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.

Next to each other. Not blended. A missing price stays a question.

Tape ATape B

Oct 15, 2021

Renaissance Westchester — Sunstone disposition

Renaissance Westchester · Westchester County · 348 keys · Upper upscale

$18.8M

$54,023 / key

Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.

Public filingHistorical cited · 2021 Sunstone sold · 2021348 keys

Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Worksheet Market Swap sides

Oct 15, 2021

Renaissance Westchester — Sunstone disposition

Renaissance Westchester · Westchester County · 348 keys · Upper upscale

$18.8M

$54,023 / key

Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.

Public filingHistorical cited · 2021 Sunstone sold · 2021348 keys

Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Worksheet Market Swap 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: $18.8M
Worksheet: $51.1M
Gap: +172%

Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.

Public filingHistorical cited · 2021 Sunstone sold · 2021348 keys

Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Shock the worksheet Compare 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: $18.8M
Worksheet: $51.1M
Gap: +172%

Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.

Public filingHistorical cited · 2021 Sunstone sold · 2021348 keys

Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tape Deal Frame Shock the worksheet Compare tapes