SEC Contract Filing

Filing Date: 2017-01-13

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v456807_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO
SMT ALT, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">c/o American Realty Hospitality Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">405 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">January 10, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summit Hotel OP, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Sellers listed on Schedule
1 to the Purchase Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Summit Hotel Properties, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12600 Hill Country Boulevard, Suite R-100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Austin, TX 78738</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: Chris Eng, Executive Vice President,
General Counsel &amp; Chief Risk Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Chris:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
that certain Real Estate Purchase and Sale Agreement, dated as of June 2, 2015, by and among the sellers listed on Schedule 1 attached
thereto (each a &ldquo;<U>Seller</U>&rdquo; and collectively the &ldquo;<U>Sellers</U>&rdquo;), Summit Hotel OP, LP (&ldquo;<U>Summit</U>&rdquo;)
and American Realty Capital Hospitality Portfolio SMT, LLC (the &ldquo;<U>Original Purchaser</U>&rdquo;), as amended pursuant to
that certain letter agreement dated as of July 15, 2015 (the &ldquo;<U>July 15 Letter Agreement</U>&rdquo;), that certain letter
agreement dated as of August 21, 2015 (the &ldquo;<U>August 21 Letter Agreement</U>&rdquo;), that certain letter agreement dated
as of October 20, 2015 (the &ldquo;<U>October 20 Letter Agreement</U>&rdquo;), that certain extension notice dated as of October
26, 2015 (the &ldquo;<U>Extension Notice</U>&rdquo;), that certain reinstatement agreement dated as of February 11, 2016 (the &ldquo;<U>Reinstatement
Agreement</U>&rdquo;) and that certain letter agreement dated as of December 30, 2016 (the &ldquo;<U>December 30 Letter Agreement</U>&rdquo;,
and collectively with the July 15 Letter Agreement, the August 21 Letter Agreement, the October 20 Letter Agreement, the Extension
Notice and the Reinstatement Agreement, the &ldquo;<U>Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Reinstatement
Agreement, American Realty Capital Hospitality Portfolio SMT ALT, LLC (the &ldquo;<U>Purchaser</U>&rdquo;) replaced the Original
Purchaser under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sellers and Purchaser
desire to change the definition of Closing Date and have agreed to further amend the Purchase Agreement to reflect such modification
on the terms and conditions set forth in this letter agreement (this &ldquo;<U>Letter Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound,
Sellers, Summit and Purchaser hereby agree that the Purchase Agreement shall be amended and modified in accordance with Section
14.4 thereof as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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