Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Hotel 373
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
May 7, 2012
Bulfinch Hotel · Boston · 80 keys · Independent / boutique
$18.2M
$227,500 / key
Hersha 8-K: $18.2 million for the 80-room Bulfinch Hotel in Boston. Boston independent — not an Envoy PPK and not a suburban Hawthorn PPK.
Hersha Hospitality Trust Form 8-K, May 11, 2012 (May 7, 2012 close)
Historical cited · 2012 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.
$227,500 / key · 80 keys
$310,404 / key · Harbor defaults
Boston · worksheet vs tape PPK
Hersha 8-K: $18.2 million for the 80-room Bulfinch Hotel in Boston. Boston independent — not an Envoy PPK and not a suburban Hawthorn PPK.
Hersha Hospitality Trust Form 8-K, May 11, 2012 (May 7, 2012 close)
Historical cited · 2012 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.