Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · The Don CeSar
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Feb 16, 2017
The Don CeSar · Tampa / St. Pete · 347 keys · Luxury
$214.0M
$616,715 / key
Host 10-K: 347-room Don CeSar including the adjacent Beach House Suites. Not a rooms-only 277-key box.
Host Hotels & Resorts Form 10-K for the year ended Dec 31, 2017
Historical cited · 2017 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Aug 2, 2022
Sofitel Philadelphia at Rittenhouse Square · Philadelphia · 306 keys · Luxury
$80.0M
$261,438 / key
Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.
Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)
Historical cited · 2022 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.
$616,715 / key · 347 keys
$711,750 / key · Harbor defaults
Tampa / St. Pete · worksheet vs tape PPK
Host 10-K: 347-room Don CeSar including the adjacent Beach House Suites. Not a rooms-only 277-key box.
Host Hotels & Resorts Form 10-K for the year ended Dec 31, 2017
Historical cited · 2017 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.
$261,438 / key · 306 keys
$329,788 / key · Harbor defaults
Philadelphia · worksheet vs tape PPK
Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.
Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.