Two tapes · no invented prices · Hotel 373

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.

Next to each other. Not blended. A missing price stays a question.

Tape ATape B

Jan 1, 2008

Duane Street Hotel — Hersha acquisition

Duane Street Hotel · New York · 45 keys · Independent / boutique

$24.8M

$550,000 / key

Hersha Exhibit 99.1: $24.75 million for the 45-room Duane Street Hotel. Tribeca independent — not a Financial District Hampton PPK and not a midtown boutique PPK.

Public filingHistorical cited · 2008Issuer filing45 keys

Hersha Hospitality Trust Exhibit 99.1, February 27, 2008 (January 2008 close)

Historical cited · 2008 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Worksheet Market Swap sides

Apr 30, 2014

Hotel 373 — Hersha disposition

Hotel 373 · New York · 70 keys · Independent / boutique

$37.0M

$528,571 / key

Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.

Public filingHistorical cited · 2014Issuer filing70 keys

Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)

Historical cited · 2014 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.