Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Envoy Hotel
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Jul 1, 2016
Envoy Hotel · Boston · 136 keys · Upper upscale
$112.5M
$827,206 / key
Hersha Exhibit 99.1: $112.5 million for the 136-room Envoy Hotel in Boston. Boston Envoy — not a Back Bay convention PPK.
Hersha Hospitality Trust Exhibit 99.1, October 25, 2016 (July 2016 close)
Historical cited · 2016 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Oct 26, 2023
Boston Park Plaza · Boston · 1060 keys · Upper upscale
$370.0M
$349,057 / key
Sunstone Exhibit 99.1: $370.0 million contractual gross for the 1,060-room Boston Park Plaza. Downtown historic box — not a Billerica interstate PPK.
Sunstone Hotel Investors Exhibit 99.1, third quarter 2023 (closed October 26)
Historical cited · 2023 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.
$827,206 / key · 136 keys
$510,583 / key · Harbor defaults
Boston · worksheet vs tape PPK
Hersha Exhibit 99.1: $112.5 million for the 136-room Envoy Hotel in Boston. Boston Envoy — not a Back Bay convention PPK.
Hersha Hospitality Trust Exhibit 99.1, October 25, 2016 (July 2016 close)
Historical cited · 2016 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.
$349,057 / key · 1060 keys
$494,516 / key · Harbor defaults
Boston · worksheet vs tape PPK
Sunstone Exhibit 99.1: $370.0 million contractual gross for the 1,060-room Boston Park Plaza. Downtown historic box — not a Billerica interstate PPK.
Sunstone Hotel Investors Exhibit 99.1, third quarter 2023 (closed October 26)
Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.