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Two tapes · no invented prices · The Liaison Capitol Hill

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.

Feb 14, 2019

The Liaison Capitol Hill — Pebblebrook disposition

The Liaison Capitol Hill · Washington, D.C. · 343 keys · Upper upscale

$111.0M

$323,615 / key

Pebblebrook 8-K Exhibit 99.1: $111.0 million for the 343-room Liaison Capitol Hill. Capitol Hill box — not Fairmont Dallas $111.0 million and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing343 keys

Pebblebrook Hotel Trust Form 8-K Exhibit 99.1, February 14, 2019

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

Open the tapeDeal FrameWorksheetMarketSwap sides

Jul 30, 2026

Hyatt Regency San Francisco — Sunstone disposition

Hyatt Regency San Francisco · San Francisco · 821 keys · Upper upscale

$279.0M

$339,829 / key

Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.

Public filingMorning blotter · 2025–26Sunstone sold821 keys

Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)

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
$111.0M

$323,615 / key · 343 keys

Worksheet
$98.6M

$287,389 / key · Harbor defaults

Gap
-11%

Washington, D.C. · worksheet vs tape PPK

Pebblebrook 8-K Exhibit 99.1: $111.0 million for the 343-room Liaison Capitol Hill. Capitol Hill box — not Fairmont Dallas $111.0 million and not a Lafayette Square slice.

Public filingHistorical cited · 2019Issuer filing343 keys

Pebblebrook Hotel Trust Form 8-K Exhibit 99.1, February 14, 2019

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
$279.0M

$339,829 / key · 821 keys

Worksheet
$368.1M

$448,361 / key · Harbor defaults

Gap
+32%

San Francisco · worksheet vs tape PPK

Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.

Public filingMorning blotter · 2025–26Sunstone sold821 keys

Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)

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

Open the tapeDeal FrameShock the worksheetCompare tapes