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.
Oct 23, 2019
Courtyard Los Angeles · Los Angeles · 187 keys · Upscale
$50.0M
$267,380 / key
Sunstone Exhibit 99.1: $50 million gross for the leasehold interest in the 187-room Courtyard by Marriott Los Angeles. Leasehold — not a fee downtown PPK.
Sunstone Hotel Investors Exhibit 99.1, November 4, 2019 (sold October 23)
Historical cited · 2019 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
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.
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.
$267,380 / key · 187 keys
$252,111 / key · Harbor defaults
Los Angeles · worksheet vs tape PPK
Sunstone Exhibit 99.1: $50 million gross for the leasehold interest in the 187-room Courtyard by Marriott Los Angeles. Leasehold — not a fee downtown PPK.
Sunstone Hotel Investors Exhibit 99.1, November 4, 2019 (sold October 23)
Historical cited · 2019 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.
$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.