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.
Feb 22, 2023
The Heathman Hotel · Portland · 151 keys · Upper upscale
$45.0M
$298,013 / key
Pebblebrook 10-Q: $45.0 million for The Heathman Hotel, Portland. Closed February 22, 2023. Keys (151) from Pebblebrook IR. Downtown independent — not a waterfront palace PPK.
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.
$298,013 / key · 151 keys
$265,249 / key · Harbor defaults
Portland · worksheet vs tape PPK
Pebblebrook 10-Q: $45.0 million for The Heathman Hotel, Portland. Closed February 22, 2023. Keys (151) from Pebblebrook IR. Downtown independent — not a waterfront palace PPK.
Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.