Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · The Cosmopolitan of Las Vegas
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
May 2, 2022
The Cosmopolitan of Las Vegas · Las Vegas · 3027 keys · Luxury
$5.65B
$1,866,535 / key
Total consideration: cash, assumed CMBS, and residual land — not rooms-only.
MGM Resorts press release (announced 2021; closed 2022)
News or press — not a filing. Harbor will not invent a confidential consideration.
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.
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.
$1,866,535 / key · 3027 keys
$1,785,505 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Total consideration: cash, assumed CMBS, and residual land — not rooms-only.
MGM Resorts press release (announced 2021; closed 2022)
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.
$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.