Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · The Cosmopolitan of Las Vegas
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.
May 2, 2022
The Cosmopolitan of Las Vegas · Las Vegas · 3027 keys · Luxury
$5.65B
$1,866,535 / key
Total consideration: cash, assumed CMBS, and residual land — not rooms-only.
MGM Resorts press release (announced 2021; closed 2022)
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.
$1,866,535 / key · 3027 keys
$1,785,505 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Total consideration: cash, assumed CMBS, and residual land — not rooms-only.
MGM Resorts press release (announced 2021; closed 2022)
News or press — not a filing. Harbor will not invent a confidential consideration.