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Worksheet · two minutes · not an appraisal

The Ritz-Carlton Oʻahu, Turtle Bay

Property · House worksheet · Honolulu / Waikiki 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

The Ritz-Carlton Oʻahu, Turtle Bay

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 · Honolulu / Waikiki 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

$511.0M

$1,135,556 / key · after PIP holdback $472.8M

Edit income

Blended band

$270.0Mmid $585.0M$900.0M
Teaching NOI / yr
$34.5M
Going-in cap
6.75%
Implied cap vs tape
5.07%

Uncertainty ±25% · implied RevPAR $364. 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 $364 × 450 keys × 365 → rooms $59.8M
  2. ÷ rooms share 52.0% → total $115.0M
  3. × (1 − 70.0%) → teaching NOI $34.5M
  4. ÷ going-in 6.75% → $511.0M 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): $428.2M. Combined stress: $397.6M.

Research PPK band

$600,000 – $2,000,000 / key

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

Sales comparison

$677,043 – $1,373,874 / key

9 priced / 10 scored

Cited tape vs this worksheet

Tape $1,511,111 / key · Jul 31, 2024 · worksheet $1,135,556 / key

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

Host 2024 10-K: $680 million for the 450-room Turtle Bay Resort plus a 49-acre entitled land parcel, net of Marriott key money. Not a rooms-only PPK.

Open the tapeCompare tapes

  1. W Nashville — Xenia acquisition · Estimate · Comparescore 106 · $949,711 / key
  2. Grand Wailea — BREIT to Blackstone / Highgate · Estimate · Comparescore 99 · $786,082 / key
  3. Fairmont Dallas — Xenia disposition · Estimate · Comparescore 98 · $203,670 / key

    Xenia Exhibit 99.1: $111.0 million for the 545-room Fairmont Dallas. April 2025; day-of-month not named. Downtown luxury — exclusive of an estimated $80 million near-term capex. Not a Plano Hyatt Place PPK.

  4. Halekulani — long-term Waikiki hold · Estimatescore 98 · undisclosed
  5. Gurney’s Newport Resort & Marina — Pebblebrook acquisition · Estimate · Comparescore 96 · $677,043 / key
  6. Four Seasons Resort Orlando — Host Hotels acquisition · Estimate · Comparescore 94 · $1,373,874 / key

    Host IR: $610 million for the 444-room Four Seasons Resort Orlando. Host’s own 2021 purchase — not an allocated slice of the 2026 sale.

  • · Income lines include Harbor assumptions you can edit.
  • · Luxury and resort files often trade on DCF or replacement cost, not a going-in cap.

Rooms revenue $59.8M · cap 6.75% · teaching NOI $34.5M

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.