Hotels only · No pay-to-rank · Advice first; verified when attested
Two tapes · no invented prices · Westin Philadelphia
Pick two cited events. Harbor will not allocate a combined PSA into hotel prices. A gap is a question. Not an appraisal.
Jun 29, 2017
Westin Philadelphia · Philadelphia · 294 keys · Upper upscale
$135.0M
$459,184 / key
Hersha Exhibit 99.1: $135 million for the 294-room Westin Hotel in Philadelphia. Philadelphia Westin — not a Rittenhouse Sofitel PPK.
Hersha Hospitality Trust Q2 2017 Exhibit 99.1 (June 29, 2017 close)
Historical cited · 2017 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Oct 15, 2021
Renaissance Westchester · Westchester County · 348 keys · Upper upscale
$18.8M
$54,023 / key
Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.
Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)
Historical cited · 2021 corpus. 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.
$459,184 / key · 294 keys
$313,141 / key · Harbor defaults
Philadelphia · worksheet vs tape PPK
Hersha Exhibit 99.1: $135 million for the 294-room Westin Hotel in Philadelphia. Philadelphia Westin — not a Rittenhouse Sofitel PPK.
Hersha Hospitality Trust Q2 2017 Exhibit 99.1 (June 29, 2017 close)
Historical cited · 2017 corpus. 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.
$54,023 / key · 348 keys
$146,834 / key · Harbor defaults
Westchester County · worksheet vs tape PPK
Sunstone Q3 2021 Exhibit 99.1: $18.8 million contractual for the 348-room Renaissance Westchester. Suburban Westchester Renaissance — not a Manhattan PPK.
Sunstone Hotel Investors Exhibit 99.1, November 4, 2021 (sold October 15)
Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.