0001193125-04-143744 Sample Contracts

HOTEL MANAGEMENT AGREEMENT
Hotel Management Agreement • August 19th, 2004 • Sunstone Hotel Investors, Inc. • Hotels & motels • Maryland

THIS HOTEL MANAGEMENT AGREEMENT (this “Agreement”) is made as of the day of [IPO Date], between SUNSTONE HOTEL TRS, LESSEE, INC. (“Owner”), and SUNSTONE HOTEL PROPERTIES, INC. (“Operator”), a Colorado corporation company.

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INVESTORS AGREEMENT
Investors Agreement • August 19th, 2004 • Sunstone Hotel Investors, Inc. • Hotels & motels • California

This INVESTORS AGREEMENT (this “Agreement”), is made and entered into as of , 2004, among Sunstone Hotel Investors, Inc., a Delaware corporation (the “Company”), 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”) and Sunstone/WB Manhattan Beach, LLC, a Delaware limited liability company (“Sunstone/WB Manhattan Beach”). Each of Sunstone Hotel Investors, Sunstone/WB Hotel Investors IV, WB Hotel Investors and Sunstone/WB Manhattan Beach is referred to as an “Investor” and they are collectively referred to as the “Investors”.

REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement • August 19th, 2004 • Sunstone Hotel Investors, Inc. • Hotels & motels • California

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of , 2004, among Sunstone Hotel Investors, Inc., a Delaware corporation (the “Company”), 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”) and Sunstone/WB Manhattan Beach, LLC, a Delaware limited liability company (“Sunstone/WB Manhattan Beach”). Each of Sunstone Hotel Investors, Sunstone/WB Hotel Investors IV, WB Hotel Investors and Sunstone/WB Manhattan Beach is referred to as an “Investor” and they are collectively referred to as the “Investors”.

MASTER AGREEMENT
Master Agreement • August 19th, 2004 • Sunstone Hotel Investors, Inc. • Hotels & motels

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”).

STRUCTURING AND CONTRIBUTION AGREEMENT
Structuring and Contribution Agreement • August 19th, 2004 • Sunstone Hotel Investors, Inc. • Hotels & motels • Delaware

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”).

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