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Worksheet · two minutes · not an appraisal

Four Points San Francisco Airport

Property · House worksheet · San Francisco folio · Public tapes · Compare tapes · Deal Frame · Diligence kill list · Edit income

House, income, then cap ±50 bps × ADR ±10%. The down-left cell is the honesty test. Share the URL. Print the Deal Frame. Never treat this as a licensed valuation.

Two-minute desk · three moves

Four Points San Francisco Airport

A GM or owner should finish this before the meeting. The harbor number is a labeled worksheet, not an appraisal.

  1. 1 · House
  2. 2 · Income
  3. 3 · Shock

Property page · San Francisco folio · Start over

Other priced houses

Cited tapes only. Different years and NOI. Not an appraisal.

On the graph

2 · Income · 0 you own

Harbor defaults stay labeled until you type. RevPAR is occ × ADR — not a sold figure. Type a rebuilt NOI to own the cap. Harbor will not invent that dollar.

NOI stops · labels only

These name what your expense ratio includes. They do not invent a reserve, a fee, or a lease payment.

before FF&E reserve; before incentive management fee; before ground lease

Assumptions — replace what you rebuilt

  • · occupancy (hotel assumption — not a T12)
  • · ADR (hotel assumption — not a T12)
  • · expense ratio and rooms-revenue share (Harbor defaults unless you edit)
  • · going-in cap rate (midpoint of Harbor band)

Direct cap · labeled estimate

$16.9M

$167,037 / key · after PIP holdback $14.6M

Edit income

Blended band

$12.6Mmid $30.5M$48.5M
Teaching NOI / yr
$1.3M
Going-in cap
7.75%
Implied cap vs tape
7.39%

Uncertainty ±20% · implied RevPAR $84. Implied cap only appears when a cited tape price exists. It is teaching NOI ÷ tape — not a reported going-in and not a T12. Not a sale price Harbor invented.

NOI / cap truth

Teaching NOI = total revenue × (1 − expense ratio), before debt. Type a rebuilt NOI to own the cap. Stops you named: before FF&E reserve; before incentive management fee; before ground lease. The toggles label the ratio — they do not invent a reserve, a fee, or a lease payment. Trailing is evidence. This line is a claim until you replace it.

  1. RevPAR $84 × 101 keys × 365 → rooms $3.1M
  2. ÷ rooms share 90.0% → total $3.4M
  3. × (1 − 62.0%) → teaching NOI $1.3M
  4. ÷ going-in 7.75% → $16.9M from the teaching stack

I · Direct cap

Teaching NOI ÷ cap

A snapshot. Weak as the only pass on a renovation, a trophy, or a house whose next three years are not last year. A typed NOI is still not an appraisal.

II · PPK

Keys as a cross-check

Harbor research bands by segment and tier — not a proprietary survey. A leasehold tape is not a fee PPK.

III · Shock

Cap × ADR / occ

±50 bps against ADR ±10% or occupancy ±5 points. Combined stress is the honesty test.

3 · Shock · cap ±50 bps × ADR ±10%

Rows are going-in cap. Columns are ADR. Tap a cell to apply that shock. Combined stress is wider cap, −10% ADR, and −5 occupancy points.

ADR −10%
ADR base
ADR +10%
−50
Base
+50

Down-left (wider cap, −10% ADR): $14.3M. Combined stress: $13.1M.

Research PPK band

$220,000 – $480,000 / key

Harbor defaults by segment and market tier — not a proprietary survey.

Sales comparison

$166,304 – $355,133 / key

10 priced / 10 scored

Cited tape vs this worksheet

Tape $175,248 / key · Oct 1, 2024 · worksheet $167,037 / key

Different years and NOI. The tape is a public consideration, not this worksheet’s T12. Not an appraisal.

Summit Exhibit 99.1 sold table: $17.7 million for the 101-guestroom Four Points San Francisco Airport. October 2024; day-of-month not named. Airport box — not an Embarcadero or Wharf PPK.

Open the tapeCompare tapes

  1. Homewood Suites Fresno Airport/Clovis — Apple disposition · Estimate · Comparescore 120 · $144,578 / key
  2. Hotel Vintage Seattle — Pebblebrook disposition · Estimate · Comparescore 120 · $269,600 / key
  3. Residence Inn Seattle South/Renton — Apple Hospitality acquisition · Estimate · Comparescore 118 · $380,137 / key
  4. Hilton Garden Inn LAX/El Segundo — Park disposition · Estimate · Comparescore 118 · $231,481 / key
  5. Residence Inn San Diego Sorrento Mesa — Ashford disposition · Estimate · Comparescore 118 · $280,000 / key
  6. Chamberlain West Hollywood — Pebblebrook disposition · Estimate · Comparescore 114 · $378,261 / key
  • · Income lines include Harbor assumptions you can edit.

Rooms revenue $3.1M · cap 7.75% · teaching NOI $1.3M

Methodology
  • · Direct capitalization: Value = NOI ÷ going-in cap rate.
  • · Room revenue = RevPAR × keys × 365. Total revenue = room revenue ÷ rooms-revenue share.
  • · PIP / renovation reserve is subtracted from the capitalized value as a one-line holdback — not a DCF of the renovation year.
  • · Price-per-key cross-check uses Harbor research bands by segment and market tier.
  • · Sales comparison uses graph transactions scored by segment, market, region, rooms band, recency, affiliation, and whether a public price exists.
  • · NOI stops (FF&E reserve, incentive fee, ground lease) are labels you set. They do not invent dollar amounts.
  • · A NOI you type replaces the teaching stack for the cap. Harbor will not invent that dollar. The shock then is cap ±50 bps only — ADR and occupancy stay labels.
  • · Without a typed NOI, sensitivity shocks going-in cap ±50 basis points against ADR ±10% (occupancy held) and against occupancy ±5 points (ADR held).
  • · Without a typed NOI, the combined stress cell applies all three: wider cap, −10% ADR, and −5 occupancy points. With a typed NOI it is +50 bps on that dollar.
  • · Harbor research defaults are not HVS, PKF, CBRE, or JLL proprietary survey numbers.