Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Bellagio
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Nov 15, 2019
Bellagio · Las Vegas · 3933 keys · Luxury
$4.25B
$1,080,600 / key
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
News or press — not a filing. Harbor will not invent a confidential consideration.
May 15, 2014
The Cosmopolitan of Las Vegas · Las Vegas · 3027 keys · Luxury
$1.73B
$571,523 / key
Hotel-casino going-concern. Not a rooms-only boutique tape.
The New York Times DealBook, May 2014
News or press — not a filing. Harbor will not invent a confidential consideration.
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.
$1,080,600 / key · 3933 keys
$2,172,480 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
News or press — not a filing. Harbor will not invent a confidential consideration.
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.
$571,523 / key · 3027 keys
$1,785,505 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Hotel-casino going-concern. Not a rooms-only boutique tape.
The New York Times DealBook, May 2014
News or press — not a filing. Harbor will not invent a confidential consideration.