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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.

Sep 26, 2019

Hotel Madera — Pebblebrook disposition

Hotel Madera · Washington, D.C. · 82 keys · Upscale

$23.3M

$284,146 / key

Pebblebrook 8-K: $23.3 million for the 82-room Hotel Madera in Washington, D.C. Dupont Circle boutique — not a Palomar PPK and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing82 keys

Pebblebrook Hotel Trust Form 8-K, September 26, 2019 (closed September 26)

Historical cited · 2019 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Sep 26, 2019

Hotel Madera — Pebblebrook disposition

Hotel Madera · Washington, D.C. · 82 keys · Upscale

$23.3M

$284,146 / key

Pebblebrook 8-K: $23.3 million for the 82-room Hotel Madera in Washington, D.C. Dupont Circle boutique — not a Palomar PPK and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing82 keys

Pebblebrook Hotel Trust Form 8-K, September 26, 2019 (closed September 26)

Historical cited · 2019 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
$23.3M

$284,146 / key · 82 keys

Worksheet
$24.1M

$293,570 / key · Harbor defaults

Gap
+3%

Washington, D.C. · worksheet vs tape PPK

Pebblebrook 8-K: $23.3 million for the 82-room Hotel Madera in Washington, D.C. Dupont Circle boutique — not a Palomar PPK and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing82 keys

Pebblebrook Hotel Trust Form 8-K, September 26, 2019 (closed September 26)

Historical cited · 2019 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
$23.3M

$284,146 / key · 82 keys

Worksheet
$24.1M

$293,570 / key · Harbor defaults

Gap
+3%

Washington, D.C. · worksheet vs tape PPK

Pebblebrook 8-K: $23.3 million for the 82-room Hotel Madera in Washington, D.C. Dupont Circle boutique — not a Palomar PPK and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing82 keys

Pebblebrook Hotel Trust Form 8-K, September 26, 2019 (closed September 26)

Historical cited · 2019 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes