AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO SMT, LLC c/o American Realty Hospitality Trust, Inc. New York, NY 10022
Exhibit 10.17
EXECUTION VERSION
AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO SMT, LLC
c/o American Realty Hospitality Trust, Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
October 20, 2015
Summit Hotel OP, LP
Each of the Sellers listed on Schedule 1 attached hereto
c/o Summit Hotel Properties, Inc.
00000 Xxxx Xxxxxxx Xxxxxxxxx, Xxxxx X-000
Xxxxxx, XX 00000
Xxxxxx, XX 00000
Attention: Xxxxx Xxx, Senior Vice President, General Counsel & Chief Risk Officer
Reference is made to that certain Real Estate Purchase and Sale Agreement, dated June 2, 2015 (the “Agreement”), by and among the sellers listed on Schedule 1 thereto, Summit Hotel OP, LP and American Realty Capital Hospitality Portfolio SMT, LLC. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Agreement.
Sellers and Purchaser desire to include certain additional terms, as well as modify certain provisions, within the Agreement, and have agreed to amend the Agreement to reflect such additions and modifications on the terms and conditions set forth in this Amendment. Specifically, Sellers and Purchaser intend to extend the time period during which Purchaser shall have the option to extend the Closing Date.
Accordingly, we hereby agree with you as follows and the Agreement shall be deemed amended in accordance with Section 14.4 thereof:
1. | Amendment to Section 4.1. The final sentence of Section 4.1 of the Agreement is hereby amended to read as follows: “Notwithstanding anything to the contrary set forth herein, Purchaser shall have the right, in its sole and absolute discretion (and without prejudice to any of its rights under this Agreement), to extend the Closing Date for a period of up to 60 days upon 5 days’ prior written notice to Sellers.” |
2. | Counterpart Originals. This letter agreement may be executed in several counterparts, each of which shall be deemed an original, and such counterparts shall together constitute one and the same agreement. |
Please confirm your agreement with the foregoing by signing and returning the enclosed execution counterpart of this letter.
Very truly yours,
AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO SMT, LLC
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Title: Authorized Signatory
AGREED AND ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN:
SUMMIT HOTEL OP, LP
(Individually and in accordance with Section 14.20 of the Agreement on behalf of each Seller)
By: SUMMIT HOTEL GP, LLC, its general partner
By: SUMMIT HOTEL PROPERTIES, INC., its sole member
By: /s/ Xxxxxxxxxxx Eng
Name: Xxxxxxxxxxx Eng Title: Secretary
Schedule 1
Sellers/Hotels
OWNER | State of Formation | LOCATION |
Summit Hotel OP, LP | Delaware | Residence Inn - Jackson, MS |
Summit Hotel OP, LP | Delaware | Holiday Inn Express - Vernon Hills, IL |
Summit Hospitality I, LLC | Delaware | Courtyard - Germantown, TN |
Summit Hotel OP, LP | Delaware | Courtyard - Jackson, MS |
Summit Hospitality I, LLC | Xxxxxxxx | Xxxxxxxxx Xxx & Xxxxxx - Xxxxxxxxxx, XX |
Summit Hospitality I, LLC | Delaware | Residence Inn - Germantown, TN |
Summit Hospitality 079, LLC | Delaware | Aloft - Jacksonville, FL |
Summit Hotel OP, LP | Delaware | Staybridge Suites - Ridgeland, MS |
Summit Hospitality 093, LLC | Delaware | Homewood Suites - Ridgeland, MS |
Summit Hospitality I, LLC | Delaware | Courtyard - El Paso, TX |