Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Grand Wailea, A Waldorf Astoria Resort
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Jun 8, 2015
The Phoenician · Phoenix / Scottsdale · 643 keys · Luxury
$400.0M
$622,084 / key
Host IR: $400 million for the 643-room resort, including a 27-hole golf course and adjacent land parcels. Not a rooms-only PPK.
Host Hotels & Resorts IR, June 8, 2015
Historical cited · 2015 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Nov 1, 2018
Grand Wailea, A Waldorf Astoria Resort · Maui · 776 keys · Luxury
$610.0M
$786,082 / key
Consideration as reported in contemporaneous trade press. Confirm against the buyer/seller release.
Trade press, late 2018 (BREIT disposition / Blackstone–Highgate)
News or press — not a filing. Harbor will not invent a confidential consideration.
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.
$622,084 / key · 643 keys
$981,890 / key · Harbor defaults
Phoenix / Scottsdale · worksheet vs tape PPK
Host IR: $400 million for the 643-room resort, including a 27-hole golf course and adjacent land parcels. Not a rooms-only PPK.
Host Hotels & Resorts IR, June 8, 2015
Historical cited · 2015 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.
$786,082 / key · 776 keys
$1,653,169 / key · Harbor defaults
Maui · worksheet vs tape PPK
Consideration as reported in contemporaneous trade press. Confirm against the buyer/seller release.
Trade press, late 2018 (BREIT disposition / Blackstone–Highgate)
News or press — not a filing. Harbor will not invent a confidential consideration.