Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · The Westin Michigan Avenue Chicago
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Dec 3, 2025
The Westin Michigan Avenue Chicago · Chicago · 752 keys · Upper upscale
$72.0M
$95,745 / key
Pebblebrook 8-K: $72.0 million for the 752-room Westin Michigan Avenue Chicago, before a brand-mandated PIP. Not a rooms-only trophy PPK.
Pebblebrook Hotel Trust Form 8-K, December 3, 2025 (press dated December 4)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Jul 30, 2026
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.
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.
$95,745 / key · 752 keys
$265,117 / key · Harbor defaults
Chicago · worksheet vs tape PPK
Pebblebrook 8-K: $72.0 million for the 752-room Westin Michigan Avenue Chicago, before a brand-mandated PIP. Not a rooms-only trophy PPK.
Pebblebrook Hotel Trust Form 8-K, December 3, 2025 (press dated December 4)
Morning blotter · 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.
$339,829 / key · 821 keys
$448,361 / key · Harbor defaults
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.