Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Courtyard Westside
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.
May 1, 2011
Courtyard Westside · Los Angeles · 260 keys · Upscale
$47.5M
$182,692 / key
Hersha Exhibit 99.1: $47.5 million for the 260-room Courtyard Westside in Los Angeles. Los Angeles Courtyard Westside — not a Santa Monica boutique PPK and not a downtown Courtyard PPK.
Hersha Hospitality Trust Exhibit 99.1, August 3, 2011 (May 2011 close)
Historical cited · 2011 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.
$182,692 / key · 260 keys
$257,515 / key · Harbor defaults
Los Angeles · worksheet vs tape PPK
Hersha Exhibit 99.1: $47.5 million for the 260-room Courtyard Westside in Los Angeles. Los Angeles Courtyard Westside — not a Santa Monica boutique PPK and not a downtown Courtyard PPK.
Hersha Hospitality Trust Exhibit 99.1, August 3, 2011 (May 2011 close)
Historical cited · 2011 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.