Re: Forbearance Extension

EXHIBIT 10.3

PGRT ESH, INC.
77 West Wacker Drive
Suite 3900
Chicago, Illinois 60601

March 2, 2009

Citicorp USA, Inc.
101 John F. Kennedy Parkway
Fourth Floor
Short Hills, New Jersey 07078

Re: Forbearance Extension

Ladies and Gentlemen:

Reference is made to the Amended and Restated Loan Agreement dated as of June 6, 2008 among PGRT ESH, Inc. (the “Borrower”), Lightstone Holdings LLC, David Lichtenstein (together with Lightstone Holdings LLC and the Borrower, the “Loan Parties”), and Citicorp USA, Inc. (the “Lender”), as amended by, that certain First Amendment to Loan Agreement dated as of October 31, 2008 among the Loan Parties and the Lender (as amended by that certain letter agreement dated December 31, 2008 among the Loan Parties and the Lender, col