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Harborby Signalry

Two tapes · no invented prices · Amangani

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.

Jul 1, 2021

Henderson Park Inn — DiamondRock acquisition

Henderson Park Inn · Destin / Miramar Beach · 37 keys · Luxury

$27.5M

$743,243 / key

DiamondRock Q4 2021 Exhibit 99.1: $27.5 million for the 37-room Henderson Park Inn. Destin beach inn — not a Garden Inn PPK.

Public filingHistorical cited · 2021Issuer filing37 keys

DiamondRock Hospitality Company Exhibit 99.1, fourth quarter and year ended December 31, 2021 (closed July)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Jul 1, 2021

Henderson Park Inn — DiamondRock acquisition

Henderson Park Inn · Destin / Miramar Beach · 37 keys · Luxury

$27.5M

$743,243 / key

DiamondRock Q4 2021 Exhibit 99.1: $27.5 million for the 37-room Henderson Park Inn. Destin beach inn — not a Garden Inn PPK.

Public filingHistorical cited · 2021Issuer filing37 keys

DiamondRock Hospitality Company Exhibit 99.1, fourth quarter and year ended December 31, 2021 (closed July)

Historical cited · 2021 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
$27.5M

$743,243 / key · 37 keys

Worksheet
$38.8M

$1,049,758 / key · Harbor defaults

Gap
+41%

Destin / Miramar Beach · worksheet vs tape PPK

DiamondRock Q4 2021 Exhibit 99.1: $27.5 million for the 37-room Henderson Park Inn. Destin beach inn — not a Garden Inn PPK.

Public filingHistorical cited · 2021Issuer filing37 keys

DiamondRock Hospitality Company Exhibit 99.1, fourth quarter and year ended December 31, 2021 (closed July)

Historical cited · 2021 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
$27.5M

$743,243 / key · 37 keys

Worksheet
$38.8M

$1,049,758 / key · Harbor defaults

Gap
+41%

Destin / Miramar Beach · worksheet vs tape PPK

DiamondRock Q4 2021 Exhibit 99.1: $27.5 million for the 37-room Henderson Park Inn. Destin beach inn — not a Garden Inn PPK.

Public filingHistorical cited · 2021Issuer filing37 keys

DiamondRock Hospitality Company Exhibit 99.1, fourth quarter and year ended December 31, 2021 (closed July)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes