Description:
System.Runtime.InteropServices.COMException (0x80004005): Error HRESULT E_FAIL has been returned from a call to a COM component.
   at Microsoft.TeamFoundation.WorkItemTracking.Client.DataStore.DataStoreNative.UpdateMetadata(IntPtr handle, Object rowset, String dbstamp, UInt32& changes)
   at Microsoft.TeamFoundation.WorkItemTracking.Client.DataStore.Datastore.UpdateMetadata(Object rowset, String dbstamp)
   at Microsoft.TeamFoundation.WorkItemTracking.Client.WorkItemStore.EndBackendCall(BackendCallData data)
   at Microsoft.TeamFoundation.WorkItemTracking.Client.WorkItemStore.RefreshCacheInternal(BackendCallData& data)
   at Microsoft.TeamFoundation.WorkItemTracking.Client.WorkItemStore.InitializeInternal()
   at Microsoft.TeamFoundation.WorkItemTracking.Client.WorkItemStore.Microsoft.TeamFoundation.Client.ITfsTeamProjectCollectionObject.Initialize(TfsTeamProjectCollection teamProjectCollection)
   at Microsoft.TeamFoundation.Client.TfsTeamProjectCollection.InitializeTeamFoundationObject(String fullName, Object instance)
   at Microsoft.TeamFoundation.Client.TfsConnection.CreateServiceInstance(Assembly assembly, String fullName)
   at Microsoft.TeamFoundation.Client.TfsConnection.GetServiceInstance(Type serviceType, Object serviceInstance)
   at Microsoft.TeamFoundation.Client.TfsTeamProjectCollection.GetServiceInstance(Type serviceType, Object serviceInstance)
   at Microsoft.TeamFoundation.Client.TfsConnection.GetService(Type serviceType)
   at Microsoft.TeamFoundation.Client.TfsConnection.GetService[T]()

If you have already installed TFS Client SDK and successfully executing on localhost.You have to add below tags in your web.config to run you website/web api on remote host.

Hope this will resolve your issue.....