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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.

Feb 22, 2023

The Heathman Hotel — Pebblebrook disposition

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.

Public filingHistorical cited · 2023Issuer filing151 keys

Pebblebrook Hotel Trust Form 10-Q, quarter ended September 30, 2023 (closed February 22; keys: Pebblebrook IR 151-room)

Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Feb 22, 2023

The Heathman Hotel — Pebblebrook disposition

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.

Public filingHistorical cited · 2023Issuer filing151 keys

Pebblebrook Hotel Trust Form 10-Q, quarter ended September 30, 2023 (closed February 22; keys: Pebblebrook IR 151-room)

Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

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
$45.0M

$298,013 / key · 151 keys

Worksheet
$40.1M

$265,249 / key · Harbor defaults

Gap
-11%

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.

Public filingHistorical cited · 2023Issuer filing151 keys

Pebblebrook Hotel Trust Form 10-Q, quarter ended September 30, 2023 (closed February 22; keys: Pebblebrook IR 151-room)

Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

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
$45.0M

$298,013 / key · 151 keys

Worksheet
$40.1M

$265,249 / key · Harbor defaults

Gap
-11%

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.

Public filingHistorical cited · 2023Issuer filing151 keys

Pebblebrook Hotel Trust Form 10-Q, quarter ended September 30, 2023 (closed February 22; keys: Pebblebrook IR 151-room)

Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes