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Two tapes · no invented prices · Courtyard Westside

Next to each other. Not blended.

Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.

May 1, 2011

Courtyard Westside — Hersha acquisition

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.

Public filingHistorical cited · 2011Issuer filing260 keys

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.

Open the tapeDeal FrameWorksheetMarketSwap sides

Jul 30, 2026

Hyatt Regency San Francisco — Sunstone disposition

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.

Public filingMorning blotter · 2025–26Sunstone sold821 keys

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.

Open the tapeDeal FrameWorksheetMarketSwap sides

Different houses. Do not average PPK across markets or structures.

Estimate ↔ tape

The worksheet next to the filing

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.

Tape
$47.5M

$182,692 / key · 260 keys

Worksheet
$67.0M

$257,515 / key · Harbor defaults

Gap
+41%

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.

Public filingHistorical cited · 2011Issuer filing260 keys

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.

Open the tapeDeal FrameShock the worksheetCompare tapes

Estimate ↔ tape

The worksheet next to the filing

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.

Tape
$279.0M

$339,829 / key · 821 keys

Worksheet
$368.1M

$448,361 / key · Harbor defaults

Gap
+32%

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.

Public filingMorning blotter · 2025–26Sunstone sold821 keys

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.

Open the tapeDeal FrameShock the worksheetCompare tapes