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Harborby Signalry

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.

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
$219.0M

$718,033 / key · 305 keys

Worksheet
$171.8M

$563,143 / key · Harbor defaults

Gap
-22%

Los Angeles · worksheet vs tape PPK

Host Hotels & Resorts Form 10-K for the year ended Dec 31, 2017

Historical cited · 2017 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
$219.0M

$718,033 / key · 305 keys

Worksheet
$171.8M

$563,143 / key · Harbor defaults

Gap
-22%

Los Angeles · worksheet vs tape PPK

Host Hotels & Resorts Form 10-K for the year ended Dec 31, 2017

Historical cited · 2017 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes