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

Aug 2, 2022

Sofitel Philadelphia at Rittenhouse Square — Pebblebrook disposition

Sofitel Philadelphia at Rittenhouse Square · Philadelphia · 306 keys · Luxury

$80.0M

$261,438 / key

Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.

Public filingHistorical cited · 2022Issuer filing306 keys

Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)

Historical cited · 2022 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

Aug 2, 2022

Sofitel Philadelphia at Rittenhouse Square — Pebblebrook disposition

Sofitel Philadelphia at Rittenhouse Square · Philadelphia · 306 keys · Luxury

$80.0M

$261,438 / key

Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.

Public filingHistorical cited · 2022Issuer filing306 keys

Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)

Historical cited · 2022 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: $80.0M
Worksheet: $100.9M
Gap: +26%

Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.

Public filingHistorical cited · 2022Issuer filing306 keys

Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)

Historical cited · 2022 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: $80.0M
Worksheet: $100.9M
Gap: +26%

Pebblebrook 8-K: $80.0 million for the 306-room Sofitel Philadelphia at Rittenhouse Square. Center City luxury — not a slice of the Q3 2022 proceeds line.

Public filingHistorical cited · 2022Issuer filing306 keys

Pebblebrook Hotel Trust Form 8-K, August 2, 2022 (press dated August 3)

Historical cited · 2022 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