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Harborby Signalry

Two tapes · no invented prices

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.

Nov 24, 2015

Fairmont San Francisco — Mirae Asset acquisition

Fairmont San Francisco · San Francisco · 606 keys · Luxury

$450.0M

$742,574 / key

Owning-company sale as announced by the sellers (Oaktree / Woodridge / Kingdom). Contemporaneous reports used 591–606 keys. Harbor PPK uses the desk’s 606-key count.

News / press releaseHistorical cited · 2015606 keys

The Registry / seller announcement, Nov 24–25 2015

News or press — not a filing. Harbor will not invent a confidential consideration.

Open the tapeDeal FrameWorksheetMarketSwap sides

Nov 24, 2015

Fairmont San Francisco — Mirae Asset acquisition

Fairmont San Francisco · San Francisco · 606 keys · Luxury

$450.0M

$742,574 / key

Owning-company sale as announced by the sellers (Oaktree / Woodridge / Kingdom). Contemporaneous reports used 591–606 keys. Harbor PPK uses the desk’s 606-key count.

News / press releaseHistorical cited · 2015606 keys

The Registry / seller announcement, Nov 24–25 2015

News or press — not a filing. Harbor will not invent a confidential consideration.

Open the tapeDeal FrameWorksheetMarketSwap sides

Estimate ↔ tape

The worksheet next to the filing

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.

Tape
$450.0M

$742,574 / key · 606 keys

Worksheet
$361.0M

$595,735 / key · Harbor defaults

Gap
-20%

San Francisco · worksheet vs tape PPK

Owning-company sale as announced by the sellers (Oaktree / Woodridge / Kingdom). Contemporaneous reports used 591–606 keys. Harbor PPK uses the desk’s 606-key count.

News / press releaseHistorical cited · 2015606 keys

The Registry / seller announcement, Nov 24–25 2015

News or press — not a filing. Harbor will not invent a confidential consideration.

Open the tapeDeal FrameShock the worksheetCompare tapes

Estimate ↔ tape

The worksheet next to the filing

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.

Tape
$450.0M

$742,574 / key · 606 keys

Worksheet
$361.0M

$595,735 / key · Harbor defaults

Gap
-20%

San Francisco · worksheet vs tape PPK

Owning-company sale as announced by the sellers (Oaktree / Woodridge / Kingdom). Contemporaneous reports used 591–606 keys. Harbor PPK uses the desk’s 606-key count.

News / press releaseHistorical cited · 2015606 keys

The Registry / seller announcement, Nov 24–25 2015

News or press — not a filing. Harbor will not invent a confidential consideration.

Open the tapeDeal FrameShock the worksheetCompare tapes