Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Hotel Madera
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Feb 16, 2018
Hyatt House Gaithersburg · Washington, D.C. · 140 keys · Upscale
$19.0M
$135,714 / key
Hersha Exhibit 99.1: $19.0 million for the 140-room Hyatt House in Gaithersburg, MD. Suburban Maryland Hyatt House — not a Georgetown Embassy PPK.
Hersha Hospitality Trust Exhibit 99.1, February 21, 2018 (February 16, 2018 close)
Historical cited · 2018 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Sep 26, 2019
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.
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.
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.
$135,714 / key · 140 keys
$194,800 / key · Harbor defaults
Washington, D.C. · worksheet vs tape PPK
Hersha Exhibit 99.1: $19.0 million for the 140-room Hyatt House in Gaithersburg, MD. Suburban Maryland Hyatt House — not a Georgetown Embassy PPK.
Hersha Hospitality Trust Exhibit 99.1, February 21, 2018 (February 16, 2018 close)
Historical cited · 2018 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.
$284,146 / key · 82 keys
$293,570 / key · Harbor defaults
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.
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.