Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Courtyard Burbank
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Aug 11, 2015
Courtyard Burbank · Los Angeles · 190 keys · Upscale
$54.0M
$284,211 / key
Apple 2015 10-K table: $54.0 million for the existing 190-room Courtyard Burbank. Burbank Courtyard — not a SpringHill take-out PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2015 (closed August 11)
Historical cited · 2015 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Jul 13, 2015
SpringHill Suites Burbank · Los Angeles · 170 keys · Upscale
$60.0M
$352,941 / key
Apple 2015 10-K table: $60.0 million for the new 170-room SpringHill Suites Burbank. Burbank SpringHill — not an Amarano boutique PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2015 (closed July 13)
Historical cited · 2015 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.
$284,211 / key · 190 keys
$229,750 / key · Harbor defaults
Los Angeles · worksheet vs tape PPK
Apple 2015 10-K table: $54.0 million for the existing 190-room Courtyard Burbank. Burbank Courtyard — not a SpringHill take-out PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2015 (closed August 11)
Historical cited · 2015 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.
$352,941 / key · 170 keys
$278,434 / key · Harbor defaults
Los Angeles · worksheet vs tape PPK
Apple 2015 10-K table: $60.0 million for the new 170-room SpringHill Suites Burbank. Burbank SpringHill — not an Amarano boutique PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2015 (closed July 13)
Historical cited · 2015 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.