exhibit 10. 1 hpt ihg pr, inc. hpt state street trs llc hpt trs ihg - 2, inc. two newton place 255 washington street, suite 300 newton, massachusetts 02458 july 23, 2020 via federal express and email notice of event of default and termination intercontinental hotels, inc. intercontinental hotels group resources, inc. ihg management ( maryland ) llc intercontinental hotels group ( canada ), inc. c / o six continents hotels, inc. three ravinia drive, suite 100 atlanta, georgia 30346 attn : vice president of operations khrg allegro, llc khrg state street, llc kimpton hotel & restaurant group, llc 222 kearny street - suite 200 san francisco, california 94108 intercontinental hotels ( puerto rico ) inc. c / o intercontinental hotels group three ravinia drive, suite 100 atlanta, georgia 30346 attn : robert chitty re : the svc / ihg portfolio agreements set forth on schedule 1 ( collectively, the “ svc / ihg portfolio agreements ” ) re : the svc / ihg portfolio agreements set forth on schedule 1 ( collectively, the “ svc / ihg portfolio agreements ” ) re : ladies and gentlemen : reference is made to the svc / ihg portfolio agreements. capitalized terms used and not otherwise defined in this letter shall have the meanings given such terms on schedule 1 or in the svc / ihg portfolio agreements. the ihg parties did not pay the svc parties the full amounts of owner ’ s priority ( including, without limitation, owner ’ s first priority and owner ’ s pool b priority ) and minimum rent that were due on july 1, 2020 under the svc / ihg portfolio agreements. after applying the entire remaining deposit against the shortfall, the balance due to the svc parties as of july 1 was $ 8, 395, 250. failure to pay all such amounts in full regardless of any inadequacy of gross revenues or operating profits constitutes a manager event of default under section 17. 1 of the management agreements and an event of default under section 12. 1 of the pr lease. delinquent amounts accrue interest at the applicable interest rate under each svc / ihg portfolio agreement. pursuant to section 10. 3 of the management agreements and section 12. 1 of the pr lease, the svc parties elect to terminate the management agreements and the pr lease effective november 30,