Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Hotel 373
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Apr 30, 2014
Hotel 373 · New York · 70 keys · Independent / boutique
$37.0M
$528,571 / key
Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.
Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)
Historical cited · 2014 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Oct 9, 2019
The Berkeley Hotel · Richmond · 55 keys · Independent / boutique
$6.9M
$125,000 / key
Apple 2019 10-K table: $6.875 million for the existing 55-room Berkeley Hotel. Richmond independent — not a DC boutique PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2019 (closed October 9)
Historical cited · 2019 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Different houses. Do not average PPK across markets or structures.
Estimate ↔ tape
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.
$528,571 / key · 70 keys
$380,713 / key · Harbor defaults
New York · worksheet vs tape PPK
Hersha Exhibit 99.1: $37.0 million for the 70-room Hotel 373. Midtown Manhattan boutique — not a Financial District Hampton PPK.
Hersha Hospitality Trust Exhibit 99.1, May 1, 2014 (April 30, 2014 close)
Historical cited · 2014 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Estimate ↔ tape
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.
$125,000 / key · 55 keys
$213,752 / key · Harbor defaults
Richmond · worksheet vs tape PPK
Apple 2019 10-K table: $6.875 million for the existing 55-room Berkeley Hotel. Richmond independent — not a DC boutique PPK.
Apple Hospitality REIT Form 10-K for the year ended December 31, 2019 (closed October 9)
Historical cited · 2019 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.