Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Ambrose Hotel
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Dec 1, 2016
Ambrose Hotel · Los Angeles · 77 keys · Independent / boutique
$47.5M
$616,883 / key
Hersha Exhibit 99.1: $47.5 million for the 77-room Ambrose Hotel in Santa Monica, CA. Santa Monica boutique — not a downtown Ace PPK.
Hersha Hospitality Trust Exhibit 99.1, February 22, 2017 (December 1, 2016 close)
Historical cited · 2016 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Apr 30, 2014
Hotel 373 · New York · 70 keys · Independent / boutique
$37.0M
$528,571 / key
Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.
Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)
Historical cited · 2014 corpus. 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.
$616,883 / key · 77 keys
$496,400 / key · Harbor defaults
Los Angeles · worksheet vs tape PPK
Hersha Exhibit 99.1: $47.5 million for the 77-room Ambrose Hotel in Santa Monica, CA. Santa Monica boutique — not a downtown Ace PPK.
Hersha Hospitality Trust Exhibit 99.1, February 22, 2017 (December 1, 2016 close)
Historical cited · 2016 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.
$528,571 / key · 70 keys
$380,713 / key · Harbor defaults
New York · worksheet vs tape PPK
Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.
Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)
Historical cited · 2014 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.