Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Sheraton Boston Hotel
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Feb 1, 2022
Sheraton Boston Hotel · Boston · 1220 keys · Upper upscale
$233.0M
$190,984 / key
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Oct 26, 2023
Boston Park Plaza · Boston · 1060 keys · Upper upscale
$370.0M
$349,057 / key
Sunstone Exhibit 99.1: $370.0 million contractual gross for the 1,060-room Boston Park Plaza. Downtown historic box — not a Billerica interstate PPK.
Sunstone Hotel Investors Exhibit 99.1, third quarter 2023 (closed October 26)
Historical cited · 2023 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.
$190,984 / key · 1220 keys
$364,702 / key · Harbor defaults
Boston · worksheet vs tape PPK
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
Historical cited · 2022 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.
$349,057 / key · 1060 keys
$494,516 / key · Harbor defaults
Boston · worksheet vs tape PPK
Sunstone Exhibit 99.1: $370.0 million contractual gross for the 1,060-room Boston Park Plaza. Downtown historic box — not a Billerica interstate PPK.
Sunstone Hotel Investors Exhibit 99.1, third quarter 2023 (closed October 26)
Historical cited · 2023 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.