Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · AC Hotel Louisville Downtown
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Oct 25, 2022
AC Hotel Louisville Downtown · Louisville · 156 keys · Upscale
$51.0M
$326,923 / key
Apple 2022 10-K table: $51.0 million for the existing 156-room downtown AC Hotel. Downtown AC — not a Cincinnati river-city PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2022 (closed October 25)
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Jul 30, 2026
Hyatt Regency San Francisco · San Francisco · 821 keys · Upper upscale
$279.0M
$339,829 / key
Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.
Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Different houses. Do not average PPK across markets or structures.
Estimate ↔ tape
Cited consideration on the left. Harbor’s labeled defaults on the right. A gap is a question, not a bid. Portfolio tapes and seller paper stay footnoted. Not an appraisal.
$326,923 / key · 156 keys
$233,283 / key · Harbor defaults
Louisville · worksheet vs tape PPK
Apple 2022 10-K table: $51.0 million for the existing 156-room downtown AC Hotel. Downtown AC — not a Cincinnati river-city PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2022 (closed October 25)
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Estimate ↔ tape
Cited consideration on the left. Harbor’s labeled defaults on the right. A gap is a question, not a bid. Portfolio tapes and seller paper stay footnoted. Not an appraisal.
$339,829 / key · 821 keys
$448,361 / key · Harbor defaults
San Francisco · worksheet vs tape PPK
Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.
Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.