Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Courtyard Houston-Medical Center
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Apr 22, 2025
Courtyard Houston-Medical Center · Houston · 197 keys · Upscale
$23.5M
$119,289 / key
Chatham 10-K: $23.5 million for Courtyard Houston-Medical Center. Keys from Chatham’s YE 2024 table (197). Not the Hampton next door.
Chatham Lodging Trust Form 10-K for the year ended Dec 31, 2025 (keys: YE 2024 property table)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Jul 30, 2026
Hyatt Regency San Francisco · San Francisco · 821 keys · Upper upscale
$279.0M
$339,829 / key
Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.
Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)
Morning blotter · 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.
$119,289 / key · 197 keys
$213,752 / key · Harbor defaults
Houston · worksheet vs tape PPK
Chatham 10-K: $23.5 million for Courtyard Houston-Medical Center. Keys from Chatham’s YE 2024 table (197). Not the Hampton next door.
Chatham Lodging Trust Form 10-K for the year ended Dec 31, 2025 (keys: YE 2024 property table)
Morning blotter · 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.
$339,829 / key · 821 keys
$448,361 / key · Harbor defaults
San Francisco · worksheet vs tape PPK
Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.
Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.