by Manager, and (iii) no material event has occurred and no material condition exists which, after notice or the passage of time or both,
would entitle Lessee to terminate this Agreement. 
 “non-issuing party” shall have the meaning as set forth in
Section 28.10. 
 “Non-Managed Hotel” shall mean any hotel or motel property leased by Lessee
from an Affiliate of the Partnership for which a Project Management Addendum has been executed and delivered by the parties thereto, and that is not a Hotel managed by Manager pursuant to an Addendum. 

“Notice” shall have the meaning as set forth in Article XXII. 

“Operating Account” shall have the meaning as set forth in Article XIV. 

“Partnership” means Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership. 

“Payment Option Request” shall have the meaning as set forth in Section 16.03. 

“Performance Cure Period” shall have the meaning as set forth in Section 2.03(b)(i)(2). 

“Performance Failure” shall have the meaning as set forth in Section 2.03(b)(i)(1). 

“Performance Test” shall have the meaning as defined in Section 2.03(b)(i). 

“Predecessor Manager” shall have the meaning as set forth in Section 25.05. 

“Premises” shall mean, as to each Hotel, the Lessee’s leasehold interest in such Hotel and Site pursuant to the
terms and conditions of the applicable Lease. 
 “Prime Rate” shall have the meaning as set forth in Section
28.03. 
 “Project Management Fee” shall have the meaning as set forth in Section 8.02G.

  
 15 

 “Project Management Addendum” shall have the meaning as set forth in
Article XXVI. 
 “Project Related Services” shall have the meaning as set forth in
Section 8.02G. 
 “Property Service Account” shall have the meaning as set forth in
Section 13.02. 
 “Proprietary Marks” shall have the meaning as set forth in
Section 24.01. 
 “Prospectus” shall have the meaning as set forth in
Section 28.10. 
 “Qualified Lodging Facility” shall mean a “qualified lodging
facility” as defined in Section 856(d)(9)(D) of the Code and 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. A “Lodging Facility” is 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 AHP. 
 “Reasonable Working Capital” shall have the meaning as set forth in
Section 16.02. 
 “Related Person” shall have the meaning as set forth in Section
28.08(e). 
 “Rental Payments” shall mean rental payments made under equipment leases permitted pursuant to
the terms of this Agreement. 
 “REVPAR” shall mean the revenue per available room, determined by taking the actual
occupancy rate of the applicable hotel and multiplying such rate by the actual average daily rate of such hotel. 

“Sale” shall mean any sale, assignment, transfer or other disposition, for value or otherwise, voluntary or
involuntary of Landlord’s title (whether fee or leasehold) in the Hotel, or of a controlling interest therein, other than a collateral assignment intended to provide security for a loan, and shall include any such disposition through the
disposition of the ownership interests in the entity that holds such title and any lease or sublease of the Hotel. 

“Site” shall mean, as to a Hotel, those certain tracts or parcels of land described in “Exhibit
B-1” attached to the applicable Addendum. 
 “Software” shall have the meaning as set forth in
Section 24.02. 
 “Strike Price” shall have the meaning as set forth in
Section 16.03. 

  
 16 

 “Subject Hotel” shall have the meaning set forth in
Section 2.03(b)(i). 
 “Targeted REVPAR Yield Penetration” shall mean, as to a Hotel, 80%. 

“Term” shall mean, as to the Hotel, the contractual duration of this Agreement for the Hotel, as defined in
Section 2.01. 
 “Termination” shall mean the expiration or sooner cessation of this Agreement as
to a Hotel. 
 “Termination Date” shall have the meaning as set forth in Section 2.01. 

“Uniform System of Accounts” shall mean the Uniform System of Accounts for the Lodging Industry, 9th Revised Edition,
as may be modified from time to time by the International Association of Hospitality Accountants. 
 “Unrelated
Person” shall have the meaning as set forth in Section 28.08(e). 
 “Working
Capital” shall mean the amounts by which current assets exceed current liabilities as defined by the Uniform System of Accounts which are reasonably necessary for the day-to-day operation of the Premises’ business, including,
without limitation, the excess of change and petty cash funds, operating bank accounts, receivables, prepaid expenses and funds required to maintain Inventories, over the amount of accounts payable and accrued current liabilities. 

ARTICLE II 
 TERM OF AGREEMENT 

2.01 Term. The term (“Term”) of this Agreement shall commence for each Hotel or Non-Managed Hotel, as the case may be,
on the “Commencement Date” as noted on Exhibit “A” of the Addendum for such Hotel or the Project Management Addendum for such Non-Managed Hotel, and, unless sooner terminated as herein provided, shall
continue until the “Termination Date.” For purposes of this Agreement, the “Termination Date” for each Hotel or Non-Managed Hotel shall be the earlier to occur of (i) the Expiration Date applicable to such
Hotel or Non-Managed Hotel, (ii) termination at the option of Lessee in connection with the bona fide Sale of the Hotel or Non-Managed Hotel by Landlord or Lessee to an unaffiliated third party as provided in and subject to the terms of
Section 2.03(a) hereof, (iii) termination at the option of Lessee after the Performance Test has not been satisfied pursuant to and subject to the terms and conditions of Section 2.03(b) below,
(iv) termination at the option of Lessee for convenience pursuant to and subject to the terms and conditions of Section 2.03(c) below, or (v) termination by either Lessee or Manager pursuant to
Article XVIII hereof in connection with a condemnation, casualty or Force Majeure, subject to the terms thereof. The “Expiration Date” with respect to a Hotel or Non-Managed Hotel shall mean the 10th anniversary of the Commencement Date applicable to such Hotel or Non-Managed Hotel, provided that such initial 10-year term may thereafter be renewed by Manager, at its option, on the same terms and
conditions contained herein, for three (3) successive periods of seven (7) Fiscal Years each, and thereafter, for a final period of four (4) Fiscal Years; and provided further, that at the time of

  
 17 

 
exercise of any such option to renew, an Event of Default by Manager does not then exist beyond any applicable grace or cure period. If at any time of the exercise of any renewal period, Manager
is then in default under this Agreement, then the exercise of the renewal option will be conditional on timely cure of such default, and if such default is not timely cured, then Lessee may terminate this Agreement regardless of the exercise of such
renewal period and without the payment of any fee or liquidated damages. If Manager desires to exercise any such option to renew, it shall give Lessee Notice to that effect not less than ninety (90) days prior to the expiration of the then
current Term. Notwithstanding the expiration or earlier termination of the Term, Lessee and Manager agree that the obligations of Lessee to pay, remit, reimburse and to otherwise indemnify Manager for any and all expenses and fees incurred or
accrued by Manager pursuant to the provisions of this Agreement prior to the expiration or earlier termination of the Term (or actually incurred by Manager after the termination) shall survive Termination, provided such expenses and fees have been
incurred consistent with the then current terms of this Agreement and the applicable Annual Operating Budget or Capital Improvement Budget, including, without limitation but only to the extent so consistent, all costs, expenses and liabilities
arising from the termination of the Premises’ employees such as accrued vacation and sick leave, severance pay and other accrued benefits, employer liabilities pursuant to the Consolidated Omnibus Budget Reconciliation Act and employer
liabilities pursuant to the Worker Adjustment and Retraining Notification Act. In addition, subject to Section 19.02 below and the foregoing sentence, upon Termination of this Agreement as to a Hotel or Non-Managed Hotel, Lessee
and Manager shall have no further obligations to one another pursuant to this Agreement with respect to such Hotel or Non-Managed Hotel, except that Section 2.02, obligations to make payments under Section 2.03
or Section 9.05, Section 9.07, the last sentence of Section 15.01, obligations to make payments of termination fees pursuant to Article XVIII, Article XXIV,
Article XXV, Article XXVII and Section 28.12 shall survive Termination. 
 2.02 Actions to be Taken
upon Termination. Upon a Termination of this Agreement as to a Hotel, the following shall be applicable: 
  

	 	A.	Manager shall, within forty-five (45) days after Termination of this Agreement as to a Hotel, prepare and deliver to Lessee a final accounting statement with respect to the Hotel, in form and substance consistent
with the statements provided pursuant to Section 15.02, along with a statement of any sums due from Lessee to Manager pursuant hereto, dated as of the date of Termination. Within thirty (30) days after the receipt by Lessee
of such final accounting statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. The cost of preparing such final accounting statement shall be a Deduction. Manager and Lessee acknowledge that there
may be certain adjustments for which the necessary information will not be available at the time of such final accounting, and the parties agree to readjust such amounts and make the necessary cash adjustments when such information becomes
available. 

  

	 	B.	 As of the date of the final accounting referred to in subsection A above, Manager shall release and transfer to Lessee any of Lessee’s funds
which are held or controlled by Manager with respect to the Hotel, with the exception of funds to 

  
 18 

	 	
be held in escrow pursuant to Section 9.05 and Section 12.07. During the period between the date of Termination and the date of such final accounting, Manager shall pay
(or reserve against) all Deductions which accrued (but were not paid) prior to the date of Termination, using for such purpose any Gross Revenues which accrued prior to the date of Termination. 

 

	 	C.	Manager shall make available to Lessee such books and records respecting the Hotel (including those from prior years, subject to Manager’s reasonable records retention policies) as will be needed by Lessee to
prepare the accounting statements, in accordance with the Uniform System of Accounts, for the Hotel for the year in which the Termination occurs and for any subsequent year. Such books and records shall not include: (i) employee records which
must remain confidential pursuant to either Legal Requirements or confidentiality agreements, or (ii) any Intellectual Property. 

  

	 	D.	Manager shall (to the extent permitted by Legal Requirements) assign to Lessee, or to any other manager employed by Lessee to operate and manage the Hotel, all operating licenses for the Hotel which have been issued in
Manager’s name; provided that if Manager has expended any of its own funds in the acquisition of any of such licenses, Lessee shall reimburse Manager therefor if it has not done so already. 

 

	 	E.	Lessee agrees that hotel reservations and any and all contracts made in connection with hotel convention, banquet or other group services made by Manager in the ordinary and normal course of business consistent with
this Agreement, for dates subsequent to the date of Termination and at rates prevailing for such reservations at the time they were made, shall be honored and remain in effect after Termination of this Agreement. 

 

	 	F.	Manager shall cooperate with the new operator of the Hotel as to effect a smooth transition and shall peacefully vacate and surrender the Hotel to Lessee. 

 

	 	G.	Manager and Lessee agree to use best efforts to resolve any disputes amicably and promptly under this Section 2.02 to effect a smooth transition of the Hotel to Lessee and/or Lessee’s new
manager. 

 2.03 Early Termination Rights; Liquidated Damages. 

(a) Termination Upon Sale. Upon Notice to Manager, Lessee shall have the option to terminate this Agreement with
respect to one, more or all of the Hotels or Non-Managed Hotels effective as of the closing of the Sale of such Hotels or Non-Managed Hotels to a third party. Such Notice shall be given at least forty-five (45) days’ in advance (unless
otherwise required by Legal Requirements, in which case Lessee shall provide such additional notice in order to comply with such Legal Requirements) and shall inform Manager of the identity of the contract purchaser. Manager, at its election, may
offer to provide management services to such contract purchaser after the closing of the sale. Lessee shall, in connection with such Sale, by a separate document reasonably 

  
 19 

 
acceptable to Lessee and Manager, indemnify and save Manager harmless against any and all losses, costs, damages, liabilities and court costs, claims and expenses, including, without limitation,
reasonable attorneys’ fees arising or resulting from the failure of Lessee or such prospective purchaser to provide any of the services contracted for in connection with the business booked for such hotels to, and including, the date of such
Termination, in accordance with the terms of this Agreement, including without limitation, any and all business so booked as to which facilities and/or services are to be furnished subsequent to the date of Termination, provided that any settlement
by Manager of any such claims shall be subject to the prior written approval of Lessee which shall not be unreasonably withheld, conditioned or delayed. In addition, the following terms shall apply in connection with the sale of any Hotel: 

(i) If this Agreement is terminated pursuant to Section 2.03(a) with respect to a Hotel prior to the first
anniversary of the Commencement Date applicable to such Hotel, then Lessee shall pay to Manager on such termination, a termination fee as liquidated damages and not as a penalty (provided that an Event of Default by Manager is not then existing
beyond any cure or grace periods set forth in this Agreement) in an amount equal to the estimated Base Management Fee and Incentive Fee that was estimated to be paid to Manager with respect to such Hotel pursuant to the Annual Operating Budget for
the remaining Accounting Periods until the first anniversary of the Commencement Date for such Hotel (irrespective of the Management Fees paid to Manager prior to the date of the Termination with respect to such Hotel). If this Agreement is
terminated pursuant to Section 2.03(a) with respect to a Hotel after the first anniversary of the Commencement Date applicable to such Hotel, then no termination fees shall be payable by Lessee for such Hotel. 

(b) Termination Due to Failure to Satisfy Performance Test. 

(i) Performance Test. Lessee shall have the right to terminate this Agreement with respect to any Hotel (for the
purposes of this Section 2.03(b)(i) called “Subject Hotel”), subject to the payment of a termination fee as set forth in subsection (ii) below, in the event of the occurrence of the following
(collectively herein called, the “Performance Test”): 
 (1) If for any Fiscal Year (a) a
Subject Hotel’s Gross Operating Profit Margin for such Fiscal Year is less than seventy-five percent (75%) of the average Gross Operating Profit Margin of comparable hotels in similar markets and geographic locations to the applicable
Hotel as reasonably determined by Lessee and Manager, and (b) such Subject Hotel’s REVPAR Yield Penetration is less than the Targeted REVPAR Yield Penetration for such Fiscal Year (herein (a) and (b) collectively called
“Performance Failure”); then 
 (2) Manager shall have a period of two (2) years, commencing
with the next ensuing Fiscal Year (the “Performance Cure Period”), to 

  
 20 

 
cure the Performance Failure after Manager’s receipt of Notice from Lessee of such Performance Failure and Lessee’s intent to terminate this Agreement with respect to the Subject Hotel
if the Performance Failure is not cured within such Performance Cure Period; and 
 (3) If after the first full Fiscal Year
during the Performance Cure Period, the Performance Failure remains uncured, then upon written Notice to Manager by Lessee, Manager shall engage a consultant reasonably acceptable to Manager and Lessee (with significant experience in the hotel
lodging industry) to make a written determination (within forty-five (45) days of such Notice) as to whether another management company (with comparable breadth of knowledge and experience as any of the hotel management companies owned and/or
controlled by Archie Bennett, Jr. and/or Monty Bennett, including with respect to number and type of hotels managed in similar markets and geographical areas) could manage the Subject Hotel in a materially more efficient manner. If such consultant
determination is in the negative, then Manager will be deemed not to be in default under the Performance Test. If such consultant determination is in the affirmative, then Manager agrees to engage such consultant (such cost and expense to be shared
by Lessee and Manager equally) to assist Manager during the second Fiscal Year of the Performance Cure Period with the cure of the Performance Failure; and 

(4) If after the end of the Performance Cure Period, the Performance Failure remains uncured and the consultant again makes a
written determination that another management company (with comparable breadth of knowledge and experience as any of the hotel management companies owned and/or controlled by Archie Bennett, Jr. and/or Monty Bennett, including with respect to number
and type of hotels managed in similar markets and geographical areas) could manage the Subject Hotel in a materially more efficient manner, then Lessee may, at its election, terminate this Agreement upon forty-five (45) days’ prior Notice
to Manager. 
 (ii) Termination Fees. If Lessee elects to terminate this Agreement with respect to a Subject
Hotel for failure to satisfy the Performance Test, Lessee shall pay to Manager as liquidated damages but not as a penalty, a termination fee (provided that there does not then exist an Event of Default by Manager under this Agreement beyond any
applicable cure periods) in the amount equal to 60% of the product obtained by multiplying (A) 65% of the aggregate Base Management Fees and Incentive Fees budgeted in the Annual Operating Budget applicable to the Subject Hotel for the full
current Fiscal Year in which such termination is to occur (but in no event less than the Base Management Fees and Incentive Fees for the preceding full Fiscal Year) by (B) nine (9). 

  
 21 

 (iii) Finance Reports. Determinations of the performance of the
Subject Hotel shall be in accordance with the audited annual financial statements delivered by Lessee’s accountant pursuant to Section 15.03 hereof. 

(iv) Extension of Performance Cure Period. Notwithstanding the foregoing, if at any time during the Performance
Cure Period (a) Lessee is in material default under any of its obligations under this Agreement, or (b) Lessee has terminated, terminates or causes a termination of the Franchise Agreement (other than defaults due to Manager) and does not
obtain a new franchise agreement with a comparable franchisor, or (c) the operation of the Hotel or the use of the Hotel’s facilities are materially disrupted by casualty, condemnation, or events of Force Majeure that are beyond the
reasonable control of Manager, or by major repairs to or major refurbishment of the Hotel, then, for such period, the Performance Cure Period shall be extended. 

(v) Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any Hotel, such
hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing
provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee. 

(c) Termination For Convenience. Lessee may terminate this Agreement with respect to a particular Hotel or
Non-Managed Hotel for convenience (except if due to a Sale of a Hotel or Non-Managed Hotel, whereupon Section 2.03(a) shall govern) upon ninety (90) days Notice to Manager, and shall pay to Manager as liquidated damages but
not as a penalty, a termination fee (provided that there does not then exist an Event of Default by Manager under this Agreement beyond any applicable cure or grace periods) in an amount equal to (i) with respect to a Hotel, the product of
(A) 65% of the aggregate Base Management Fees and Incentive Fees budgeted in the Annual Operating Budget applicable to the Hotel for the full current Fiscal Year in which such termination is to occur (but in no event less than the Base
Management Fees and Incentive Fees for the preceding full Fiscal Year) by (B) nine (9), and (ii) with respect to a Non-Managed Hotel, the product of (A) 65% of the aggregate Project Management Fees and Market Service Fees estimated
for the Non-Managed Hotel for the full current Fiscal Year in which such termination is to occur (but in no event less than the Project Management Fees and Market Service Fees for the preceding full Fiscal Year) by (B) nine (9). 

(d) Payment of Liquidated Damages. WITH RESPECT TO ANY TERMINATION FEES PAYABLE IN CONNECTION WITH ANY EARLY
TERMINATION RIGHT SET FORTH IN THIS SECTION 2.03, OR IN SECTION 18.04 BELOW, LESSEE RECOGNIZES AND AGREES THAT, IF THIS AGREEMENT IS TERMINATED WITH RESPECT TO ANY OF THE HOTELS FOR THE REASONS SPECIFIED IN THIS
SECTION 2.03 OR IN SECTION 18.04 BELOW, THEREBY ENTITLING MANAGER TO RECEIVE THE TERMINATION 

  
 22 

 
FEES AS SET FORTH IN THIS SECTION 2.03 OR IN SECTION 18.04 BELOW, MANAGER WOULD SUFFER AN ECONOMIC LOSS BY VIRTUE OF THE RESULTING LOSS OF MANAGEMENT FEES WHICH WOULD
OTHERWISE HAVE BEEN EARNED UNDER THIS AGREEMENT. BECAUSE SUCH FEES VARY IN AMOUNT DEPENDING ON THE TOTAL GROSS REVENUES EARNED AT THE HOTELS AND ACCORDINGLY WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO ASCERTAIN WITH CERTAINTY, THE PARTIES AGREE
THAT THE TERMINATION FEES PROVIDED IN THIS SECTION 2.03 AND IN SECTION 18.04 BELOW CONSTITUTE A REASONABLE ESTIMATE OF LIQUIDATED DAMAGES TO MANAGER FOR PURPOSES OF ANY AND ALL LEGAL REQUIREMENTS, AND IT IS AGREED THAT
MANAGER SHALL NOT BE ENTITLED TO MAINTAIN A CAUSE OF ACTION AGAINST LESSEE, EXCEPT AS SPECIFICALLY PROVIDED HEREIN, FOR ACTUAL DAMAGES IN EXCESS OF THE TERMINATION FEES IN ANY CONTEXT WHERE THE TERMINATION FEES ARE PROVIDED BY THIS AGREEMENT, AND
RECEIPT OF SUCH FEES (TOGETHER WITH ALL OTHER AMOUNTS DUE AND PAYABLE BY LESSEE TO MANAGER WITH RESPECT TO EVENTS OCCURRING PRIOR TO TERMINATION OF THIS AGREEMENT WITH RESPECT TO THE APPLICABLE HOTELS OR AS OTHERWISE PROVIDED HEREIN) SHALL BE
MANAGER’S SOLE REMEDY FOR DAMAGES AGAINST LESSEE IN ANY SUCH CASE. The foregoing shall in no way affect any other sums due Manager under this Article II or otherwise hereunder, including, without limitation, the Management Fees
earned during the Term, or any other rights or remedies, at law or in equity of Manager under this Agreement or under Legal Requirements, including any indemnity obligations of Lessee to Manager under this Agreement. 

ARTICLE III 
 PREMISES 

Manager shall be responsible, at the sole cost and expense of Lessee, for keeping and maintaining the Premises fully equipped in accordance
with plans, specifications, construction safety and fire safety standards, and designs pursuant to applicable Legal Requirements, the standards and requirements of a Franchisor pursuant to any applicable Franchise Agreement, any applicable Hotel
Mortgage, the Leases and the Capital Improvement Budgets approved pursuant to the terms hereof, subject in all respects to performance by Lessee of its obligations pursuant to this Agreement. 

ARTICLE IV 
 APPOINTMENT OF MANAGER

 4.01 Appointment. Lessee hereby appoints Manager as its sole, exclusive and continuing operator and manager to supervise and direct, for
and at the expense of Lessee, the management and operation of the Premises under the terms and conditions hereinafter set forth. In exercising its duties hereunder, Manager shall act as agent and for the account of Lessee. Manager hereby accepts
said appointment and agrees to manage the Premises during the Term of this Agreement under the terms and conditions hereinafter set forth. 

  
 23 

 4.02 Delegation of Authority. The operation of the Premises shall be under the exclusive
supervision and control of Manager who, except as otherwise specifically provided in this Agreement, shall be responsible for the proper and efficient management and operation of the Premises in accordance with this Agreement, the Leases, the
Franchise Agreements, the Capital Improvement Budget and the Annual Operating Budget. Subject to the terms of such agreements and budgets, the Manager shall have discretion and control in all matters relating to the management and operation of the
Premises, including, without limitation, charges for rooms and commercial space, the determination of credit policies (including entering into agreements with credit card organizations), food and beverage service and policies, employment policies,
procurement of inventories, supplies and services, promotion, advertising, publicity and marketing, and, generally, all activities necessary for the operation of the Premises. Manager shall also be responsible for the receipt, holding and
disbursement of funds and maintenance of bank accounts in compliance with the Cash Management Agreements, if applicable. 
 4.03 Contracts,
Equipment Leases and Other Agreements. Manager is hereby authorized to grant concessions, lease commercial space and enter into any other contract, equipment lease, agreement or arrangement pertaining to or otherwise reasonably necessary for the
normal operation of the Premises (such concession, lease, equipment lease, contract, agreement or arrangement hereinafter being referred to individually as a “Contract” and collectively as “Contracts”)
on behalf of Lessee, as may be necessary or advisable and reasonably prudent business judgment in connection with the operation of the Premises and consistent with the Annual Operating Budget, and subject to any restrictions imposed by the Franchise
Agreements, Leases or any Hotel Mortgage, and subject to the Lessee’s prior written approval of: (i) any Contract which provides for a term exceeding one (1) year (unless such Contract is thirty day cancellable with cost, premium or
penalty equal to or less than $25,000.00) or (ii) any tenant space lease, license or concession concerning any portion of the public space in or on the Premises for stores, office space, restaurant space, or lobby space. Lessee’s approval
of any Contract shall not be unreasonably withheld, delayed or conditioned. Unless otherwise agreed, all Contracts for the Premises shall be entered into in Lessee’s name. Manager shall make available to Lessee, its agents, and employees, at
the Premises during business hours, executed counterparts or certified true copies of all Contracts it enters into pursuant to this Section 4.03. 

4.04 Alcoholic Beverage/Liquor Licensing Requirements. With respect to any licenses and permits held by Lessee or any of its subsidiaries for
the sale of any liquor and alcoholic beverages at any of the Premises, Manager agrees, as part of its management duties and services under this Agreement, to fully cooperate with any applicable liquor and/or alcoholic beverage authority and to
assist Lessee with any documentation and other requests of such authority to the extent necessary to comply with any licensing and/or permitting requirements applicable to the Premises. 

ARTICLE V 
 REPRESENTATIONS AND
WARRANTIES 
 5.01 Lessee Representations. Upon execution of an Addendum or a Project Management Addendum, the Lessee identified in the
Addendum or Project Management 

  
 24 

 
Addendum, in order to induce Manager to enter into this Agreement, will be deemed to hereby represent and warrant to Manager as of the date of such Addendum as follows: 

5.01.1. The execution of this Agreement is permitted by the organizational documents of Lessee and this Agreement has been duly
authorized, executed and delivered on behalf of Lessee and constitutes the legal, valid and binding obligation of Lessee enforceable in accordance with the terms hereof; 

5.01.2. There is no claim, litigation, proceeding or governmental investigation pending, or, to the best knowledge and belief
of Lessee, threatened, against or relating to Lessee, the properties or businesses of Lessee or the transactions contemplated by this Agreement which does, or may reasonably be expected to, materially or adversely affect the ability of Lessee to
enter into this Agreement or to carry out its obligations hereunder, and, to the best knowledge and belief of Lessee, there is no basis for any such claim, litigation, proceeding or governmental investigation except as has been fully disclosed in
writing by Lessee to Manager; 
 5.01.3. Neither the consummation of the transactions contemplated by this Agreement on the
part of Lessee to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default under, any
agreement, indenture, instrument or undertaking to which Lessee is a party or by which it is bound; 
 5.01.4. No approval of
any third party (including any Landlord or the Holder of any Hotel Mortgage in effect as of the date of this Agreement) is required for Lessee’s execution, delivery and performance of this Agreement that has not been obtained prior to the
execution hereof; 
 5.01.5. Lessee holds all required governmental approvals required (if applicable) to be held by it to
lease the Hotel or Non-Managed Hotel; and 
 5.01.6. As of the date of this Agreement there are no defaults under any of the
Leases. 
 5.02 Manager Representations. Upon execution of an Addendum or Project Management Addendum, Manager, in order to induce Lessee to
enter into this Agreement, will be deemed to hereby represent and warrant to Lessee as of the date of such Addendum or Project Management Addendum as follows: 

5.02.1. The execution of this Agreement is permitted by the organizational documents of Manager and this Agreement has been
duly authorized, executed and delivered on behalf of Manager and constitutes a legal, valid and binding obligation of Manager enforceable in accordance with the terms hereof; 

5.02.2. There is no claim, litigation, proceeding or governmental investigation pending, or, to the best knowledge and belief
of Manager, threatened, against or relating 

  
 25 

 
to Manager, the properties or business of Manager or the transactions contemplated by this Agreement which does, or may reasonably be expected to, materially or adversely affect the ability of
Manager to enter into this Agreement or to carry out its obligations hereunder, and, to the best knowledge and belief of Manager, there is no basis for any such claim, litigation, proceeding or governmental investigation, except as has been fully
disclosed in writing by Manager to Lessee; 
 5.02.3. Neither the consummation of the transactions contemplated by this
Agreement on the part of Manager to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflicts with or will result in the breach of any of the terms, conditions or provisions of, or constitute a default
under, any agreement, indenture, instrument or undertaking to which Manager is a party or by which it is bound; 
 5.02.4. No
approval of any third party is required for Manager’s execution, delivery and performance of this Agreement that has not been obtained prior to the execution and delivery hereof; 

5.02.5. Manager holds all required governmental approvals required to be held by it to perform its obligations under this
Agreement; and 
 5.02.6. Manager qualifies as an Eligible Independent Contractor, and during the Term of this Agreement,
agrees to continue to qualify as an Eligible Independent Contractor. 
 ARTICLE VI 

OPERATION 
 6.01 Name of
Premises; Standard of Operation. During the Term of this Agreement, the Premises shall be known and operated by Manager as a hotel licensed with the applicable Franchisor as noted on Exhibit C to each Addendum, with additional
identification as may be necessary to provide local identification, provided Manager and/or Lessee have obtained and are successful in continuously maintaining the right to so operate the Premises, which Manager agrees to use its reasonable best
efforts to do. Manager agrees to manage the Premises, for the account of Lessee, and so far as is legally possible, in accordance with the Annual Operating Budget and Applicable Standards subject to Force Majeure. In the event of termination of a
Franchise Agreement for one or more of the Premises, Manager shall operate such Premises under such other franchise agreement, if any, as Lessee enters into or obtains as franchisee. If the name of a Franchisor’s hotel system is changed, Lessee
shall have the right to change the name of the applicable Hotel to conform thereto. 
 Notwithstanding the foregoing or any other
provision in this Agreement to the contrary, Manager’s obligation with respect to operating and managing the Hotel in accordance with any Hotel Mortgage, Ground Leases, the Leases and the CCRs shall be limited to the extent (i) true and
complete copies thereof have been made available to Manager by Lessee reasonably sufficient in advance to allow Manager to manage the Hotel in compliance with such documents, and (ii) the provisions thereof and/or compliance with such
provisions by Manager (a) are 

  
 26 

 
applicable to the day-to-day management, maintenance and routine repair and replacement of the Hotel, the FF&E or any portion thereof, (b) do not require contribution of funds from
Manager, (c) do not materially increase Manager’s obligations hereunder or materially decrease Manager’s rights or benefits hereunder, (d) do not limit or restrict, or attempt to limit or restrict any corporate activity or
transaction with respect to Manager or any Manager Affiliate Entity or any other activity, transfer, transaction, property or other matter involving Manager or the Manager Affiliate Entities other than at the Site of the Hotel and (e) are
otherwise within the scope of Manager’s duties under this Agreement. Lessee acknowledges and agrees, without limiting the foregoing, that any failure of (i) Lessee to comply with the provisions of any Hotel Mortgage, Ground Leases, the
Leases and the CCRs or Legal Requirements or (ii) Manager to comply with the provisions of any such agreements or Legal Requirements arising out of, in the case of both (i) and (ii), (A) the condition of the Hotel, and/or the failure
of the Hotel to comply with the provisions of such agreements, prior to the Commencement Date, (B) construction activities at the Hotel prior to the Commencement Date, (C) inherent limitations in the design and/or construction of, location
of the Hotel and/or parking at the Hotel prior to the Commencement Date, (D) failure of Lessee to provide funds, from operations or otherwise, sufficient to allow timely compliance with the provisions of the Applicable Standards or the Leases,
the Ground Leases, any Hotel Mortgage and/or the CCRs through reasonable and customary business practices, and/or (E) Lessee’s failure to approve any matter reasonably requested by Manager in Manager’s good faith business judgment as
necessary or appropriate to achieve compliance with such items, shall not be deemed a breach by Manager of its obligations under this Agreement. Manager and Lessee agree, that Manager may from time to time, so long as Manager is in compliance with
the Franchise Agreements and Legal Requirements, provide collateral marketing materials in the rooms of the Hotel which advertise other hotels or programs of Manager or its Affiliates (including, through a dedicated television channel in the rooms
of the Hotel), at the sole cost and expense of Manager, provided such other hotels or programs being marketed by Manager are not competing directly in the same market with the Hotel where the marketing materials and information are being placed by
Manager. 
 6.02 Use of Premises. Manager shall use the Premises solely for the operation of the Hotel in accordance with the Applicable
Standards and for all activities in connection therewith which are customary and usual to such an operation. Subject to the terms of this Agreement, Manager shall comply with and abide by all applicable Legal Requirements, and the requirements of
any insurance companies covering any of the risks against which the Premises are insured, any Hotel Mortgage, the Ground Leases, the Leases, and the Franchise Agreements. If there are insufficient funds in the Operating Account to make any
expenditure required to remedy non-compliance with such Legal Requirements or with the requirements of any Hotel Mortgage, the Ground Leases, the Leases, or the Franchise Agreements or applicable insurance, Manager shall promptly notify Lessee of
such non-compliance and estimated cost of curing such non-compliance. If Lessee fails to make funds available for the expenditure so requested by Manager within thirty (30) days, Lessee agrees to indemnify and hold Manager harmless from and
against any and all costs, expenses and other liabilities incurred by Manager resulting from such non-compliance (which such indemnity shall survive any termination of this Agreement). In no event shall Manager be required to make available or
distribute, as applicable, sexually explicit materials or items of any kind, whether through retail stores or gift shops located at the Hotel or through “pay for view” programming in the guest rooms of the Hotel. 

  
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 6.03 Group Services. Manager may cause to be furnished to the Premises certain services
(“Group Services”) which are furnished generally on a central or regional basis to other hotels managed by Manager or any Manager Affiliate Entity and which benefit each hotel managed by Manager including, by way of example
and not by way of limitation, (i) marketing, advertising and promotion; (ii) centralized accounting payroll processing, ADP management, management and administration of accounts payable, accounts receivable and cash management accounting
and MIS support services; (iii) the preparation and maintenance of the general ledger and journal entries, internal audit, budgeting and financial statement preparation, (iv) recruiting, training, career development and relocation in
accordance with Manager’s or any Manager Affiliate Entities’ relocation plan; (v) employee benefits administration; (vi) engineering and risk management; (vii) information technology; (viii) legal support (such as
license and permit coordination, filing and completion, standardized contracts, negotiation and preparation, and similar legal services benefiting the Hotel); (ix) purchasing arising out of ordinary hotel operations not otherwise contemplated
in Section 8.02G hereof; (x) internal audit services; (xi) reservation systems; and (xii) such other additional services as are or may be, from time to time, furnished for the benefit of Manager’s or any
Manager Affiliate Entities’ hotels or in substitution for services now performed at Manager’s individual hotels which may be more efficiently performed on a group basis. Group Services shall include Manager’s costs relating to the
establishment of an office(s) and the placement of Manager’s personnel at international locations as may be reasonably required to oversee the performance of its services and duties hereunder for international assets. International office
expenses, overhead, international personnel costs and benefits, travel and other costs directly related to Manager’s personnel (other than property level personnel who are employed at a Hotel and whose Employee Costs and Expenses constitute
Deductions) who oversee the operations of international assets shall be allocated pro-rata to international Hotels based on room count and/or revenues in a fair and equitable manner reasonably determined by Manager. Manager shall assure that the
costs and expenses incurred in providing Group Services to the Premises shall have been allocated to the Premises on a pro-rata basis consistent with the method of allocation to all of Manager’s (and any Manager Affiliate Entities’) hotels
receiving the same services, shall be incurred at a cost consistent with the Annual Operating Budget and shall constitute Deductions. All Group Services provided by Manager shall be at the actual costs (without mark up for fee or profit to Manager
or any Manager Affiliate Entity, but including salary and employee benefit costs and costs of equipment used in performing such services and overhead costs) of Group Services for the benefit of all of Manager’s hotels receiving the same
services, and shall be of a quality comparable to which Manager could obtain from other providers for similar services. 
 6.04 Right to
Inspect. Lessee, the beneficial owners of Lessee, the Landlords (to the extent permitted under such Leases), any Holder under any Hotel Mortgage (to the extent permitted under such Hotel Mortgage), and their respective agents, shall have access to
the Premises at any and all reasonable times for any purpose. Manager will be available to consult with and advise such parties, at their reasonable request, concerning all policies and procedures affecting all phases of the conduct of business at
the Hotel. 

  
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 ARTICLE VII 

WORKING CAPITAL AND INVENTORIES 

7.01 Working Capital and Inventories. The Lessee shall cause funds to be deposited in one or more operating accounts established by Manager,
in amounts sufficient to operate the Premises in accordance with the Annual Operating Budget, including the establishment and maintenance of positive Working Capital and Inventories as reasonably determined by Manager. All Working Capital and
Inventories are and shall remain the property of Lessee. In the event Lessee fails to advance funds which are necessary in order to maintain positive Working Capital and Inventories at reasonable levels for a Hotel, Manager shall have the right to
elect to terminate this Agreement upon sixty (60) days’ prior written notice to Lessee with respect to the affected applicable Hotel. During such sixty (60) day period, Lessee and Manager shall use reasonable efforts to resolve the
dispute over such Working Capital and Inventory requirements. If such dispute is not resolved, then this Agreement shall terminate with respect to the affected applicable Hotel on the sixtieth (60th) day following Manager’s delivery of
written notice of termination as provided above. If such dispute is resolved, then the notice will be deemed rescinded and this Agreement shall not be terminated pursuant to the notice with respect to the affected applicable Hotel. Further, if
Manager should so terminate this Agreement with respect to the affected applicable Hotel and if Manager in good faith incurs expenditures, or otherwise accrues liabilities in accordance with the Annual Operating Budget and variances allowed herein,
in each case, prior to the date of termination, Lessee agrees to promptly indemnify and hold Manager harmless from and against (i) any and all liabilities, costs and expenses properly incurred by Manager in connection with the operations of the
applicable Hotel through the date of Termination of this Agreement with respect to such Hotel, and (ii) any and all liabilities, costs and expenses properly incurred by Manager as a result of Lessee’s failure to perform any obligation or
pay any liability arising under any service, maintenance, franchise or other agreements, employment relationships (other than Excluded Employee Claims), leases or contracts pertaining to the applicable Hotel after Termination of this Agreement with
respect to such Hotel. Lessee acknowledges that liabilities arising in connection with the operation and management of the applicable Hotel including, without limitation, all Deductions, incurred in accordance with the terms of this Agreement, are
and shall remain the obligations of Lessee, and Manager shall have no liability therefor unless otherwise expressly provided herein. In the event of a Termination by Manager pursuant to this Section 7.01, Manager shall be entitled
to a termination fee as liquidated damages but not as a penalty, as set forth in connection with a termination for convenience as described in Section 2.03(c) and subject to Section 2.03(d) above. 

7.02 Fixed Asset Supplies. Lessee shall provide the funds necessary to supply the Premises initially with Fixed Asset Supplies as reasonably
determined by Manager consistent with the cost budgeted therefor in the Annual Operating Budget and otherwise consistent with the intent of the parties that the level of such supplies will be adequate for the proper and efficient operation of the
Premises at the Applicable Standards. Fixed Asset Supplies shall remain the property of Lessee. 

  
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 ARTICLE VIII 

MAINTENANCE, REPLACEMENT AND CHANGES 

8.01 Routine and Non-Routine Repairs and Maintenance. Manager, at the expense of Lessee, shall maintain the Premises in good repair and
condition as is required by the Applicable Standards. Manager, on behalf of Lessee, shall make or cause to be made such routine maintenance, repairs and minor alterations as Manager from time to time deems reasonably necessary for such purposes, the
cost of which: (i) can be expensed under GAAP, (ii) shall be paid from Gross Revenues, and treated as a Deduction, and (iii) are consistent with the Annual Operating Budget. In addition, Manager, on behalf of Lessee, shall make or
cause to be made such non-routine repairs and maintenance, either to the Premises’ building or its fixtures, furniture, furnishings and equipment (“FF&E”), pursuant to the Capital Improvement Budget approved by
Lessee and Landlord, the cost of which shall be paid for in the manner described in Section 8.02. Manager and Lessee shall use their respective best efforts to prevent any liens from being filed against the Premises which arise
from any maintenance, changes, repairs, alterations, improvements, renewals or replacements in or to the Premises. Lessee and Manager shall cooperate fully in obtaining the release of any such liens. If the lien arises as a result of the fault of
either party, then the party at fault shall bear the cost of obtaining the lien release. All changes, repairs, alterations, improvements, renewals or replacements made pursuant to this Article VIII shall be the property of the Lessee.

 8.02 Capital Improvement Reserve. 
  

	 	A.	Manager shall establish (on behalf of Landlord), in respect of each Fiscal Year during the term of this Agreement, a reserve account on each Hotel’s books of account (“Capital Improvement
Reserve”) to cover the cost of: 

  

	 	1.	Replacements and renewals to the Premises’ FF&E; and 

  

	 	2.	Certain non-routine repairs and maintenance to the Hotel’s building(s) which are normally capitalized under GAAP such as, but not limited to, exterior and interior repainting, resurfacing, building walls, floors,
roofs and parking areas, and replacing folding walls and the like, and major repairs, alterations, improvements, renewals or replacement to the Hotel’s building structure or to its mechanical, electrical, heating, ventilating, air conditioning,
plumbing or vertical transportation systems. 

  

	 	B.	For each Fiscal Year, the Capital Improvement Reserve shall be an amount equal to four percent (4%) of the Hotel’s Gross Revenues for the applicable year (or greater if required by any Landlord, Holder or
Franchisor), or in such other amount as agreed to by Landlord, Lessee and Manager. 

 Payments of the percentage amounts
specified above shall be made on an interim accounting basis as specified in Section 11.02 hereof. Calculations and payments from the Capital Improvement Reserve made with respect to each Accounting Period shall be accounted for
cumulatively for each Fiscal Year. After the close of each Fiscal Year, any adjustments required by the Fiscal Year accounting shall 

  
 30 

 
be made by Manager. Any proceeds from the sale of the Premises’ FF&E no longer necessary to the operations of the Premises shall also be credited to the Capital Improvement Reserve. All
payments from the Capital Improvement Reserve shall be reserved and paid from Gross Revenues. Such payments and sale proceeds shall be placed in an escrow account or accounts consistent with the requirements of the Cash Management Agreements, if
any. Any interest earned in said account attributable to funds deposited pursuant to this Agreement shall be added to such Capital Improvement Reserve, thereby reducing the amount required to be placed in the account from Gross Revenues. 

 

	 	C.	Manager shall, in accordance with and subject to the Capital Improvement Budget described in Section 8.02E, from time to time make such substitutions and replacements of or renewals to FF&E and
non-routine repairs and maintenance as described in Section 8.01 as it deems necessary to maintain the Hotel as required by this Agreement. Except as hereinafter provided, no expenditures will be made except as otherwise provided
in the Capital Improvement Budget without the approval of Lessee and Landlord, and provided further, however, that if any such expenditures which are required by reason of any (i) emergency, or (ii) applicable Legal Requirements, or
(iii) the terms of the Franchise Agreement, or (iv) are otherwise required for the continued safe and orderly operation of the Hotel, Manager shall immediately give Lessee and Landlord notice thereof and shall be authorized to take
appropriate remedial action without such approval whenever there is a clear and present danger to life, limb or property of the Hotel or its guests or employees. The cost of all such changes, repairs, alterations, improvements, renewals, or
replacements will be paid for first from the Capital Improvement Reserve or other monies advanced by Lessee from funds received or owned by Landlord. At the end of each Fiscal Year any amount remaining in the Capital Improvement Reserve in excess of
the amounts unspent but contemplated to be spent pursuant to the Capital Improvement Budget for such Fiscal Year or as otherwise approved by Lessee and Landlord may be withdrawn by the Lessee on behalf of Landlord. 

 

	 	D.	All changes, repairs, alterations, improvements, renewals or replacements made pursuant to this Article VIII shall be the property of Landlord. 

 

	 	E.	 Manager shall prepare a budget (“Capital Improvement Budget”) of the expenditures necessary for replacement of FF&E and
building repairs of the nature contemplated by Section 8.01 during the ensuing Fiscal Year and shall provide such Capital Improvement Budget to Lessee and Landlord for approval at the same time Manager submits the Annual Operating
Budget. The Capital Improvement Budget shall not be deemed accepted by Lessee and Landlord in the absence of their respective express written approval. Not later than thirty (30) days after receipt by Lessee and Landlord of a proposed Capital
Improvement Budget (or such longer period as Lessee and Landlord may reasonably request on Notice to the Manager), Lessee and/or Landlord may deliver a Notice (a “CIB Objection Notice”) to the Manager stating that Lessee

  
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and/or Landlord objects to any information contained in or omitted from such proposed Capital Improvement Budget and setting forth the nature of such objections with reasonable specificity.
Failure of Lessee and/or Landlord to deliver a CIB Objection Notice shall be deemed rejection of the Manager’s proposed Capital Improvement Budget in its entirety. Upon receipt of any CIB Objection Notice, the Manager shall, after consultation
with Lessee and Landlord, modify the proposed Capital Improvement Budget, taking into account Lessee’s and/or Landlord’s objections, and shall resubmit the same to Lessee and Landlord for Lessee’s approval within fifteen
(15) days thereafter, and Lessee and/or Landlord may deliver further CIB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue
until the proposed Capital Improvement Budget in question is accepted and consented to by Lessee and Landlord). Notwithstanding anything to the contrary set forth herein, Lessee and Landlord shall have the right at any time subsequent to the
acceptance and consent with respect to any Capital Improvement Budget, on Notice to the Manager, to revise, with the reasonable approval of Manager, such Capital Improvement Budget or to request that the Manager prepare for Lessee’s and/or
Landlord’s approval a revised Capital Improvement Budget, taking into account such circumstances as Lessee and Landlord deem appropriate; provided, however, that the revision of a Capital Improvement Budget shall not be deemed a revocation of
the Manager’s authority with respect to such actions as the Manager may have already taken prior to receipt of such revision notice in implementing a previously approved budget or plan. Manager shall have the right and discretion to expend
funds from the Capital Improvement Reserve for replacements and renewals of FF&E in the Hotel’s interior public areas and guest rooms and routine maintenance, repairs and minor alterations during the Fiscal Year in question (but not for any
other capital expenditures) in accordance with the provisions of the Capital Improvement Budget. 

  

	 	F.	It is the intent of Manager and Lessee to maintain the Premises in conformance with the Applicable Standards. Accordingly, as the Hotel ages, if the Capital Improvement Reserve established pursuant to the terms hereof
is insufficient to meet such standards, and if the Capital Improvement Budget prepared in good faith by Manager and approved by Lessee and Landlord exceeds the available and anticipated funds in the Capital Improvement Reserve, Lessee, Landlord and
Manager will consider the matter and Lessee and Landlord may elect to: 

  

	 	1.	increase the annual reserve provision to provide the additional funds required; or 

  

	 	2.	obtain financing for the additional funds required. 

  

	 	G.	 In consideration of the Project Management Fee (as defined below), Manager shall be responsible for managing, coordinating, planning and executing the
Capital Improvement Budget and all major repositionings of the Hotel and, to the 

  
 32 

	 	
extent Lessee has the right to direct such matters (e.g., the manager for the Non-Managed Hotel does not have the right under its management agreement to direct such matters or elects not to
exercise such right), each Non-Managed Hotel (for such purposes with respect to a Non-Managed Hotel, the term Capital Improvement Budget shall mean the capital improvement budget for such Non-Managed Hotel). In addition, Manager shall be paid
additional fees at current market rates (determined with reference to other third party providers of such services who are not discounting such fees as result of fees generated from other services) (collectively, the “Market Service
Fees”), subject to the Approval Requirement (defined in subparagraph 8.02(I) below), for the following services (the “Project Related Services”) to be provided in accordance with the Applicable Standards (with
the understanding that Manager may subcontract for any or all of the following Project Related Services) for the Hotel and, to the extent Lessee has the right to direct such matters, Non-Managed Hotel: 

 

	 	1.	Construction Management - Manager shall, on major renovation tasks which involve the selection and engagement of a general contractor, coordinate the selection process with Lessee and/or Landlord, shall assist in
the negotiation of construction contracts, manage such construction contracts and related issues, and shall engage separate contractors and subcontractors for specific tasks outside the scope of the general contractor. 

 

	 	2.	Interior Design - With respect to any interior design elements involved in the implementation of the Capital Improvement Budget, Manager shall be responsible for overseeing the development of conceptual plans
(consistent with Lessee’s and Landlord’s objectives), shall arrange for preparation of specifications, coordinate and make all fabric, flooring, furniture and wall treatment selections (both colors and finishes), coordinate reselections
and document all selections in specification books as required under the terms of the Franchise Agreement and coordinate all related franchise approvals, and will manage the applicable Franchisor process on approval of all selections relating to
initial and final selections. 

  

	 	3.	Architectural - Manager shall, if applicable, make recommendations of engagement of architects, negotiate architectural agreements on behalf of Lessee and Landlord (with Lessee’s and Landlord’s
approval), manage all architects applicable to the implementation of the Capital Improvement Budget, oversee all conceptual designs and sketches, review all necessary plans, drawings, shop drawings and other matters necessary for the proper
implementation of the Capital Improvement Budget, and coordinate and manage all approvals necessary for the implementation of the Capital Improvement Budget such as Franchisor approvals, governmental approvals and Holder approvals.

  
 33 

	 	4.	FF&E Purchasing - Manager shall be responsible for the evaluation of all specifications and negotiations of all prices associated with the purchasing of FF&E, shall manage and issue all purchase orders
and place orders necessary for the proper and timely delivery of all FF&E. 

  

	 	5.	FF&E Expediting/Freight Management - Manager shall be responsible for the expediting of all FF&E contemplated in an applicable Capital Improvement Budget including managing the freight selection and
shipping process in a cost effective manner. 

  

	 	6.	FF&E Warehousing - Manager shall be responsible, if applicable, for the management and coordination of all warehousing of goods delivered at the job site, inspection of materials delivered, and the filing of
all claims associated with the delivery of defective or damaged goods. 

  

	 	7.	FF&E Installation and Supervision - Manager shall be responsible for the management and oversight of the installation of all FF&E in compliance with specifications and Franchisor standards as required to
implement the Capital Improvement Budget. 

 Manager shall be paid a project management fee (herein, the “Project
Management Fee”) equal to four percent (4%) of the total project costs associated with the implementation of the Capital Improvement Budget (both hard and soft) payable monthly in arrears based upon the prior calendar month’s
total expenditures under the Capital Improvement Budget until such time that the Capital Improvement Budget and/or renovation project involves the expenditure of an amount in excess of five percent (5%) of Gross Revenues of the applicable Hotel
or Non-Managed Hotel, whereupon the Project Management Fee shall be reduced to three percent (3%) of the total project costs in excess of the five percent (5%) of Gross Revenue threshold. The Project Management Fee shall be accounted for
and documented and consistent with the requirements of Section 11.02 herein. Any onsite or dedicated personnel required for the direct supervision of the implementation of a Capital Improvement Budget or other renovation project
will be a direct cost to, and shall be reimbursed by, the Landlord. 
  

	 	H.	Except as otherwise provided herein, in no event shall Manager realize any kick backs, rebates, cash incentives, administration fees, concessions, profit participations, investment rights or similar payments or economic
consideration from or in, as applicable, vendors or suppliers of goods or services. Manager agrees that any such amounts or benefits derived shall be held in trust for the benefit of Lessee or Landlord (as applicable). 

 

	 	I.	 Any Market Service Fees for the Project Related Services shall be, once approved, reflected in the Capital Improvements Budget (such Market Service
Fees subject to any adjustments necessary for then existing market conditions) 

  
 34 

	 	
shall be submitted for approval to Lessee and Landlord with the applicable Capital Improvement Budget, and shall be deemed approved by the Lessee and Landlord unless a majority of the Independent
Directors of AHP affirmatively vote that such Market Service Fees are not market (determined by reference to fees charged by third party providers who are not hotel managers or who are not discounting such fees as result of fees generated from other
services) (herein called the “Approval Requirement”). In the event that the majority of the Independent Directors of AHP affirmatively votes that the Market Service Fees proposed by Manager are not market, the Lessee and
Manager agree to engage a consultant reasonably satisfactory to both Lessee and Manager to provide then current market information with respect to the proposed Market Service Fees and a written recommendation as to whether such fees are market or
not. If the consultant’s recommendation provides that such Market Service Fees as proposed by Manager are market, then the Landlord agrees to pay any consultant fees incurred by such consultant in making the recommendation. If the
consultant’s recommendation does not support the Market Service Fees as proposed by Manager, then Manager agrees to pay the consultant’s fees incurred in connection with the recommendation and agrees to either re-submit Manager’s
proposed Market Service Fees consistent with the market research and recommendation of the consultant for approval to Lessee and Landlord, or elect by Notice to Lessee and Landlord that Manager will not provide the Project Related Services. If
Manager elects not to provide Project Related Services for a Non-Managed Hotel, no termination fee shall be payable by Lessee under Section 2.03(c) of this Agreement. 

ARTICLE IX 
 EMPLOYEES 

9.01 Employee Hiring. Manager will hire, train, promote, supervise, direct the work of and discharge all personnel working on the Premises.
Manager shall be the sole judge of the fitness and qualification of such personnel and is vested with absolute discretion in the hiring, discharging, supervision, and direction of such personnel during the course of their employment and in the
operation of the Premises. 
 9.02 Costs; Benefit Plans. 
  

	 	A.	 Manager shall fix the employees’ terms of compensation and establish and maintain all policies relating to employment, so long as they are
reasonable and in accordance with the Applicable Standards and the Annual Operating Budget. Without limiting the foregoing, Manager may, consistent with the applicable budgets, enroll the employees of the Hotel in pension, medical and health, life
insurance, and similar employee benefit plans (“Benefit Plans”) substantially similar to plans reasonably necessary to attract and retain employees and generally remain competitive. The Benefit Plans may be joint plans for
the benefit of employees at more than one hotel owned, leased or managed by Manager or Manager Affiliate Entities. Employer contributions to such plans 

  
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(including any withdrawal liability incurred upon Termination of this Agreement) and reasonable administrative fees (but without further markup by Manager), which Manager may expend in connection
therewith, shall be the responsibility of Lessee and shall be a Deduction. The administrative expenses of any joint plans will be equitably apportioned by Manager among properties covered by such plan. 

 

	 	B.	 Manager may elect to enroll employees in a medical and health Benefit Plan that is a self insured health plan (the “Plan”)
without collection of any fee or profit to Manager or any Manager Affiliate Entity. The aggregate actual costs incurred by Manager in operating and managing the Plan shall be allocated on a pro rata basis by Manager among the properties covered by
the Plan based on the number of members participating in the Plan, and such costs shall include, without limitation, the administration and payment of claims, costs and fees of third party administration and gateway or reference pricing services,
and premiums for stop-loss insurance and reinsurance policies (collectively, the “Health Plan Costs”). Prior to the commencement of each Plan year, Manager shall in good faith establish premium levels for employee individual
and family coverages based on relevant factors such as historic health service consumption by members participating in the Plan, participation in wellness programs, and the projected Health Plan Costs for the upcoming Plan year (the
“Health Care Premiums”). The amount of employer contribution to Health Care Premiums for each employee at a Hotel shall be a Deduction for such Hotel, and Manager may periodically draw down from Gross Revenues for the Hotel
the amount of such employer contribution to Health Care Premiums as same become payable under the terms of the Plan. Manager shall establish an account into which all Health Care Premiums for the Plan shall be deposited and out of which Health Plan
Costs shall be paid (the “Plan Account”). Upon implementation of a Plan, Lessee shall initially fund into a reserve (the “Reserve Account”) a cash amount equal to fifteen percent (15%) of the
estimated Health Plan Costs for the first Plan year allocable to the Hotels (the “Plan Reserve”). Thereafter, Lessee shall be responsible to maintain the level of the Plan Reserve in an amount not less than ten percent
(10%) of the estimated Health Plan Costs allocable to the Hotels for the then current Plan year, as same may be adjusted from time to time during such Plan year (the “Minimum Plan Reserve Balance”). Manager may transfer
funds (a) from the Plan Reserve to the Plan Account if and as reasonably necessary to maintain at all times sufficient amounts in the Plan Account to pay Health Plan Costs when due and payable, and (b) from the Plan Account to the Plan
Reserve if Manager reasonably determines that the balance in the Plan Account (whether by deposit of Health Care Premiums or transfers from the Plan Reserve) exceeds that which is reasonably necessary to pay Health Plan Costs when due and payable.
If in any Plan year the balance in the Plan Reserve falls below the Minimum Plan Reserve Balance, including by reason of transfers of funds to the Plan Account or an increase in the estimated Health Plan Costs allocable to the Hotels for the then
current Plan year (the “Reserve Shortfall”), Lessee shall deposit into the Reserve Account the amount of the Reserve Shortfall within ten (10) days after receipt of Manager’s written request therefore. If Lessee
fails to timely deposit the Reserve 

  
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Shortfall, Manager shall have the right (without affecting Manager’s other remedies under this Agreement) to draw down from Gross Revenues for the Hotels the amount of the Reserve Shortfall.
If Gross Revenues are not sufficient to fund the Reserve Shortfall, Manager shall have the right to withdraw the amount of the Reserve Shortfall from the Operating Accounts, the Capital Improvements Reserves, Working Capital or any other funds of
Lessee held by or under the control of Manager for the Hotels. If at any time the balance in the Plan Reserve exceeds twenty percent (20%) of the estimated Health Plan Costs allocable to the Hotels for the then current Plan year, as same may be
adjusted from time to time during such Plan year, such excess amounts shall be returned to Lessee. Manager may elect in connection with the Plan to make contributions to health reimbursement accounts (HRA) or health savings accounts (HSA) maintained
for the benefit of employees (“HRA/HSA Fundings”). In the event Manager makes HRA/HSA Fundings for employees at a Hotel, such HRA/HSA Fundings shall be a Deduction for such Hotel and shall be treated hereunder in the same
manner as other Employee Costs and Expenses. 

 9.03 Manager’s Employees. It is expressly understood and agreed that all
such personnel employed at the Hotel, including the Manager’s acting General Manager for the Hotel, will be the employees of Manager for all purposes including, without limitation, federal, state and local tax and reporting purposes, but the
expense incurred in connection therewith will be a Deduction and for Lessee’s account. A General Manager’s compensation may be allocated to other Hotels on a fair and equitable basis if the General Manager oversees and supervises other
Hotel operations. Manager shall use such care when hiring any employees as may be common to the hospitality business and consistent with the Manager’s standards of operation. Lessee acknowledges and agrees that Manager, as the employer of the
Hotel’s employees, shall be entitled to all federal, state and/or local tax credits or benefits allowed to employers relating to the Hotel’s employees including, without limitation, the Work Opportunity Tax Credit, the Targeted Jobs Tax
Credit, and similar tax credits (provided that Manager shall pay all incremental fees, if applicable, to qualify for such tax credits). Manager, in accordance with the Annual Operating Budget, may draw down from Gross Revenues all costs and
expenses, of whatever nature, incurred in connection with such employees, including, but not limited to, wages, salaries, on-site staff, bonuses, commissions, fringe benefits, employee benefits, recruitment costs, workmen’s compensation and
unemployment insurance premiums, payroll taxes, vacation and sick leave (collectively, “Employee Costs and Expenses”). 

9.04 Special Projects - Corporate Employees. The costs, fees, compensation and other expenses of any persons engaged by Manager to perform
duties of a special nature, directly related to the operation of the Premises, including, but not limited to, in-house or outside counsel, accountants, bookkeepers, auditors, employment search firms, marketing and sales firms, and similar firms of
personnel, shall be operating expenses, payable from and consistent with the Annual Operating Budget and not the responsibility of the Manager. The costs, fees, compensation and other expenses of those personnel of Manager assigned to special
projects for the Hotel shall also be operating expenses payable by the Lessee and not the responsibility of Manager. The daily per diem rate for those personnel shall be based upon the actual costs of Manager in providing its personnel for such
special services or projects, without mark-up for fee 

  
 37 

 
or profit but including salary and employee benefit costs and costs of equipment used in performing such services, overhead costs, travel costs and long distance telephone. Such special services
shall include, but not be limited to, those matters which are not included within the scope of the duties to be performed by Manager hereunder and, if not provided by Lessee, would involve the Lessee’s engagement of a third party to perform
such services; for example, special sales or marketing programs, market reviews, assistance in opening new food and beverage facilities, legal services, accounting services, tax services, insurance services, data processing, engineering personnel,
and similar services. 
 9.05 Termination. At Termination, subject to Section 2.01 above, Lessee shall reimburse Manager
for costs and expenses incurred by Manager which arise out of either the transfer or termination of Manager’s employees at the Hotel, such as reasonable transfer costs, compensation in lieu of vacation and sick leave, severance pay (including a
reasonable allowance for severance pay for Executive Employees of the Hotel, the amount of such allowance not to exceed an amount equal to Manager’s then current severance benefits for such terminated Executive Employees, unless Lessee
otherwise approves), unemployment compensation, employer liability pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA liability) and the Worker Adjustment and Retraining Notification Act (WARN Act) and other employment liability
costs arising out of the termination of the employment of the Manager’s employees at the Premises (herein collectively called “Employee Related Termination Costs”). This reimbursement obligation shall not apply to any
corporate personnel of Manager assigned to the Hotel for special projects or who perform functions for Manager at the corporate level. In order to be reimbursable hereunder, any Employee Related Termination Costs must be pursuant to policies of
Manager which shall be consistent with those of other managers managing similar hotels in similar markets and geographical locations and which shall be subject to review and reasonable approval of Lessee from time to time upon Notice from Lessee and
which review and approval shall occur no more than one time during each Fiscal Year during the term of this Agreement. 
 At Termination, an
escrow fund shall be established from Gross Revenues (or, if Gross Revenues are not sufficient, with funds provided by Lessee) to reimburse Manager for all reimbursable Employee Related Termination Costs. 

Employee Related Termination Costs shall include Health Plan Costs allocable to the Hotels that become payable under a Plan following a
Termination. Manager shall be entitled to hold the balance of funds in the Plan Reserve to pay such Health Plan Costs as they become due for the following periods of time (the “Contingency Period”): (a) six
(6) months following Termination with respect to Health Plan Costs relating to claims incurred prior to Termination, and eighteen (18) months following Termination with respect to COBRA liability (or such earlier date upon which there are
no employees electing COBRA coverage relating to such Termination) (the “Contingent Costs”). In addition, in the event Manager reasonably determines that the balance of funds in the Plan Reserve is not sufficient to cover
Manager’s estimate of Contingent Costs, Lessee shall deposit into the Plan Account on or before the date of Termination or following a Termination, within ten (10) days after receipt of Manager’s written request therefore, the amount
that Manager reasonably determines is sufficient to cover Manager’s estimate of Contingent Costs (the “Contingent Shortfall”). If Lessee fails to timely 

  
 38 

 
deposit the Contingent Shortfall, Manager shall have the right (without affecting Manager’s other remedies under this Agreement) to draw down from Gross Revenues for the Hotels the amount of
the Contingent Shortfall. If Gross Revenues are not sufficient to fund the Contingent Shortfall, Manager shall have the right to withdraw the amount of the Contingent Shortfall from the Operating Accounts, the Capital Improvement Reserves, Working
Capital or any other funds of Lessee held by or under the control of Manager for the Hotel(s). Following the expiration of the Contingency Period for a Termination of this Agreement in its entirety, any balance remaining in the Plan Reserve shall be
returned to Lessee. 
 9.06 Employee Use of Hotel. Manager, in its discretion, may (i) provide lodging for Manager’s Executive
Employees and corporate staff visiting the Hotel in connection with the performance of Manager’s services hereunder and allow them the use of the facilities of the Hotel, and (ii) provide the management of the Hotel with temporary living
quarters within the Hotel and the use of all facilities of the Hotel, in either case at a discounted price or without charge, as the case may be. Manager shall, on a space available basis, provide lodging at the Hotel for Lessee’s employees,
officers and directors visiting the Hotel and allow them the use of all facilities of the Hotel in either case without charge, except for recreational facilities for which a charge will apply. 

9.07 Non-Solicitation. During the term of this Agreement and for a period of two (2) years thereafter, unless an Event of Default by
Manager exists under this Agreement beyond applicable grace or cure periods, or the Agreement has been terminated as a result of an uncured Event of Default by Manager, Lessee agrees that it (and its Affiliates) will not, without the prior written
consent of Manager, either directly or indirectly, alone or in conjunction with any other person or entity, (i) solicit or attempt to solicit any general manager (each a “General Manager” and, collectively,
“General Managers”) of the Hotel or any other hotels managed by Manager or any of Manager’s Executive Employees (collectively, the General Manager and Executive Employees are herein called the “Key
Employees”) to terminate, alter or lessen Key Employees’ employment or affiliation with Manager or to violate the terms of any agreement or understanding between any such Key Employee and Manager, as the case may be, or
(ii) employ, retain, or contract with any Key Employee. 
 ARTICLE X 

BUDGET, STANDARDS AND CONTRACTS 

10.01 Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to
Lessee for each Hotel, a budget (the “Annual Operating Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the
event of a partial first Fiscal Year, including a schedule of hotel room rentals and other rentals and a marketing and business plan for each Hotel, such budget to be substantially in the format of Exhibit “D” attached to the
Addendum for such Hotel. 
 10.02 Budget Approval. The Annual Operating Budget submitted to Lessee by Manager shall be subject to the
approval of Lessee (such approval not to be unreasonably withheld). The Annual Operating Budget shall not be deemed accepted by Lessee in the absence 

  
 39 

 
of its express written approval. Not later than thirty (30) days after receipt by Lessee of a proposed Annual Operating Budget (or such longer period as Lessee may reasonably request on
Notice to Manager), Lessee may deliver an AOB Objection Notice with reasonable detail to the Manager stating that Lessee objects to any information contained in or omitted from such proposed Annual Operating Budget and setting forth
the nature of such objections with reasonable specificity. Failure of Lessee to deliver an AOB Objection Notice shall be deemed rejection of the Manager’s proposed Annual Operating Budget in its entirety. Upon receipt of any AOB Objection
Notice, the Manager shall, after consultation with Lessee, modify the proposed Annual Operating Budget, taking into account Lessee’s objections, and shall resubmit the same to Lessee for Lessee’s approval within fifteen (15) days
thereafter, and Lessee may deliver further AOB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue until the proposed Annual
Operating Budget in question is accepted and consented to by Lessee). Notwithstanding anything to the contrary set forth herein, Lessee shall have the right at any time subsequent to the acceptance and consent with respect to any Annual Operating
Budget, on Notice to the Manager, to revise such Annual Operating Budget or to request that the Manager prepare for Lessee’s approval a revised Annual Operating Budget (with the approval of Manager, such approval not to be unreasonably
withheld), taking into account such circumstances as Lessee deems appropriate; provided, however, that the revision of an Annual Operating Budget shall not be deemed a revocation of the Manager’s authority with respect to such actions as the
Manager may have already taken prior to receipt of such revision notice in implementing a previously approved budget or plan. Lessee and Manager acknowledge and agree that the Annual Operating Budgets are merely forecasts of operating revenues and
expenses for an ensuing year and shall be revised, by agreement of Lessee and Manager, from time to time as business and operating conditions shall demand. However, Manager shall use its reasonable best efforts to operate the Premises in accordance
with the Annual Operating Budget. The failure of the Hotel to perform in accordance with such Annual Operating Budget shall not constitute a default by Manager of this Agreement, however, the Lessee has a right to terminate this Agreement with
respect to a Subject Hotel if such Subject Hotel fails to satisfy the Performance Test as set forth in Section 2.03(c) above. 

10.03 Operation Pending Approval. If the Annual Operating Budget (or any component thereof) has not yet been approved by Lessee prior to any
applicable Fiscal Year, then, until approval of such Annual Operating Budget (or such component) by Lessee, Manager shall operate the Hotel substantially in accordance with the prior year’s Annual Operating Budget except for (a) those
components of the Annual Operating Budget for the applicable Fiscal Year approved by Lessee, (b) the Necessary Expenses which shall be paid as required, (c) the Emergency Expenses which shall be paid as required, and (d) those
expenses that vary in correlation with Gross Revenues and/or occupancy in the aggregate. 
 10.04 Budget Meetings. At each budget meeting
and at any additional meetings during a Fiscal Year reasonably called by Lessee or Manager, Manager shall consult with Lessee on matters of policy concerning management, sales, room rates, wage scales, personnel, general overall operating
procedures, economics and operation and other matters affecting the operation of the Hotel. 

  
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 ARTICLE XI 

OPERATING DISTRIBUTIONS 
 11.01
Management Fee. As consideration for the services to be rendered by Manager pursuant to this Agreement as manager and operator of the Premises, Manager shall be paid the following Base Management Fee and Incentive Management Fee (as such terms are
hereinafter defined), collectively called the “Management Fee”, for each Hotel on a property by property basis as follows: 
  

	 	A.	Base Management Fee. The base management fee (“Base Management Fee”) shall be equal to the greater of (i) $12,673.48 (to be increased annually based on any increases in CPI
over the preceding annual period), or (ii) three percent (3%) of the Gross Revenues for each Accounting Period, to be paid monthly in arrears. If this Agreement shall commence or expire on other than the first and last day of a calendar
month, respectively, the Base Management Fee shall be apportioned based on the actual number of days of service in the month. 

  

	 	B.	Incentive Fee. The incentive fee (the “Incentive Fee”) shall be equal to the lesser of (i) one percent (1%) of Gross Revenues for each Fiscal Year and (ii) the amount
by which the actual House Profit exceeds the Budgeted HP determined on a property by property basis (“HP Test”). The Incentive Fee shall be payable annually in arrears within ninety (90) days after the end of each Fiscal
Year; provided, however, if based on actual operations and revised forecasts from time to time, it is reasonably anticipated that the Incentive Fee is reasonably expected to be earned for such Fiscal Year, Lessee shall reasonably consider payment of
the Incentive Fee, pro-rata on a quarterly basis, within twenty (20) days following the end of each calendar quarter, subject to final adjustment within ninety (90) days following the end of the Fiscal Year. 

11.02 Accounting and Interim Payment. 
  

	 	A.	Manager shall submit monthly, pursuant to Section 15.02, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross Operating Profit and Net Operating Income before Debt
Service. 

  

	 	B.	Calculations and payments of the Base Management Fee made with respect to each Accounting Period shall be made on an interim accounting basis and shall be accounted for cumulatively for each Fiscal Year. After the end
of each Fiscal Year, Manager shall submit to Lessee an accounting for such Fiscal Year, consistent with Section 15.03, which accounting shall be controlling over the interim accountings. Any adjustments required by the Fiscal Year
accounting shall be made promptly by the parties. 

  

	 	C.	The Incentive Fee shall only be calculated and earned based upon the House Profit achieving the required HP Test for any given Fiscal Year or a portion thereof if the period of calculation cannot include the full period
from January 1 to December 31. 

  
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	 	D.	If Lessee raises no objection for any reason (excluding fraud) within one (1) year from the receipt of annual accounting statements as provided herein (or for fraud within any applicable statute of limitations
period, and if no statute of limitations period exists, then in no event to exceed four (4) years from receipt of annual accounting statements as provided herein), such accounting shall be deemed to have been accepted by Lessee as true and
correct, and Lessee shall have no further right to question its accuracy. Manager will provide Lessee profit and loss statements for the current period and year-to-date, including actual, budget and last year comparisons, as required by
Section 15.03. 

 ARTICLE XII 

INSURANCE 
 12.01 Insurance.
Manager shall coordinate with Lessee, at all times during any period of development, construction, renovation, furnishing and equipping of the Premises, the procurement and maintenance in amount and scope as available and market for the hotel
lodging industry for hotels of similar type and in similar markets and geographical locations as the Hotel, public liability and indemnity and property insurance with minimum limits of liability as required by Lessee, the Landlords, any Holder, or
Franchisors, if applicable, to protect Lessee, Landlord, Manager, any Holder, and any Franchisor, if applicable, against loss or damage arising in connection with the development, construction, renovation, furnishing and equipping of the Premises
(and pre-opening activities, if applicable), including, without limitation, the following: 
 12.01.1. Extended
Coverage, Boiler, Business Interruption and Liability Insurance. 
 (a) Building insurance on the “Special
Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessee) in an amount not less than 100% of the then “full replacement cost” thereof (as defined below)
or such other amount which is acceptable to Lessee, and personal property insurance on the “Special Form” in the full amount of the replacement cost thereof; 

(b) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or
hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary or as may be reasonably requested by Lessee from time to time; 

(c) Loss of income insurance on the “Special Form”, in the amount of one year of the sum of Base Rent plus
Percentage Rent (as such terms are defined in and as determined pursuant to the Leases) for the benefit of Landlords, and business interruption insurance on the “Special Form” in the amount of one year of Gross Operating Profit, for
the benefit of Lessee. All loss of income insurance proceeds shall be part of Gross Revenues; 
 (d) Commercial general
liability insurance, with amounts not less than $1,000,000 combined single limit for each occurrence and $2,000,000.00 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with

  
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limited of at least $35,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general
aggregate, products and completed operations, and “all risk legal liability” (including liquor law or “dram shop” liability if liquor or alcoholic beverages are served at the Hotel); 

(e) Automobile insurance on vehicles operating in conjunction with the Hotel with limits of liability of at least $1,000,000.00
combined, single limit coverage; and 
 (f) Insurance covering such other hazards and in such amounts as may be customary for
comparable properties in the area of the Hotel and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State where the Hotel is located at rates which are economically practicable in
relation to the risks covered as may be reasonably requested by Lessee and otherwise consistent with the costs allocated therefor in the Annual Operating Budget. 

12.01.2. Operational Insurance. 

(a) Workers’ compensation and employer’s liability insurance as may be required under Legal Requirements and as
Manager may deem reasonably prudent covering all of Manager’s employees at the Premises, with such deductible limits or self-insured retentions as may be reasonably established from time to time by Manager; 

(b) Fidelity bonds, with limits and deductibles as may be reasonably requested by Lessee, covering Manager’s employees in
job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; and 

(c) Such other insurance in amounts as Manager in its reasonable judgment deems advisable for its protection against claims,
liabilities and losses arising out of or connected with its performance under this Agreement, and otherwise consistent with the costs allocated therefor in the Annual Operating Budget. 

12.02 Replacement Cost. The term “full replacement cost” as used herein shall mean the actual replacement cost of the
Hotel requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party to this Agreement believes that full replacement cost (the
then-replacement cost less such exclusions) has increased or decreased at any time during the Term, it shall have the right to have such full replacement cost re-determined. 

12.03 Increase in Limits. If either party to this Agreement at any time deems the limits of the personal injury or property damage under the
comprehensive commercial general liability insurance then carried to be either excessive or insufficient, such parties shall endeavor in good faith to agree on the proper and reasonable limits for such insurance to be carried and such insurance
shall thereafter be carried with the limits thus agreed on until further change pursuant to the provisions of this Section. 

  
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 12.04 Blanket Policy. Notwithstanding anything to the contrary contained in this Article
XII, Manager may include the insurance required hereunder within the coverage of a so-called blanket policy or policies of insurance carried and maintained by Manager; provided, however, that the coverage afforded to the parties as required
herein will not be reduced or diminished or otherwise be different from that which would exist under a separate policy meeting all other requirements of this Agreement by reason of the use of such blanket policy of insurance, and provided further
that the requirements of this Article XII are otherwise satisfied. 
 12.05 Costs and Expenses. Insurance premiums and any
costs or expenses with respect to the insurance, including, without limitation, agent’s and consultant’s costs used to place insurance or adjust claims, shall be Deductions. Premiums on policies for more than one year shall be charged
pro-rata against Gross Revenues over the period of the policies and to the extent, through blanket policies, cover other hotels managed by Manager or owned by Lessee or any of its Affiliates, shall be allocated based on rooms, number of employees,
values or other methods as determined to be reasonable by Manager and Lessee. Any reserves, losses, costs, damages or expenses which are uninsured, self-insured, or fall within deductible limits shall be treated as a cost of insurance and shall be
Deductions, subject to Article XXV. 
 12.06 Policies and Endorsements. 

 

	 	A.	Where permitted, all insurance provided for under this Article XII shall name Lessee as insured, and Manager, any Holder, the Landlords, and, if required, the Franchisors, as additional insureds. The party
procuring such insurance shall deliver to the other party certificates of insurance with respect to all policies so procured, including existing, additional and renewal policies and, in the event of insurance about to expire, shall deliver
certificates of insurance with respect to the renewal policies not less than ten (10) days prior to the respective dates of expiration. 

  

	 	B.	All policies of insurance provided for under this Article XII shall, to the extent obtainable, be with insurance companies licensed or authorized to do business in the state in which the Premises are
located, with a minimum rating of A or better in the Best’s Insurance Guide and an S&P rating of at least A+V (or such higher rating if so required by any Holder, Landlord or Franchisor), and shall have attached thereto an endorsement that
such policy shall not be cancelled or materially changed without at least thirty (30) days’ (and for Texas Hotels, ten (10) days’) prior written notice to Lessee. All insurance policies obtained pursuant to this Article
XII shall contain a standard waiver of subrogation endorsement. 

 12.07 Termination. Upon Termination of this
Agreement, an escrow fund in an amount reasonably acceptable to Manager shall be established from Gross Revenues (or, if Gross Revenues are not sufficient, with funds provided by Lessee) to cover the amount of any costs which, in Manager’s
reasonable business judgment, will likely need to be paid by either Lessee or Manager with respect to pending or contingent claims, including those which arise after Termination for causes arising during the Term of this Agreement. Upon the final
disposition of 

  
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all such pending or contingent claims, any unexpended funds remaining in such escrow shall be paid to Lessee. 

ARTICLE XIII 
 TAXES AND DEBT
SERVICE 
 13.01 Taxes. 

(a) All real estate and ad valorem property taxes, assessments and similar charges on or relating to the Premises during the
Term of this Agreement shall be paid by Manager, on behalf of Lessee, before any fine, penalty, or interest is added thereto or lien placed upon the Premises, unless payment thereof is stayed. All such payments shall be reserved and paid from Gross
Revenues and treated as Deductions in determining Net Operating Income. Gross Revenues reserved for such purposes shall be placed in an escrow account or accounts established pursuant to the requirements of any applicable Holder. Interest earned in
said account attributable to funds deposited pursuant to this Agreement shall be added to such reserve, thereby reducing the amount required to be placed in the account from Gross Revenues. 

(b) Notwithstanding the foregoing, upon Lessee’s request, Manager shall, as a Deduction, contest the validity or the
amount of any such tax or assessment. Lessee agrees to cooperate with Manager and execute any documents or pleadings required for such purpose, provided that Lessee is satisfied that the facts set forth in such documents or pleadings are accurate
and that such execution or cooperation does not impose any unreasonable obligations on Lessee, and Lessee agrees to reimburse Manager as a Deduction for all expenses occasioned to Manager by any such contest, provided that such expenses shall be
approved by Lessee prior to the time that they are incurred. 
 13.02 Debt Service; Ground Lease Payments. In the event of a Hotel Mortgage
and/or Ground Lease and upon direction of Lessee, Manager shall establish an account (the “Property Service Account”) to pay Debt Service and/or Ground Lease Payments in such periodic payments as required by any applicable
Holder under any applicable Hotel Mortgage and/or landlord under any Ground Lease. The Property Service Account shall be funded by Landlord under the Lease from funds paid by Landlord to Lessee. In the event sufficient funds are unavailable for the
payment of Debt Service and/or Ground Lease Payments from the Property Service Account, then Manager shall notify Lessee in writing of such insufficiency who shall in turn advise the Landlord under the applicable Lease to replenish the Property
Service Account to provide funds for payment of Debt Service and/or Ground Lease Payments. 
 ARTICLE XIV 

BANK ACCOUNTS 
 All funds made
available to Manager by Lessee for operations of the Premises, exclusive of those amounts described in Article VIII, shall be deposited into a banking checking account or accounts to be established in the name of Lessee (the
“Operating Account”), consistent with the requirements of any Cash Management Agreements, if any. The Operating Account shall be interest bearing when possible. Subject to the limitation of Manager’s authority

  
 45 

 
set forth herein, both Manager and Lessee shall be authorized to withdraw funds from said Operating Account, except that Lessee may withdraw funds from said account only if an Event of Default by
Manager has occurred under this Agreement or an event has occurred that with the passage of time might be an Event of Default by Manager. Prior to any such withdrawal by Lessee, Lessee shall provide Notice of same to Manager, and Manager shall not
be liable to Lessee for any checks written by Manager for operating expenses which are returned due to insufficient funds caused by such Lessee withdrawal. From time to time both Manager and Lessee shall designate signatory parties on such account
and shall provide written notice of such designation or change in designation to the other party, and the signatures of such persons shall be formally and expressly recognized by the bank in which such account or accounts are maintained. The bank or
banks to be utilized shall be selected and approved by Lessee and Manager. All monies received shall be deposited in, including, but not limited to, Gross Revenues, and expenses paid, including, but not limited to, Deductions, shall be paid from
such bank checking account(s) except that Manager shall have the right to maintain payroll and petty cash funds and to make payments therefrom as the same are customary and utilized in the lodging business. Such funds shall not be commingled with
Manager’s funds. Lessee shall have the right, at its expense, to audit said account or accounts at any reasonable time. 
 Manager may
establish one or more separate bank accounts for handling payroll costs in the name of Lessee. Such accounts shall be in a bank selected by Manager and approved by Lessee, and shall be handled exclusively by the individuals designated by Manager and
approved in writing by Lessee. Funds shall be deposited in the payroll account or accounts from the Operating Account, as needed, in order to meet payroll requirements. 

Until otherwise prescribed by Lessee in writing, the Operating Account shall be under the control of Manager, without prejudice, however, to
Manager’s obligation to account to Lessee as and when provided herein. All receipts and income, including without limitation, Gross Revenues shall be promptly deposited in the Operating Account. Checks or other documents of withdrawal shall be
signed only by the individual representatives of Manager approved in writing by Lessee and duly recognized for such purpose by the bank or banks in which the referenced accounts are maintained. Manager shall supply Lessee with fidelity bonds or
other insurance insuring the fidelity of authorized signatories to such accounts, unless said bonds or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company to Lessee. The cost of such fidelity
bonds or other insurance shall be a Deduction, at Lessee’s expense, and subject to Lessee’s approval. Neither Lessee nor Manager shall be responsible for any losses occasioned by the failure or insolvency of the bank or banks in which the
referenced accounts are maintained. Upon expiration or termination of this Agreement for the Hotel and the payment to Manager of all amounts due Manager hereunder upon such expiration or termination, as provided in this Agreement, all remaining
amounts in the referenced accounts shall be transferred forthwith to Lessee, or made freely available to Lessee. 
 Manager shall not be
required to advance funds, and Manager shall not be obligated to incur any liability or obligation for Lessee’s account, without assurance that necessary funds for the discharge thereof will be provided by Lessee. 

  
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 All reserve accounts established pursuant to this Agreement shall be placed in segregated
interest-bearing accounts in the name of Lessee which interest shall be added to such reserve and serve to reduce the amount required to be placed in such reserve account. 

ARTICLE XV 
 ACCOUNTING SYSTEM 

15.01 Books and Records. Manager shall maintain an adequate and separate accounting system in connection with its management and operation of
the Premises. The books and records shall be kept in accordance with GAAP and the Uniform System of Accounts (to the extent consistent with GAAP) and shall be maintained at all times either on the Premises, at the principal office of the Manager, or
in storage, for at least three (3) years after the Fiscal Year to which the books and records relate. Lessee, the beneficial owners of Lessee, the Landlords (to the extent permitted under the Leases), any Holder (to the extent permitted under
the Hotel Mortgage), any Franchisor (to the extent permitted under any applicable Franchise Agreement), or their respective employees or duly authorized agents, shall have the right and privilege of examining and inspecting the books and records at
any reasonable time. Upon termination of this Agreement for a Hotel, all such books and records shall be turned over to Lessee so as to insure the orderly continuance of the operation of the Hotel; provided however, that all such books and records
thereafter shall be available to Manager at the Hotel at all reasonable times for inspection, audit, examination and copying for a period of three (3) years. 

15.02 Monthly Financial Statements. Within twenty-five (25) days following each Accounting Period, Manager shall furnish Lessee with
respect to the Hotel an accrual basis balance sheet on Manager’s standard format in reasonable detail, together with a reasonably detailed accrual basis profit and loss statement for the calendar month next preceding and with a cumulative
calendar year accrual basis profit and loss statement to date, including a comparison to the Annual Operating Budget and the Capital Improvements Budget and a statement of cash flows for each monthly and cumulative period for which a profit and loss
statement is prepared. Further, from time to time as reasonably requested by Lessee, Manager shall provide a statement of bank account balances, an allocation to reserve accounts, a sources and uses statement, a narrative discussing any of the
aforementioned reports and material variances from the Annual Operating Budget and the Capital Improvements Budget, such other reports and financial statements as Lessee may reasonably request and as are customarily provided by managers of similar
hotel properties in the area of the Hotel without Manager receiving additional fees to provide same. 
 15.03 Annual Financial Statements.
Within forty-five (45) days after the end of each Fiscal Year, Manager shall furnish to Lessee year-end financial statements for the Hotel (including a balance sheet, income statement and statement of sources and uses of funds) which statements
shall be unaudited and shall be prepared in accordance with GAAP and the Uniform System of Accounts (to the extent consistent with GAAP). Lessee will engage an independent national certified public accounting firm with hospitality experience and
reasonably acceptable to Lessee to provide audited annual financial statements. Manager shall cooperate in all respects with such accountant in the preparation of such statements, including the delivery of any

  
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financial information generated by Manager pursuant to the terms of this Agreement and reasonably required by the Lessee’s accountant to prepare such audited financial statements. 

ARTICLE XVI 
 PAYMENT BY LESSEE

 16.01 Payment of Base Management Fee. On the fifth (5th) day of each month during the term of this Agreement, Manager shall be paid
out of the Operating Account, the Base Management Fee for the preceding Accounting Period, as determined from the books and records referred to in Article XV. 

16.02 Distributions. Subject to retention of Reasonable Working Capital (including any amounts as required by the Capital Improvement Budget)
and retention of such reserves as may be required under any Hotel Mortgage and/or Ground Lease, as applicable, Manager shall deliver to Lessee from the Operating Account, any excess Working Capital for the preceding Accounting Period on the 25th day
of the following month, and such amounts of Lessee’s money in the possession or under the control of Manager as Lessee shall from time to time request. For purposes of this Article “Reasonable Working Capital” shall mean
an amount reasonably determined by Manager at the same time as the monthly financial statements are prepared pursuant to Section 15.02 hereof, but in no event to exceed a sum equal to a ratio of current assets to current
liabilities of 2:1 (but excluding from such calculation cash restricted or unavailable under any Cash Management Agreement). 
 16.03
Payment Option. Management Fees shall be paid in cash, except that subject to the requirements of Section 5.02.6 and Section 28.08 Manager may request, no later than thirty (30) days prior to the payment
due date, by Notice to Lessee (such request to be subject to the approval of a majority of the Independent Directors of AHP, in their sole discretion, and to any applicable restrictions of a national securities exchange (including NASDAQ NMS and
NASDAQ Small Cap) and to federal and state securities laws), payment of up to one-third (1/3rd) of its Base Management Fee and up to one hundred percent (100%) of its Incentive Fee, in
the form of shares of common stock of AHP priced at the “Strike Price,” or in the form of stock options priced in accordance with the “Black-Scholes Model” (the “Payment Option Request”), as follows: 

 

	 	A.	 Common Stock at “Strike Price”. The number of shares of common stock of AHP to be issued in lieu of the applicable Base
Management Fees and/or Incentive Fee as noted in the Payment Option Request (the “Designated Fees”) shall be based upon the “Strike Price” of such common stock determined as follows: The term “Strike
Price” shall be and mean the amount obtained (rounded upward to the next highest cent) by determining the simple average of the daily closing price of the common stock of AHP for the twenty (20) trading days ending on the last
trading day of the calendar week immediately preceding the applicable payment due date on the New York Stock Exchange or, if the shares of such common stock are not then being traded on the New York Stock Exchange, then on the principal stock
exchange (including without limitation NASDAQ NMS or NASDAQ Small Cap) on which such common stock is then 

  
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listed or admitted to trading as determined by AHP or, if such common stock is not then so listed or admitted to trading the average of the last reported closing bid and asked prices on such days
in the over-the-counter market or, if no such prices are available, the fair market value per share of such common stock, as determined by a majority of the Independent Directors of AHP in their sole discretion. The Strike Price shall not be subject
to any adjustment as a result of the issuance of any additional shares of common stock by AHP for any purpose, except for stock splits (whether accomplished by stock dividends or otherwise) or reverse stock splits occurring during the 20 trading
days referenced in the calculation of the Strike Price. Upon determination of the Strike Price for such common stock (and provided payment in the form of common stock has been approved by the board of directors of AHP), AHP agrees to issue to
Manager the number of shares of common stock in AHP determined by dividing the Designated Fees by the Strike Price per share of common stock, and any balance remaining shall be paid to Manager in cash. 

 

	 	B.	Options based on Black-Scholes Model. The number of stock options to be issued in lieu of the Designated Fees shall be based upon the “Black-Scholes Model” as follows: The term
“Black-Scholes Model” means the Black-Scholes model for valuing the “fair value” of an option calculated based on historical data and calculated probabilities of future stock prices, reasonably applied. Upon
determination of the value of an option on the date such options are to be issued, as determined using the Black-Scholes Model (the “Black-Scholes Amount”), provided payment in the form of options has been approved by the
board of directors of AHP, AHP agrees to issue to Manager the number of options for common stock of AHP determined by dividing the Designated Fees by the Black-Scholes Amount per option, and any balance remaining shall be paid to Manager in cash.
The “Strike Price” for any option (which must be exercised within ten (10) years of issuance), shall have the meaning of the term “Strike Price” as used in subparagraph A above. 

ARTICLE XVII 
 RELATIONSHIP AND
AUTHORITY 
 Lessee and Manager shall not be construed as partners, joint venturers or as members of a joint enterprise and neither shall
have the power to bind or obligate the other except as set forth in this Agreement. Nevertheless, Manager is granted such authority and power as may be reasonably necessary for it to carry out the provisions of this Agreement. This Agreement, either
alone or in conjunction with any other documents, shall not be deemed to constitute a lease of any portion of the Premises. Nothing contained herein shall prohibit or restrict Manager or any affiliate of Manager from operating, owning, managing,
leasing or constructing any hotel of any nature or description which may in any manner compete with that of the Premises, except as otherwise set forth in the Mutual Exclusivity Agreement; provided that Manager agrees to comply with the conflicts
policies of AHP. Except as otherwise expressly provided in this Agreement, (a) all debts and liabilities to third persons incurred by Manager in the course of its operation and management of the Hotel in accordance with the

  
 49 

 
provisions of this Agreement shall be the debts and liabilities of Lessee only, and (b) Manager shall not be liable for any such obligations by reason of its management, supervision,
direction and operation of the Hotel as agent for Lessee. Manager may so inform third parties with whom it deals on behalf of Lessee and may take any other reasonable steps to carry out the intent of this paragraph. 

ARTICLE XVIII 
 DAMAGE,
CONDEMNATION AND FORCE MAJEURE 
 18.01 Damage and Repair. If, during the Term hereof, a Hotel is damaged or destroyed by fire, casualty, or
other cause, Lessee shall, subject to the requirements of the applicable underlying Lease, repair or replace the damaged or destroyed portion of the Hotel to the same condition as existed previously. In the event the underlying Lease relating to
such damaged Hotel is terminated pursuant to the provisions of such Lease, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days’ Notice from the date of such damage or destruction, in which case this
Agreement shall then terminate with respect to such Hotel sixty (60) days from the date of such notice and neither party shall have any further rights, obligations, liabilities or remedies one to the other hereunder with respect to such Hotel,
except as otherwise provided in Article II (provided that no termination fees shall be payable by Lessee pursuant to Article II) and Section 18.04. If this Agreement remains in effect with respect to
such damaged Hotel and the damage does not result in a reduction of Gross Revenues at such Hotel, the Management Fee will be unabated. If however, this Agreement remain in effect with respect to such Hotel, but the damage does result in a reduction
of Gross Revenues at such Hotel, Lessee shall be entitled to partial, pro rata abatement with respect to the Management Fee until such time as such Hotel is restored. 

18.02 Condemnation. 
  

	 	A.	In the event all or substantially all of a Hotel shall be taken in any eminent domain, condemnation, compulsory acquisition, or similar proceeding by any competent authority for any public or quasi-public use or
purpose, this Agreement shall terminate with respect to such Hotel, subject to the requirements of the applicable underlying Lease. However, in any event of such termination, Lessee shall give Manager at least fifteen (15) days prior Notice of
such termination. In the event of such termination, neither party shall have any further rights, remedies, obligations or liabilities one to the other hereunder with respect to such Hotel except as otherwise provided in Article II
above (provided that no termination fees shall be payable by Lessee pursuant to Article II). 

  

	 	B.	 If a portion of the Premises shall be taken by the events described in Section 18.02A or the entire Premises are temporarily
affected, the result of either of which is not to make it, in the reasonable business judgment of Lessee, unreasonable to continue to operate the applicable Hotel, subject to the requirements of the applicable underlying Lease, this Agreement shall
not terminate with respect to such Hotel. However, so much of any award for any such partial taking or condemnation shall be made available to the extent 

  
 50 

	 	
necessary to render the applicable Premises equivalent to its condition prior to such event and the balance shall be paid to Lessee or the Holder, if required by any Hotel Mortgage covering the
Premises. 

 18.03 Force Majeure. If an event of Force Majeure directly involves a Hotel and has a significant adverse effect
upon the continued operations of such Hotel, then Lessee shall be entitled to terminate this Agreement with respect to the applicable Hotel by written Notice within sixty (60) days from the date of such Force Majeure, and this Agreement shall
then terminate with respect to the applicable Hotel sixty (60) days from such notice, in which event neither Lessee nor Manager shall have any further rights, remedies, obligations or liabilities, one to the other, hereunder, with respect to
the applicable Premises except as otherwise provided in Article II (provided that no termination fees shall be payable by Lessee pursuant to Article II). 

18.04 Liquidated Damages if Casualty. 
  

	 	A.	Omitted. 

  

	 	B.	Casualty of a Hotel. Notwithstanding anything contained in this Agreement to the contrary, if any Hotel is damaged pursuant to a casualty as set forth in Section 18.01 hereof within the
first year of the initial 10-year term for such Hotel, and Lessee elects, for any reason, not to rebuild such Hotel, Lessee agrees to pay Manager (provided there does not then exist an Event of Default by Manager beyond any applicable cure periods),
a termination fee, if any, that would be owed if such hotel were then sold, as set forth in Section 2.03(a)(i) above. However, if after the first year of the initial 10-year term for a Hotel, such Hotel is damaged and Lessee
elects not to rebuild such hotel even though sufficient casualty proceeds are available to do so, then Lessee will pay to Manager a termination fee (provided there does not then exist an Event of Default by Manager beyond any applicable cure
periods), equal to the product obtained by multiplying (i) 65% of the aggregate Base Management Fee and Incentive Fee estimated to be paid Manager budgeted in the Annual Operating Budget applicable to such Hotel (but in no event less than the
Base Management Fee and Incentive Fee for the preceding full Fiscal Year) by (ii) nine (9). 

 Payment of the termination
fees set forth in this Section 18.04 shall be subject to Section 2.03(d) above with respect to liquidated damages. 

18.05 No Liquidated Damages if Condemnation or Force Majeure. No liquidated damages shall be payable in the event of a condemnation relating
to a Hotel, provided that Manager shall be entitled to seek recovery from the condemning authority for its loss of contract and this Agreement shall not terminate for that purpose. No liquidated damages shall be payable by Lessee as a result of its
termination of this Agreement as to a Hotel pursuant to Section 18.03 (Force Majeure). 

  
 51 

 ARTICLE XIX 

DEFAULT AND TERMINATION 
 19.01
Events of Default. The following shall constitute events of default (each an “Event of Default”): 
  

	 	A.	The filing of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law by Lessee or Manager; 

 

	 	B.	The consent to any involuntary petition in bankruptcy or the failure to vacate, within ninety (90) days from the date of entry thereof, any order approving an involuntary petition by Lessee or Manager;

  

	 	C.	The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating Lessee or Manager as bankrupt or insolvent, or approving a petition seeking
reorganization or appointing a receiver, trustee, or liquidator of all or a substantial part of such party’s assets, and such order, judgment or decree continues unstayed and in effect for any period of ninety (90) days or more;

  

	 	D.	The appointment of a receiver for all or any substantial portion of the property of Lessee or Manager; 

  

	 	E.	The failure of Lessee or Manager to make any payment required to be made in accordance with the terms of this Agreement within ten (10) days after receipt of Notice, specifying said default with reasonable
specificity, when such payment is due and payable; or 

  

	 	F.	The failure of Lessee or Manager to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions set forth in this Agreement, and the continuance of such default for a period of thirty
(30) days after written notice of said failure; provided, however, if such default cannot be cured within such thirty (30) day period and Lessee or Manager, as the case may be, commences to cure such default within such thirty
(30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended so long as it shall require Lessee or Manager, as the case may be, in the exercise of due diligence to
cure such default, it being agreed that no such extension (including the original 30 day cure period) shall be for a period in excess of one hundred twenty (120) days. 

 

	 	G.	The Manager does not qualify as an Eligible Independent Contractor. 

 19.02 Consequence of
Default. Upon the occurrence of any Event of Default, the non-defaulting party may give the defaulting party Notice of intention to terminate this Agreement (after the expiration of any applicable grace or cure period provided in
Section 19.01), and upon the expiration of thirty (30) days from the date of such notice, this Agreement shall terminate, whereupon the non-defaulting party shall be entitled to pursue all of its rights and remedies, at

  
 52 

 
law or in equity, under this Agreement (including, without limitation, any indemnity obligations which shall survive termination of this Agreement) and any other rights and remedies available
under Legal Requirements except as otherwise expressly limited by the terms of Article II. Notwithstanding the foregoing, in the event that an Event of Default is applicable to one or more of the Hotels but not all of the Hotels, such
termination shall only be as to such applicable Hotel(s). 
 ARTICLE XX 

WAIVER AND INVALIDITY 
 20.01
Waiver. The failure of either party to insist upon a strict performance of any of the terms or provisions of this Agreement or to exercise any option, right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for
the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force and effect. No waiver by either party of any term or provision hereof shall be deemed to have been made unless expressed in writing and
signed by such party. 
 20.02 Partial Invalidity. In the event that any portion of this Agreement shall be declared invalid by order,
decree or judgment of a court, this Agreement shall be construed as if such portion had not been inserted herein except when such construction would operate as an undue hardship on the Manager or Lessee or constitute a substantial deviation from the
general intent and purpose of said parties as reflected in this Agreement, in which event it shall be terminated. 
 ARTICLE XXI 

ASSIGNMENT 
 Subject to the
requirements of any Hotel Mortgage, Franchise Agreement, Ground Lease or any of the Leases, neither party shall assign or transfer (by operation of law or otherwise) or permit the assignment or transfer of this Agreement without the prior written
consent of the other (which may be withheld in its sole discretion) and any such prohibited assignment or transfer shall be null and void; provided, however, that Manager shall have the right, without such consent, to assign its interest in this
Agreement to any “Manager Affiliate Entity”, provided such Manager Affiliate Entity qualifies as an Eligible Independent Contractor as of the date of such transfer. The term “Manager Affiliate Entity” shall mean any
entity controlled directly or indirectly by (i) Archie Bennett, Jr. and/or Monty Bennett, (ii) family partnerships or trusts (the sole members or beneficiaries of which are at all times lineal descendants of Archie Bennett, Jr. or Monty
Bennett (including step-children) and spouses of any of the foregoing), or (iii) by lineal descendants of Archie Bennett, Jr. or Monty Bennett (including step-children) and spouses of any of the foregoing. For purposes hereof,
“controlled” shall mean (i) the possession, directly or indirectly of a majority of the voting power and capital stock or ownership interest of such entity, or (ii) the power to direct or cause the direction of the management and
policies of such entity in the capacity of chief executive officer, president, chairman, or other similar capacity where they are actively engaged and/or involved in providing such direction or control and spend a substantial amount of time managing
such entity. Any such permitted assignee shall be deemed to be the Manager for purposes of this Agreement 

  
 53 

 
provided such assignee assumes all of Manager’s future obligations under this Agreement pursuant to an assumption agreement reasonably acceptable to Lessee. Any and all such assignments,
however, shall at all times be subject to the prior right, title and interest of Lessee with respect to the Premises. An assignment by Manager or any permitted assignee of its interest in this Agreement, shall not relieve Manager or any such
permitted assignee, as the case may be, from their respective obligations under this Agreement, and shall inure to the benefit of, and be binding upon, their permitted successors and assigns. For purposes of this Article XXI any change
in the ownership of the Manager or other event that would cause the Manager to fail to be a Manager Affiliate Entity shall be deemed to be a transfer of this Agreement, prohibited by this Article XXI unless first consented to in
writing by Lessee. 
 ARTICLE XXII 

NOTICES 
 All notices, demands,
elections, or other communications that any party this Agreement may desire or be required to be given hereunder shall be in writing and shall be given by hand, by depositing the same in the United States mail, first class, postage prepaid,
certified mail, return receipt requested, or by a recognized overnight courier service providing confirmation of delivery, to the addresses set forth below, or at such address as may be designated by the addressee upon written notice to the other
party, (herein called “Notice”). 
  

			
	To Lessee:	  	Ashford Prime TRS Corporation (or its specified designee set forth in an Addendum)
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: Chief Financial Officer
		  	Fax: (972) 490-9605
		
	With a copy to:	  	Ashford Hospitality Prime Limited Partnership
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: General Counsel
		  	Fax: (972) 490-9605
		
	To Manager:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway, Suite 1150
		  	Dallas, Texas 75254
		  	Attn: Monty Bennett
		  	Fax: (972) 980-2705

  
 54 

			
	With a copy to:	  	Remington Lodging & Hospitality, LLC
		  	14185 Dallas Parkway, Suite 1150
		  	Dallas, Texas 75254
		  	Attn: Legal Department
		  	Fax: (972) 490-9605
		
	To the Landlords:	  	c/o Ashford Hospitality Prime Limited Partnership
		  	14185 Dallas Parkway, Suite 1100
		  	Dallas, Texas 75254
		  	Attn: General Counsel
		  	Fax: (972) 490-9605

 All notices given pursuant to this Article XXII shall be deemed to have been given (i) if
delivered by hand on the date of delivery or on the date that delivery was refused by the addressee, or (ii) if delivered by certified mail or by overnight courier, on the date of delivery as established by the return receipt or courier service
confirmation (or the date on which the return receipt or courier service confirms that acceptance of delivery was refused by the addressee). 

ARTICLE XXIII 
 SUBORDINATION;
NON-DISTURBANCE 
 23.01 Subordination. This Agreement shall be subject and subordinate to any Hotel Mortgage and Lease, and Manager agrees
to enter into a lender-manager or landlord-manager (as applicable) agreement with respect to each Hotel, which agreement shall contain reasonable provisions, including, without limitation, Manager’s acknowledgment that its real estate interest
in and to the applicable Hotel, if any, created by this Agreement is subject and subordinate to the applicable Hotel Mortgage or Lease, including providing any purchaser of such Hotel at a foreclosure sale or deed-in-lieu of foreclosure, including
the Holder, with the right to terminate this Agreement with respect to the applicable Hotel; provided, however, in no event will Manager agree to subordinate or waive its right to receive fees, reimbursements or indemnification payments under this
Agreement arising prior to termination (but (a) if this Agreement is terminated by the Holder or such purchaser or Landlord (or its assignee) with respect to such Hotel, Manager shall not look to the Holder for payment of such fees,
reimbursements or indemnification payments and Manager’s right to receive such fees, reimbursements or indemnification payments shall be subordinated to the Holder’s rights and (b) if this Agreement is not terminated by the Holder or
such purchaser with respect to such Hotel, then such fees, reimbursements or indemnification payments shall be payable by the Holder or such purchaser). Notwithstanding the foregoing, Manager shall in no event be obligated to perform its duties
hereunder without payment and/or reasonable assurance of payment of such fees, reimbursements or indemnification payments. 
 23.02
Non-Disturbance Agreement. Notwithstanding Section 23.01, Lessee agrees that, prior to obtaining any Hotel Mortgage or executing any Lease, Lessee will use its commercially reasonable efforts to obtain from each prospective Holder
or Landlord (as applicable), a Non-Disturbance Agreement pursuant to which Manager’s rights under this Agreement will not be 

  
 55 

 
disturbed as a result of a default stemming from non-monetary factors which (i) relate to Lessee and do not relate solely to the applicable Hotel, and (ii) are not defaults by Manager
under Section 19.01 of this Agreement. If Lessee desires to obtain a Hotel Mortgage or to execute a Lease, Manager, on written request from Lessee, shall promptly identify those provisions in the proposed Hotel Mortgage or Lease
documents which fall within the categories described in clauses (i) and (ii) above, and Manager shall otherwise assist in expediting the preparation of an agreement between the prospective Holder and/or Landlord and Manager which will
implement the provisions of this Section 23.02. 
 ARTICLE XXIV 

PROPRIETARY MARKS; INTELLECTUAL PROPERTY 

24.01 Proprietary Marks. During the Term of this Agreement, the name “Remington,” whether used alone or in connection with
other another word(s), and all proprietary marks (being all present and future trademarks, trade names, symbols, logos, insignia, service marks, and the like) of Manager or any one of its Manager Affiliate Entities, whether or not registered
(“Proprietary Marks”) shall in all events remain the exclusive property of Manager and its Manager Affiliate Entities. Lessee shall have no right to use any Proprietary Mark, except during the term of this Agreement to have
signage installed using any Proprietary Mark in conformance with the specifications provided by Manager. Upon Termination, any use of a Proprietary Mark by Lessee under this Agreement shall immediately cease. Upon Termination, Manager shall have the
option to purchase, at their then book value, any items of the applicable Hotel’s Inventories and Fixed Asset Supplies as may be marked with a Proprietary Mark. In the event Manager does not exercise such option, Lessee agrees that it will use
any such items not so purchased exclusively in connection with the Hotel until they are consumed. 
 24.02 Computer Software and Equipment.
All “Software” (meaning all computer software and accompanying documentation, other than software which is commercially available, which are used by Manager in connection with the property management system, any reservation
system and all future electronic systems developed by Manager for use in the Hotel) is and shall remain the exclusive property of Manager or any one of its Manager Affiliate Entities (or the licensor of such Software, as the case may be), and Lessee
shall have no right to use, or to copy, any Software. Upon Termination, Manager shall have the right to remove from the Hotel, without compensation to Lessee, all Software, and any computer equipment which is utilized as part of a centralized
property management system or is otherwise considered proprietary by Manager, excepting any software which is owned by the applicable Franchisor; provided that Manager shall cooperate with Lessee in the transition of the centralized management
system to the new manager, including in the change of any Software and computer equipment. If any of such computer equipment is owned by Lessee or Landlord, Manager shall reimburse Lessee for previous expenditures made by Lessee for the purchase of
such equipment, subject to a reasonable allowance for depreciation. 
 24.03 Intellectual Property. All “Intellectual
Property” (meaning all Software and manuals, brochures and directives issued by Manager to its employees at the Hotel regarding procedures and techniques to be used in operating the Hotel) shall at all times be proprietary to Manager or
its Affiliates, and shall be the exclusive property of Manager or its Affiliates. Upon 

  
 56 

 
Termination, all Intellectual Property shall be removed from the Hotel by Manager, without compensation to Lessee. 

24.04 Books and Records. All Books and Records maintained with respect to the Hotel, including guest records but excluding employee records,
shall be the sole property of Lessee but may be used by the Manager during the Term in connection with its management and operation of the Hotel. 

ARTICLE XXV 
 INDEMNIFICATION 

25.01 Manager Indemnity. Manager shall indemnify and hold Lessee (and Lessee’s agents, principals, shareholders, partners, members,
officers, directors, attorneys and employees) harmless from and against all liabilities, losses, claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) which are not covered by insurance
proceeds that may be incurred by or asserted against any such party and that arise from (a) the fraud, willful misconduct or gross negligence of Manager; provided, however, that the act or omission of any employee of Manager who is not an
Executive Employee, which act or omission is willful or constitutes fraud or gross negligence on the part of such employee, shall not constitute fraud, gross negligence or willful misconduct on the part of Manager unless Manager’s home office
or regional staff, or an Executive Employee, acted with gross negligence in employing, training, supervising or continuing the employment of such employee; (b) the infringement by Manager on the intellectual property rights of any third party;
(c) any Excluded Employee Claims; (d) knowing or reckless placing, discharge, leakage, use or storage of hazardous materials on the Premises or in the Hotel by Manager during the Term of this Agreement as set forth in
Section 28.09C; or (e) the breach by Manager of any provision of this Agreement, including, without limitation, any action taken by Manager which is beyond the scope of Manager’s authority under this Agreement, which is
not cured within any applicable notice and cure periods. Lessee shall promptly provide Manager with written notice of any claim or suit brought against it by a third party which might result in such indemnification. 

25.02 Lessee Indemnity. Except with respect to matters for which Manager is obligated to provide indemnification pursuant to
Section 25.01, Lessee shall indemnify and hold Manager (and Manager’s agents, principals, shareholders, partners, members, officers, directors, attorneys and employees) harmless from and against all liabilities, losses,
claims, damages, costs and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) which are not covered by insurance proceeds and that may be incurred by or asserted against such party and that arise from or in
connection with (a) the performance of Manager’s services under this Agreement; (b) the condition or use of the Hotel, to the fullest extent permitted by law, including without limitation, any injury to person(s) or damage to property
or business by reason of any cause whatsoever in or about the Hotel; (c) any Employee Related Termination Costs, including any liability to which Manager is subjected pursuant to the WARN Act in connection with the termination of this
Agreement, provided that Manager has provided notices in the form (other than any reference to the time period) required by the WARN Act within five (5) business days of Manager’s receipt of a notice of the termination of this Agreement
(excluding any termination of this Agreement which results from the commission of any theft, embezzlement or other 

  
 57 

 
criminal misappropriation of funds of the Hotel or from the Lessee or any fraud or felony by any Executive Employee that relates to or materially affects the operation or reputation of the
Hotel); (d) the Employee Costs and Expenses as set forth in Article IX herein above; or (e) any Employee Claims, but excluding any Excluded Employee Claims. Manager shall promptly provide Lessee with written Notice of any
claim or suit brought against it by a third party which might result in such indemnification. THIS INDEMNITY PROVISION IS INTENDED TO INDEMNIFY MANAGER (i) AGAINST THE CONSEQUENCES OF ITS OWN NEGLIGENCE OR FAULT WHEN MANAGER IS SOLELY
NEGLIGENT OR CONTRIBUTORILY, PARTIALLY, JOINTLY, COMPARATIVELY OR CONCURRENTLY NEGLIGENT WITH LESSEE OR ANY OTHER PERSON (BUT IS NOT GROSSLY NEGLIGENT, HAS NOT COMMITTED AN INTENTIONAL ACT OR MADE INTENTIONAL OMISSION) AND (ii) AGAINST ANY
LIABILITY OF MANAGER BASED ON ANY APPLICABLE DOCTRINE OF STRICT LIABILITY. 
 25.03 Indemnification Procedure. Any party obligated to
indemnify the other party under this Agreement (the “Indemnifying Party”) shall have the right, by Notice to the other party, to assume the defense of any claim with respect to which the other party is entitled to
indemnification hereunder. If the Indemnifying Party gives such notice, (i) such defense shall be conducted by counsel selected by the Indemnifying Party and approved by the other party, such approval not to be unreasonably withheld or delayed
(provided, however, that the other party’s approval shall not be required with respect to counsel designated by the Indemnifying Party’s insurer); (ii) so long as the Indemnifying Party is conducting such defense with reasonable
diligence, the Indemnifying Party shall have the right to control said defense and shall not be required to pay the fees or disbursements of any counsel engaged by the other party for services rendered after the Indemnifying Party has given the
Notice provided for above to the other party, except if there is a conflict of interest between the parties with respect to such claim or defense; and (iii) the Indemnifying Party shall have the right, without the consent of the other party, to
settle such claim, but only provided that such settlement involves only the payment of money, the Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof, the other party is unconditionally
released from all liability in respect of such claim. The other party shall have the right to participate in the defense of such claim being defended by the Indemnifying Party at the expense of the other party, but the Indemnifying Party shall have
the right to control such defense (other than in the event of a conflict of interest between the parties with respect to such claim or defense). In no event shall (i) the other party settle any claim without the consent of the Indemnifying
Party so long as the Indemnifying Party is conducting the defense thereof in accordance with this Agreement; or (ii) if a claim is covered by the Indemnifying Party’s liability insurance, take or omit to take any action which would cause
the insurer not to defend such claim or to disclaim liability in respect thereof. 
 25.04 Survival. The provisions of this Article shall
survive the termination of this Agreement with respect to acts, omissions and occurrences arising during the Term. 
 25.05 No Successor
Liability. Notwithstanding anything herein to the contrary, Manager shall not be liable as a successor employer or entity for any actions Manager’s predecessors ( a “Predecessor Manager”) may have taken in the
employer-employee 

  
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relationship with Manager’s current or former employees or employees of Manager’s agents before the commencement of the term. 

ARTICLE XXVI 
 NEW HOTELS AND
NON-MANAGED HOTELS 
 Lessee acknowledges and agrees that any Hotel leased by Lessee or its designees from any Affiliates of the Partnership
(including the Landlords) from and after the Effective Date may at the election of the parties to the Mutual Exclusivity Agreement either be subject to the terms and provisions of this Agreement effective upon execution of an addendum to this
Agreement (the “Addendum”) in the form of Exhibit “A” attached hereto, or pursuant to a management agreement in form and substance substantially similar to the terms of this Agreement with either
Manager or an Affiliate of Manager (provided said Affiliate constitutes an Eligible Independent Contractor); provided that there does not then exist an uncured Event of Default by Manager under this Agreement and the independent director approval
requirements under the Mutual Exclusivity Agreement have been satisfied. Effective upon execution of said Addendum, all terms and conditions of this Agreement shall be deemed amended to include and apply to such Hotel(s) as provided in the Addendum.
Lessee further acknowledges and agrees that any Non-Managed Hotel leased by Lessee or its designees from any Affiliates of the Partnership (including the Landlords) from and after the Effective Date may at the election of the parties to the Mutual
Exclusivity Agreement be subject to the terms and provisions of this Agreement that expressly relate to Non-Managed Hotels effective upon execution of an addendum to this Agreement (the “Project Management Addendum”) in the
form of Exhibit “B” attached hereto; provided that there does not then exist an uncured Event of Default by Manager under this Agreement and the independent director approval requirements under the Mutual Exclusivity
Agreement have been satisfied. Effective upon execution of said Project Management Addendum, all terms and conditions of this Agreement relating to Non-Managed Hotels shall be deemed amended to include and apply to such Non-Managed Hotel(s) as
provided in the Project Management Addendum. 
 ARTICLE XXVII 

GOVERNING; LAW VENUE 
 This
Agreement and its interpretation, validity and performance shall be governed by the laws of the State of Texas without regard to its conflicts of laws principles. In the event any court of law of appropriate judicial authority shall hold or declare
that the law of another jurisdiction is applicable, this Agreement shall remain enforceable under the laws of the appropriate jurisdiction. The parties hereto agree that venue for any action in connection herewith shall be proper in Dallas County,
Texas. Each party hereto consents to the jurisdiction of any local, state or federal court situated in any of such locations and waives any objection which it may have pertaining to improper venue or forum non conveniens to the conduct of any
proceeding in any such court. 

  
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 ARTICLE XXVIII 

MISCELLANEOUS 
 28.01 Rights to
Make Agreement. Each party warrants, with respect to itself, that neither the execution of this Agreement nor the finalization of the transactions contemplated hereby shall violate any provision of law or judgment, writ, injunction, order or decree
of any court or governmental authority having jurisdiction over it; result in or constitute a breach or default under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; or require any consent,
vote or approval which has not been given or taken. Each party covenants that it has and will continue to have throughout the term of this Agreement and any extensions thereof, the full right to enter into this Agreement and perform its obligations
hereunder. 
 28.02 Agency. Manager’s limited agency established by this Agreement is coupled with an interest and may not be
terminated by Lessee until the expiration of the Term of this Agreement except as otherwise provided in this Agreement. 
 28.03 Failure to
Perform. If Manager or Lessee at any time fails to make any payments as specified or required hereunder or fails to perform any other act required on its part to be made or performed hereunder without limitation, then the other party after thirty
(30) days’ written notice to the defaulting party may (but shall not be obligated to) pay any such delinquent amount or perform any such other act on the defaulting party’s part. Any sums thus paid and all costs and expenses incurred
in connection with the making of such payment or the proper performance of any such act, together with interest thereon at the lesser of (i) the interest rate allowed by the applicable usury laws or (ii) at the Prime Rate plus three
percent (3%), from the date that such payment is made or such costs and expenses incurred, shall constitute a liquidated amount to be paid by the defaulting party under this Agreement to the other party on demand. For the purposes of this
Section 28.03, the term “Prime Rate” shall mean the “prime rate” as published in the “Money Rates” section of The Wall Street Journal; however, if such rate is, at any time during the
Term of this Agreement, no longer so published, the term “Prime Rate” shall mean the average of the prime interest rates which are announced, from time to time, by the three (3) largest banks (by assets) headquartered in the United
States which publish a “prime rate”. 
 28.04 Headings. Headings of Articles and Sections are inserted only for convenience and
are in no way to be construed as a limitation on the scope of the particular Articles or Sections to which they refer. 
 28.05
Attorneys’ Fees and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled. 
 28.06 Entire Agreement. This Agreement, together with other writings
signed by the parties expressly stated to be supplementary hereto and together with any instruments to be executed and delivered pursuant to this Agreement, constitutes the entire agreement between the

  
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parties and supersedes all prior understandings and writings, and may be changed only by a writing signed by the parties hereto. 

28.07 Consents. Whenever the consent or approval of Lessee is required under the terms of this Agreement, unless otherwise stated to the
contrary, such consent or approval may be granted or withheld by Lessee in its reasonable discretion. 
 28.08 Eligible Independent
Contractor. During the Term of this Agreement, Manager shall at all times qualify as an “eligible independent contractor” as defined in Section 856(d)(9) of the Code (“Eligible Independent Contractor”). To that
end, during the Term of this Agreement, Manager agrees that: 
 (a) Manager shall not conduct wagering activities at any of
the Hotels; 
 (b) Manager shall not own, directly or indirectly (within the meaning of Section 856(d)(5) of the Code),
more than thirty-five percent (35%) of the outstanding stock of AHP; 
 (c) no more than thirty-five percent
(35%) of the Manager’s partnership interest (in its assets or net profits) shall be owned (within the meaning of Section 856(d)(5) of the Code), directly or indirectly, by one or more persons owning thirty-five percent
(35%) (within the meaning of Section 856(d)(5) of the Code) or more of the outstanding stock of AHP; 
 (d) neither
AHP, the Partnership, the Landlords, nor the Lessee, shall derive any income from the Manager or any of its subsidiaries; and 

(e) Manager (or a person who is a “related person” within the meaning of Section 856(d)(9)(F) of the Code (a
“Related Person”) with respect to Manager) shall be actively engaged in the trade or business of operating “qualified lodging facilities” within the meaning of Section 856(d)(9)(D) of the Code (defined below)
for one or more persons who are not Related Persons with respect to AHP or Lessee (“Unrelated Persons”). For purposes of determining whether the requirement of this paragraph (e) has been met, Manager shall be treated as
being “actively engaged” in such a trade or business if Manager (i) derives at least 10% of both its profits and revenue from operating “qualified lodging facilities” within the meaning of Section 856(d)(9)(D) of the
Code for Unrelated Persons or (ii) complies with any regulations or other administrative guidance under Section 856(d)(9) of the Code that provide a “safe harbor” rule with respect to the hotel management business with Unrelated
Persons that is necessary to qualify as an “eligible independent contractor” within the meaning of such Code section. 

A “qualified lodging facility” is defined in Section 856(d)(9)(D) of the Code and 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 fully authorized to engage in such business at or in
connection with such facility. A “Lodging Facility” is a hotel, motel or other establishment more than one-half of the dwelling units in which are used on a transient 

  
 61 

 
basis, and includes customary amenities and facilities operated as party 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 AHP. 
 28.09 Environmental Matters. 

 

	 	A.	For purposes of this Section 28.09, “hazardous materials” means any substance or material containing one or more of any of the following: “hazardous material,” “hazardous
waste,” “hazardous substance,” “regulated substance,” “petroleum,” “pollutant,” “contaminant,” or “asbestos,” as such terms are defined in any applicable environmental law, in such
concentration(s) or amount(s) as may impose clean-up, removal, monitoring or other responsibility under any applicable environmental law, or which may present a significant risk of harm to guests, invitees or employees of the Hotel.

  

	 	B.	Regardless of whether or not a given hazardous material is permitted on the Premises under applicable environmental law, Manager shall only bring on the Premises such hazardous materials as are needed in the normal
course of business of the Hotel. 

  

	 	C.	In the event of the discovery of hazardous materials (as such term may be defined in any applicable environmental law) on the Premises or in the Hotel during the Term of this Agreement, Lessee shall promptly remove, if
required by applicable environmental law, such hazardous materials, together with all contaminated soil and containers, and shall otherwise remedy the problem in accordance with all environmental laws (except to the extent knowingly or recklessly
caused by Manager during the Term of this Agreement, whereupon the responsibility to promptly remove and/or remedy the environmental problem shall be that of Manager and at Manager’s sole cost and expense). All costs and expenses of the
compliance with all environmental laws shall be paid by Lessee from its own funds (except to the extent knowingly or recklessly caused by Manager during the Term of this Agreement as set forth herein above). 

28.10 Equity and Debt Offerings. Neither Lessee nor Manager (as an “issuing party”) shall make reference to the other
party (the “non-issuing party”) or any of its Affiliates in any prospectus, private placement memorandum, offering circular or offering documentation related thereto (collectively, referred to as the
“Prospectus”), issued by the issuing party, unless the non-issuing party has received a copy of all such references. In no event will the non-issuing party be deemed a sponsor of the offering described in any such Prospectus,
nor will it have any responsibility for the Prospectus, and the Prospectus will so state. The issuing party shall be entitled to include in the Prospectus an accurate summary of this Agreement but shall not include any proprietary mark of the
non-issuing party without prior written consent of the non-issuing party. The issuing party shall indemnify, defend and hold the non-issuing party and its Affiliates (and their respective directors, officers, shareholders, employees and agents)
harmless from and against all loss, costs, liability and damage (including attorneys’ fees and expenses, and the cost of litigation), arising out of any Prospectus or the offering described therein, except for any such

  
 62 

 
losses, costs, liability and damage arising from material misstatements or omissions in a Prospectus based on information provided in writing by the non-issuing party expressly for inclusion in
the Prospectus. 
 28.11 Estoppel Certificates. Lessee and Manager will, at any time and from time to time within fifteen (15) days of
the request of the other party or a Holder, or a Franchisor (if so permitted under the applicable Franchise Agreement), or a Landlord (if so permitted under the applicable Lease), execute, acknowledge, and deliver to the other party and such Holder,
Franchisor or Landlord, as applicable, a certificate certifying: 
  

	 	A.	That the Agreement is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating such modifications); 

 

	 	B.	The dates, if any, to which the distributions of excess Working Capital have been paid; 

  

	 	C.	Whether there are any existing Event(s) of Default or events which, with the passage of time, would become an Event of Default, by the other party to the knowledge of the party making such certification, and specifying
the nature of such Event(s) of Default or defaults or events which, with the passage of time, would become an Event of Default, if any; and 

  

	 	D.	Such other matters as may be reasonably requested. 

 Any such certificates may
be relied upon by any party to whom the certificate is directed. 
 28.12 Confidentiality. The Manager shall keep confidential all
non-public information obtained in connection with the services rendered under this Agreement and shall not disclose any such information or use any such information except in furtherance of its duties under this Agreement and as may be required by
any of its lenders or owners (provided said lenders and/or owners, as applicable agree prior to disclosure to keep such information confidential as set forth in this subparagraph 28.12), or as may be required by applicable Legal Requirements or
court order, or as may be required under any Franchise Agreement, Hotel Mortgage, Lease or Ground Lease. 
 28.13 Modification. Any
amendment, supplement or modification of this Agreement must be in writing signed by both parties hereto. 
 28.14 Counterparts. This
Agreement may be executed in multiple counterparts, each of which is an original and all of which collectively constitute one instrument. 

[Signature Pages to Follow] 

  
 63 

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

			
	LESSEE:
	
	ASHFORD PRIME TRS CORPORATION, a Delaware corporation
		
	By:	 	 /s/ David J. Kimichik

		 	David J. Kimichik
		 	President
	
	MANAGER:
	
	REMINGTON LODGING & HOSPITALITY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Monty J. Bennett

		 	Monty J. Bennett
		 	Chief Executive Officer

 EXHIBIT “A” 

Addendum to Ashford Prime Hotel Master Management Agreement 

            , 20     

Remington Lodging & Hospitality, LLC 
 14185 Dallas
Parkway, Suite 1150 
 Dallas, Texas 75254 
 Attn:
Mr. Monty Bennett 
  

	 	Re:	Management of Hotel by Remington Lodging & Hospitality, LLC as Manager 

 Dear Mr. Bennett:

 Please refer to the Ashford Prime Hotel Master Management Agreement, dated as of
            , 20    (the “Management Agreement”), between Ashford Prime TRS Corporation, a Delaware corporation (“Lessee”) and
Remington Lodging & Hospitality, LLC, a Delaware limited liability company, as Manager (“Remington”). Capitalized terms appearing but not defined herein shall have the meanings ascribed to such terms in the Management
Agreement. 
 Lessee, through its wholly owned subsidiary,
                    , a Delaware limited liability company (“New Lessee”), hereby appoints Remington to act as manager of the
                     property located at the location set forth on Exhibit “A” attached to this Addendum
(“Addendum”) and fully incorporated herein by reference for all purposes (the “New Hotel”). 

Accordingly, effective as of             , 20    
(“Effective Date”), the Management Agreement is amended and modified as follows: 
 1. New Lessee shall be a party to the
Management Agreement as a “Lessee” and agrees to be bound by all of the terms and conditions of the Management Agreement as “Lessee” thereunder to the extent same are applicable to the New Hotel. Lessee shall have no obligations
under the Management Agreement with respect to the New Hotel, and New Lessee shall have no obligations under the Management Agreement with respect to any other Hotel (other than the New Hotel). 

2. Remington’s retention by New Lessee as the manager of the New Hotel from and after the Effective Date shall be subject to the terms
and conditions of the Management Agreement, as amended hereby, to the same extent as if New Lessee were the “Lessee” thereunder. 

3. The following exhibits and schedules attached to the Management Agreement are hereby supplemented with the information on such exhibits as
shown on the following exhibits attached hereto: 

  
 Schedule 1-1 

 Exhibits: 

Exhibit “A” - Hotel Information for New Hotel 

Exhibit “B” - Description of Lease for New Hotel 

Exhibit “B-1” – Legal Description for Site of New Hotel 

Exhibit “C” – Description of Franchise Agreement and Franchisor for New Hotel 

Exhibit “D” – Annual Operating Budget for the Hotel 

Schedules: 
 Schedule 1 -
Competitive Set of New Hotel 
 [Signature pages to follow] 

  
 2 

 Please execute in the space provided for your signature below to evidence your agreement to the
contents of this Addendum. 
  

			
	Sincerely yours,
	
	LESSEE:
	
	ASHFORD PRIME TRS CORPORATION, a Delaware corporation
		
	By:	 	  

	Name:	 	David J. Kimichik
	Title:	 	President
	
	NEW LESSEE:
	
	                     LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	David J. Kimichik
	Title:	 	President

  
 3 

			
	AGREED TO AND ACCEPTED
	
	AS OF             , 20    :
	
	MANAGER:

 REMINGTON LODGING & HOSPITALITY,
LLC, 
 a Delaware limited liability company 

			
		
	By:	 	  

		
		 	Monty Bennett
		
		 	CEO

  
 4 

 EXHIBIT “A” 

Hotel Information 
  

					
	 Affiliate

Property Owner
	  	 Property
	  	 Commencement Date

		  		  	

  
 5 

 EXHIBIT “B” 

Description of Lease 
  

							
	 PROPERTY
	  	 LANDLORD
	  	 LESSEE
	  	 DATE OF LEASE

		  		  		  	

  
 6 

 EXHIBIT “B-1” 

Legal Description of Site of New Hotel 

  
 7 

 Exhibit “C” 

Description of Franchise Agreement and Franchisor 

  
 8 

 EXHIBIT “D” 

Annual Operating Budget 

  
 9 

 SCHEDULE 1 

Competitive Set of Hotel 

  
 10 

 EXHIBIT “B” 

Project Management Addendum to Ashford Prime Hotel Master Management Agreement 

            , 20     

Remington Lodging & Hospitality, LLC 
 14185 Dallas
Parkway, Suite 1150 
 Dallas, Texas 75254 
 Attn:
Mr. Monty Bennett 
  

	 	Re:	Project Management of a New Non-Managed Hotel by Remington Lodging & Hospitality, LLC  

 Dear
Mr. Bennett: 
 Please refer to the Ashford Prime Hotel Master Management Agreement, dated as of
            , 2013 (the “Management Agreement”), between Ashford Prime TRS Corporation, a Delaware corporation (“Lessee”) and Remington Lodging &
Hospitality, LLC, a Delaware limited liability company (“Manager”). Capitalized terms appearing but not defined herein shall have the meanings ascribed to such terms in the Management Agreement. 

Effective as of the date hereof (the “Commencement Date”), Lessee, through its wholly owned subsidiary, Ashford TRS
            LLC, a Delaware limited liability company (“New Lessee”), hereby appoints Manager to manage, coordinate, plan and execute the capital improvements budget
(“Project Management Work”) and Project Related Services for the                      property located at the location set forth on
Exhibit “A” attached to this Project Management Addendum (the “New Non-Managed Hotel”), in exchange for payment by Lessee of the Project Management Fee and Market Service Fees, all in accordance with and subject to
the terms and conditions of the Management Agreement. 
 In addition: 

1. The New Non-Managed Hotel shall constitute a “Non-Managed Hotel” under the Management Agreement. New Lessee shall be a party to
the Management Agreement as “Lessee” and agrees to be bound by all of the terms and conditions of the Management Agreement as “Lessee” thereunder to the extent same are applicable to the New Non-Managed Hotel. Lessee shall have
no obligations under the Management Agreement with respect to the New Non-Managed Hotel, and New Lessee shall have no obligations under the Management Agreement with respect to any of the other Hotels or other Non-Managed Hotels (other than the New
Non-Managed Hotel). 
 2. Remington’s retention by New Lessee to perform Project Management Work and Project Related Services at the
New Non-Managed Hotel from and after the Effective Date shall be 

  
 11 

 
subject to the terms and conditions of the Management Agreement to the same extent as if New Lessee were the “Lessee” thereunder. 

[Signature pages to follow] 

  
 12 

 Please execute in the space provided for your signature below to evidence your agreement to the
contents of this Project Management Addendum. 
  

			
	Sincerely yours,
	
	LESSEE:
	
	ASHFORD TRS CORPORATION, a Delaware corporation
		
	By:	 	  

	Name:	 	David J. Kimichik
	Title:	 	President
	
	NEW LESSEE:
	
	ASHFORD TRS LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	David J. Kimichik
	Title:	 	President

  
 13 

			
	AGREED TO AND ACCEPTED
	
	AS OF             , 20    :
	
	MANAGER:

 REMINGTON LODGING & HOSPITALITY,
LLC, 
 a Delaware limited liability company 

			
		
	By:	 	  

		
		 	Monty Bennett
		
		 	CEO

  
 14 

 EXHIBIT “A” 

Hotel Information 
  

			
	 Affiliate

Property Owner
	  	 Property

		  	

  
 15EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of November 19, 2013, is entered into by and between Ashford Hospitality Prime, Inc.,
a Maryland corporation (“Ashford Prime”), Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Ashford Trust OP”), which holds common partnership units in Ashford Hospitality Prime Limited
Partnership, a Delaware limited partnership (Ashford Prime OP”) and Ashford Hospitality Advisors LLC, a Delaware limited liability company (“Ashford Advisor”). 

RECITALS 
 WHEREAS, in
connection with the separation and distribution of Ashford Prime (the “Transaction”) from Ashford Hospitality Trust, Inc., a Maryland corporation (“Ashford Trust”), Ashford Trust OP has contributed to Ashford
Hospitality Prime Limited Partnership (“Ashford Prime OP”) certain assets in exchange for cash and the issuance of common partnership units of Ashford Prime OP (the “Ashford Prime OP Units”). Ashford Trust OP has
retained certain of the Ashford Prime OP Units and has distributed the remainder to its limited partners, in accordance with the provisions of Ashford Trust OP’s partnership agreement, and Ashford Trust OP has been admitted as a limited partner
of Ashford Prime OP; 
 WHEREAS, in connection with the Transaction and pursuant to an Advisory Agreement, Ashford Advisor will serve
as the external advisor to Ashford Prime, and may receive Ashford Prime OP Units as compensation for such services (the “Ashford Advisor Units”); 

WHEREAS, in connection with the Transaction, Ashford Prime OP and Ashford Trust OP, together with certain of their Affiliates have
entered into option agreement pursuant to which Ashford Trust OP may receive additional Ashford Prime OP Units in exchange for the contribution of specified properties (such additional Ashford Prime OP Units, together with the Ashford Advisor Units,
the “Additional Ashford Prime OP Units”); and 
 WHEREAS, pursuant to the Prime Partnership Agreement (as
defined below), Ashford Prime OP Units, including any Additional Ashford Prime OP Units, owned by Ashford Trust OP or Ashford Advisor will be redeemable for cash or, at the option of Ashford Prime, exchangeable for shares of Ashford Prime’s
common stock, par value $0.01 per share (the “Common Stock”) upon the terms and subject to the conditions contained in the Prime Partnership Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. In addition to the definitions set forth above, the following terms, as used herein, have the
following meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by
or under common control with such Person. For the purposes of this definition, 

 
“control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to
time.  
 “Ashford Trust OP Unitholder Registration Rights Agreement” means that certain Registration Rights
Agreement, dated as of the date hereof, by Ashford Prime for the benefit of Dartmore General Partnership, 5820 General Partnership, 3 MB Associates, Ashford Financial Corporation, Helmut Horn, Graham Hershman, Emily Landau, Martin Edelman, FGT,
L.P., David Kimichik, David Brooks, Mark Nunneley, Lawrence D. Barkman, Arthur A. Birney, Washington Brick & Terra Cotta Company, L.P., L.L.P., Barbara Fleischman, Laura Glassman, Paul Glassman, Kogod Family Holding Group LLC, Arlene R.
Kogod, Lauren Sue Kogod, Leslie Susan Kogod, Robert P. Kogod, Stuart Allan Kogod, Carice Smith Marital Deduction Trust, MC II Associates. 

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions in Dallas, Texas are authorized or required by law, regulation or executive order to close. 

“Charter” means the Articles of Amendment and Restatement of Ashford Prime as filed with the Secretary of State of the
State of Maryland on November 8, 2013, as the same may be amended, modified or restated from time to time. 

“Commission” means the Securities and Exchange Commission.  

“Confidential Information” means Confidential Information as defined in Section 2.13(c). 

“Demand Registration” shall have the meaning set forth in Section 2.1(c) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.  
 “Exchangeable Ashford Prime OP Units” means Ashford Prime OP Units, including any Additional
Ashford Prime OP Units, which may be redeemable for cash or, at the sole and absolute discretion of Ashford Prime, exchangeable for shares of Common Stock pursuant to Section 7.4 of the Prime Partnership Agreement (without regard to any
limitations on the exercise of such exchange right as a result of the Ownership Limit Provisions). 
 “Holder” means
any Initial Holder who is the record or beneficial owner of any Registrable Security or any assignee or transferee of such Initial Holder (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of
the foreclosure on any loans secured by such Registrable Securities, including, but not limited to, any assignment or transfer to KeyBank National Association, as Agent (or any successor agent or nominee that holds Registrable Securities), as
contemplated by that certain Credit Agreement, 

  
 -2- 

 
dated as of September 26, 2011, as the same may be now or hereafter amended, restated, extended, supplemented or consolidated, or any agreement executed pursuant thereto) (x) to the
extent permitted under the Prime Partnership Agreement or the Charter, as applicable, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such owner, assignee or transferee acquires
such Registrable Security (i) in a public distribution pursuant to a registration statement under the Securities Act, (ii) pursuant to transactions exempt from registration under the Securities Act where securities sold in such transaction
may be resold without subsequent registration under the Securities Act or (iii) subject to registration rights under the Ashford Trust OP Unitholder Registration Rights Agreement. 

“Immediate Family” of any individual means such individual’s estate and heirs or current spouse, or former
spouse, parents, parents-in-law, children (whether natural or adoptive or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such individual or any of the foregoing. 

“Initial Holder” means (i) Ashford Trust OP, (ii) any partner, member or stockholder of Ashford Trust OP,
(iii) any Affiliate of any such partner, member or stockholder, and (iv) the Immediate Family of any of the foregoing. 

“Notice and Questionnaire” means a written notice, substantially in the form attached as Exhibit A, delivered
by a Holder to Ashford Prime (i) notifying Ashford Prime of such Holder’s desire to include Registrable Securities held by it in a Resale Shelf Registration Statement, (ii) containing all information about such Holder required to be
included in such registration statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto, and (iii) pursuant
to which such Holder agrees to bound by the terms and conditions hereof. 
 “Ownership Limit Provisions” mean
the various provisions of Ashford Prime’s Charter set forth in ARTICLE VI thereof restricting the ownership of shares of Common Stock by Persons to specified percentages of the outstanding shares of Common Stock. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Piggyback Registration” shall have the meaning set forth in Section 2.1(b) of this Agreement. 

“Prime Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Ashford Prime OP,
dated as of November 19, 2013, as the same may be amended, modified or restated from time to time. 

“Registrable Securities” means shares of Common Stock of Ashford Prime at any time owned, either of record or
beneficially, (x) by Ashford Trust OP or Ashford Advisor which are issuable or issued upon exchange of Exchangeable Ashford Prime OP Units or (y) by any Holder which are issuable or issued upon exchange of Exchangeable Ashford Prime OP
Units issued in connection with the Transaction and, in each case, any additional shares of Common Stock issued as a dividend, distribution or exchange for, or in respect of such shares until: 

  
 -3- 

 (i) a registration statement (including a Resale Shelf Registration Statement)
covering such shares has been declared effective by the Commission and such shares have been disposed of pursuant to such effective registration statement or such shares (other than Restricted Shares) were issued pursuant to an effective
registration statement; 
 (ii) such shares have been publicly sold under Rule 144; 

(iii) at all times that the Holder is an Initial Holder, all such shares held by such Person may be sold in one transaction
pursuant to Rule 144; or 
 (iv) such shares have been otherwise transferred in a transaction that constitutes a sale thereof
under the Securities Act, Ashford Prime has delivered a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such shares may be resold or otherwise transferred by such transferee
without subsequent registration under the Securities Act; 
 provided, however, that “Registrable Securities” for purposes of the indemnification
obligations contained in Sections 2.7 and 2.8 shall mean all shares that are registered on the applicable Shelf Registration, notwithstanding that such shares may not otherwise be “Registrable Securities” by operation of clause
(iii) above. 
 “Resale Shelf Registration” shall have the meaning set forth in Section 2.1(a). 

“Resale Shelf Registration Statement” shall have the meaning set forth in Section 2.1(a). 

“Restricted Shares” means shares of Common Stock issued under an Issuer Registration Statement which if sold by the
holder thereof would constitute “restricted securities” as defined under Rule 144. 
 “Rule 144”
means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a Resale
Shelf Registration Statement under the Securities Act. 
 “Suspension Notice” means any written notice
delivered by Ashford Prime pursuant to Section 2.9 with respect to the suspension of rights under a Resale Shelf Registration Statement or any prospectus contained therein. 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal and not as part of such
dealer’s market-making activities. 

  
 -4- 

 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 Registration. 

(a) Resale Shelf Registration. Subject to Section 2.9, Ashford Prime shall prepare and file not later than 54 weeks
after the consummation date of the Transaction, a “shelf” registration statement with respect to the resale of the Registrable Securities (“Resale Shelf Registration”) by the Holders thereof on an appropriate form for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the “Resale Shelf Registration Statement”) and permitting registration of such Registrable Securities for resale by such Holders in
accordance with the methods of distribution elected by the Holders and set forth in the Resale Shelf Registration Statement. Ashford Prime shall use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared
effective by the Commission as promptly as reasonably practicable after the filing thereof, and, subject to Sections 2.1(e) and 2.9, to keep such Resale Shelf Registration Statement continuously effective for a period ending when all shares of
Common Stock covered by the Resale Shelf Registration Statement are no longer Registrable Securities. In addition, if the Resale Shelf Registration Statement is not on Form S-3 (or any similar or successor form) and during the period that the Resale
Shelf Registration Statement is effective Ashford Prime becomes eligible to use Form S-3 (or any similar or successor form), Ashford Prime shall be entitled to amend the Resale Shelf Registration Statement so that it becomes a registration statement
on Form S-3 (or any similar or successor form); provided, however, that Ashford Prime shall use its best efforts to have such amendment declared effective as soon as practicable after filing. In the event that Ashford Prime fails to so file, or if
filed fails to so maintain the effectiveness of, a Resale Shelf Registration Statement, Ashford Trust OP may participate in a Piggyback Registration pursuant to Section 2.1(b) herein; provided, further, that if and so long as a Resale Shelf
Registration Statement is on file and effective (subject to the terms and conditions of this Agreement), then Ashford Prime shall have no obligation to allow participation in a Piggyback Registration. 

At the time the Resale Shelf Registration Statement is declared effective, Ashford Trust OP and each other Holder that has delivered a duly
completed and executed Notice and Questionnaire to Ashford Prime on or prior to the date ten (10) Business Days prior to such time of effectiveness shall be named as a selling securityholder in the Resale Shelf Registration Statement and the
related prospectus in such a manner as to permit Ashford Trust OP to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. If required by applicable law, subject to the terms and conditions hereof, after
effectiveness of the Resale Shelf Registration Statement, Ashford Prime shall file a supplement to such prospectus or amendment to the Resale Shelf Registration Statement not less than once a quarter as necessary to name as selling securityholders
therein any Holders that provide to Ashford Prime a duly completed and executed Notice and Questionnaire and shall use commercially reasonable efforts to cause any post-effective amendment to such Resale Shelf Registration Statement filed for such
purpose to be declared effective by the Commission as promptly as reasonably practicable after the filing thereof. 
 (b) Piggyback
Registration. Subject to Section 2.1(a) hereof, if Ashford Prime proposes to file a registration statement (or a prospectus supplement pursuant to a then existing 

  
 -5- 

 
shelf registration statement) under the Securities Act with respect to a proposed underwritten equity offering by Ashford Prime for its own account or for the account of any of its respective
securityholders of any class of security other than (i) any registration statement filed by Ashford Prime under the Securities Act relating to an offering of Common Stock for its own account as a result of the exercise of the exchange rights
set forth in Section 7.4 of the Partnership Agreement, (ii) any registration statement filed in connection with a demand registration or any other contractually obligated registration or (iii) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the Commission) filed in connection with an exchange offer or offering of securities solely to Ashford Prime’s
existing securityholders, then Ashford Prime shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event less than ten (10) days before the anticipated filing date of the
applicable preliminary prospectus or, if applicable, prospectus supplement; provided that in the case of a “bought deal” or an offering in which there is no (or very limited) marketing, seven (7) days before pricing, and such notice
shall offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Piggyback Registration”). Ashford Prime shall use commercially reasonable efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggyback Registration to be included on the same terms and conditions as any similar securities of Ashford
Prime included therein. 
 (c) Demand Registration. 

(i) Request for Registration. Commencing on or after the date which is one year after the consummation of the
Transaction, any Holder of Registrable Securities may make a written request for registration under the Securities Act of all or part of its Registrable Securities (a “Demand Registration”); provided, that Ashford Prime shall not be
obligated to effect more than one Demand Registration in any twelve month period and not more than two such Demand Registrations in total; and provided, further, that Holders making such written request shall propose the sale of at least 100,000
shares of Registrable Securities (such number to be adjusted successively in the event Ashford Prime effects any stock split, stock consideration or recapitalization after the date hereof) or such lesser number of Registrable Securities if such
lesser number is all of the Registrable Shares owned by the Holders. Any such request will specify the number of shares of Registrable Securities proposed to be sold and will also specify the intended method of disposition thereof. Within ten
(10) days after receipt of such request, Ashford Prime will give written notice of such registration request to all other Holders of the Registrable Securities and include in such registration all such Registrable Securities with respect to
which Ashford Prime has received written requests for inclusion therein within twenty (20) Business Days after the receipt by the applicable Holder of Ashford Prime’s notice. Each such request will also specify the number of shares of
Registrable Securities to be registered and the intended method of disposition thereof. 
 (ii) Effective Demand
Registration. A registration will not count as a Demand Registration until it has become effective and has remained effective and available for at least 180 days. 

  
 -6- 

 (iii) Priority on Demand Registrations. If the Holders of a majority of
shares of the Registrable Securities to be registered in a Demand Registration so elect by written notice to Ashford Prime, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. Ashford Prime shall select the book-running managing Underwriter in connection with any such Demand Registration; provided that such managing Underwriter must be reasonably satisfactory to the Holders of a majority of the shares of the
Registrable Securities. Ashford Prime may select any additional investment banks and managers to be used in connection with the offering; provided that such additional investment bankers and managers must be reasonably satisfactory to the Holders of
a majority of the shares of the Registrable Securities. To the extent 10% or more of the Registrable Securities so requested to be registered are excluded from the offering in accordance with Section 2.1(d), the Holders of such Registrable
Securities shall have the right to one additional Demand Registration under this Section in such twelve-month period with respect to the Registrable Securities 

(d) Reduction of Offering. Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an
offering described in Section 2.1(b) or (c) deliver a written opinion to Ashford Prime and the Holders of the Registrable Securities included in such offering that (i) the size of the offering that the Holders, Ashford
Prime and such other persons intend to make or (ii) the kind of securities that Ashford Trust OP, Ashford Prime and such other Persons intend to include in such offering are such that the success of the offering would be materially and
adversely affected by inclusion of the Registrable Securities requested to be included, then: 
 (i) if the size of
the offering is the basis of such Underwriter’s opinion, the amount of securities to be offered for the accounts of Holders shall be reduced pro rata (according to the number of Registrable Securities proposed for registration) to the extent
necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter or Underwriters; provided that, in the case of a Piggyback Registration, if securities are being offered for
the account of other Persons as well as Ashford Prime, then with respect to the Registrable Securities intended to be offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced
shall not exceed the proportion by which the amount of such class of securities intended to be offered by such other Persons is reduced, if Ashford Prime has the right to reduce such other Person’s allocation; and 

(ii) if the combination of securities to be offered is the basis of such Underwriter’s opinion, (x) the Registrable
Securities to be included in such offering shall be reduced as described in clause (i) above (subject to the proviso in clause (i)) or (y) if the actions described in clause (x) would, in the judgment of the managing Underwriter,
be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included would have on such offering, such Registrable Securities will be excluded from such offering. 

(e) Continuous Effectiveness of Resale Shelf Registration Statement. Ashford Prime shall prepare and file such additional
registration statements as necessary and use its 

  
 -7- 

 
commercially reasonable efforts to cause such registration statements to be declared effective by the Commission so that a shelf registration statement remains continuously effective, subject to
Section 2.9, with respect to resales of Registrable Securities as and for the periods required under Section 2.1(a), such subsequent registration statements, if any, shall constitute a Resale Shelf Registration Statement hereunder. 

(f) Selling Holders Become Party to Agreement. Each Holder acknowledges that by participating in its registration rights
pursuant to this Agreement, such Holder will be deemed a party to this Agreement and will be bound by its terms, notwithstanding such Holder’s failure to deliver a Notice and Questionnaire; provided, that any Holder that has not delivered a
duly completed and executed Notice and Questionnaire shall not be entitled to be named as a Selling Holder in, or have the Registrable Securities held by it covered by, a Resale Shelf Registration Statement. 

Section 2.2 Registration Procedures; Filings; Information. Subject to Section 2.9 hereof, in connection with any
Resale Shelf Registration Statement under Section 2.1(a) or whenever Ashford Trust requests than any Registrable Securities be registered pursuant to Section 2.1(c) hereof, Ashford Prime will use its commercially reasonable efforts to
effect the registration of the Registrable Securities covered thereby in accordance with the intended method of disposition thereof as quickly as reasonably practicable. In connection with any such request: 

(a) Ashford Prime will, as expeditiously as possible, prepare and file with the Commission a registration statement on any form for which
Ashford Prime then qualifies or which counsel for Ashford Prime shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution
thereof; provided that if Ashford Prime shall furnish to the Holders making a request for a Demand Registration pursuant to Section 2.2(c) a certificate signed by either its Chairman, Chief Executive Officer or President stating that in his or
her good faith judgment it would be significantly disadvantageous to Ashford Prime or its shareholders for such a registration statement to be filed as expeditiously as possible, Ashford Prime shall have a period of not more than 180 days within
which to file such registration statement measured from the date of receipt of the request. 
 (b) Ashford Prime will, if requested, prior
to filing a registration statement or prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each Underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration
statement as proposed to be filed, and thereafter furnish to such Selling Holder or Underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits
thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Selling Holder or Underwriter may reasonably request to
facilitate the disposition of the Registrable Securities owned by such Selling Holder. 
 (c) After the filing of the registration
statement, Ashford Prime will promptly notify each Selling Holder of Registrable Securities covered by such registration statement of any stop 

  
 -8- 

 
order issued or threatened by the Commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

(d) Ashford Prime will use its commercially reasonable efforts to (i) register or qualify the Registrable Securities under such other
securities or “blue sky” laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder or managing Underwriter or Underwriters, if any, reasonably (in light of such Selling Holder’s intended
plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Ashford Prime and do
any and all other acts and things that may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition of the Registrable Securities owned by such Selling Holder; provided that Ashford Prime will not be required
to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of
process in any such jurisdiction. 
 (e) Ashford Prime will immediately notify each Selling Holder of such Registrable Securities, at any
time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) Ashford Prime’s receipt of any notification of the suspension of the qualification of any Registrable Securities covered by a registration
statement for sale in any jurisdiction; or (ii) the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading
and promptly make available to each Selling Holder any such supplement or amendment. 
 (f) Ashford Prime will enter into customary
agreements (including an underwriting agreement, if any, in customary form) and take such other actions as are reasonably required to expedite or facilitate the disposition of such Registrable Securities pursuant to a Demand Registration. 

(g) Ashford Prime will make available for inspection by any Selling Holder of such Registrable Securities, any Underwriter participating in
any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of Ashford Prime (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause Ashford Prime’s officers, directors and
employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records which Ashford Prime determines, in good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such registration statement or (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction. Each Selling Holder of such Registrable Securities agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be
used by it as the 

  
 -9- 

 
basis for any market transactions in the securities of Ashford Prime unless and until such is made generally available to the public. Each Selling Holder of such Registrable Securities further
agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to Ashford Prime and allow Ashford Prime, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential. 
 (h) Ashford Prime will furnish to each Selling Holder and to each Underwriter, if any, a signed counterpart,
addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions of counsel to Ashford Prime and (ii) if eligible under SAS 100, a comfort letter or comfort letters from Ashford Prime’s independent public accountants,
each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing Underwriter or
Underwriters therefor reasonably requests. 
 (i) Ashford Prime will otherwise use its commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule or regulation hereafter adopted by the
Commission). 
 (j) Ashford Prime will use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by Ashford Prime are then listed. 
 (k) In addition to the Notice and Questionnaire,
Ashford Prime may require each Selling Holder of Registrable Securities to promptly furnish in writing to Ashford Prime such information regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of
the Registrable Securities as Ashford Prime may from time to time reasonably request and such other information as may be legally required in connection with such registration. No Holder may include Registrable Securities in any registration
statement pursuant to this Agreement unless and until such Holder has furnished to Ashford Prime such information. Each holder further agrees to furnish as soon as reasonably practicable to Ashford Prime all information required to be disclosed to
make information previously furnished to Ashford Prime by such Holder not materially misleading. 
 (l) Each Selling Holder agrees that,
upon receipt of any notice from Ashford Prime of the happening of any event of the kind described in Section 2.2(c) or 2.2(e) or upon receipt of a Suspension Notice, such Selling Holder will forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Selling Holder’s receipt of written notice from Ashford Prime that such disposition may be made and, in the case of clause (ii) of
Section 2.2(e) or, if applicable, Section 2.9, copies of any supplemented or amended prospectus contemplated by clause (ii) of Section 2.2(e) or, if applicable, prepared under Section 2.9, and, if so directed by Ashford
Prime, such Selling Holder will deliver to Ashford Prime all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the

  
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time of receipt of such notice. Each Selling Holder of Registrable Securities agrees that it will immediately notify Ashford Prime at any time when a prospectus relating to the registration of
such Registrable Securities is required to be delivered under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to Ashford Prime in writing for inclusion in such prospectus
contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. 

Section 2.3 Registration Expenses. In connection with any registration statement required to be filed hereunder, Ashford
Prime shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”): (i) all fees and expenses of compliance with securities or “blue sky” laws
(including registration and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (ii) printing expenses, (iii) internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (iv) the fees and expenses incurred in connection with the listing of the Registrable Securities, (v) reasonable fees and
disbursements of counsel for Ashford Prime and customary fees and expenses for independent certified public accountants retained by Ashford Prime (including the expenses of any comfort letters or costs associated with the delivery by independent
certified public accountants of a comfort letter or comfort letters requested pursuant to Section 2.2(h) hereof), and (vi) the reasonable fees and expenses of any special experts retained by Ashford Prime in connection with such
registration. Ashford Prime shall have no obligation to pay any fees, discounts or commissions attributable to the sale of Registrable Securities, any out-of-pocket expenses of the Holders (or the agents who manage their accounts), or any transfer
taxes relating to the registration or sale of the Registrable Securities.  
 Section 2.4 Indemnification by Ashford
Prime. Ashford Prime agrees to indemnify and hold harmless each Selling Holder of Registrable Securities, its officers, directors and agents, and each Person, if any, who controls such Selling Holder within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any
registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if Ashford Prime shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or that arise out of or are based
upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages or liabilities arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission included in reliance upon and in conformity with information furnished in writing to Ashford Prime by
such Selling Holder or on such Selling Holder’s behalf expressly for inclusion therein. Ashford Prime also agrees to indemnify any Underwriters of the Registrable Securities, their officers and directors and each Person who controls such
underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 2.7, provided that
the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Underwriter of the Registrable Securities from whom the person asserting any such losses, claims, damages or liabilities purchased the
Registrable Securities which are the 

  
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subject thereof if such person did not receive a copy of the prospectus (or the prospectus as supplemented) at or prior to the confirmation of the sale of such Registrable Securities to such
person in any case where such delivery is required by the Securities Act and the untrue statement or omission of a material fact contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as supplemented). The
indemnity provided for in this Section 2.4 shall remain in full force and effect regardless of any investigation made by or on behalf of any Selling Holder. 

Section 2.5 Indemnification by Holders of Registrable Securities. Each Selling Holder agrees, severally but not jointly, to
indemnify and hold harmless Ashford Prime, its officers, directors and agents and each Person, if any, who controls Ashford Prime within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the foregoing indemnity from Ashford Prime to such Selling Holder, but only with respect to information relating to such Selling Holder included in reliance upon and in conformity with information furnished in writing by such Selling
Holder or on such Selling Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. In case any action or
proceeding shall be brought against Ashford Prime or its officers, directors or agents or any such controlling person, in respect of which indemnity may be sought against such Selling Holder, such Selling Holder shall have the rights and duties
given to Ashford Prime, and Ashford Prime or its officers, directors or agents or such controlling person shall have the rights and duties given to such Selling Holder, by Section 2.4. Each Selling Holder also agrees to indemnify and hold
harmless Underwriters of the Registrable Securities, their officers and directors and each Person who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the
same basis as that of the indemnification of Ashford Prime provided in this Section 2.5. The obligations of any Selling Holder pursuant to this Section 2.5 will be limited to an amount equal to the net proceeds to such Selling Holder
(after deducting any discounts and commissions) from the disposition pursuant to such registration. 
 Section 2.6 Conduct of
Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.4 or 2.5, such person (an
“Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying Party
of any obligations under this Article II, except to the extent such Indemnifying Party is materially prejudiced by such failure. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for 

  
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the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses
shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case of Persons indemnified pursuant to Section 2.4 hereof, the Selling
Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.5, Ashford Prime. The Indemnifying Party shall not be liable
for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from
and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the
Indemnified Party for fees and expenses of counsel as contemplated by the third sentence of this paragraph, the Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than thirty (30) Business Days after receipt by such Indemnifying Party of the aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the Indemnified Party in accordance
with such request prior to the date of such settlement. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 

Section 2.7 Contribution. If the indemnification provided for in Section 2.4 or 2.5 hereof is unavailable to an
Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities (i) as between Ashford Prime and the Selling Holders on the one hand and the Underwriters on the other, in such proportion as is appropriate to reflect the relative
fault of Ashford Prime and each Selling Holder on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations and (ii) between Ashford Prime on the one hand and each Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of Ashford Prime and each Selling Holder in connection with such statements
or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of Ashford Prime and the Selling Holders on the one hand and of the Underwriters on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by Ashford Prime and the Selling
Holders or by the Underwriters. The relative fault of Ashford Prime on the one hand and of each Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  
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 Ashford Prime and the Selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 2.7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 2.7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total commissions and discounts received by such Underwriter in connection with the sale of the securities underwritten by it and
distributed to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Selling Holder shall be required to
contribute any amount in excess of the amount by which the net proceeds from the sale of the securities of such Selling Holder to the public exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute pursuant to this Section 2.7 are several in proportion to the net proceeds of the offering received by such Selling Holder bears to the total net
proceeds of the offering received by all the Selling Holders and not joint. 
 Section 2.8 Rule 144. Ashford Prime
covenants that it will (a) make and keep public information regarding Ashford Prime available as those terms are defined in Rule 144, (b) file in a timely manner any reports and documents required to be filed by it under the Securities Act
and the Exchange Act, (c) furnish to any Holder forthwith upon request (i) a written statement by Ashford Prime as to its compliance with the reporting requirements of Rule 144 (at any time more than 90 days after the completion of the
Transaction), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), and (ii) a copy of the most recent annual or quarterly report of Ashford Prime and such other reports and documents
so filed by Ashford Prime, and (d) take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144. 
 Section 2.9 Suspension of Use of Registration Statement. 

If the Board of Directors of Ashford Prime determines in its good faith judgment that the filing of a registration statement under
Section 2.1 or the use of any related prospectus would be materially detrimental to Ashford Prime because such action would require the disclosure of material information that Ashford Prime has a bona fide business purpose for preserving as
confidential or the disclosure of which would impede Ashford Prime’s ability to consummate a significant transaction (“Confidential Information”), and that Ashford Prime is not otherwise required by applicable securities laws
or regulations to disclose, upon written notice of such determination by Ashford Prime to the Holders, the rights of the Holders to offer, sell or 

  
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distribute any Registrable Securities pursuant to a registration Statement or to require Ashford Prime to take action with respect to the registration or sale of any Registrable Securities
pursuant to a registration statement shall be suspended until the earlier of (i) the date upon which Ashford Prime notifies the Holders in writing that suspension of such rights for the grounds set forth in this Section 2.9(a) is no longer
necessary and (ii) one-hundred eighty (180) days; provided, however, no such 180-day period shall be successive with respect to the same Confidential Information. Ashford Prime agrees to give the notice under (i) above as promptly as
practicable following the date that such suspension of rights is no longer necessary. 
 If all reports required to be filed by Ashford
Prime pursuant to the Exchange Act have not been filed by the required date without regard to any extension, or if the consummation of any business combination by Ashford Prime has occurred or is probable for purposes of Rule 3-05 or Article 11 of
Regulation S-X promulgated under the Securities Act or any successor rule, upon written notice thereof by Ashford Prime to the Holders, the rights of Ashford Trust OP to offer, sell or distribute any Registrable Securities pursuant to a registration
statement or to require Ashford Prime to take action with respect to the registration or sale of any Registrable Securities pursuant to a registration statement shall be suspended until the date on which Ashford Prime has filed such reports or
obtained and filed the financial information required by Rule 3-05 or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in the registration statement, and Ashford Prime shall notify the Holders as promptly as
practicable when such suspension is no longer required. 
 Section 2.10 Additional Shares. 

Ashford Prime, at its option, may register under a registration statement and any filings with any state securities commissions filed pursuant
to this Agreement, any number of unissued shares of Common Stock or any shares of Common Stock owned by any other stockholder or stockholders of Ashford Prime. 

Section 2.11 Holdback Agreements. 

(a) Restrictions on Public Sale by Holder of Registrable Securities. To the extent not inconsistent with applicable law and except with
respect to a shelf registration (including the Resale Shelf Registration Statement), each Holder whose securities are included in a registration statement agrees not to effect any sale or distribution of the issue being registered or a similar
security of Ashford Prime, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and during the 90-day period beginning on,
the effective date of such registration statement (except as part of such registration), if and to the extent requested in writing by Ashford Prime in the case of a non-underwritten public offering or if and to the extent requested in writing by the
managing Underwriter or Underwriters in the case of an underwritten public offering. 
 (b) Restrictions on Public Sale by Ashford Prime
and Others. Ashford Prime agrees that any agreement entered into after the date of this Agreement pursuant to which Ashford Prime issues or agrees to issue any privately placed securities shall contain a provision under which holders of such
securities agree not to effect any sale or distribution of any securities similar to 

  
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those being registered in accordance with Section 2.1(b) or (c) hereof, or any securities convertible into or exchangeable or exercisable for such securities, during the 14 days prior
to, and during the 90-day period beginning on, the effective date of any registration statement (except as part of such registration statement where the Holders of a majority of the Registrable Securities to be included in such registration
statement consent or as part of registration statements filed as set forth in Section 2.1(b)(i) or (iii)), if and to the extent requested in writing by Ashford Prime in the case of a non-underwritten public offering or if and to the extent
requested in writing by the managing Underwriter or Underwriters in the case of an underwritten public offering, in each case including a sale pursuant to Rule 144 under the Securities Act (except as part of any such registration, if permitted);
provided, however, that the provisions of this paragraph (b) shall not prevent the conversion or exchange of any securities pursuant to their terms into or for other securities. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including
recovery of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. Ashford Prime agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

Section 3.2 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of Ashford Prime and the Holders of a majority of the Registrable Securities (with Holders
of Exchangeable Ashford Prime OP Units deemed to be Holders, for purposes of this Section, of the number of shares of Common Stock into which such Exchangeable Ashford Prime OP Units would be exchangeable for as of the date on which consent is
requested); provided, however, that the effect of any such amendment will be that the consenting Holders will not be treated more favorably than all other Holders (without regard to any differences in effect that such amendment or waiver may have on
the Holders due to the differing amounts of Registrable Shares held by such Holders). No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or
remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 3.3 Notices. All notices and other communications in connection with this Agreement shall be made in writing by
hand delivery, registered first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery: 
  

	 	(i)	if to Ashford Trust OP, at 14185 Dallas Parkway, Suite 1100, Dallas, TX 25254, Attention: Chief Legal Officer, or to such other address as Ashford Prime may hereafter specify in writing; 

  
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	 	(ii)	if to any other Holder, initially to the address indicated in such Holder’s Notice and Questionnaire or, if no Notice and Questionnaire has been delivered, to such other address as any Holder shall have specified
in writing; and 

  

	 	(iii)	if to Ashford Prime, at 14185 Dallas Parkway, Suite 1100, Dallas, TX 25254, Attention: Chief Legal Officer, or to such other address as Ashford Prime may hereafter specify in writing. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when
received if deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Section 3.4 Successors and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties. Any Holder
may assign its rights under this Agreement without the consent of Ashford Prime in connection with a transfer of such Holder’s Ashford Prime OP Units or Registrable Securities; provided, that the Holder satisfies all applicable transfer
provisions for the Ashford Prime OP Units or Registrable Securities, as applicable, and notifies Ashford Prime of such proposed transfer and assignment and the transferee or assignee of such rights assumes in writing the obligations of such Holder
under this Agreement. 
 Section 3.5 Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately
upon affixing its signature hereto. 
 Section 3.6 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Texas without regard to the choice of law provisions thereof. 
 Section 3.7
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 Section 3.8
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject
matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by Ashford Prime with respect to the Registrable Securities.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

  
 -17- 

 Section 3.9 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.10 No Third Party Beneficiaries.
Nothing express or implied herein is intended or shall be construed to confer upon any person or entity, other than the parties hereto and their respective successors and assigns, any rights, remedies or other benefits under or by reason of this
Agreement. 
 Section 3.11 Termination. The obligations of the parties hereunder shall terminate (i) with respect to
a Holder when it no longer holds Registrable Securities, and (ii) with respect to Ashford Prime when there are no longer any Registrable Securities; except, in each case, for any obligations under Sections 2.1(c), 2.3, 2.4, 2.5, 2.6 and 2.7 and
Article III that, by their terms, are intended to survive for a specific period of time. 
 [Signature Page Follows] 

  
 -18- 

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

					
	ASHFORD HOSPITALITY PRIME, INC.
		
	By:	 	 /s/ David A. Brooks

	 David A. Brooks, Chief Operating Officer and General Counsel

	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254
	
	ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
	
	By: Ashford OP General Partner, LLC, its sole general partner
			
		 	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President
	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254
	
	ASHFORD HOSPITALITY ADVISORS LLC
		
	By:	 	 /s/ David A. Brooks

	David A. Brooks, Vice President
	
	Address:
	14185 Dallas Parkway, Suite 1100
	Dallas, TX 75254

 [Signature Page to Registration Rights Agreement] 

 Exhibit A 

Form of Notice and Questionnaire 

The undersigned beneficial holder of shares of common stock, par value $.01 per share (“Common Stock”), of Ashford
Hospitality Prime, Inc. (the “Company”) and/or common units of limited partnership interests of Ashford Hospitality Prime Limited Partnership (“Ashford Prime OP”) convertible into shares of Common Stock (any such
Common Stock, the “Registrable Securities”), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) one or more registration statements
(collectively, the “Resale Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance
with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”), dated November 19, 2013, by and between the Company, Ashford Hospitality Limited partners and Ashford Hospitality Advisors LLC. A copy
of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Registration Rights Agreement. 

Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. In order to sell or
otherwise dispose of any Registrable Securities pursuant to the Resale Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling security holder in the related prospectus, deliver
a prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions as described below). To be included in the
Resale Shelf Registration Statement, this Notice and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein on or prior to the tenth business day before the effectiveness of the Resale Shelf
Registration Statement. We will give notice of the filing and effectiveness of the initial Resale Shelf Registration Statement by issuing a press release and by mailing a notice to the holders at their addresses set forth in the register of the
registrar. 
 Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not
be named as selling security holders in the prospectus and therefore will not be permitted to sell any Registrable Securities pursuant to the Resale Shelf Registration Statement. Beneficial owners are encouraged to complete and deliver this Notice
and Questionnaire prior to the effectiveness of the initial Resale Shelf Registration Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of effectiveness. Upon receipt of a
completed Notice and Questionnaire from a beneficial owner following the effectiveness of the initial Resale Shelf Registration Statement, in accordance with the Registration Rights Agreement, the Company will file such amendments to the initial
Resale Shelf Registration Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable Securities. 

 Certain legal consequences arise from being named as selling security holders in the Resale Shelf
Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling
security holder in the Resale Shelf Registration Statement and the related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Security Holder”) of Registrable Securities hereby elects to include in
the prospectus forming a part of the Resale Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and returning
this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and its directors,
officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against certain losses arising in connection with statements concerning
the undersigned made in the Resale Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire. 

The undersigned hereby provides the following information to the Company and represents and warrants to the Company that such information is
accurate and complete: 

 QUESTIONNAIRE 
  

	 	1.	(a) Full Legal Name of Selling Security Holder: 

 (b) Full Legal Name of
registered holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held: 

(c) Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable
Securities listed in Item (3) below are held: 
 (d) List below the individual or individuals who exercise voting and/or
dispositive powers with respect to the Registrable Securities listed in Item (3) below: 
  

	 	2.	Address for Notices to Selling Security Holder: 

 Telephone: 

Fax: 
 E-mail address: 

Contact Person: 
  

	 	3.	Beneficial Ownership of Registrable Securities: 

 Type of Registrable Securities beneficially
owned, and number of shares of Common Stock and/or OP Units, as the case may be, beneficially owned: 

	 	4.	Beneficial Ownership of Securities of the Company Owned by the Selling Security Holder: 

Except as set forth below in this Item (4), the undersigned is not the beneficial or registered owner of any securities of the Company,
other than the Registrable Securities listed above in Item (3). 
 Type and amount of other securities beneficially owned by the Selling
Security Holder: 
  

	 	5.	Relationship with the Company 

 Except as set forth below, neither the undersigned nor any of
its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 

State any exceptions here: 
  

	 	6.	Plan of Distribution 

 Except as set forth below, the undersigned (including its donees or
pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Resale Shelf Registration Statement only as follows and will not be offering any of such Registrable Securities pursuant to an agreement,
arrangement or understanding entered into with a broker or dealer prior to the effective date of the Resale Shelf Registration Statement. Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively,
through broker-dealers or agents. If the Registrable Securities are sold through broker-dealers, the Selling Security Holder will be responsible for discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one
or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block
transactions) 
 (i) on any national securities exchange or quotation service on which the Registrable Securities may be
listed or quoted at the time of sale; 
 (ii) in the over-the-counter market; 

(iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market; or 

(iv) through the writing of options. 

In connection with sales of the Registrable Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of 

 
the Registrable Securities and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 State any exceptions here: 
 Note: In no
event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities. 

 ACKNOWLEDGEMENTS 

The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as
amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement.
The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The Selling Security Holder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain
persons set forth therein. Pursuant to the Registration Rights Agreement, Ashford Prime has agreed under certain circumstances to indemnify the Selling Security Holders against certain liabilities. 

In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Resale Shelf Registration Statement, the undersigned agrees to promptly notify Ashford Prime of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while
the Resale Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 

In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above after the date on
which such information is provided to Ashford Prime, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 

By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to
Items (1) through (6) above and the inclusion of such information in the Resale Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection
with the preparation or amendment of the Resale Shelf Registration Statement and the related prospectus. 
 Once this Notice and
Questionnaire is executed by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall insure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in
Item 3 above. 
 This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of Texas.

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

			
	Holder:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Dated:	 	  

 Please return the completed and executed Notice and Questionnaire to: 

Ashford Hospitality Prime, Inc. 

14185 Dallas parkway, Suite 1100 

Dallas, TX 75254 
 Tel:
(972) 490-9600 
 Attention: Chief Legal Officer

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