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Harborby Signalry

Two tapes · no invented prices · W Hollywood

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 1, 2026

Hilton Seattle Airport & Conference Center — Park disposition

Hilton Seattle Airport & Conference Center · Seattle · 396 keys · Upper upscale

$18.0M

$45,455 / key

Park IR: $18 million gross for the 396-room Hilton Seattle Airport on a short-term ground lease. Anticipated capex over $25 million is Park’s narrative. Not a waterfront PPK.

News / press releaseMorning blotter · 2025–26Park sold396 keys

Park Hotels & Resorts IR, Q2 2026 (April 2026 close; day-of-month not named in the IR)

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

Open the tapeDeal FrameWorksheetMarketSwap 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
$18.0M

$45,455 / key · 396 keys

Worksheet
$81.2M

$205,052 / key · Harbor defaults

Gap
+351%

Seattle · worksheet vs tape PPK

Park IR: $18 million gross for the 396-room Hilton Seattle Airport on a short-term ground lease. Anticipated capex over $25 million is Park’s narrative. Not a waterfront PPK.

News / press releaseMorning blotter · 2025–26Park sold396 keys

Park Hotels & Resorts IR, Q2 2026 (April 2026 close; day-of-month not named in the IR)

Morning blotter · 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
$219.0M

$718,033 / key · 305 keys

Worksheet
$171.8M

$563,143 / key · Harbor defaults

Gap
-22%

Los Angeles · worksheet vs tape PPK

Host Hotels & Resorts Form 10-K for the year ended Dec 31, 2017

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