Re: First Amendment to Loan Agreement dated as of October 31, 2008

EXECUTION VERSION

EXHIBIT 10.72

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

December 31, 2008

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

Re: First Amendment to Loan Agreement dated as of October 31, 2008

Ladies and Gentlemen:

Reference is made to the First Amendment to Loan Agreement dated as of October 31, 2008 (the “Amendment”) 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”).

The Loan Parties have requested the extension of the Forbearance Period (as defined in the Amendment) from December 31, 2008 until January 30, 2009 to allow the consu