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.

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

Tape ATape B

Nov 5, 2025

Hampton Inn & Suites Clovis-Airport North — Apple disposition

Hampton Inn & Suites Clovis-Airport North · Fresno–Clovis · 86 keys · Upper midscale

$8.3M

$96,512 / key

Apple Exhibit 99.1: approximately $8.3 million for the 86-room Hampton Inn & Suites Clovis-Airport North. Adjacent Homewood is a separate $12.0 million tape.

Public filingMorning blotter · 2025–26 Apple sold86 keys

Apple Hospitality REIT Exhibit 99.1, February 23, 2026 (close day from Apple’s later sold table)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Worksheet Market Swap sides

Dec 3, 2025

Westin Michigan Avenue Chicago — Pebblebrook disposition

The Westin Michigan Avenue Chicago · Chicago · 752 keys · Upper upscale

$72.0M

$95,745 / key

Pebblebrook 8-K: $72.0 million for the 752-room Westin Michigan Avenue Chicago, before a brand-mandated PIP. Not a rooms-only trophy PPK.

Public filingMorning blotter · 2025–26Issuer filing752 keys

Pebblebrook Hotel Trust Form 8-K, December 3, 2025 (press dated December 4)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Worksheet Market Swap sides

Different houses. Do not average PPK across markets or structures.

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: $8.3M
Worksheet: $11.8M
Gap: +42%

Apple Exhibit 99.1: approximately $8.3 million for the 86-room Hampton Inn & Suites Clovis-Airport North. Adjacent Homewood is a separate $12.0 million tape.

Public filingMorning blotter · 2025–26 Apple sold86 keys

Apple Hospitality REIT Exhibit 99.1, February 23, 2026 (close day from Apple’s later sold table)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Shock the worksheet Compare 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: $72.0M
Worksheet: $199.4M
Gap: +177%

Pebblebrook 8-K: $72.0 million for the 752-room Westin Michigan Avenue Chicago, before a brand-mandated PIP. Not a rooms-only trophy PPK.

Public filingMorning blotter · 2025–26Issuer filing752 keys

Pebblebrook Hotel Trust Form 8-K, December 3, 2025 (press dated December 4)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Shock the worksheet Compare tapes