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

Jun 1, 2015

St. Gregory Hotel — Hersha acquisition

St. Gregory Hotel · Washington, D.C. · 155 keys · Independent / boutique

$57.0M

$367,742 / key

Hersha Q2 2015 8-K: $57.0 million for the 155-room St. Gregory Hotel & Suites in Washington, DC. Dupont Circle independent — not a Georgetown Embassy PPK.

Public filingHistorical cited · 2015Issuer filing155 keys

Hersha Hospitality Trust Form 8-K / Q2 2015 earnings release, July 28, 2015 (June 2015 close)

Historical cited · 2015 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

Jun 1, 2015

St. Gregory Hotel — Hersha acquisition

St. Gregory Hotel · Washington, D.C. · 155 keys · Independent / boutique

$57.0M

$367,742 / key

Hersha Q2 2015 8-K: $57.0 million for the 155-room St. Gregory Hotel & Suites in Washington, DC. Dupont Circle independent — not a Georgetown Embassy PPK.

Public filingHistorical cited · 2015Issuer filing155 keys

Hersha Hospitality Trust Form 8-K / Q2 2015 earnings release, July 28, 2015 (June 2015 close)

Historical cited · 2015 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: $57.0M
Worksheet: $46.3M
Gap: -19%

Hersha Q2 2015 8-K: $57.0 million for the 155-room St. Gregory Hotel & Suites in Washington, DC. Dupont Circle independent — not a Georgetown Embassy PPK.

Public filingHistorical cited · 2015Issuer filing155 keys

Hersha Hospitality Trust Form 8-K / Q2 2015 earnings release, July 28, 2015 (June 2015 close)

Historical cited · 2015 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: $57.0M
Worksheet: $46.3M
Gap: -19%

Hersha Q2 2015 8-K: $57.0 million for the 155-room St. Gregory Hotel & Suites in Washington, DC. Dupont Circle independent — not a Georgetown Embassy PPK.

Public filingHistorical cited · 2015Issuer filing155 keys

Hersha Hospitality Trust Form 8-K / Q2 2015 earnings release, July 28, 2015 (June 2015 close)

Historical cited · 2015 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