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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.

Feb 1, 2022

Sheraton Boston Hotel — Host disposition

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.

Host Hotels & Resorts Form 10-Q, quarter ended March 31, 2022 (February close; day unnamed; keys: Host IR 1,220-room)

Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Feb 1, 2022

Sheraton Boston Hotel — Host disposition

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.

Host Hotels & Resorts Form 10-Q, quarter ended March 31, 2022 (February close; day unnamed; keys: Host IR 1,220-room)

Historical cited · 2022 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
$233.0M

$190,984 / key · 1220 keys

Worksheet
$444.9M

$364,702 / key · Harbor defaults

Gap
+91%

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.

Host Hotels & Resorts Form 10-Q, quarter ended March 31, 2022 (February close; day unnamed; keys: Host IR 1,220-room)

Historical cited · 2022 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
$233.0M

$190,984 / key · 1220 keys

Worksheet
$444.9M

$364,702 / key · Harbor defaults

Gap
+91%

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.

Host Hotels & Resorts Form 10-Q, quarter ended March 31, 2022 (February close; day unnamed; keys: Host IR 1,220-room)

Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes