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Harborby Signalry

Two tapes · no invented prices · The Adolphus, Autograph Collection

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.

Apr 20, 2017

Hilton Dallas — Apple Hospitality disposition

Hilton Dallas · Dallas–Fort Worth · 224 keys · Upper upscale

$56.1M

$250,446 / key

Apple 2017 10-K: approximately $56.1 million gross for the 224-room Hilton Dallas. Dallas Hilton — not a Fort Worth Courtyard PPK.

Apple Hospitality REIT Form 10-K for the year ended December 31, 2017 (sold April 20)

Historical cited · 2017 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Apr 20, 2017

Hilton Dallas — Apple Hospitality disposition

Hilton Dallas · Dallas–Fort Worth · 224 keys · Upper upscale

$56.1M

$250,446 / key

Apple 2017 10-K: approximately $56.1 million gross for the 224-room Hilton Dallas. Dallas Hilton — not a Fort Worth Courtyard PPK.

Apple Hospitality REIT Form 10-K for the year ended December 31, 2017 (sold April 20)

Historical cited · 2017 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
$56.1M

$250,446 / key · 224 keys

Worksheet
$50.6M

$226,065 / key · Harbor defaults

Gap
-10%

Dallas–Fort Worth · worksheet vs tape PPK

Apple 2017 10-K: approximately $56.1 million gross for the 224-room Hilton Dallas. Dallas Hilton — not a Fort Worth Courtyard PPK.

Apple Hospitality REIT Form 10-K for the year ended December 31, 2017 (sold April 20)

Historical cited · 2017 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
$56.1M

$250,446 / key · 224 keys

Worksheet
$50.6M

$226,065 / key · Harbor defaults

Gap
-10%

Dallas–Fort Worth · worksheet vs tape PPK

Apple 2017 10-K: approximately $56.1 million gross for the 224-room Hilton Dallas. Dallas Hilton — not a Fort Worth Courtyard PPK.

Apple Hospitality REIT Form 10-K for the year ended December 31, 2017 (sold April 20)

Historical cited · 2017 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes