Document:

STRUCTURING AND CONTRIBUTION AGMT., DATED AS OF 07/02/2004

 Exhibit 10.1 
  
 STRUCTURING AND CONTRIBUTION AGREEMENT 
  
 THIS STRUCTURING AND CONTRIBUTION AGREEMENT (the “Agreement”) is made as of July 2, 2004 by and among
SUNSTONE HOTEL PARTNERSHIP, LLC, a Delaware limited liability company (“SUNSTONE HOTEL PARTNERSHIP”); SUNSTONE HOTEL INVESTORS, INC., a Maryland corporation (“SUNSTONE HOTEL REIT”); SUNSTONE HOTEL INVESTORS, L.L.C.,
a Delaware limited liability company (“SUNSTONE HOTEL INVESTORS”); SUNSTONE/WB HOTEL INVESTORS IV, LLC., a Delaware limited liability company (“SUNSTONE/WB HOTEL INVESTORS IV”); WB HOTEL INVESTORS, LLC, a Delaware
limited liability company (“WB HOTEL INVESTORS”); SUNSTONE/WB MANHATTAN BEACH, LLC, a Delaware limited liability company (“SUNSTONE/WB MANHATTAN BEACH”); and ALTER SHP LLC, a Delaware limited liability company
(“ALTER SHP LLC”); (Sunstone Hotel Investors, Sunstone/WB Hotel Investors IV, WB Hotel Investors, Sunstone/WB Manhattan Beach, Alter SHP, each, an “Interested Party” and collectively, “Interested
Parties”). 
  
 WHEREAS, in connection with the initial
public offering (the “IPO”) of the common stock, par value $.01 per share (the “Common Stock”), of Sunstone Hotel REIT pursuant to a registration statement to be filed on Form S-11 with the Securities and Exchange
Commission, the parties hereto desire to effect certain formation and structuring transactions outlined in Exhibit A hereto (the “Formation and Structuring Transactions”) under the terms and conditions set forth herein;

  
 NOW, THEREFORE, in consideration of the mutual covenants and
conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sunstone Hotel Partnership, Sunstone Hotel REIT and the Interested Parties agree as follows: 
  
 ARTICLE I. 
  
 STRUCTURING TRANSACTIONS 
  
 1.1 Consent and Waiver. Subject to the terms and conditions of this
Agreement, Sunstone Hotel Partnership and each of the Interested Parties hereby (i) consent to each of the Formation and Structuring Transactions, (ii) waive any restrictions set forth under any agreement to which it is party and rights that it may
have to object to any of the Formation and Structuring Transactions and (iii) agree to take all actions reasonably necessary or advisable to consummate the Formation and Structuring Transactions. 
  
 1.2 Unit Transactions. Subject to the terms and conditions of this
Agreement, Sunstone Hotel Partnership, Sunstone Hotel REIT and each of the Interested Parties hereby agree to perform the following transactions (the “Unit and Stock Transactions”) with respect to the issuance, distribution,
exchange or purchase of membership units of Sunstone Hotel Partnership 

 (“Partnership Units”) and Common Stock as an integral part of the Formation and Structuring
Transactions: 
  
 (a) Formation and
Structuring. Each of the Interested Parties agrees to take or cause to be taken the actions set forth on steps (1) through (8) of Exhibit A. 
  
 (b) Purchase Transaction. Sunstone Hotel REIT will use the net proceeds from the sale of Common Stock in the IPO in excess of
amounts that the board of directors of Sunstone Hotel REIT in its sole discretion determines Sunstone Hotel REIT needs for debt repayment, payment of expenses and other items associated with the offering and other general corporate purposes to
purchase Partnership Units from the Interested Parties. The net proceeds from any exercise of any over-allotment option granted to the underwriters in the IPO will be used to purchase additional Partnership Units from the Interested Parties. In each
case, the purchase will be at a price per Partnership Unit equal to the net price per share to Sunstone Hotel Investors of the Common Stock in the IPO and the purchases shall be made on a pro rata basis as set forth on Exhibit B. 

 
 (c) Allocation. The allocation of the total
Partnership Units and shares of Common Stock to be issued among the Interested Parties is set forth on Exhibit B. The exact numbers of Partnership Units and shares of Common Stock to be issued and purchased shall be made by the board of
directors of Sunstone Hotel REIT in its sole discretion at the time of the IPO in accordance with the allocations set forth in this Agreement with no further action on the part of any Interested Party. If any Interested Party purchases or sells a
hotel prior to the IPO, the allocations shall be adjusted as agreed prior to the date hereof with no further action on the part of any Interested Party. Unless an Interested Party notifies Sunstone Hotel REIT otherwise prior to the IPO, 67.0% of the
total Partnership Units and Common Stock to be received by each Interested Party shall be Partnership Units and 33.0% shall be Common Stock. If the tax consequences of the Unit and Stock Transactions change prior to the IPO, the steps on Exhibit A
shall be adjusted to preserve the intended consequences as agreed prior to the date hereof. 
  
 1.3 Simultaneous Closing. The Unit and Stock Transactions shall close simultaneously with the closing of the IPO (the “Closing”). 
  
 1.4 Further Acts. Sunstone Hotel Partnership, Sunstone Hotel REIT and
the Interested Parties shall perform, execute, and deliver or cause to be performed, executed, and delivered at the Closing or after the Closing, any and all further acts, instruments, and agreements and provide such further assurances as the other
parties may reasonably require to consummate the Formation and Structuring Transactions contemplated hereunder. Sunstone Hotel REIT agrees to enter into a registration rights agreement with the Interested Parties in connection with the Closing that
provides the Interested Parties with demand, piggyback and shelf registration rights in a form approved by the directors of Sunstone Hotel REIT. 
  
 1.5 Management Company. Sunstone Hotel Investors shall sell the assets and operations related to the management of the hotels to a third party
management company prior to or in connection with the consummation of the Formation and Structuring Transactions and shall be entitled to keep the consideration, if any, from such sale. 
  

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 ARTICLE II. 
  
 CONDITIONS TO CLOSING 
  
 2.1 Conditions to Closing. The obligations of each Interested Party, Sunstone Hotel Partnership and Sunstone Hotel REIT hereunder are subject to
the satisfaction of the conditions set forth below on or before the Closing. If for any reason any of the conditions set forth in this Section 2.1 are not satisfied or waived by each party entitled to the benefit of such conditions at or prior to
the Closing, or if the Closing shall not have occurred by December 31, 2004, then each party hereto by written notice given to the other parties hereto shall have the right to elect to terminate this Agreement and each party shall be released from
their obligations hereunder and shall have no further liability hereunder except that nothing herein shall relieve any party from liability for any breach of this Agreement prior to such termination. 
  
 (a) Representations and Warranties True and Correct.
The representations and warranties of each other party hereto shall be true and correct in all material respects as of the date of the Closing; 
  
 (b) Closing of Unit and Stock Transactions. The closing of each of the Unit and Stock Transactions applicable to each other party
hereto shall occur simultaneously therewith and all obligations of each other party hereto shall have been performed or complied with in all material respects; and 
  
 (c) Closing of IPO. The IPO shall have been consummated simultaneously with the closing of the Unit
and Stock Transactions therewith. 
  
 2.2 Abandonment of
IPO. If at any time Sunstone Hotel REIT determines in good faith to abandon the IPO, Sunstone Hotel REIT shall so advise each Interested Party in writing and thereupon each party shall be released from its obligations hereunder and shall have no
further liability hereunder. The decision by Sunstone Hotel REIT to proceed with or abandon the IPO shall be made by the board of directors of Sunstone Hotel REIT in its sole discretion taking into account the best interests of Sunstone Hotel REIT
and all its stockholders. 
  
 ARTICLE III. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 3.1 Representations by Sunstone Hotel Partnership and Sunstone
Hotel REIT. Each of Sunstone Hotel Partnership and Sunstone Hotel REIT hereby represents and warrants to the Interested Parties as follows: 
  
 (a) Organization and Power. It is duly organized, validly existing, and in good standing under the laws of the State of Delaware
(in the case of Sunstone Hotel Partnership) or the State of Maryland (in the case of Sunstone Hotel REIT), and has full right, power, and authority to enter into and perform all of its obligations under this Agreement. Sunstone Hotel REIT is, and
upon consummation of the IPO will be, the sole managing member of Sunstone Hotel Partnership. The execution, delivery and performance of this Agreement have been duly authorized by it, and this Agreement constitutes the legal, valid and binding
obligation 
  

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 of it, enforceable against it in accordance with its terms, subject to bankruptcy, reorganization,
insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 
  
 (b) Litigation. There is no action, suit, or proceeding, pending or known to be threatened, against it in any court or before any
arbitrator or before any federal, state, municipal, or other governmental department, commission, board, bureau, agency or instrumentality that could materially and adversely affect the ability of it to perform its obligations hereunder or otherwise
delay consummation of any of the transactions contemplated hereby. 
  
 (c) Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or filing by or with any governmental agency or other person or entity necessary for the
execution, delivery, and performance of this Agreement or the transactions contemplated hereby by it will be obtained as of Closing. 
  
 (d) Valid Issuance. The Partnership Units issued as part of the Formation and Structuring Transactions will represent duly and
validly issued limited partnership interests in Sunstone Hotel Partnership and the Common Stock issued as part of the Formation and Structuring Transactions will be duly authorized and validly issued and fully paid and non-assessable when issued.

  
 3.2 Representations by Interested Parties. Each
Interested Party hereby severally and not jointly represents and warrants to Sunstone Hotel Partnership and Sunstone Hotel REIT as follows: 
  
 (a) Organization and Power. Such Interested Party is duly organized, validly existing and in good standing under the laws of the
state of its formation and has full right, power, and authority to enter into and perform all of its obligations under this Agreement. The execution, delivery and performance of this Agreement have been duly authorized by such Interested Party, and
this Agreement constitutes the legal, valid and binding obligation of such Interested Party, enforceable against such Interested Party in accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting
the enforcement of creditors’ rights generally and to general principles of equity. 
  
 (b) Litigation. There is no action, suit, claim, or proceeding pending or, to the Interested Party’s knowledge, threatened
against such Interested Party or such Interested Party’s interests in any court, before any arbitrator, or before or by any governmental body or other regulatory authority that would materially and adversely affect the ability of such
Interested Party to perform its obligations hereunder or otherwise delay the consummation of any of the transactions contemplated hereby. 
  
 (c) Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or filing by
or with any governmental agency or other person or entity necessary for the execution, delivery, and performance of this Agreement or the transactions contemplated hereby by it will be obtained as of Closing. 
  
 (d) Securities Law Matters. (i) In acquiring
Partnership Units and/or Common Stock, such Interested Party is not relying upon any representations made to it by Sunstone Hotel 
  

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 Partnership or Sunstone Hotel REIT, or any of their officers, employees, or agents that are not contained
herein. The Interested Party is aware of the risks involved in investing in Partnership Units and/or Common Stock. Such Interested Party has had an opportunity to ask questions of, and to receive answers from Sunstone Hotel Partnership and Sunstone
Hotel REIT, or a person or persons authorized to act on their behalf, concerning the terms and conditions of this investment and the financial condition, affairs, and business of Sunstone Hotel REIT, including Sunstone Hotel REIT’s intent to
qualify as a real estate investment trust under federal income tax laws and the associated restrictions that will apply to holders of the Common Stock under federal tax laws and under Sunstone Hotel REIT’s charter and bylaws. Such Interested
Party confirms that all documents, records, and information pertaining to its investment in Partnership Units and/or Common Stock that have been requested by it, have been made available or delivered to it prior to the date hereof. 
  
 (ii) Such Interested Party understands that Partnership Units
and/or Common Stock issuable to such Interested Party hereunder has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and is instead being offered and sold in
reliance on an exemption from such registration requirements. Partnership Units and/or Common Stock issuable to such Interested Party is being acquired solely for the Interested Party’s own account, for investment, and is not being acquired
with a view to, or for resale in connection with, any distribution, subdivision, or fractionalization thereof, in violation of such laws, and such Interested Party does not have any present intention to enter into any contract, undertaking,
agreement, or arrangement with respect to any such resale. The Interested Parties understand that the Partnership Units and/or Common Stock issuable to such Interested Party will contain appropriate legends reflecting the requirement that the
Partnership Units and/or Common Stock not be resold by such Interested Party without registration under such laws or the availability of an exemption from such registration. 
  
 (iii) Such Interested Party is an “accredited investor” within the meaning of Rule 501(a) under
Regulation D under the Securities Act.  
  
 (e) Investment Decision. Such Interested Party is capable of making an informed investment decision based on its knowledge, sophistication and experience in financial and business matters together with the business and financial
experience of those persons, if any, retained by it, and other relevant information it may have received with respect to the matters set forth in this Agreement. 
  
 (f) Brokers. Such Interested Party has not engaged the services of any agent, broker, finder or any
other person or entity for any brokerage or finder’s fee, commission or other amount with respect to the transactions described herein. 
  
 (g) Good Title. Such Interested Party holds the equity interests in the assets it is contributing as part of the Formation and
Structuring Transactions free and clear of all liens, encumbrances, security interests, prior assignments or conveyances, conditions, restrictions, and any other adverse right, interest, charge or claim of any kind whatsoever (collectively
“Restrictions”) other than any Restriction for which an Interested Party will receive the necessary consent, approval or authorization to effect the Formation and Structuring Transactions prior to the Closing. 
  

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 ARTICLE IV. 
  
 MISCELLANEOUS 
  
 4.1 Survival and Indemnity. The representations and warranties contained herein shall survive the Closing. Each Interested Party, severally and not
jointly, agrees to indemnify, defend and hold harmless Sunstone Hotel Partnership, Sunstone Hotel REIT and each other party hereto and Sunstone Hotel Partnership and Sunstone Hotel REIT agrees to indemnify, defend and hold harmless each Interested
Party from and against all costs, expenses, losses and damages (including, without limitation, reasonable attorney’s fees and expenses, but excluding consequential damages) incurred by Sunstone Hotel Partnership and Sunstone Hotel REIT or such
other party resulting from any misrepresentation or breach of warranty made by it. The total liability and indemnity obligation of each Interested Party shall be limited to the aggregate value of the Partnership Units and Common Stock received by
such party in the Unit and Stock Transactions. 
  
 4.2 Entire
Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement supersedes any existing letter of intent between the parties, constitutes the entire agreement among the parties hereto and may not be modified or amended except by
instrument in writing signed by the parties hereto, and no provisions or conditions may be waived other than by a writing signed by the party waiving such provisions or conditions. No delay or omission in the exercise of any right or remedy accruing
to Sunstone Hotel Partnership, Sunstone Hotel REIT or an Interested Party upon any breach under this Agreement shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by
Sunstone Hotel Partnership, Sunstone Hotel REIT or an Interested Party of any breach of any term, covenant, or condition herein stated shall not be deemed to be a waiver of any other breach, or of a subsequent breach of the same or any other term,
covenant, or condition herein contained. All rights, powers, options, or remedies afforded to Sunstone Hotel Partnership, Sunstone Hotel REIT or an Interested Party either hereunder or by law shall be cumulative and not alternative, and the exercise
of one right, power, option, or remedy shall not bar other rights, powers, options, or remedies allowed herein or by law, unless expressly provided to the contrary herein. 
  
 4.3 Notices. Any notice provided for by this Agreement and any other notice, demand, or communication which any party
may wish to send to another shall be in writing and either delivered in person (including by confirmed facsimile transmission) or sent by registered or certified mail or overnight courier, return receipt requested, in a sealed envelope, postage
prepaid, and addressed to the party for which such notice, demand or communication is intended at such party’s address as set forth in this Section. Sunstone Hotel Partnership and Sunstone Hotel REIT’s address for all purposes under this
Agreement shall be as follows: 
  
 Suite 100

 903 Calle Amanecer 
 San Clemente, CA 92673-6212 
 Attention: Jon D. Kline 
 Copy: Legal Department 
 Fax No: (949) 369-3179 
  

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 The address of each of the Interested Parties for all purposes under this Agreement shall be as follows:

  
 Sunstone Hotel Investors: 

 
 LB 54, Suite 700 
 13155 Noel Road 
 Dallas, TX 75240 
 Attention: Patrick K. Fox 
 Fax No: (972) 934-8333 
  
 Sunstone/WB Hotel Investors IV: 
  
 LB 54, Suite 700 
 13155 Noel Road 
 Dallas, TX 75240 
 Attention: Patrick K. Fox 
 Fax No: (972) 934-8333 
  
 WB Hotel Investors: 
  
 LB 54,
Suite 700 
 13155 Noel Road 
 Dallas, TX 75240 
 Attention: Patrick K. Fox 
 Fax No: (972) 934-8333 
  
 Sunstone/WB Manhattan Beach: 
  
 LB 54, Suite 700 
 13155 Noel Road 
 Dallas, TX 75240 
 Attention: Patrick K. Fox 
 Fax No: (972) 934-8333 
  
 Alter SHP LLC: 
  
 Suite 100

 903 Calle Amanecer 
 San Clemente, CA 92673-6212 
 Attention: Robert A. Alter 
 Fax No: (949) 369-4210 
  
 Any address or name specified above may be changed by a notice given by the addressee to the other parties. Any notice, demand or other communication
shall be deemed given and effective as of the date of delivery in person or receipt set forth on the return receipt. 
  

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 The inability to deliver because of changed address of which no notice was given, or rejection or other refusal to accept
any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or other communication as of the date of such attempt to deliver or rejection or refusal to accept. 
  
 4.4 Exhibits. All exhibits referred to in this Agreement and attached
hereto are hereby incorporated in this Agreement by reference. 
  
 4.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflicts of laws principles. 
  
 4.6 Waiver of Trial by Jury. Each party to this Agreement hereby
waives any right to a trial by jury. 
  
 4.7 Severability.
In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision
hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. 
  
 4.8 Successors and Assigns. This Agreement may not be assigned by Sunstone Hotel Partnership, Sunstone Hotel REIT or any Interested Party without
the prior approval of Sunstone Hotel Partnership, Sunstone Hotel REIT or the other Interested Parties, as applicable. This Agreement shall be binding upon, and inure to the benefit of, Sunstone Hotel Partnership, Sunstone Hotel REIT, the Interested
Parties, and their respective legal representatives, successors, and permitted assigns. 
  
 4.9 Headings. Article headings and article and section numbers are inserted herein only as a matter of convenience and in no way define, limit, or prescribe the scope or intent of this Agreement or any part
hereof and shall not be considered in interpreting or construing this Agreement. 
  
 4.10 Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the facts and documents referred to therein.

  
 4.11 Counterparts. This Agreement may be executed in
any number of counterparts and by any party hereto on a separate counterpart, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same instrument. Copies of
executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts. 
  
 4.12 Specific Performance. Each party to this Agreement agrees that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. Each party to this Agreement agrees that each other party hereto will be entitled to an injunction or injunctions to prevent breaches of this Agreement
and to enforce specifically the provisions of this Agreement 
  

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 in any federal or state court located in the State of California (as to which each party to this Agreement agrees to
submit to jurisdiction for purposes of such action), this being in addition to any other remedies to which such party may be entitled under this Agreement or otherwise at law or in equity. 
  
 4.13 Time of the Essence. Time is of the essence with respect to all
obligations of each party under this Agreement. 
  
 [Signature
pages follow.] 
  

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

  

			
	SUNSTONE HOTEL PARTNERSHIP, LLC
		
	By:	 	/s/    ROBERT A. ALTER
	 	 	 Name: Robert A. Alter
 Title:President and Chief Executive Officer of its sole member

  

			
	SUNSTONE HOTEL INVESTORS, INC.
		
	By:	 	/s/    ROBERT A. ALTER 
	 	 	 Name: Robert A. Alter
 Title: President and Chief
Executive Officer

  

			
	SUNSTONE HOTEL INVESTORS, L.L.C.
		
	By:	 	/s/    JON D. KLINE
	 	 	 Name: Jon D. Kline
 Title: Vice
President

  

			
	SUNSTONE/WB HOTEL INVESTORS IV, LLC
		
	By:	 	/s/    PATRICK K. FOX
	 	 	 Name: Patrick K. Fox
 Title:
Secretary

  

			
	WB HOTEL INVESTORS, LLC
		
	By:	 	/s/    PATRICK K. FOX
	 	 	 Name: Patrick K. Fox
 Title: Vice
President

			
	SUNSTONE/WB MANHATTAN BEACH, LLC
		
	By:	 	/s/    PATRICK K. FOX
	 	 	 Name: Patrick K. Fox
 Title: Executive Committee
Member

  

			
	ALTER SHP LLC
		
	By:	 	/s/    ROBERT A. ALTER
	 	 	 Name: Robert A. Alter
 Title: Managing
Member
  

  

 EXHIBIT A1 
  

	1.	Each of the following corporations that are directly or indirectly owned by Sunstone Hotel Investors will convert into a Delaware limited liability company:

  

	 	•	Park SH Hotels Corp., a Delaware corporation 

  

	 	•	Sunstone E&P Corporation I, a Delaware corporation 

  

	 	•	Sunstone Hotels Sub Corp., a Delaware corporation 

  

	 	•	Sunstone SH Hotels Corp., a Delaware corporation 

  

	2.	Sunstone Hotel Investors, WB Hotel Investors, Sunstone/WB Hotel Investors IV and Sunstone/WB Manhattan Beach will contribute all of their assets, other than (i) the hotel management
assets and employees for the hotels, (ii) interests in the Embassy Suites, Los Angeles, California and WB Cherry Creek Hotel Investors, LLC, WB Cherry Creek Investors Inc., WB Cherry Creek, LLC, WB Cherry Creek Hotels, Inc., and WB Cherry Creek
Lessee, Inc., (iii) interests in SHP Investors, SHP Properties Corp, Sunstone Properties Sub Corp, Sunstone OP Properties Corp and SHP Ogden Inc. and (iv) interests in the hotels listed on Schedule I, to Sunstone Hotel Partnership in return for
Partnership Units. 

  

	3.	Each of SHP Investors, SHP Properties Corp, Sunstone Properties Sub Corp, Sunstone OP Properties Corp and SHP Ogden Inc. will distribute all of its current and accumulated earnings
and profits to its shareholders. 

  

	4.	All of the lessee or management companies, which will be subsidiaries of Sunstone Hotel Partnership, will merge into a single surviving lessee corporation (the “TRS
Lessee”). 

  

	5.	Sunstone Hotel Partnership will contribute all of its membership interests in Buy Efficient, L.L.C. to the TRS Lessee. 

  

	6.	Sunstone Hotel Investors will distribute the interests in the Embassy Suites, Los Angeles, California to Alter SHP LLC in redemption of its interests in Sunstone Hotel Investors.

  

	7.	Sunstone Hotel Investors will sell the hotel management assets and employees for the hotels to a third party management company (the “Management Company”) and the TRS
Lessee will enter into a management agreement with the Management Company. 

  

	8.	Simultaneously with both (i) the contribution by each of Sunstone Hotel Investors, WB Hotel Investors and Sunstone/WB Hotel Investors of their interests in the hotels listed on
Schedule I to Sunstone Hotel REIT in exchange for Common Stock and (ii) the merger of 

  

	1	Except as otherwise indicated, each transaction shall be consummated in the order set forth above on the closing date for the IPO of the Common Stock.

  

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 each of SHP Investors, SHP Properties Corp, Sunstone Properties Sub Corp, Sunstone OP Properties Corp and
SHP Ogden Inc. with and into Sunstone Hotel REIT, with Sunstone Hotel REIT surviving, in exchange for Common Stock, Sunstone Hotel REIT will consummate the IPO. 
  

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 EXHIBIT B 
  

				
	 Name

	  	Percentage

	 
	 Sunstone Hotel Investors, L.L.C.
	  	45.1	%
	 WB Hotel Investors, LLC
	  	9.5	 
	 Sunstone/WB Hotel Investors IV, LLC
	  	42.6	 
	 Sunstone/WB Manhattan Beach, LLC
	  	2.8	 
	 	  	
	

	 	  	100.0	%

 SCHEDULE I 
  

Sunstone Hotel Investors 
  
 Sheraton Four Points, Silverthorne, Colorado 
 Holiday Inn Select, Renton, Washington 
 Holiday Inn, Provo, Utah 
 Holiday Inn, Price, Utah 
 Courtyard Marriott,
Lynnwood, Washington 
 Holiday Inn, Mesa, Arizona 
 Holiday Inn, Flagstaff, Arizona 
 Holiday Inn, Craig, Colorado 
 Courtyard Marriott, Fresno, California 
  
 WB Hotel Investors 
  
 Hilton Garden Inn, Lake Oswego, Oregon 
 Holiday Inn, Boise, Idaho 
 Holiday Inn, Hollywood, California 
  
 Sunstone/WB Hotel Investors IV 
  
 Marriott, West Conshohocken, Pennsylvania 
 Radisson, Englewood, New Jersey 
 Valley River Inn, Eugene, Oregon 
 Crowne Plaza, Grand Rapids, Michigan 
 Radisson, Williamsburg, Virginia 
 Hilton, Del Mar, California 
 Hilton, Melville, New York 
 Doubletree,
Minneapolis, Minnesota 
 Marriott, Troy, Michigan 
 Embassy Suites, Chicago, Illinois 
 Marriott, Ontario, CaliforniaForm of Master Agreement with Managment Company.

 Exhibit 10.2 
  
 MASTER AGREEMENT 

  
 This Master Agreement (this “Agreement”) is made and
entered into as of this [Date of Sunstone IPO], 2004, by and between SUNSTONE HOTEL PROPERTIES, INC., a Delaware limited liability company (“Operator”), and [Sunstone Hotel Investors, Inc., Sunstone Hotel TRS
Lessee, Inc., SUNSTONE Lessee/Ownership Entities] (collectively, “Owner”). 
  
 Recitals: 
  
 A. WHEREAS, Owner and Operator have entered into certain Hotel Management Agreements (together with any other Hotel Management Agreements now or hereafter entered into between Owner (or any of Owner’s affiliates)
and Operator with respect to one or more Portfolio Properties (as hereinafter defined), the “Management Agreements”) with respect to the hotel properties more particularly set forth on Schedule A attached hereto and
made a part hereof (as modified from time to time as a result of the termination or addition of Management Agreements) between Owner or Owner’s Affiliates and Operator (individually, a “Portfolio Property” and
collectively, the “Portfolio Properties”); 
  
 B. Owner and Operator desire to set forth their agreement regarding certain matters that relate to, and affect, the Portfolio Properties as more particularly set forth herein; and 
  
 NOW THEREFORE, for and in consideration of the premises, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Owner and Operator hereby supplement and amend each of the Management Agreements and agree as follows: 
  
 1. Definitions. Any capitalized terms used herein which are not defined herein
shall have the same meanings given to such terms in the Management Agreements. 
  
 2. Term. This Agreement shall have a term commencing on the effective date of the initial public stock offering of shares of capital stock of Sunstone Hotel Investors, Inc. (“Sunstone”) (the
“Effective Date”) and expiring on the date on which the last of the Management Agreements in effect between Owner and Operator expires or terminates. Upon the termination or expiration of a Management Agreement, the Owner
thereunder shall no longer be bound by the terms of this Agreement unless and to the extent (a) such entity is a guarantor under the provisions of Section 3 hereof, (b) such entity is a party to another Management Agreement or (c) of those
obligations that expressly survive the termination or expiration of the Management Agreement or this Agreement. 
  
 3. Guaranty of Portfolio Properties Fees. With respect to payment of fees (including the Incentive Fee) for services rendered by Operator relating to the
Portfolio Properties, Owner shall deliver to Operator a guaranty or guarantees of payment from entities reasonably satisfactory to Operator. 
  

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 4. Incentive Fee. 
  

(A) Commencing January 1, 2005, and in addition to the fees set forth in, and subject to the terms of, the Management Agreements, Owner shall
pay to Operator on an annual basis ten percent (10%) of the amount by which aggregate Net Operating Income for all of the Portfolio Properties exceeds the Incentive Fee Threshold for the Portfolio Properties for such Fiscal Year or partial Fiscal
Year (the “Incentive Fee”). For 2005, the Incentive Fee Threshold shall mean the aggregate projected Net Operating Income for all of the Portfolio Properties as set forth in the Operating Budgets for the Portfolio Properties
and shall increase each subsequent Fiscal Year by the greater of (i) three percent (3%), or (ii) the actual percentage change in average REVPAR for all of the Portfolio Properties over the previous year multiplied by 1.5. The Incentive Fee Threshold
shall be subject to adjustment for increases and decreases in the number of Portfolio Properties. If a Portfolio Property leaves during a Fiscal Year, for purposes of the Incentive Fee calculation (y) such Portfolio Property’s Incentive
Fee Threshold for such Fiscal Year shall be removed from the aggregate Incentive Fee Threshold for all of the Portfolio Properties for such Fiscal Year and (z) the actual Net Operating Income of such Portfolio Property for such Fiscal Year through
the date of termination shall be removed from the aggregate year-end Net Operating Income for all of the Portfolio Properties. In addition, beginning with Fiscal Year 2006, the Incentive Fee Threshold shall be adjusted annually by the amount by
which the actual cumulative capital expenditures for all of the Portfolio Properties from the Effective Date exceeds or falls short of four percent (4%) of Total Revenues for all of such Portfolio Properties (on a cumulative basis) from the
Effective Date. Notwithstanding the foregoing, the total Incentive Fee payable to Operator for all of the Portfolio Properties for any Fiscal Year (or partial Fiscal Year) shall not exceed one and one half percent (1.5%) of Total Revenues (as
defined in the Management Agreements) of all of the Portfolio Properties for such Fiscal Year (or partial Fiscal Year). Narrative and numeric examples of the foregoing calculations are attached hereto as Schedule B. 
  
 (B) If the Management Agreement with respect to any Portfolio Property
encumbered by a mortgage or deed of trust shall limit the maximum management fee payable to Operator with respect to such Portfolio Property, then notwithstanding anything to the contrary set forth in this Agreement, the individual entity included
within Owner which is the owner or lessee of such Portfolio Property shall not be liable, with respect to such encumbered Portfolio Property only, for any portion of the Portfolio Management Fee in excess of such maximum fee; provided, however, that
such limitation on the liability of such entity shall not reduce the total fee for all of the Portfolio Properties payable by Owner or any guarantor hereunder or under any Management Agreement (calculated as if no such limitation on liability
existed) or, if such individual entity also owns or leases Portfolio Properties not encumbered by a mortgage or deed of trust, the liability of any such individual entity in its capacity as owner or lessee of any Portfolio Property not so
encumbered. 
  
 5. Centralized Services. In addition to the fees and
reimbursements set forth in the Management Agreements for Centralized Services, attached hereto as Schedule C is a list of all of the types of services (including Centralized Services) and the corresponding fees and reimbursements payable to
Operator for such services (including Centralized Services) rendered with respect to the Portfolio Properties as of the date of this Agreement. The amounts of such 
  

 2 

 fees applicable to each respective Portfolio Property shall be set forth in the Operating Budget for each Portfolio
Property. Owner shall have the right to approve a Portfolio Property’s participation in any additional Centralized Services provided by Operator which are not listed on Schedule B. 
  
 6. Termination Rights. (A) (i) In addition to the other termination rights
provided in the Management Agreements and notwithstanding anything contained therein to the contrary, for the period commencing on the Effective Date and ending on December 31, 2005 (the “First Year Termination Period”),
Owner may terminate the Management Agreements for up to one thousand (1,000) rooms upon the sale to unaffiliated third parties of the Hotels comprised by such rooms (the “Year One Rooms”) with no termination fee or similar
compensation to Operator so long as (1) all other amounts due the Operator under the terminated Management Agreement(s) have been paid in full, and (2) Operator is given by Owner at least thirty (30) days prior written notice. During the First Year
Termination Period Owner shall have the right to terminate additional rooms (in excess of one thousand (1,000) so long as (a) all amounts due the Operator under the terminated Management Agreement(s) have been paid in full, (b) Owner pays to
Operator a termination fee equal to the product of two percent (2%) of Total Revenues projected for the terminated Portfolio Property in calendar year 2005 multiplied by two and one-half (2.5) and (c) Operator is given by Owner at least thirty (30)
days prior written notice. Any of the Year One Rooms not terminated during the First Year Termination Period (the “Year One Carry-Over Rooms”) may be terminated during the Second Year Termination Period or at any time
thereafter upon the same terms and conditions as if terminated during the First Year Termination Period. 
  
 (ii) In addition, and notwithstanding anything contained in the Management Agreements to the contrary, for the period commencing on January 1, 2006 and
ending on December 31, 2006 (the “Second Year Termination Period”), Owner may terminate the Management Agreements for up to three hundred (300) rooms plus any Year One Carry-Over Rooms upon the sale to unaffiliated third
parties of the Hotels comprised by such rooms (“Year Two Rooms”) with no termination fee or similar compensation to Operator so long as (1) all other amounts due the Operator under the terminated Management Agreement(s) have
been paid in full, and (2) Operator is given by Owner at least thirty (30) days prior written notice. During the Second Year Termination Period Owner shall have the right to terminate additional rooms (in excess of the Year Two Rooms) so long as (x)
all amounts due the Operator under the terminated Management Agreement(s) (other than termination fees) have been paid in full, (y) Owner pays to Operator a termination fee equal to the product of the Basic Fee for the terminated Portfolio Property
in calendar year 2006 multiplied by two (2.0) and (z) Operator is given by Owner at least thirty (30) days prior written notice. Any of the Year Two Rooms not terminated during the Second Year Termination Period may be terminated after the Second
Year Termination Period on the same terms and conditions as if terminated during the Second Year Termination Period (the “Year Two Carry-Over Rooms”). The Year Two Carry-Over Rooms and any Year One Carry-Over Rooms not
terminated during the Second Year Termination Period are sometimes hereinafter collectively referred to as the “Carry-Over Rooms”. 
  
 (iii) In addition, and notwithstanding anything contained in the management Agreement to the contrary, commencing on January 1, 2007, Owner may terminate
the Management Agreements for up to three hundred (300) rooms with no termination fee or similar 
  

 3 

 compensation to Operator (the “At-Will Rooms”) so long as (1) all other amounts due the Operator
under the terminated Management Agreement(s) have been paid in full, and (2) Operator is given by Owner at least thirty (30) days prior written notice. Commencing on January 1 of each year thereafter, three hundred (300) of the Carry-Over Rooms, if
any, shall convert to At-Will Rooms. 
  
 (iv) Notwithstanding the
foregoing, the number of rooms for which Owner shall have the right to terminate Management Agreements pursuant to this Section 6(A) shall under no circumstances exceed an aggregate of one thousand six hundred (1,600) rooms during the Term of this
Agreement. 
  
 (B) In addition, Owner shall have the right to
terminate an individual Management Agreement for a Portfolio Property without the payment of any termination fee so long as (1) all amounts due to Operator under the terminated Management Agreement have been paid in full and (2) prior to such
termination, Owner executes new Management Agreement(s) with Operator relating to new Portfolio Property(ies) to be covered by this Agreement on terms and conditions substantially similar to the terms and conditions of the terminated Management
Agreement, and with projected Basic Fees equal to or greater than the budgeted Basic Fee for the then current Fiscal Year for the terminated Portfolio Property. Projected Basic Fees for a specific Portfolio Property shall mean the Basic Fees
generated by that Portfolio Property reasonably projected and agreed to by Owner and Operator. To the extent that Owner enters into new Management Agreements with projected Basic Fees greater than the Basic Fees for the terminated Management
Agreement, Owner shall receive a credit in the amount of such excess that Owner may use with respect to replacement of any other Management Agreements subsequently terminated following the execution of such new Management Agreement. In addition, to
the extent that Owner executes new Management Agreements with Operator with projected annual Basic Fees less than the budgeted Basic Fees for the then current Fiscal Year for the terminated Portfolio Property, the Termination Fee for such terminated
Portfolio Property shall be reduced by a percentage equal to the quotient of (a) the amount of projected annual Basic Fees generated by the new Management Agreement divided by (b) the amount of budgeted Basic Fees for the terminated Management
Agreement. 
  
 (C) In addition, if Operator acquires or is
acquired by, an entity that owns and operates a major hotel industry brand name and, as a result, a default occurs (beyond any applicable cure periods) under the Franchise Agreement for a Hotel, Owner shall have the right to terminate the Management
Agreement so long as (a) Owner provides to Operator at least thirty (30) days prior written notice of termination and (b) if such termination occurs (i) prior to, or on, December 31, 2005, Owner pays to Operator an amount equal to the Basic Fee for
the first full Fiscal Year multiplied by one and one-half (1.5) (and if such termination occurs prior to the end of the first full Fiscal Year, the budgeted Basic Fee for the first full Fiscal Year will be used to calculate the amount due to
Operator under this Section 6(C)) or (ii) on or after January 1, 2006 but prior to or on December 31, 2006, Owner shall pay to Operator an amount equal to the Basic Fee for the first full Fiscal Year of this Agreement. 
  
 7. Dedicated Staff. Operator and/or its affiliates shall establish and maintain
a dedicated operational staff to oversee the operations, sales and marketing, revenue management and 
  

 4 

 centralized accounting for the Portfolio Properties (the “Staff”). The Staff will initially
consist of personnel filling the positions and numbers thereof set forth on Schedule C which shall also summarize the approximate costs of such personnel. With respect to any changes to the Staff prior to December 31, 2005, the parties agree
to act in good faith to negotiate changes to the number of personnel filling the positions and the numbers thereof based upon increases or decreases in the number of Portfolio Properties. From and after January 1, 2006, the Operator may make
increases or decreases in the Overhead (as such term is defined below) proportionately with changes in the number of Portfolio Properties; provided, however, Owner shall have approval rights over the change in identity of any person filling the
Staff positions which approval shall not be unreasonably withheld or delayed. The Staff shall initially primarily consist of current Owner staff. The Staff shall be based in Southern California in the offices maintained by Owner unless otherwise
agreed to by Owner and Operator shall bear the portion of the expenses (rent, CAM charges, utilities, IT maintenances costs and such other matters set forth on Schedule C) that are expressly set forth on Schedule C as allocable to
Operator (the portion of the expenses expressly set forth on Schedule C as allocable to Operator and the salaries, benefits and related employment expenses of the Staff are referred to herein as the “Overhead”). Commencing January
1, 2007, the Operator shall have the right to reduce the Overhead that existed as of December 31, 2006 by an aggregate amount of up to ten percent (10%) as a result of achieving synergies with the hotel operations of other hotels managed by Operator
Affiliates which reduction shall be exclusive of, and in addition to, any reductions in Overhead as a result of proportionate decreases in the number of Portfolio Properties as described above. Operator shall have the sole discretion and control in
the supervision of the Staff, including, but not limited to, the recruitment, dismissal and determination of wages, benefit and severance policies. Notwithstanding the foregoing, Operator shall not make any change in the identity of the persons
filling the following positions: Executive Vice Presidents of Operations or the Regional Directors of Operations, Executive and Regional Vice Presidents of Sales and Marketing, Directors of Regional Sales, Directors of Hotel Accounting and/or
certain mutually agreed upon key Revenue Management personnel overseeing the Portfolio Properties without the prior written consent of Owner, which consent shall not be unreasonably withheld or delayed. Operator shall cause a “Leadership
Conference” to be held in Fiscal Year 2005 which is specific to the Staff. 
  
 8. Changes to Policies. Operator shall not make any material changes to the Budgets for any Portfolio Property (except as set forth in the Management Agreements), bonus calculations or methodology and payments, brand
management and/or any corporate programs or policies in which the Portfolio Properties participate without the prior written consent of Owner, such consent not to be unreasonably withheld or delayed. 
  
 9. The Four Hotels. On or prior to the Effective Date, Sunstone shall cause the
owners of the hotels set forth on Exhibit D (the “Four Hotels”) to enter into hotel management agreements on the same terms and conditions as set forth in the Management Agreement; provided, however, the hotel management agreements
for each of the Four Hotels shall provide for an incentive fee for 2005 equal to ten percent (10%) of the amount by which Net Operating Income for such hotel exceeds the amount of projected Net Operating Income set forth in the Operating Budget for
such hotel (the “Initial Threshold”) and the Initial Threshold for each hotel shall increase each subsequent Fiscal Year by the greater of (i) three percent (3%) or (ii) the actual percentage 
  

 5 

 change in REVPAR for such hotel over the previous year multiplied by 1.5. In addition, the owners of the Four Hotels may
terminate with no termination fee or similar compensation to Operator one of the management agreements for the Four Hotels during each of the following time periods (the “Annual Termination Right”): (a) January 1, 2005 through December 31,
2005, (b) January 1, 2006 through December 31, 2006, (c) January 1, 2007 through December 31, 2007 and (d) after January 1, 2008 so long as (1) all amounts due the Operator under the terminated management agreement have been paid in full and (2)
Operator is given at least thirty (30) days prior written notice by the owner of the terminated hotel. In addition, the management agreements for any or all of the Four Hotels may be terminated at any time upon the sale of such hotel(s) to
unaffiliated third parties with no termination fee or similar compensation to Operator so long as (1) all amounts due the Operator under the terminated management agreement have been paid in full and (2) Operator is given at least thirty (30) days
prior written notice by the owner of the terminated hotel; provided, however, the termination of a management agreement for any of the Four Hotels as a result of a sale to an unaffiliated third party shall exhaust the next available Annual
Termination Right. 
  
 10. Subordination of Management Agreement.
Operator acknowledges and agrees that its rights under this Agreement are subject and subordinate to the lien of any first mortgage or deed of trust loan, or any junior mortgage or deed of trust loan held by an institutional investor or lender,
encumbering any Hotel which is subject to a Management Agreement whether now or hereafter existing; provided, however, that (i) Operator shall not be obligated to waive or forbear from receiving, on a current basis and as and when due under this
Agreement any and all fees due to it under this Agreement and allocable to such Hotel and (ii) Operator shall not be obligated to waive, or to forbear from exercising (unless and to the extent Operator receives reasonable assurance, in
Operator’s good faith business judgment, that it will be paid or reimbursed for any and all amounts due to Operator under this Agreement and allocable to such Hotel during the period of any such forbearance, which period will not exceed
60 days in any event) any right it may have to terminate this Agreement in relation to such Hotel in accordance with the terms hereof. The provisions of this Section shall be self-operative but Operator agrees to execute and deliver promptly within
ten (10) days after receipt thereof by Operator any document or certificate containing such other terms as may be customary and reasonable confirming such subordination as Owner or the holder of any such lien may reasonably request. 
  
 11. Estoppels. Owner and Operator agree that from time to time upon the request
of the other party or a party to a Major Agreement, it shall execute and deliver within ten (10) days after the request a certificate confirming that this Agreement is in full force and effect, stating whether this Agreement has been modified or if
any defaults exist hereunder and supplying such other information as the requesting party may reasonably require. 
  
 12. REIT Status. Operator acknowledges the status of Owner as a “taxable REIT subsidiary” of Sunstone Hotel Investors, Inc., a real estate
investment trust (the “REIT”), all within the meaning of the Internal Revenue Code of 1986, as amended, and all of the regulations thereunder (the “Code”), and agrees to act in good faith at all times
to protect both Owner’s and the REIT’s status under the Code, including but not limited to entering into reasonably necessary modifications to the Management Agreements to the extent of changes to the Code or any judicial or
administrative determinations thereunder. 
  

 6 

 13. Notices. Any notice, statement or demand required to be given under this Agreement shall be in writing,
sent by certified mail, postage prepaid, return receipt requested, or by facsimile transmission, receipt electronically or verbally confirmed, or by nationally-recognized overnight courier, receipt confirmed, addressed if to: 
  

			
	 Owner:
	  	 [Sunstone] 
 c/o Sunstone Hotel Investors,
Inc.
 903 Calle Amanecer, Suite 100
 San Clemente, CA
92673
 Attention: Gary A. Stougaard and Jon Kline
 Facsimile No.:
(949) 369-4230

		
	 and Operator:
	  	 Interstate Management Company, L.L.C.
 c/o Interstate
Hotels & Resorts, Inc.
 4501 N. Fairfax Drive, Suite 800
 Arlington, VA 22203
 Attention: Senior Vice President and General Counsel
 Facsimile No.: (703) 387-3389

  
 or to such other addresses as Operator
and Owner shall designate in the manner provided in this Section 12. Any notice or other communication shall be deemed given (a) on the date three (3) business days after it shall have been mailed, if sent by certified mail, (b) on the business day
it shall have been sent by facsimile transmission (unless sent on a non-business day or after business hours in which event it shall be deemed given on the following business day), or (c) on the date received if it shall have been given to a
nationally-recognized overnight courier service. 
  
 14. Governing
Law. This Agreement shall be subject to, and governed by, the laws of the State of Maryland, without giving effect to its conflict of laws provisions. 
  

15. Amendment. This Agreement may not be amended except by the express written agreement duly executed by all parties hereto. 
  
 16. Waiver. The failure of either party, at any time, to enforce any of the
provisions of this Agreement shall in no way constitute, or be construed as, a waiver of such provision, nor in any way affect the validity of, or the right thereafter to enforce, each and every provision of this Agreement. 
  
 17. Severability. The invalidity or unenforceability of any provision(s) of
this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision(s) were omitted. 
  
 18. Headings. The section headings in this Agreement are for convenience of reference only and in no way define or limit the
scope and content of this Agreement or in any way affect its provisions. 
  

 7 

 19. Assignment. Neither Owner nor Operator may assign without the prior written consent of the other party
unless such assignment complies with the assignment provisions contained in the Management Agreements. 
  
 20. Further Acts. The parties shall execute and deliver all other appropriate supplemental agreements and other instruments, and take any other action necessary to make this Agreement fully and legally
effective, binding, and enforceable as between them and as against third parties. 
  
 21. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all such counterparts together constitute one and the same instrument. For the purpose of this Agreement,
facsimile signatures shall be deemed originals. 
  
 [Remainder
of page intentionally left blank] 
  

 8 

 IN WITNESS WHEREOF, Operator and Owner have duly executed this Agreement the day and year first above
written. 
  

			
	SUNSTONE HOTEL TRS LESSEE, INC.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	SUNSTONE HOTEL INVESTORS, INC.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	SUNSTONE HOTEL PROPERTIES, INC.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 9 

 SCHEDULE A 
  
 LIST OF PROPERTIES 

 SCHEDULE B 
  
 EXAMPLE OF CALCULATION OF INCENTIVE FEE THRESHOLD 
  
 If: 
  
 2005 Incentive Fee threshold = $140 million 
 and 
 2005 REVPAR Percentage Change over 2004 = 1.5% 
  
 Then for 2006: 
  
 2006 Incentive Fee Threshold shall increase by the greater of (a) three percent (3%) or (b) the product of 1.5 multiplied by
the REVPAR Percentage Change over 2004 (i.e., 1.5 x 1.5% = 2.25%). 
  
 Since 3% is greater than 2.25%, the 2006 Incentive Fee Threshold shall be an amount equal to the 2005 Incentive Fee Threshold increased by 3% (i.e., $140 million increased by 3%) which will result in a 2006 Incentive Fee Threshold equal to
$144.20 million. 

 SCHEDULE C 
  
 LIST OF CENTRALIZED POSITIONS, FEES AND REIMBURSEMENTS 

 SCHEDULE D 
  
 THE FOUR HOTELS

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