On January 7, 2016, John Petry sent a letter to McWilliams and Murphy thanking them for taking time to meet and expressing Sessa Capital's continuing concerns with respect to Ashford Hospitality Prime, Inc. In the letter, John Petry expressed his view that it is important to maximize the Company's long-term value and he understand that consideration of all strategic alternatives, including a potential sale, is part of that process. In addition, John Petry stated that as discussed in the meeting, given the corporate governance and other issues that contribute to the Company's current discount to net asset value, in his view, a sale of the Company is the preferred outcome of the strategic alternatives process. Further, John Perry continued that as discussed, he continue to have significant concerns about the structure and potential size of the fee for terminating the Company's current advisory agreement with Ashford Inc. John Petry continued that in his view, termination of this contract is not a necessary or inevitable element of a successful conclusion to the strategic alternatives process, an excessive termination fee will severely undermine the probability of a successful outcome by deterring potential bidders for the Company or its properties.