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Two tapes · no invented prices · The Roger New York

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.

Jun 10, 2021

The Roger New York — Pebblebrook leasehold disposition

The Roger New York · New York · 194 keys · Upscale

$19.0M

$97,938 / key

Pebblebrook 8-K: $19.0 million for the leasehold interest in the 194-room The Roger New York. About 23 years remained on the ground lease. Leasehold — not a Midtown fee palace PPK.

Public filingHistorical cited · 2021Issuer filing194 keys

Pebblebrook Hotel Trust Form 8-K, June 10, 2021 (press dated June 11)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Jul 30, 2026

Hyatt Regency San Francisco — Sunstone disposition

Hyatt Regency San Francisco · San Francisco · 821 keys · Upper upscale

$279.0M

$339,829 / key

Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.

Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameWorksheetMarketSwap sides

Different houses. Do not average PPK across markets or structures.

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
$19.0M

$97,938 / key · 194 keys

Worksheet
$62.1M

$320,258 / key · Harbor defaults

Gap
+227%

New York · worksheet vs tape PPK

Pebblebrook 8-K: $19.0 million for the leasehold interest in the 194-room The Roger New York. About 23 years remained on the ground lease. Leasehold — not a Midtown fee palace PPK.

Public filingHistorical cited · 2021Issuer filing194 keys

Pebblebrook Hotel Trust Form 8-K, June 10, 2021 (press dated June 11)

Historical cited · 2021 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
$279.0M

$339,829 / key · 821 keys

Worksheet
$368.1M

$448,361 / key · Harbor defaults

Gap
+32%

San Francisco · worksheet vs tape PPK

Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.

Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)

Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes