Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Bellagio
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Feb 23, 2022
The Venetian Resort Las Vegas · Las Vegas · 7092 keys · Upper upscale
$6.25B
$881,247 / key
Ops to Apollo affiliates; real estate to VICI. Includes expo and gaming.
Las Vegas Sands / VICI Properties press releases, 2021–2022
News or press — not a filing. Harbor will not invent a confidential consideration.
Nov 15, 2019
Bellagio · Las Vegas · 3933 keys · Luxury
$4.25B
$1,080,600 / key
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
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.
$881,247 / key · 7092 keys
$1,210,757 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Ops to Apollo affiliates; real estate to VICI. Includes expo and gaming.
Las Vegas Sands / VICI Properties press releases, 2021–2022
News or press — not a filing. Harbor will not invent a confidential consideration.
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.
$1,080,600 / key · 3933 keys
$2,172,480 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
News or press — not a filing. Harbor will not invent a confidential consideration.