February 24, 2015

Exhibit 10.3

February 24, 2015

Via E-mail

American Realty Capital Hospitality Portfolio Member, LLC

000 Xxxx Xxxxxx, 00xx Xxxxx

Xxx Xxxx, XX 00000

Re:

Letter Agreement Amendment to Amended & Restated Real Estate Sale Agreement

Ladies and Gentlemen:

Reference is made to that certain Amended & Restated Real Estate Sale Agreement, dated as of the 11^th day of November, 2014, by and between the sellers listed on Schedule 1A attached hereto (each, a “Seller” and collectively, “Sellers”), American Realty Capital Hospitality Portfolio Member LP, a Delaware limited partnership (successor by conversion to American Realty Capital Hospitality Portfolio Member, LLC, “Original Purchaser”), and each of the purchasers listed on Schedule 1B attached hereto (together with Original Purchaser, individually or collectively as the context may require, “Purchaser”), as amended by that certain First Amendment to Amended & Restated Real Estate Sale Agreement, dated the 13^th day of February, 2015, by and between Sellers and Purchaser (the “Agreement”), relating to the purchase and sale of, among other things, a portfolio of hotels as specified in the Agreement. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Agreement.

Seller and Purchaser hereby agree to amend Schedule 2 of the Agreement by deleting such schedule in its entirety and replacing it with the revised Schedule 2 attached hereto as Exhibit A. The revised Schedule 2 corrects certain scrivener’s errors in the original Schedule 2.

Seller and Purchaser hereby agree that the Agreement, as amended hereby, remains in full force and effect. Seller and Purchaser acknowledge that (a) this letter agreement may be executed in one or more counterparts, with the understanding that all counterparts shall constitute one and the same agreement, and (b) a party’s transmission of an executed counterpart of this letter agreement in PDF format by electronic mail shall constitute effective delivery of this letter agreement.

Please execute this letter agreement below to confirm your agreement herewith.

Letter Agreement re A&R Real Estate Sale Agreement


Sincerely,

W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability company

By:		WNT Mezz I, LLC, a Delaware limited liability company, its Managing Member

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Manager

W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership

By:		W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Manager

W2007 EQI XXXXXX PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI HOUSTON PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI CARLSBAD PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Carlsbad Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI HI AUSTIN PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI NAPERVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Naperville Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI COLLEGE STATION PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI College Station Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI EAST LANSING PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI INDIANAPOLIS PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Indianapolis Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI KNOXVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Knoxville Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI MILFORD Partnership, L.P., a Tennessee limited partnership

By:		W2007 EQI Milford Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI ORLANDO 2 PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI URBANA PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI RIO RANCHO PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI LOUISVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI AUGUSTA PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI ORLANDO PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Orlando Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI SEATTLE PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI JACKSONVILLE PARTNERSHIP I, L.P., a Tennessee limited partnership

By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


W2007 EQI ASHEVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

W2007 EQI SAVANNAH 2 PARTNERSHIP, L.P., a Tennessee limited partnership

By:		W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:		/s/ Xxxx Xxx
		Name: Xxxx Xxx
		Title: Vice President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


AGREED TO AND ACCEPTED ON THIS ___ DAY OF FEBRUARY 2015 BY:

American Realty Capital Hospitality Portfolio Member, LP, a Delaware partnership

By:	American Realty Capital Hospitality Portfolio Member GP LLC, its general partner

By:	American Realty Capital Hospitality Operating Partnership, L.P., its sole member

	By:	American Realty Capital Hospitality Trust, Inc., its general partner

		By:	/s/ Xxxxxxxx X. Xxxxxxx
		Name:	Xxxxxxxx X. Xxxxxxx
		Title:	CEO and President

ARC Hospitality Portfolio I Owner, LLC, a
Delaware limited liability company

By:	/s/ Xxxxxxxx X. Xxxxxxx
	Name:	Xxxxxxxx X. Xxxxxxx
	Title:	CEO and President

ARC Hospitality Portfolio I BHGL Owner, LLC, a Delaware limited liability company

By:	/s/ Xxxxxxxx X. Xxxxxxx
	Name:	Xxxxxxxx X. Xxxxxxx
	Title:	CEO and President

ARC Hospitality Portfolio I PXGL Owner, LLC, a Delaware limited liability company

By:	/s/ Xxxxxxxx X. Xxxxxxx
	Name:	Xxxxxxxx X. Xxxxxxx
	Title:	CEO and President

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Letter Agreement re A&R Real Estate Sale Agreement


ARC Hospitality Portfolio I GBGL Owner, LLC, a Delaware limited liability company

By:		/s/ Xxxxxxxx X. Xxxxxxx
Name: Xxxxxxxx X. Xxxxxxx
Title: CEO and President

ARC Hospitality Portfolio I NFGL Owner, LLC, a Delaware limited liability company

By:		/s/ Xxxxxxxx X. Xxxxxxx
Name: Xxxxxxxx X. Xxxxxxx
Title: CEO and President

ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, a Delaware limited liability company

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

ARC Hospitality Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

ARC Hospitality Portfolio I NTC Owner, LP, a Delaware limited partnership

By: ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

[Signatures continue on following page]

Letter Agreement re A&R Real Estate Sale Agreement


ARC Hospitality Portfolio I DLGL Owner, LP, a Delaware limited partnership

By: ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

ARC Hospitality Portfolio I SAGL Owner, LP, a Delaware limited partnership

By: ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

ARC Hospitality Portfolio II Owner, LLC, a Delaware limited liability company

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

ARC Hospitality Portfolio II NTC Owner, LP, a Delaware limited partnership

By: ARC Hospitality Portfolio II NTC Owner GP,
LLC, its general partner

By:		/s/ Xxxxxxxx X. Xxxxxxx
		Name: Xxxxxxxx X. Xxxxxxx
		Title: CEO and President

cc:	Xxxxxx Xxxxxxxxxx

Letter Agreement re A&R Real Estate Sale Agreement

SCHEDULE 1A

SELLERS

W2007 Equity Inns Realty, L.L.C.

W2007 Equity Inns Realty, L.P.

W2007 EQI Xxxxxx Partnership, L.P.

W2007 EQI Houston Partnership, L.P.

W2007 EQI Carlsbad Partnership, L.P.

W2007 EQI HI Austin Partnership, L.P.

W2007 EQI Naperville Partnership, L.P.

W2007 EQI College Station Partnership, L.P.

W2007 EQI East Lansing Partnership, L.P.

W2007 EQI Indianapolis Partnership, L.P.

W2007 EQI Knoxville Partnership, L.P.

W2007 EQI Savannah 2 Partnership, L.P.

W2007 EQI Asheville Partnership, L.P.

W2007 EQI Seattle Partnership, L.P.

W2007 EQI Orlando Partnership, L.P.

W2007 EQI Orlando 2 Partnership, L.P.

W2007 EQI Urbana Partnership, L.P.

W2007 EQI Rio Rancho Partnership, L.P.

W2007 EQI Louisville Partnership, L.P.

W2007 EQI Augusta Partnership, L.P.

W2007 EQI Milford Partnership, L.P.

W2007 EQI Jacksonville Partnership I, L.P.

Letter Agreement re A&R Real Estate Sale Agreement

SCHEDULE 1B

PURCHASERS

ARC Hospitality Portfolio I Owner, LLC

ARC Hospitality Portfolio I BHGL Owner, LLC

ARC Hospitality Portfolio I PXGL Owner, LLC

ARC Hospitality Portfolio I GBGL Owner, LLC

ARC Hospitality Portfolio I NFGL Owner, LLC

ARC Hospitality Portfolio I MBGL 1000 Owner, LLC

ARC Hospitality Portfolio I MBGL 950 Owner, LLC

ARC Hospitality Portfolio I NTC Owner, LP

ARC Hospitality Portfolio I DLGL Owner, LP

ARC Hospitality Portfolio I SAGL Owner, LP

ARC Hospitality Portfolio II Owner, LLC

ARC Hospitality Portfolio II NTC Owner, LP

Letter Agreement re A&R Real Estate Sale Agreement

EXHIBIT A

PURCHASE PRICE ALLOCATION

(see attached)

Letter Agreement re A&R Real Estate Sale Agreement


*Project Grace* *Asset List*
					Number of Rooms		Year Opened		PPA Value		Allocation for GS
City	State	Fee/Lease	Franchise	Brand/Flag	Number of Rooms		Year Opened		PPA Value		Land		Building(s)		Site Improvements		FF&E		Ground Lease A/B		Goodwill
Birmingham	AL	Lease	Hilton	Hampton Inn		129		1987	$	9,284,784	$	0	$	8,150,248	$	393,249	$	1,092,358	-$	351,071	$	0
Mobile	AL	Lease	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	9,523,623	$	0	$	7,693,136	$	360,398	$	803,172	$	666,918
Mobile	AL	Lease	Xxxxxxxx	Xxxxxxxxx		00		0000	$	5,698,889	$	0	$	4,197,040	$	294,492	$	588,983	$	618,374
Birmingham	AL	Fee	Hyatt	Hyatt Place		126		1997	$	10,225,494	$	911,878	$	8,345,908	$	483,854	$	483,854	$	0
Phoenix	AZ	Lease	Hilton	Homewood Suites		124		1996	$	24,809,678	$	0	$	20,287,240	$	483,584	$	797,018	$	3,241,837
El Segundo	CA	Fee	Marriott	Residence Inn		150		2001	$	40,111,403	$	16,128,377	$	20,088,589	$	870,992	$	3,023,445	$	0
San Diego	CA	Fee	Marriott	Residence Inn		95		2003	$	28,120,735	$	5,684,504	$	19,027,707	$	1,034,536	$	2,373,988	$	0
Carlsbad	CA	Fee	Marriott	Courtyard		145		1999	$	22,686,825	$	4,987,670	$	13,856,514	$	1,038,289	$	2,804,352	$	0
San Diego	CA	Fee	Marriott	SpringHill Suites		137		2003	$	21,190,695	$	3,946,107	$	14,596,812	$	817,846	$	1,829,930	$	0
Colorado Springs	CO	Fee	Hilton	Hampton Inn		125		1985	$	7,308,506	$	429,890	$	5,921,133	$	205,175	$	752,308	$	0
Xxxxxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		148		1986	$	7,400,000	$	1,516,916	$	5,069,798	$	347,246	$	466,040	$	0
Xxxxxxx Xxxxx	XX	Fee	Hilton	Homewood Suites		132		1990	$	12,325,687	$	2,936,577	$	7,634,792	$	438,580	$	1,315,739	$	0
Xxxxxxx Xxxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		164		1997	$	32,415,587	$	1,590,035	$	27,578,296	$	716,636	$	2,530,620	$	0
Boca Raton	FL	Fee	Hilton	Hampton Inn		94		1996	$	13,994,573	$	2,116,072	$	10,386,006	$	388,458	$	1,104,037	$	0
Xxxxxxxxx Xxxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		106		2002	$	12,809,617	$	2,793,861	$	8,245,980	$	417,588	$	1,352,189	$	0
Orlando	FL	Fee	Hilton	Hampton Inn		170		2000	$	13,886,925	$	896,711	$	10,995,031	$	306,376	$	1,688,806	$	0
Xxxx Xxxxx Xxxxxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		116		1999	$	20,956,063	$	3,233,819	$	16,969,024	$	482,060	$	271,159	$	0
Xxxx Xxxx Xxxxx	XX	Fee	Hilton	Hampton Inn		110		2001	$	18,594,664	$	2,219,662	$	14,500,141	$	431,002	$	1,443,858	$	0
Orlando	FL	Fee	Hilton	Homewood Suites		252		1999	$	31,582,545	$	2,305,396	$	27,810,078	$	377,247	$	1,089,824	$	0
Orlando	FL	Fee	Hilton	Embassy Suites		246		1987	$	23,802,848	$	2,155,106	$	19,630,785	$	423,653	$	1,593,304	$	0
Tampa	FL	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	10,709,571	$	1,291,551	$	7,609,848	$	547,618	$	1,260,554	$	0
Xxxxx Xxxxx	XX	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	11,932,019	$	1,486,776	$	8,517,941	$	440,526	$	1,486,776	$	0
Jacksonville	FL	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	6,365,091	$	1,135,748	$	4,669,248	$	241,152	$	318,943	$	0
Sarasota	FL	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	13,964,493	$	2,714,471	$	8,859,295	$	772,006	$	1,618,721	$	0
Tallahassee	FL	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	12,114,907	$	1,516,834	$	9,213,137	$	516,603	$	868,333	$	0
Tampa	FL	Fee	Marriott	Residence Inn		102		1998	$	17,062,551	$	2,131,154	$	12,437,244	$	456,676	$	2,037,477	$	0
Gainesville	FL	Fee	Marriott	Courtyard		81		1996	$	17,007,759	$	4,343,080	$	10,327,207	$	793,586	$	1,543,886	$	0
Jacksonville	FL	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	6,606,165	$	1,562,664	$	3,860,711	$	820,183	$	362,607	$	0
Orlando	FL	Fee	Marriott	Courtyard		112		1998	$	16,204,908	$	1,866,915	$	11,741,478	$	504,282	$	2,092,233	$	0
Sarasota	FL	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	11,537,396	$	2,041,437	$	8,142,053	$	380,786	$	973,120	$	0
Tallahassee	FL	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	13,209,349	$	2,817,248	$	7,740,574	$	1,191,116	$	1,460,412	$	0
Miami	FL	Fee	Hyatt	Hyatt Place		124		1996	$	19,884,261	$	2,600,017	$	15,964,976	$	442,966	$	876,302	$	0
Tampa	FL	Fee	Hyatt	Hyatt Place		124		1994	$	20,915,567	$	3,485,708	$	15,597,492	$	537,073	$	1,295,293	$	0
Miami	FL	Fee	InterContinental Hotels Group	Holiday Inn		66		1996	$	8,511,530	$	1,178,145	$	6,246,569	$	182,658	$	904,158	$	0
Columbus	GA	Fee	Hilton	Hampton Inn		118		1986	$	5,900,000	$	1,661,903	$	3,064,990	$	537,674	$	635,433	$	0
Augusta	GA	Fee	Hilton	Homewood Suites		65		1997	$	10,563,510	$	1,006,127	$	8,607,780	$	599,154	$	350,449	$	0
Macon	GA	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	4,907,309	$	733,865	$	3,571,121	$	297,700	$	304,623	$	0
Savannah	GA	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	11,231,254	$	1,219,849	$	9,363,017	$	362,658	$	285,730	$	0
Athens	GA	Fee	Marriott	Courtyard		105		1998	$	12,520,081	$	3,419,372	$	6,958,190	$	519,398	$	1,623,120	$	0
Dalton	GA	Fee	Marriott	Courtyard		93		1999	$	10,241,716	$	722,781	$	8,083,847	$	576,130	$	858,957	$	0
Atlanta	GA	Fee	Marriott	Fairfield Inn & Suites		143		1996	$	8,604,369	$	1,051,581	$	6,211,640	$	266,705	$	1,074,442	$	0
Savannah	GA	Fee¹	Xxxxxxxx	XxxxxXxxxx Xxxxxx		00		0000	$	9,777,538	$	1,546,888	$	6,836,416	$	396,899	$	997,336	$	0
Boise	ID	Fee	Marriott	Residence Inn		104		1986	$	12,668,682	$	1,790,959	$	9,405,842	$	854,308	$	617,572	$	0
Gurnee	IL	Fee	Hilton	Hampton Inn		134		1988	$	12,929,426	$	767,861	$	11,141,118	$	414,241	$	606,206	$	0
Naperville	IL	Fee	Hilton	Hampton Inn		129		1987	$	10,587,539	$	1,304,017	$	8,693,383	$	333,143	$	256,996	$	0
Urbana	IL	Fee	Hilton	Hampton Inn		130		1995	$	24,279,177	$	2,634,127	$	20,340,070	$	398,744	$	906,236	$	0
Chicago	IL	Fee	Hilton	Homewood Suites		233		1999	$	73,288,289	$	12,434,318	$	59,611,330	$	7,915	$	1,234,725	$	0
Elmhurst	IL	Fee	Marriott	Courtyard		140		2003	$	10,890,288	$	1,006,906	$	8,595,135	$	414,608	$	873,639	$	0
Indianapolis	IN	Fee	Hilton	Hampton Inn		128		1987	$	10,499,736	$	1,593,974	$	7,222,683	$	336,616	$	1,346,463	$	0
Indianapolis	IN	Fee	Hyatt	Hyatt Place		124		1992	$	16,261,993	$	1,929,673	$	13,243,786	$	653,120	$	435,413	$	0
Xxxxxxxx Xxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		133		1991	$	10,842,223	$	1,046,336	$	8,022,097	$	558,046	$	1,215,743	$	0
Xxxxxxxx Xxxx	XX	Fee	Hyatt	Hyatt Place		124		1994	$	9,949,330	$	1,009,355	$	7,882,556	$	509,484	$	547,935	$	0
Louisville	KY	Fee	Hilton	Hilton Garden Inn		112		1999	$	19,185,347	$	1,026,124	$	16,363,506	$	543,846	$	1,251,871	$	0
Lexington	KY	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	17,595,014	$	2,108,203	$	13,582,300	$	835,134	$	1,069,378	$	0
Xxxxxxx Xxxxx	XX	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	13,903,166	$	484,175	$	11,162,735	$	455,125	$	1,801,131	$	0
Lexington	KY	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	18,494,208	$	3,451,882	$	12,437,837	$	498,467	$	2,106,022	$	0
Louisville	KY	Fee	Marriott	Courtyard		140		1999	$	39,005,197	$	3,371,714	$	33,191,544	$	81,739	$	2,360,200	$	0
Lexington	KY	Fee	Marriott	SpringHill Suites		108		2003	$	18,243,803	$	3,310,563	$	12,614,834	$	556,822	$	1,761,584	$	0
Baton Rouge	LA	Fee	Hyatt	Hyatt Place		126		1997	$	13,075,389	$	1,853,844	$	10,203,372	$	326,584	$	691,589	$	0
Peabody	MA	Fee	Hilton	Hampton Inn		120		1999	$	13,059,655	$	2,802,013	$	8,769,360	$	275,608	$	1,212,675	$	0
Peabody	MA	Fee	Hilton	Homewood Suites		85		1999	$	10,714,650	$	2,427,908	$	7,379,933	$	282,768	$	624,041	$	0
Glen Burnie	MD	Lease	Hilton	Hampton Inn		116		1989	$	8,592,309	$	0	$	10,568,361	$	147,418	$	386,973	-$	2,510,444
Xxxxxxxxx Heights	MD	Fee	Hyatt	Hyatt Place		127		1996	$	12,476,068	$	2,914,018	$	8,679,571	$	432,047	$	450,432	$	0
Madison Heights	MI	Fee	Hilton	Hampton Inn		123		1987	$	15,711,626	$	1,996,568	$	11,004,691	$	972,422	$	1,737,945	$	0
Northville	MI	Fee	Hilton	Hampton Inn		124		1989	$	9,776,761	$	1,205,390	$	7,810,592	$	414,970	$	345,809	$	0
Xxxx Xxxxxxx	XX	Fee	Hilton	Hampton Inn		86		2000	$	14,252,046	$	3,186,485	$	9,342,054	$	450,918	$	1,272,590	$	0
Grand Rapids	MI	Fee	Hilton	Hampton Inn		84		1998	$	14,884,362	$	2,208,072	$	10,010,323	$	752,983	$	1,912,984	$	0
Grand Rapids	MI	Fee	Xxxxxxxx	XxxxxxXxxx Xxxxxx		00		0000	$	11,413,845	$	1,062,382	$	8,686,382	$	224,735	$	1,440,345	$	0
Bloomington	MN	Fee	Hyatt	Hyatt Place		126		1997	$	14,667,789	$	2,507,533	$	11,026,851	$	441,326	$	692,079	$	0
Kansas City	MO	Fee	Hilton	Hampton Inn		120		1987	$	9,271,676	$	1,267,076	$	6,778,070	$	689,289	$	537,240	$	0
Maryland Heights	MO	Fee	Hilton	Hampton Inn		122		1987	$	9,904,041	$	1,359,999	$	7,597,955	$	473,043	$	473,043	$	0
Fayetteville	NC	Fee	Hilton	Hampton Inn		121		1986	$	8,679,438	$	892,016	$	6,111,217	$	548,933	$	1,127,272	$	0
Gastonia	NC	Fee	Hilton	Hampton Inn		107		1989	$	11,841,758	$	1,515,286	$	9,320,050	$	520,173	$	486,249	$	0
Asheville	NC	Fee	Marriott	Courtyard		78		1996	$	17,374,707	$	2,920,297	$	12,840,913	$	480,049	$	1,133,448	$	0
Asheville	NC	Fee	Xxxxxxxx	XxxxxxXxxx Xxxxxx		00		0000	$	14,796,371	$	2,375,585	$	10,489,235	$	399,631	$	1,531,919	$	0
Xxx Xxxxxx	XX	Fee	Hilton	Hilton Garden Inn		129		1999	$	11,983,810	$	1,137,469	$	9,788,694	$	518,846	$	538,801	$	0
Albuquerque	NM	Fee	Hyatt	Hyatt Place		126		1997	$	21,994,086	$	1,169,344	$	19,149,085	$	506,314	$	1,169,344	$	0
Las Vegas	NV	Fee	Hyatt	Hyatt Place		202		1998	$	19,906,596	$	2,631,230	$	15,864,810	$	524,438	$	886,119	$	0
Albany	NY	Fee	Hilton	Hampton Inn		153		1986	$	22,881,688	$	1,923,749	$	17,234,919	$	973,191	$	2,749,829	$	0
Westlake	OH	Fee	Hilton	Hampton Inn		122		1987	$	15,115,059	$	4,198,257	$	8,817,673	$	949,606	$	1,149,523	$	0
Dublin	OH	Fee	Hilton	Hampton Inn		123		1988	$	12,621,596	$	1,115,167	$	9,589,124	$	616,277	$	1,301,028	$	0
Blue Ash	OH	Fee	Hyatt	Hyatt Place		125		1990	$	10,337,545	$	635,054	$	8,725,486	$	468,963	$	508,043	$	0
Columbus	OH	Fee	Hyatt	Hyatt Place		124		1994	$	13,352,636	$	1,062,163	$	11,198,531	$	595,605	$	496,338	$	0
Portland	OR	Fee	Marriott	Residence Inn		168		1990	$	50,878,043	$	25,467,888	$	21,603,676	$	1,786,508	$	2,019,972	$	0
Scranton	PA	Fee	Hilton	Hampton Inn		129		1994	$	13,865,600	$	795,568	$	11,510,299	$	554,804	$	1,004,928	$	0
Xxxxx Xxxxxxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		119		1987	$	13,850,032	$	2,703,190	$	9,037,293	$	731,451	$	1,378,097	$	0
Charleston	SC	Fee	Hilton	Hampton Inn		124		1985	$	8,205,785	$	1,529,796	$	5,408,444	$	393,376	$	874,169	$	0
Xxxx Xxxxxxxx	XX	Fee	Hilton	Hampton Inn		120		1985	$	6,000,000	$	1,146,076	$	3,783,622	$	407,283	$	663,019	$	0
Xx. Xxxxxxxx	XX	Fee	InterContinental Hotels Group	Holiday Inn		158		1988	$	7,900,000	$	1,779,249	$	4,899,178	$	331,949	$	889,624	$	0
Franklin	TN	Fee	Hilton	Hampton Inn		127		1996	$	21,016,491	$	2,547,282	$	16,561,206	$	324,557	$	1,583,446	$	0
Chattanooga	TN	Fee	Hilton	Hampton Inn		167		1988	$	8,350,000	$	1,863,016	$	5,006,642	$	412,885	$	1,067,458	$	0
Alcoa	TN	Fee	Hilton	Hampton Inn		118		1991	$	7,960,928	$	1,032,150	$	5,658,439	$	367,207	$	903,131	$	0
Memphis	TN	Fee	Hilton	Hampton Inn		124		1985	$	15,347,648	$	2,331,182	$	10,774,515	$	791,933	$	1,450,018	$	0
Xxxxxxxx Xxx	XX	Xxx	Xxxxxx	Xxxxxxx Inn		50		1994	$	2,500,000	$	154,071	$	1,791,273	$	215,699	$	338,956	$	0
Germantown	TN	Fee	Hilton	Homewood Suites		92		1996	$	10,745,199	$	1,075,415	$	8,829,935	$	573,555	$	266,293	$	0
Chattanooga	TN	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	13,499,683	$	1,246,250	$	10,941,010	$	209,547	$	1,102,876	$	0
Knoxville	TN	Fee	Xxxxxxxx	Xxxxxxxxx Xxx		00		0000	$	14,263,366	$	1,654,723	$	11,269,106	$	337,699	$	1,001,839	$	0
Knoxville	TN	Fee	Xxxxxxxx	Xxxxxxxxx		00		0000	$	12,580,307	$	1,370,960	$	10,040,312	$	371,966	$	797,070	$	0
Memphis	TN	Fee	Hyatt	Hyatt Place		126		1996	$	15,767,331	$	960,654	$	13,885,637	$	475,375	$	445,664	$	0
Franklin	TN	Fee	Hyatt	Hyatt Place		126		1997	$	19,879,751	$	2,357,397	$	15,382,230	$	879,950	$	1,260,175	$	0
Austin	TX	Fee	Hilton	Hampton Inn		121		1987	$	14,790,545	$	2,024,905	$	10,554,537	$	570,232	$	1,640,871	$	0
College Station	TX	Fee	Hilton	Hampton Inn		133		1986	$	17,930,338	$	3,915,356	$	12,504,428	$	459,208	$	1,051,346	$	0
Addison	TX	Fee	Hilton	Hampton Inn		158		1985	$	10,753,205	$	1,593,047	$	7,385,625	$	433,551	$	1,340,982	$	0
San Antonio	TX	Fee	Hilton	Homewood Suites		123		1996	$	17,635,891	$	2,122,788	$	14,108,633	$	439,567	$	964,904	$	0
Xxxxx Xxxx	XX	Fee	Hilton	Hilton Garden Inn		122		1999	$	16,424,572	$	3,131,083	$	11,236,573	$	834,194	$	1,222,722	$	0
Dallas	TX	Lease	Marriott	Courtyard		184		1991	$	26,447,729	$	0	$	22,938,766	$	1,006,244	$	2,157,968	$	344,751
Houston	TX	Fee	Marriott	Courtyard		176		2002	$	32,083,929	$	10,708,549	$	18,822,760	$	591,461	$	1,961,159	$	0
Xxxxx Xxxx	XX	Fee	Marriott	SpringHill Suites		104		2000	$	10,133,394	$	1,977,462	$	6,746,074	$	466,901	$	942,957	$	0
Houston	TX	Fee	Marriott	SpringHill Suites		122		1996	$	13,200,866	$	774,575	$	10,384,230	$	533,149	$	1,508,912	$	0
San Antonio	TX	Lease	Marriott	SpringHill Suites		112		1995	$	5,661,802	$	0	$	4,854,221	$	169,660	$	637,921	$	0
Dallas	TX	Fee	Marriott	Fairfield Inn & Suites		116		1998	$	8,539,822	$	1,444,841	$	5,770,543	$	351,948	$	972,489	$	0
Norfolk	VA	Lease	Hilton	Hampton Inn		117		1990	$	5,850,000	$	0	$	6,636,297	$	389,006	$	184,266	-$	1,359,569
Glen Allen	VA	Fee	Hyatt	Hyatt Place		124		1992	$	9,128,843	$	1,442,262	$	6,656,394	$	582,280	$	447,908	$	0
Seattle	WA	Fee	Hilton	Homewood Suites		161		1998	$	55,983,779	$	11,980,497	$	39,657,320	$	145,512	$	4,200,450	$	0
Beckley	WV	Fee	Hilton	Hampton Inn		108		1992	$	19,447,700	$	1,089,866	$	16,333,796	$	1,037,968	$	986,069	$	0
Morgantown	WV	Fee	Hilton	Hampton Inn		107		1991	$	17,681,700	$	3,415,845	$	12,965,120	$	463,741	$	836,995	$	0
¹ Affiliated ground lease to be terminated at closing									$	1,808,113,684

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February 24, 2015

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