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 1, 2022
Sheraton Boston Hotel · Boston · 1220 keys · Upper upscale
$233.0M
$190,984 / key
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
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.
$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.
$190,984 / key · 1220 keys
$364,702 / key · Harbor defaults
Boston · worksheet vs tape PPK
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.