<SEC-DOCUMENT>0000914121-17-000253.txt : 20170217
<SEC-HEADER>0000914121-17-000253.hdr.sgml : 20170217
<ACCEPTANCE-DATETIME>20170217162010
ACCESSION NUMBER:		0000914121-17-000253
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170216
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170217
DATE AS OF CHANGE:		20170217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ashford Hospitality Prime, Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		17621633

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
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<DESCRIPTION>CURRENT REPORT
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C. 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PURSUANT TO SECTION 13 OR 15(d)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">OF THE SECURITIES EXCHANGE ACT OF 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Date of Report (date of earliest event reported): February 16, 2017</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ASHFORD HOSPITALITY PRIME, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">14185 Dallas Parkway, Suite&#160;1100</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Dallas, Texas</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">75254</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Registrant&#8217;s telephone number, including area code: (972)&#160;490-9600</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 18pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 18pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 18pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 18pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">ITEM 5.02.</div>
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<td style="WIDTH: 90%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</td>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On February 16, 2017, Ashford Hospitality Prime, Inc. (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Company</u></font>&#8221;), Ashford Hospitality Trust, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>AHT</u></font>&#8221;) and Ashford Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>AINC</u></font>&#8221;, and together with the Company, AHT and each affiliate of the Company, AHT and AINC, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Ashford Entities</u></font>&#8221;), entered into a Settlement Agreement (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Settlement&#160;Agreement</u></font>&#8221;) with Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC and John Petry (collectively, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Sessa</u></font>&#8221;) regarding the composition of the Company&#8217;s Board of Directors (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Board</u></font>&#8221;), dismissal of pending litigation involving the parties and certain other matters.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Under the Settlement Agreement, the Company has agreed to appoint to the Company&#8217;s board of directors two of the five individuals Sessa previously sought to nominate as directors of the Company (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Independent&#160;Designees</u></font>&#8221;).&#160; The Company is required to make such appointments within two weeks of the date of the Settlement Agreement.&#160; Additionally, the Settlement Agreement provides that the Company and Sessa will work together in good faith to identify one additional director who will be independent of both the Company and Sessa (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Additional Independent Director</u></font>&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">So long as Sessa satisfies certain ownership thresholds with respect to the Company&#8217;s common stock, the Company has agreed to nominate:&#160; (i) the Independent Designees; (ii) the Additional Independent Director; and (iii) Montgomery J. Bennett, Stefani D. Carter, Kenneth H. Fearn, Douglas A. Kessler, Curtis B. McWilliams and Matthew D. Rinaldi (or their successors) at each of the 2017 and 2018 annual meetings of the&#160;Company&#8217;s stockholders.&#160; In the case of any contested election of directors of the Company, Sessa has agreed to cause one or both of the Independent Designees to resign from the Board if the preliminary results provided by the inspector of elections at any meeting of stockholders of the Company prior to the closing of the polls indicates with reasonable certainty that any of the incumbent directors or their successors (other than the Independent Designees) will not be elected at such meeting but for the resignation of one or more of the Independent Designees.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Under the Settlement Agreement, Sessa is subject to specified standstill restrictions relating to the Ashford Entities and lasting generally until the earlier of (x) the date that is fifteen business days prior to the deadline for the submission of stockholder nominations for the 2019 annual meeting of the Company&#8217;s stockholders pursuant to the Company&#8217;s bylaws or (y) the date that is one hundred fifty days prior to the first anniversary of the 2018 annual meeting of the Company&#8217;s stockholders.&#160; During the standstill period, Sessa has agreed to cause all of its shares of the Company to be present for quorum purposes at any meeting of the Company&#8217;s stockholders and voted in accordance with the board&#8217;s recommendations, subject to certain exceptions relating to extraordinary transactions and amendments to the Advisory Agreement with Ashford Inc.&#160; The Settlement Agreement contains various other obligations and provisions applicable to the Ashford Entities and Sessa.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The foregoing description of the Settlement Agreement is qualified in its entirety by reference to the full text of the Settlement Agreement, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.</div>

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<td style="WIDTH: 90%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">OTHER EVENTS.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On February 16, 2017, the Company issued a press release announcing the Settlement Agreement, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(d)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Exhibits.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">99.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Settlement Agreement, dated February 16, 2017, by and among Ashford Hospitality Prime, Inc., Ashford Hospitality Trust, Inc., Ashford Inc., Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC and John Petry.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">99.2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Press release, dated February 16, 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Pursuant to the requirements of Section&#160;12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div>Dated:&#160; February 17, 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">99.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Settlement Agreement, dated February 16, 2017, by and among Ashford Hospitality Prime, Inc., Ashford Hospitality Trust, Inc., Ashford Inc., Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC and John Petry.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Press release, dated February 16, 2017.</div>
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<DESCRIPTION>SETTLEMENT AGREEMENT
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SETTLEMENT AGREEMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">THIS SETTLEMENT AGREEMENT (this &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Agreement</font>&#8221;) is entered into as of February 16, 2017, by and among the entities listed on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Exhibit A</u></font> (collectively, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Ashford Entities</font>&#8221;) and Sessa Capital (Master), L.P., a Cayman Islands exempted limited partnership, Sessa Capital GP, LLC, a Delaware limited liability company, Sessa Capital IM, L.P., a Delaware limited partnership, Sessa Capital IM GP, LLC, a Delaware limited liability company, and John Petry (collectively, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Sessa</font>&#8221; and, together with the Ashford Entities, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Parties</font>&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, as of the date hereof, Sessa is the Beneficial Owner (as defined below) of 2,210,427 shares of Common Stock, par value $0.01 (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Common Stock</font>&#8221;), of Ashford Hospitality Prime, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AHP</font>&#8221; or the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Company</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, Sessa, Lawrence A. Cunningham, Philip B. Livingston, Daniel B. Silvers and Chris D. Wheeler, and certain of the Ashford Entities, as well as Monty J. Bennett, Douglas A. Kessler, Stefani D. Carter, Curtis B. McWilliams, W. Michael Murphy, Matthew D. Rinaldi, and Andrew L. Strong, are presently parties to certain litigation entitled <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ashford Hospitality Prime v. Sessa Capital (Master), L.P. et al.</font>, C.A. Nos. 3:16-cv-00527-N and 3:16-cv-00713-N (N.D. Tex.) (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Bylaws</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Litigation</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, Monty J. Bennett, John E. Petry and Andrew Moin are currently parties to a Rule 202 Petition filed in the 173rd District Court in Henderson County Texas, Case No. CV16-0427-173 (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">202 Petition</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, Ashford Inc., Ashford Hospitality Advisors LLC and Sessa, Lawrence A. Cunningham, Philip B. Livingston, Daniel B. Silvers and Chris D. Wheeler are presently parties to certain litigation entitled <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ashford Inc., et al. v. Sessa Capital (Master), L.P., et al.</font>, C.A. No. 3:16-cv-1566N (N.D.Tex.) (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AINC Litigation</font>&#8221; and, together with the Bylaws Litigation and the 202 Petition, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Litigation</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, Sessa has taken material steps in furtherance of the nomination of a slate of individuals for election as directors at the 2017 Annual Meeting of Stockholders of AHP (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2017 Annual Meeting</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, as of the date hereof, each of the Company and Sessa has determined that it is in their best interests to enter into this Agreement with respect to the composition of AHP&#8217;s Board of Directors (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AHP Board</font>&#8221;), the Litigation and certain other matters, as provided in this Agreement;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, the defendants in each Litigation have denied, and continue to deny, all allegations of wrongdoing, fault, liability or damage to the plaintiffs in each Litigation; deny that they breached any fiduciary duties or engaged in any violation of law; deny that they acted improperly in any way; believe that they acted properly at all times; and maintain they committed no other breach of duty;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, on January 24, 2017, the Company announced that it has entered into a Fourth Amended and Restated Advisory Agreement with Ashford Inc. and the other</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">parties thereto (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Amended Advisory Agreement</font>&#8221;), which is subject to approval by AHP stockholders and amends and restates the Third Amended and Restated Advisory Agreement, dated as of June 10, 2015, by and among the Company, Ashford Inc. and the other parties thereto (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Current Advisory Agreement</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, notwithstanding the foregoing, the parties wish to settle the Litigation, including due to the time and expense that would be incurred by further litigation and the uncertainties inherent in such litigation; and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">WHEREAS, as of the date hereof, Sessa has agreed to take certain actions and refrain from taking certain actions with respect to any of the Ashford Entities, including refraining from the delivery of its nomination notice in furtherance of seeking the election of a slate of director candidates at AHP&#8217;s 2017 Annual Meeting, on the terms and subject to the conditions of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:</div>

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<div style="TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.</font>&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Board Composition and Related Matters</u></font>.</font></div>

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<div style="TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(a)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">AHP agrees that, upon execution of this Agreement, the AHP Board shall take the following actions:</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(i) </font>The AHP Board shall take all necessary actions (including by increasing the size of the AHP Board) to appoint to the AHP Board two (2) of the five (5) individuals who Sessa previously sought to nominate as directors of the Company (such appointees, each an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independent Designee</font>&#8221; and together the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independent Designees</font>&#8221;).&#160; The AHP Board shall make its determination and appoint the Independent Designees to the AHP Board within two (2) weeks of the date of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(ii) </font>Promptly following the execution of this Agreement, AHP and Sessa shall cooperate in good faith to agree upon one (1) additional director to be appointed to the AHP Board (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Additional Independent Director</font>&#8221; and together with the Independent Designees, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Appointed Directors</font>&#8221;) who shall be independent of each of AHP and Sessa and their respective Affiliates and shall meet all director independence and other standards of the New York Stock Exchange (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NYSE</font>&#8221;) and the Securities and Exchange Commission (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SEC</font>&#8221;). AHP has engaged Aethos Consulting, which firm is reasonably acceptable to Sessa, to identify a candidate to serve as the Additional Independent Director. In addition to considering the candidates suggested by such director search firm, the Nominating/Corporate Governance Committee of the AHP Board (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Nominating/Corporate Governance Committee</font>&#8221;) will also consider in good faith any candidate suggested by Sessa.&#160; Additionally, Sessa shall be given a reasonable opportunity to (x) interview each potential candidate proposed by the director search firm and approved by AHP and (y) provide the</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">Nominating/Corporate Governance Committee with any input on such potential candidate.&#160; Any director candidate presented to the AHP Board by the Nominating/Corporate Governance Committee will be appointed as the Additional Independent Director only if approved by a majority of the entire AHP Board and Sessa (which approval shall not be unreasonably withheld); <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font> that Sessa, the Nominating/Corporate Governance Committee and the AHP Board shall continue to follow the procedures of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(a)(ii)</u></font> until the Additional Independent Director is elected to the AHP Board.&#160; Once the Additional Independent Director has been approved by the AHP Board and Sessa in accordance with this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(a)(ii)</u></font>, the AHP Board shall take all necessary action (including by increasing the size of the AHP Board) to appoint the Additional Independent Director to the AHP Board.&#160; If the Additional Independent Director is appointed to the AHP Board pursuant to this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(a)(ii)</u></font> prior to the mailing of AHP&#8217;s definitive proxy statement for the 2017 Annual Meeting, such Additional Independent Director shall stand for election at the 2017 Annual Meeting together with AHP&#8217;s other nominees and the Independent Designees.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(b)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Following the execution of this Agreement until the 2017 Annual Meeting, the Company agrees not to increase the size of the AHP Board to more than ten (10) directors who may be elected by the holders of the Common Stock; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, if the Additional Independent Director is appointed to the AHP Board prior to the 2017 Annual Meeting, the AHP Board shall be expanded to eleven (11) directors who may be elected by the holders of the Common Stock to accommodate the Additional Independent Director.&#160; The Company agrees that following the 2017 Annual Meeting until the expiration of the Restricted Period (as defined below) and so long as Sessa satisfies the Restricted Period Minimum Ownership Threshold (as defined below), the number of directors who may be elected by the holders of the Common Stock to the AHP Board shall not exceed nine (9) directors, unless otherwise consented to in writing by either Sessa or the Independent Designees then serving on the AHP Board.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(c)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the event that Sessa is the Beneficial Owner of at least the lesser of 6.0% of AHP&#8217;s then outstanding shares of Common Stock and 1,561,294 shares of Common Stock (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments) as of the record date established for determining the stockholders entitled to vote at the 2017 Annual Meeting (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2017 Meeting Minimum Ownership Threshold</font>&#8221;), the Company agrees to take all necessary actions to nominate at the 2017 Annual Meeting the following persons to serve as directors of the AHP Board with a term expiring at the 2018 annual meeting of stockholders of the Company (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2018 Annual Meeting</font>&#8221;):&#160; (i) the Independent Designees; (ii) the following six (6) incumbent directors or their successors:&#160; Montgomery J. Bennett; Stefani D. Carter; Kenneth H. Fearn; Douglas A. Kessler; Curtis B. McWilliams; and Matthew D. Rinaldi; and (iii) if appointed to the AHP Board prior to the mailing of the Company&#8217;s definitive proxy statement for the 2017 Annual Meeting in accordance with <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(a)(ii)</u></font>, the Additional Independent Director.&#160; AHP agrees to (x) recommend, support and solicit proxies for the election of the Independent Designees, and, if applicable, the Additional Independent Director, at the 2017 Annual Meeting in the same manner as for AHP&#8217;s other directors and (y) take any action reasonably necessary to recommend, support and solicit proxies</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">in favor of the Independent Designees, and, if applicable, the Additional Independent Director, in any action during the Restricted Period seeking to remove or replace members of the AHP Board.&#160; AHP and Ashford Inc. agree that no incumbent director that ceases to serve on the AHP Board as required by this Agreement shall be appointed or nominated as a director of the Company during the Restricted Period.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(d)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As long as Sessa satisfies the Restricted Period Minimum Ownership Threshold (as defined below) as of (i) the deadline for the submission of stockholder nominations for the 2018 Annual Meeting pursuant to the Company&#8217;s Second Amended and Restated Bylaws (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Bylaws</font>&#8221;) and (ii) the record date established for determining the stockholders entitled to vote at the 2018 Annual Meeting, the Company agrees to take all necessary actions to nominate at the 2018 Annual Meeting the following persons to serve as directors of the AHP Board with a term expiring at the 2019 annual meeting of stockholders of AHP (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2019 Annual Meeting</font>&#8221;):&#160; (x) the Independent Designees (or any Independent Replacement Director (as defined below)); (y) the Additional Independent Director; and (z) the Company&#8217;s six (6) other incumbent directors or their successors.&#160; AHP agrees to recommend, support and solicit proxies for the election of the Appointed Directors at the 2018 Annual Meeting in the same manner as for AHP&#8217;s other directors.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(e)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">AHP shall use its reasonable best efforts to hold the 2017 Annual Meeting no later than June 30, 2017.<a name="_Ref459114882"><!--Anchor--></a></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(f)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of the date of this Agreement, Sessa represents and warrants to AHP that, to the best of Sessa&#8217;s knowledge, each of the Independent Designees: (i) is &#8220;independent&#8221; in accordance with the listing standards for the NYSE and any other applicable director independence standards; (ii) is otherwise qualified to serve as a director of AHP in accordance with the Corporate Governance Guidelines and Code of Business Conduct and Ethics of AHP, including all applicable conflict of interest, confidentiality, stock ownership and insider trading policies and guidelines of AHP (collectively, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Governance Guidelines</font>&#8221;); and (iii) is not a party to (A) any agreement, arrangement or understanding with any Person (I) concerning how either of the Independent Designees, if elected as a director of AHP, will act or vote on any issue or question or (II) that could limit or interfere with either Independent Designee&#8217;s ability to comply, if elected as a director of AHP, with his fiduciary duties under applicable law or (B) any agreement, arrangement or understanding with any person other than AHP with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of AHP.&#160; Sessa acknowledges and agrees that each Appointed Director will be required to: (x) comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to members of the AHP Board, including the Governance Guidelines; (y) execute a confidentiality agreement with AHP that is similar in all material respects to the confidentiality agreement executed by AHP&#8217;s other directors; and (z) provide AHP with all information it is entitled to receive from all other directors, consistent with past practices used to elicit information from returning nominees as updated for changes in securities laws, regarding each of them that is required to be included in a proxy statement filed pursuant to the federal securities laws and regulations promulgated thereunder by the SEC. Sessa acknowledges that each Independent Designee&#8217;s obligations pursuant to this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section&#160;1(f)</u></font> are in addition to the fiduciary and common law duties of any director of a Maryland corporation.&#160; Sessa represents that it is not a party to, and agrees not to, directly or indirectly, enter into, any economic,</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">pecuniary or other arrangements with any of the Independent Designees with respect to the Ashford Entities.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(g)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If any Independent Designee (or any Independent Replacement Director) is unable or unwilling to serve as a director, or is removed as a director (other than in connection with a Board Resignation Event) either (i) prior to the 2017 Annual Meeting and at such time Sessa satisfies the 2017 Meeting Minimum Ownership Threshold, or (ii) following the 2017 Annual Meeting through the expiration of the Restricted Period, and at such time Sessa is the Beneficial Owner of at least the lesser of 3.0% of AHP&#8217;s then outstanding shares of Common Stock and 780,647 shares of Common Stock (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments) ((i) and (ii), as applicable, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Restricted Period Minimum Ownership Threshold</font>&#8221;), then Sessa shall have the ability, in each such case, to recommend a substitute person(s) in accordance with this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(g)</u></font> (any such replacement nominee shall be referred to as an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independent Replacement Director</font>&#8221;).&#160; In furtherance of the identification and selection of any Independent Replacement Director, Sessa shall submit three (3) director candidates for consideration by the Nominating/Corporate Governance Committee, each of whom shall (A) qualify as &#8220;independent&#8221; pursuant to NYSE listing standards and (B) be&#160;independent of Sessa and not a party to any economic, pecuniary or other agreements, arrangements or understandings with Sessa.&#160; The Nominating/Corporate Governance Committee shall make its determination and recommendation to the AHP Board of an Independent Replacement Director within five (5) business days after each such candidate has submitted to the Company the documentation required by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section&#160;1(f)</u></font>, including AHP&#8217;s director and officer questionnaire (in the same form as provided to all other directors and officers) and other director documentation required by AHP in connection with the election of directors, and met with, either in person or telephonically, the Nominating/Corporate Governance Committee.&#160; In the event the Nominating/Corporate Governance Committee does not accept any of the persons recommended by Sessa as the Independent Replacement Director (such acceptance not to be unreasonably withheld), Sessa shall have the right to recommend additional substitute person(s) whose appointment shall be subject to the Nominating/Corporate Governance Committee recommending such person in accordance with the procedures described above. Upon the recommendation of an Independent Replacement Director by the Nominating/Corporate Governance Committee, the AHP Board shall vote upon the appointment of such Independent Replacement Director to the AHP Board no later than five (5) business days after the Nominating/Corporate Governance Committee recommendation of such Independent Replacement Director; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, that if the AHP Board does not appoint such Independent Replacement Director to the AHP Board pursuant to this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section&#160;1(g)</u></font>, the Parties shall continue to follow the procedures of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section&#160;1(g)</u></font> until an Independent Replacement Director is appointed to the AHP Board. Upon an Independent Replacement Director&#8217;s appointment to the AHP Board, the AHP Board and all applicable committees of the AHP Board shall consider whether such Independent Replacement Director has the necessary qualifications to be appointed to any applicable committee of the AHP Board of which the replaced director was a member immediately prior to such director&#8217;s resignation or removal, and shall appoint such Independent Replacement Director to either such committees or, if the qualifications for such committees are not met by such Independent Replacement Director, shall consider in good faith such Independent Replacement Director for alternative committees of the AHP Board. Any Independent Replacement Director designated pursuant to this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section&#160;1(g)</u></font> replacing any</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Independent Designee shall be treated as an Independent Designee for all purposes of this Agreement.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(h)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Contested Election Resignations</u></font>.&#160; Sessa shall cause each of the Independent Designees to promptly resign from the AHP Board and any committee thereof on which he then serves and agree not to stand for reelection, if, at any time during the Restricted Period, any Person shall nominate one or more Third Party Candidates (as defined below) in any Contested Solicitation (as defined below) during the Restricted Period and the preliminary results provided by the inspector of elections at any such meeting of stockholders of AHP prior to the closing of the polls shall indicate with reasonable certainty that any of the incumbent directors (other than the Independent Designees) will not be elected at such meeting but for the resignation of one or more of the Independent Designees (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Board Resignation Event</font>&#8221;); <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, that, if such preliminary results indicate that only one incumbent director will not be elected at such meeting then one of the Independent Designees (the identity of which shall be determined by a majority of the AHP Board (excluding the Independent Designees)) shall resign and agree not to stand for reelection to ensure the election of such incumbent director.&#160; In furtherance of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1(h)</u></font>, Sessa shall cause to be delivered to AHP irrevocable resignations in the form attached hereto as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Exhibit B</u></font> executed by each Independent Designee prior to the appointment of the Independent Designees to the AHP Board.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(i)</font> </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Company agrees that the Appointed Directors shall receive (i) the same benefits of director and officer insurance, and any indemnity and exculpation arrangements available generally to the directors on the AHP Board, (ii) the same compensation for their service as directors as the compensation received by other non-management directors on the AHP Board, and (iii) such other benefits on the same basis as all other non-management directors on the AHP Board, including, without limitation, having the Company (or legal counsel) prepare and file with the SEC, at the Company&#8217;s expense, any Forms 3, 4 and 5 under Section 16 of the Exchange Act that are required to be filed by each director of the Company.&#160; The Company agrees that the Appointed Directors shall enjoy the same access to Company information and materials as all the other directors.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(j)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As promptly as practicable following the execution of this Agreement, the AHP Board and all applicable committees of the AHP Board shall take all necessary actions to appoint one of the Independent Designees as a member of the Nominating/Corporate Governance Committee.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(k)</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Following the execution of this Agreement, the AHP Board, collectively and in good faith, shall promptly determine AHP Board committee memberships taking into account each director&#8217;s relevant experience and the needs of the Company.&#160; Subject to the Company&#8217;s Governance Guidelines and NYSE rules and applicable laws, the AHP Board and all applicable committees of the AHP Board shall take all actions necessary to ensure that, during the Restricted Period, any new committee of the AHP Board that are established shall include at least one of the Independent Designees.</font></div>

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<div style="MARGIN-LEFT: 72pt">2. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Standstill</u></font>.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a) </font>Sessa agrees that, from the date of this Agreement until the earlier of (x) the date that is fifteen (15) business days prior to the deadline for the submission of stockholder nominations for the 2019 Annual Meeting pursuant to the Bylaws or (y) the date that is one hundred fifty (150) days prior to the first anniversary of the 2018 Annual Meeting (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Restricted Period</font>&#8221;), neither it nor any of its &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Affiliates</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Associates</font> &#8221; (as such terms are defined in the Securities Exchange Act of 1934, as amended (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Exchange Act</font>&#8221;)) under its control will, and it will cause each of its Affiliates and Associates under its control not to, directly or indirectly, in any manner, alone or in concert with others, with respect to each of the Ashford Entities:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(i) </font>engage in, or encourage, assist, support, advise or facilitate, directly or indirectly, any solicitation of proxies or consents or become a &#8220;participant&#8221; in a &#8220;solicitation&#8221; (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of stockholders), in each case, with respect to securities of the Ashford Entities;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(ii) </font>encourage, influence, advise, form, join or in any way participate in any &#8220;group&#8221; (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to the shares of Common Stock or other securities of the Ashford Entities (other than a &#8220;group&#8221; that includes all or some of the Sessa entities or persons identified on the signature pages hereto, but does not include any Sessa entities or persons not identified on the signature pages hereto as of the date hereof); <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, that nothing herein shall limit the ability of an Affiliate of Sessa to join the &#8220;group&#8221; following the execution of this Agreement, so long as any such Affiliate agrees to be bound by the terms and conditions of this Agreement;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(iii) </font>deposit any shares of Common Stock or other securities of the Ashford Entities in any voting trust or subject any shares of Common Stock or other securities of the Ashford Entities to any arrangement or agreement with respect to the voting of any shares of Common Stock or other securities of the Ashford Entities, other than any such voting trust, arrangement or agreement solely among the members of Sessa and otherwise in accordance with this Agreement;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(iv) </font>seek, or encourage any Person, to submit nominations in furtherance of a Contested Solicitation (as defined below) for the election or removal of directors with respect to the Ashford Entities or seek, encourage or take any other action with respect to the election or removal of any directors; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, that nothing in this Agreement shall prevent Sessa or its Affiliates or Associates from taking actions in furtherance of identifying director candidates in connection with the 2019 Annual Meeting so long as such actions do not create a public disclosure obligation for Sessa or the Company and are undertaken on a strictly confidential and non-public basis;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(v) </font>(A) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of any of the Ashford Entities or in connection with a consent solicitation, (B) make any offer or proposal (with or without conditions) with respect to any tender or exchange offer, merger, acquisition, recapitalization, restructuring, disposition or other business combination involving Sessa and any of the Ashford Entities, (C) solicit a third party to make an offer or proposal (with or without conditions) with respect to any tender or exchange offer, merger, acquisition, recapitalization, restructuring, disposition or other business combination involving any of the Ashford Entities, or publicly encourage, initiate or support any third party in making such an offer or proposal, (D) publicly comment on any third party proposal regarding any tender or exchange offer, merger, acquisition, recapitalization, restructuring, disposition, or other business combination with respect to any of the Ashford Entities or (E) call or seek to call a special meeting of stockholders, including by written consent;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(vi) </font>other than in sale transactions on the NYSE or through a broker or dealer where the identity of the purchaser is not known, sell or agree to sell, directly or indirectly, through swap or hedging transactions or otherwise, any securities of the Ashford Entities or any derivatives relating to securities of the Ashford Entities to any third party that (i) has filed a Schedule 13D with respect to any of the Ashford Entities, (ii) has run (or publicly announced an intention to run) a proxy contest with respect to another company in the three (3) years prior to such time or (iii) will as a result of the transaction have Beneficial Ownership of more than 5% of any outstanding series or class of stock of any securities of the Ashford Entities;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(vii) </font>(A) seek representation on, or nominate any candidate to, the board of directors of any Ashford Entity, except as specifically permitted by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 1</u></font>, (B) seek the removal of any member of the board of directors of any Ashford Entity, (C) make a request for any stockholder list or other books and records of any Ashford Entity, whether pursuant to Rule 14d-5 or Rule 14a-7 of the Exchange Act, Section 2-512 or Section 2-513 of the Maryland General Corporation Law, or otherwise, or make any application to a court or other Person for inspection, investigation or examination of AHP or its subsidiaries or Affiliates or (D) make any demands, objections, proposals or recommendations to any Ashford Entity or any member of the board of directors or management of any Ashford Entity in its capacity as a stockholder, on behalf of any Ashford Entity in a stockholder derivative capacity, or otherwise;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(viii) </font>acquire, offer, seek or propose to acquire, agree to acquire, or announce any intention to acquire, directly or indirectly, whether by purchase, tender or exchange offer or otherwise, through the acquisition of control of another Person or by joining a &#8220;partnership, limited partnership, syndicate or other group&#8221; (within the meaning of Section 13(d)(3) of the Exchange Act and the rules of the SEC promulgated thereunder), Beneficial Ownership of any outstanding series or class of any securities of the Ashford Entities;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(x) </font>seek to advise, encourage, support or influence any Person with respect to the voting or disposition of any securities of the Ashford Entities at any annual or special meeting of stockholders or in connection with any consent solicitation; or</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 144pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(xi) </font>take any action which would cause or require any Ashford Entity to make public disclosure regarding any of the foregoing or make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications with the Company that would not be reasonably determined to trigger public disclosure obligations for any Party.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">As used in this Agreement: (i) the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Beneficial Owner</font>&#8221; shall have the same meaning as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act, except that a Person will also be deemed to beneficially own (A) all securities of the Ashford Entities which such Person has the right to acquire pursuant to the exercise of any rights in connection with any securities or any agreement, regardless of when such rights may be exercised and whether they are conditional, and (B) all securities of the Ashford Entities in which such Person has any economic interest, including, without limitation, pursuant to a cash settled call option or other derivative security, contract or instrument in any way related to the price of any securities of the Ashford Entities (and the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Beneficially Own</font>&#8221; shall have a correlative meaning); (ii) the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Contested Solicitation</font>&#8221; shall mean any solicitation for the election of directors subject to Rule 14a-12(c) promulgated by the SEC under the Exchange Act; (iii) the terms &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Person</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Persons</font>&#8221; shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, labor union or chapter or other division thereof, organization or other entity of any kind or nature; (iv) the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Extraordinary Transaction</font>&#8221; shall mean any equity tender offer, equity exchange offer, or a merger or business combination which would result in a change of control of the Company, recapitalization, liquidation, dissolution or extraordinary transaction involving the Company or a majority of its securities or a majority of its assets; and (v) the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Third Party Candidate</font>&#8221; shall mean, at any given time, any Person whose election to the AHP Board is not approved or recommended to stockholders of AHP by a vote of at least a majority of the AHP Board at such time.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt">3. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Mutual Non-Disparagement</u></font>.&#160;&#160;Each of the Parties covenants and agrees that, during the Restricted Period, neither it nor any of its respective subsidiaries, Affiliates, successors, assigns, officers, directors, employees, agents, attorneys or representatives shall disparage the other Party or such other Party&#8217;s subsidiaries, affiliates, successors, assigns, officers, directors, employees, agents, attorneys or representatives.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Voting Agreement</u></font>.&#160; During the Restricted Period, with respect to all securities of the Ashford Entities Beneficially Owned, directly or indirectly, by Sessa or its Affiliates, and over which Sessa has the right to vote as of the record date for any meeting of any Ashford Entity&#8217;s stockholders or action by written consent, Sessa shall cause all such securities</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">to be present for quorum purposes and shall vote all such securities (A) in favor of each director nominated and recommended by the board of directors of such Ashford Entity for election at any such meeting or action by consent, (B) against any stockholder nominations for director or purported stockholder nominations for director which are not approved and recommended by the board of directors of such Ashford Entity for election at any such meeting or action by consent, and (C) in accordance with the recommendation of each Ashford Entity&#8217;s board of directors with respect to such Ashford Entity&#8217;s &#8220;say-on-pay&#8221; proposal and any other proposal or stockholder proposal presented at any such meeting of stockholders or action by consent; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, that Sessa shall be permitted to vote in any manner that it sees fit with respect to any of the following matters that may be presented for approval by stockholders during the Restricted Period at any meeting of stockholders of any Ashford Entity or action by written consent: (i) any Extraordinary Transaction; (ii) any amendment to the Company&#8217;s Articles of Amendment and Restatement, as amended (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Charter Amendment</font>&#8221;); and (iii) (x) the Amended Advisory Agreement and (y) if the Amended Advisory Agreement is approved by AHP stockholders, any amendments to the Amended Advisory Agreement, or if the Amended Advisory Agreement is not approved by AHP stockholders, any amendments to the Current Advisory Agreement (any such amendment, an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Advisory Agreement Amendment</font>&#8221;).&#160; Notwithstanding anything to the contrary contained herein, in the event that Sessa shall determine to vote against the Amended Advisory Agreement at a special meeting called to approve such agreement, Sessa shall be permitted to make a statement of not more than 200 words in a press release (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Advisory Agreement Release</font>&#8221;) stating only that Sessa does not intend to vote in favor of the Amended Advisory Agreement and setting forth the reasons therefor relating solely to the terms of the Amended Advisory Agreement.&#160; Such Advisory Agreement Release may not in any way criticize the process pursuant to which the Amended Advisory Agreement was negotiated and prepared and may not disparage or constitute an&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">ad hominem</font>&#160;attack against any of the officers, directors, employees, advisors, agents or representatives of any of the Ashford Entities or their respective Affiliates.&#160; Sessa agrees to provide AHP with two (2) days&#8217; notice prior to the release of such Advisory Agreement Release, which notice shall include a copy of the proposed Advisory Agreement Release.&#160; Sessa further agrees to consider in good faith any comments AHP may have to such Advisory Agreement Release.&#160; Sessa shall be permitted to issue such Advisory Agreement Release one time via business wire and may not post the Advisory Agreement Release to any website or other medium maintained or funded, directly or indirectly, by Sessa; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>provided</u></font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>however</u></font>, that nothing herein shall prohibit Sessa from, if required by applicable law, filing the Advisory Agreement Release with the SEC on a Form PX14A6G.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Voluntary Dismissal</u></font>.&#160; No later than three (3) business days after the execution and delivery of this Agreement by each of the Parties hereto, each of AHP and Ashford Inc. shall file executed Stipulations of Voluntary Dismissal with Prejudice with the United States District Court for the Northern District of Texas, and AHP and Sessa shall cause Monty J. Bennett, John Petry and Andrew Moin to file a Joint Motion to Dismiss with Prejudice with the 173rd District Court in Henderson County, Texas (together, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Dismissal Filings</font>&#8221;), the forms of which are attached hereto as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Exhibit C</u></font>.&#160; The Parties hereto agree to make, and to cause their Affiliates to make, any and all other filings required in connection with this Agreement, the terms hereof and the settlement and dismissal of the Litigation as contemplated by this Agreement promptly following the execution and delivery of this Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Release and Covenant Not to Sue by Sessa</u></font>.&#160; EFFECTIVE UPON THE EXECUTION AND DELIVERY OF THIS AGREEMENT, SESSA DOES FOR ITSELF AND ITS DIRECTORS, AFFILIATES, PARTNERS, HEIRS, BENEFICIARIES, SUCCESSORS AND ASSIGNS, IF ANY, AND EACH OF LAWRENCE A. CUNNINGHAM, PHILIP B. LIVINGSTON, DANIEL B. SILVERS AND CHRIS D. WHEELER (COLLECTIVELY, THE<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SESSA PARTIES</font>&#8221;), RELEASE WITH PREJUDICE AND ABSOLUTELY FOREVER DISCHARGE THE ASHFORD ENTITIES, ASHFORD HOSPITALITY ADVISORS LLC AND EACH OF THEIR RESPECTIVE AFFILIATES, AND THE OFFICERS, DIRECTORS, STOCKHOLDERS, PARTNERS, EMPLOYEES, ADVISORS, AGENTS AND REPRESENTATIVES OF THE ASHFORD ENTITIES, ASHFORD HOSPITALITY ADVISORS LLC AND EACH OF THEIR RESPECTIVE AFFILIATES (EACH, AN &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ASHFORD</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RELEASED PARTY</font>&#8221;) FROM AND AGAINST ALL ASHFORD RELEASED MATTERS. &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ASHFORD</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RELEASED MATTERS</font>&#8221; MEANS ANY AND ALL CLAIMS, COUNTERCLAIMS, DEMANDS, DAMAGES, DEBTS, LIABILITIES, OBLIGATIONS, COSTS, EXPENSES (INCLUDING ATTORNEYS&#8217; AND ACCOUNTANTS&#8217; FEES AND EXPENSES), ACTIONS AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER, WHETHER NOW KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, AT LAW OR EQUITY, WHETHER UNDER STATUTE OR COMMON LAW, THAT THE SESSA PARTIES NOW HAVE, OR AT ANY TIME PREVIOUSLY HAD, OR SHALL OR MAY HAVE IN THE FUTURE, ARISING BY VIRTUE OF OR IN ANY MATTER RELATED TO ANY ACTIONS OR INACTIONS BY ANY OF THE ASHFORD RELEASED PARTIES ON OR BEFORE THE DATE HEREOF; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>PROVIDED</u></font> THAT ASHFORD RELEASED MATTERS SHALL NOT INCLUDE ANY RIGHT OF SESSA CONTAINED IN THIS AGREEMENT. IT IS THE INTENTION OF THE SESSA PARTIES IN EXECUTING THIS RELEASE THAT THE RELEASE CONTAINED IN THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 6</u></font> SHALL BE EFFECTIVE AS A FULL AND FINAL ACCORD AND SATISFACTION AND GENERAL RELEASE OF AND FROM ALL ASHFORD RELEASED MATTERS AND THE FINAL RESOLUTION BY THE SESSA PARTIES AND THE ASHFORD RELEASED PARTIES OF ALL ASHFORD RELEASED MATTERS. SESSA HEREBY REPRESENTS TO THE ASHFORD ENTITIES THAT NONE OF THE SESSA PARTIES HAS VOLUNTARILY OR INVOLUNTARILY ASSIGNED OR TRANSFERRED OR PURPORTED TO ASSIGN OR TRANSFER TO ANY PERSON ANY ASHFORD RELEASED MATTERS AND THAT NO PERSON OTHER THAN THE SESSA PARTIES HAS ANY INTEREST IN ANY ASHFORD RELEASED MATTER BY LAW OR CONTRACT BY VIRTUE OF ANY ACTION OR INACTION BY THE SESSA PARTIES. THE INVALIDITY OR UNENFORCEABILITY OF ANY PART OF THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 6</u></font> SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 6</u></font> WHICH SHALL REMAIN IN FULL FORCE AND EFFECT.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Release and Covenant Not to Sue by the Ashford Entities</u></font>.&#160; EFFECTIVE UPON THE EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE ASHFORD ENTITIES DOES FOR ITSELF AND ITS DIRECTORS, AFFILIATES, PARTNERS, HEIRS, BENEFICIARIES, SUCCESSORS AND ASSIGNS, IF ANY (COLLECTIVELY, THE &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ASHFORD PARTIES</font>&#8221;), RELEASE WITH PREJUDICE AND ABSOLUTELY FOREVER DISCHARGE THE SESSA PARTIES AND THEIR RESPECTIVE AFFILIATES, AND THE OFFICERS, DIRECTORS, STOCKHOLDERS, EMPLOYEES, ADVISORS, AGENTS AND REPRESENTATIVES OF THE SESSA PARTIES AND THEIR RESPECTIVE AFFILIATES (EACH, A &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SESSA</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RELEASED PARTY</font>&#8221;) FROM AND</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">AGAINST ALL SESSA RELEASED MATTERS. &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SESSA</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RELEASED MATTERS</font>&#8221; MEANS ANY AND ALL CLAIMS, COUNTERCLAIMS, DEMANDS, DAMAGES, DEBTS, LIABILITIES, OBLIGATIONS, COSTS, EXPENSES (INCLUDING ATTORNEYS&#8217; AND ACCOUNTANTS&#8217; FEES AND EXPENSES), ACTIONS AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER, WHETHER NOW KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, AT LAW OR EQUITY, WHETHER UNDER STATUTE OR COMMON LAW, THAT THE ASHFORD PARTIES NOW HAVE, OR AT ANY TIME PREVIOUSLY HAD, OR SHALL OR MAY HAVE IN THE FUTURE, ARISING BY VIRTUE OF OR IN ANY MATTER RELATED TO ANY ACTIONS OR INACTIONS WITH RESPECT TO ANY OF THE SESSA PARTIES OR THEIR RESPECTIVE AFFAIRS ON OR BEFORE THE DATE HEREOF; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>PROVIDED</u></font> THAT SESSA RELEASED MATTERS SHALL NOT INCLUDE ANY RIGHT OF THE ASHFORD PARTIES CONTAINED IN THIS AGREEMENT. IT IS THE INTENTION OF THE ASHFORD PARTIES IN EXECUTING THIS RELEASE THAT THE RELEASE CONTAINED IN THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 7</u></font> SHALL BE EFFECTIVE AS A FULL AND FINAL ACCORD AND SATISFACTION AND GENERAL RELEASE OF AND FROM ALL SESSA RELEASED MATTERS AND THE FINAL RESOLUTION BY THE ASHFORD PARTIES AND THE SESSA RELEASED PARTIES OF ALL SESSA RELEASED MATTERS. THE ASHFORD ENTITIES HEREBY REPRESENT TO THE SESSA PARTIES THAT NONE OF THE ASHFORD PARTIES HAS VOLUNTARILY OR INVOLUNTARILY ASSIGNED OR TRANSFERRED OR PURPORTED TO ASSIGN OR TRANSFER TO ANY PERSON ANY SESSA RELEASED MATTERS AND THAT NO PERSON OTHER THAN THE ASHFORD PARTIES HAS ANY INTEREST IN ANY SESSA RELEASED MATTER BY LAW OR CONTRACT BY VIRTUE OF ANY ACTION OR INACTION BY THE ASHFORD PARTIES. THE INVALIDITY OR UNENFORCEABILITY OF ANY PART OF THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 7</u></font> SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THIS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>SECTION 7</u></font> WHICH SHALL REMAIN IN FULL FORCE AND EFFECT.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Representations of the Ashford Entities</u></font>.&#160; The Ashford Entities represent and warrant as follows: (a) the Ashford Entities have the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by the Ashford Entities, constitutes a valid and binding obligation and agreement of the Ashford Entities and is enforceable against the Ashford Entities in accordance with its terms; and (c) the execution, delivery and performance of this Agreement by the Ashford Entities does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Ashford Entities or (ii) result in any breach or violation of, or constitute a default (or an event which with notice or lapse of time or both could constitute such breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which any of the Ashford Entities is a party or by which it is bound.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Representations of Sessa</u></font>.&#160; Sessa represents and warrants as follows: (a) it has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by Sessa, constitutes a valid and</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">binding obligation and agreement of Sessa and is enforceable against Sessa in accordance with its terms; (c) the execution, delivery and performance of this Agreement by Sessa does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Sessa or (ii) result in any breach or violation of, or constitute a default (or an event which with notice or lapse of time or both could constitute such breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which Sessa is a party or by which it is bound; and (d) <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Schedule I</u></font> hereto sets forth the securities of the Ashford Entities Beneficially Owned by Sessa and its Affiliates, collectively, as of the date of this Agreement.&#160; Sessa agrees to be responsible for any action or omission by any of the following that would constitute a breach of this Agreement or any of the agreements in the schedules and exhibits hereto, including the Dismissal Filings and the Confidentiality Agreement, if directly or indirectly taken or omitted by Sessa: John Petry, any employees or Affiliates of Sessa, and any other director, member, officer, principal or partner of Sessa and any of their respective Representatives and Affiliates; it being further understood for clarification that Sessa shall be deemed to have violated this Agreement and the agreements in the schedules and exhibits hereto, including the Dismissal Filings and the Confidentiality Agreement, if Sessa fails to prevent any of the foregoing persons from taking or omitting to take actions in a manner that would violate those restrictions if directly or indirectly taken or omitted by Sessa.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Miscellaneous</u></font>. Sessa and each Ashford Entity agrees that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with the terms hereof and that such harm would not be adequately compensable in monetary damages, and Sessa and each Ashford Entity hereby admits that the existence of such a violation alone shall constitute irreparable harm. Accordingly, each Ashford Entity and Sessa shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in addition to any other remedies at law or in equity. The Parties hereto agree that the mere allegation of a breach by a Party shall not constitute in and of itself evidence of such a breach. Sessa and each Ashford Entity agree to waive any bonding or security requirement under any applicable law in connection with obtaining an injunction and each of the Parties (a) consents to submit to the personal jurisdiction of the United States District Court for the Northern District of Dallas, or, if that Court does not have jurisdiction, any state court sitting in Dallas County in the State of Texas, in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to challenge, deny or defeat such personal jurisdiction or venue in such court (including in reliance on the doctrine of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">forum non conveniens</font>) by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the United States District Court for the Northern District of Dallas, or, if that Court does not have jurisdiction, any state court sitting in Dallas County in the State of Texas, and (d) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 14</u></font> hereof. Any litigation arising from or relating to this Agreement shall be brought exclusively in the United States District Court for the Northern District of Dallas, or, if that Court does not have jurisdiction, any state court sitting in Dallas County in the State of Texas.&#160; THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.&#160; THE PARTIES HERETO AGREE THAT THEY HEREBY IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY DISPUTES BETWEEN OR AMONG ANY OF THE PARTIES HERETO ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">11.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Expenses</u></font>. Notwithstanding any references to costs, expenses and attorneys&#8217; fees set forth in the Dismissal Filings, no later than ten (10) business days following the execution of this Agreement, the Company shall reimburse Sessa for its reasonable, documented out-of-pocket fees and expenses (including attorney&#8217;s fees and other legal expenses) incurred in connection with seeking representation on the AHP Board and the negotiation and execution of this Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Press Release</u></font>.&#160; Promptly following the execution of this Agreement, the Company and Sessa shall jointly issue a mutually agreeable press release (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Press Release</font>&#8221;) announcing certain terms of this Agreement in the form attached hereto as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Exhibit D</u></font>.&#160; Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including the AHP Board and any committee thereof) nor Sessa shall issue any press release or make public announcement regarding this Agreement or the matters contemplated hereby without the prior written consent of the other Party, except as is necessary to comply with legal requirements.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Entire Agreement; Amendment</u></font>.&#160; This Agreement, together with the schedules and exhibits hereto, contains the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof.&#160; This Agreement may be amended only by an agreement in writing executed by the Parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the Party against whom such waiver or consent is to be effective.&#160; No failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Notices</u></font>.&#160; All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if delivered in person or sent by overnight courier, when actually received during normal business hours at the address specified in this <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Section 14</u></font>:</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">If to Sessa:</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Sessa Capital (Master), L.P.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>1350 Avenue of the Americas, Suite 3110<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font></font><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">New York, New York&#160; 10019<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Facsimile No.:&#160; (646) 561-3289<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Attention:&#160; John Petry</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">With a copy to (which shall not constitute notice):</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">Olshan Frome Wolosky LLP<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>1325 Avenue of the Americas<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>New York, New York&#160; 10019<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Facsimile No.:&#160; (212) 451-2222<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Attention:&#160; Andrew Freedman</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">If to the Ashford Entities:</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">Ashford Hospitality Prime, Inc.<br>
14185 Dallas Parkway, Suite 1100<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Dallas, Texas&#160; 75254<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Facsimile No.:&#160; (972) 490-9605<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Attention:&#160; David A. Brooks</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">With a copy to (which shall not constitute notice):</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">Cadwalader, Wickersham &amp; Taft LLP<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>200 Liberty Street<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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</font>Facsimile No.:&#160; (212) 504-6666<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Attention:&#160; Richard M. Brand</div>

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<div style="TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Severability</u></font>.&#160; If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">16.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Counterparts</u></font>.&#160; This Agreement may be executed in two or more counterparts either manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the Parties, notwithstanding that not all Parties are signatories to the same counterpart.</font></div>

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<div style="TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17.</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>No Third Party Beneficiaries; Assignment</u></font>.&#160; Except for the Ashford Released Parties and the Sessa Released Parties (who are expressly third party beneficiaries of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Sections 6 and 7</u></font> of this Agreement), this Agreement is solely for the benefit of the Parties hereto and is not binding upon or enforceable by any other Persons. Sessa may not assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, without the prior written consent of the Ashford Entities, and any attempted assignment in contravention hereof shall be null and void. The Ashford Entities may not assign their rights or delegate their obligations under this Agreement, whether by operation of law or otherwise, without the prior</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">written consent of Sessa, and any attempted assignment in contravention hereof shall be null and void.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Signature Page Follows</font>]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement to each other as of the date first above written in the Preamble hereof.</div>

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<div>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">except with respect to Section 4 hereof</td>
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<td style="WIDTH: 50%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 3%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">(solely to the extent related to the voting</td>
<td style="WIDTH: 12%; FONT-WEIGHT: bold" valign="top">&#160;</td>
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<td style="WIDTH: 50%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 3%; FONT-WEIGHT: bold" valign="top">&#160;</td>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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<td style="WIDTH: 12%; PADDING-BOTTOM: 2px" valign="top">&#160;</td>
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<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
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<td style="WIDTH: 12%" valign="top">&#160;</td>
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<td style="WIDTH: 3%" valign="top">&#160;</td>
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<td style="WIDTH: 12%" valign="top">&#160;</td>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
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<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
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<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">except with respect to Section&#160;1 hereof</td>
<td style="WIDTH: 12%; FONT-WEIGHT: bold" valign="top">&#160;</td>
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<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
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<td style="WIDTH: 12%" valign="top">&#160;</td>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>
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<div>&#160;</div>

<div>
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<div>
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<td style="WIDTH: 38%" valign="top" colspan="2"><strong>ASHFORD HOSPITALITY TRUST, INC.</strong></td>
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<tr>
<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">except with respect to Sections 1 and 4</td>
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<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 3%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">hereof (solely to the extent related to the</td>
<td style="WIDTH: 12%; FONT-WEIGHT: bold" valign="top">&#160;</td>
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<tr>
<td style="WIDTH: 50%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 3%; FONT-WEIGHT: bold" valign="top">&#160;</td>
<td style="WIDTH: 35%; FONT-WEIGHT: bold" valign="top">voting of securities of Ashford Inc.)</td>
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<td style="WIDTH: 50%" valign="top">&#160;</td>
<td style="WIDTH: 3%" valign="top">&#160;</td>
<td style="WIDTH: 35%" valign="top">&#160;</td>
<td style="WIDTH: 12%" valign="top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; PADDING-BOTTOM: 2px" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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<td style="WIDTH: 3%; PADDING-BOTTOM: 2px" valign="top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By: </div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 99.2</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deric Eubanks</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jordan Jennings</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Joseph Calabrese</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(972) 490-9600</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(972) 778-9487</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(212) 827-3772</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">ASHFORD PRIME ANNOUNCES SETTLEMENT WITH SESSA CAPITAL</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">Company Will Welcome Three New Independent Directors</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">DALLAS, Feb. 16, 2017 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) (&#8220;Ashford Prime&#8221; or the &#8220;Company&#8221;) today announced that it has entered into a Settlement Agreement with Sessa Capital (Master), L.P. (together with its affiliates, &#8220;Sessa Capital&#8221;) pursuant to which the Company will welcome to the board two of Sessa Capital&#8217;s prior nominees for election to the Company's board of directors.&#160; The appointment of these new directors will bring the total number of directors to ten and the total independent directors to eight.&#160; Pursuant to the Settlement Agreement, the Company and Sessa Capital will also jointly select an additional independent director to be added to the board.&#160; In addition, two incumbent directors of the Company have agreed not to stand for re-election at Ashford Prime&#8217;s 2017 Annual Meeting of Shareholders, in accordance with the terms of the Settlement Agreement.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#8220;We believe these new independent directors will add additional valuable experience and a fresh perspective to the Ashford Prime board,&#8221; said Monty J. Bennett, Ashford Prime&#8217;s Chairman.&#160; &#8220;We look forward to working with our new directors to continue advancing Ashford Prime&#8217;s priorities and generating attractive returns for our shareholders.&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">John Petry, Founder of Sessa Capital, commented, &#8220;We are pleased that Ashford Prime has taken the important step of refreshing its board.&#160; These new independent directors will strengthen the Ashford Prime board.&#160; We look forward to working collaboratively with Ashford Prime to identify an additional new independent director to further enhance the board.&#8221;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Under the terms of the Settlement Agreement, Ashford Prime and Sessa Capital have agreed to various provisions continuing at least until prior to the 2019 Annual Meeting of Shareholders, and to dismiss all pending litigation.&#160; Sessa Capital has also agreed to vote all of its shares in accordance with the board&#8217;s recommendations on any proposals presented at a meeting of Ashford Prime shareholders, subject to certain exceptions relating to extraordinary transactions and amendments to the Advisory Agreement.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The full agreement with Sessa Capital will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cadwalader, Wickersham &amp; Taft LLP served as legal counsel to Ashford Prime, and Olshan Frome Wolosky LLP served as legal counsel to Sessa Capital.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>About Ashford Prime</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Ashford has created an Ashford App for the hospitality REIT investor community.&#160; The Ashford App is available for free download at Apple&#8217;s App Store and the Google Play Store by searching &#8220;Ashford.&#8221;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>About Sessa Capital</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Sessa Capital is a New York-based investment advisor focused on value and special situation investing. &#160;Sessa Capital seeks opportunities across the capital structure in both domestic and international companies undergoing significant change.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Forward Looking Statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Certain statements and assumptions in this press release contain or are based upon &#8220;forward-looking&#8221; information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.&#160; Forward-looking statements in this press release include, among others, statements about the implied share price for the Company&#8217;s common stock.&#160; These forward-looking statements are subject to risks and uncertainties.&#160; When we use the words &#8220;will likely result,&#8221; </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#8220;may,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; or similar expressions, we intend to identify forward-looking statements.&#160; Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Prime&#8217;s control.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:&#160; general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition.&#160; These and other risk factors are more fully discussed in Ashford Prime&#8217;s filings with the Securities and Exchange Commission.&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">The forward-looking statements included in this press release are only made as of the date of this press release.&#160; Investors should not place undue reliance on these forward-looking statements.&#160; We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
