AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO SMT, LLC c/o American Realty Hospitality Trust, Inc. 405 Park Avenue New York, NY 10022

Amendment to Section 4.7.6. Section 4.7.6 of the Agreement is hereby amended and restated in its entirety to read as follows:

Amendment to Section 4.7.7. Section 4.7.7 of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

Amendment to Schedule 2. In order to reflect the adjustment to the Purchase Price pursuant to Section 1 of this letter agreement, Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with Schedule 2 to this letter agreement.

Required Expenditures. During the period following August 21, 2015 until the date of the final closing under the Agreement and the Other Summit Agreement (as defined below), the Sellers party hereto, together with the sellers party to the other Purchase and Sale Agreement with Purchaser dated as of June 2, 2015 (the “Other Summit Agreement”), agree to incur and spend an aggregate of $500,000 for third party out-of-pocket expenditures contemplated by the Required PIPs (“PIP Expenditures”). For the avoidance of doubt, PIP Expenditures shall not include overhead or other internal expenses of Sellers or Summit and shall be without profit or markup to Sellers or Summit but shall include third party costs associated with shipping, delivery and labor for installation. All PIP Expenditures shall be documented and Sellers shall provide Purchaser with reasonable evidence of all PIP Expenditures promptly following the making of such expenditures. In the event that at the Second Closing the aggregate documented PIP Expenditures incurred and expended following the date of this letter agreement are less than $500,000, Purchaser shall receive a credit against the applicable Purchase Price at the Second Pool Closing (as defined in the Other Summit Agreement) in the amount of such deficiency. If the Agreement is terminated prior to the Second Pool Closing Date (as defined in the Other Summit Agreement) for any reason other than a default by Purchaser, the Sellers and the sellers under the Other Summit Agreement shall jointly and severally pay such deficiency to Purchaser within 2 Business Days following such termination. Summit hereby guarantees to Purchaser the due and punctual payment and performance of Sellers’ obligations under this Section 4, and the sellers under the Other Summit Agreement are concurrently herewith executing a letter agreement with Purchaser to confirm their obligations hereunder. For the avoidance of doubt, in the event that the aggregate documented PIP Expenditures are greater than $500,000, there shall be no increase in the Purchase Price pursuant to this Section.

Amendment to Section 8.2.1(h). Section 8.2.1(h) of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.

Amendment to Section 8.2.1(j). Section 8.2.1(j) of the Agreement is hereby deleted in its entirety and replaced with the words “[Reserved]”.