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Harborby Signalry

Northeast · gateway

Boston

Constrained supply, academic and medical demand, and a buyer set that will pay for irreplaceable Back Bay and waterfront keys. Hersha’s 2016 Envoy Hotel $112.5 million / 136 tape is a named Boston Envoy buy — not RLJ’s 2021 AC Hotel Boston Downtown $89.0 million / 205 tape, not Ashford’s 2025 Courtyard Boston Downtown $123.0 million / 315 tape, not Hersha’s 2012 Bulfinch Hotel $18.2 million / 80 tape, not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape, and not Hersha’s 2006 Residence Inn Norwood $14.3 million / 96 tape. Hersha’s Bulfinch is a named Boston independent buy — not that Envoy, not that downtown AC, and not that Franklin Hawthorn. RLJ’s downtown AC is a named downtown AC — not Host’s 2022 Sheraton Boston $233 million tape, not Sunstone’s 2023 Park Plaza $370 million tape, not that Courtyard Downtown, not Pebblebrook’s 2019 Onyx $58.3 million downtown boutique, and not a Billerica interstate Homewood. Hersha’s Franklin Hawthorn is a named suburban Massachusetts Hawthorn — not that downtown AC, not that Courtyard Downtown, and not that Billerica Homewood. Hersha’s 2006 Residence Inn Norwood is a named Norwood Residence Inn — Harbor will not invent a Back Bay lock. Hersha’s November 2016 Residence Inn Framingham plus Residence Inn Norwood $47.0 million line stays combined. Hilton Boston Back Bay stays off (144 / 390 room conflict).

Hotels
12
Graph events
14
Cited prices
10
Desks
2

Hotels

Each house opens a labeled estimate. Defaults are assumptions — not an appraisal.

Boston · Upscale

Homewood Suites by Hilton Boston-Billerica

147 keys · Billerica · Homewood Suites

Interstate extended-stay northwest of Boston. Chatham sold the 147-suite house on December 23, 2025 for $17.4 million (IR and 2025 10-K). Keys restated in Chatham’s YE 2024 table. Buyer unnamed. Not a Back Bay palace. Chatham’s planned ~$6 million renovation that did not complete is Chatham’s narrative, not a second price.

Boston · Upper upscale

Boston Park Plaza

1060 keys · Boston · Hilton (Park Plaza)

Downtown historic Park Plaza. Sunstone sold the 1,060-key house on October 26, 2023 for a contractual gross $370.0 million (Q3 2023 Exhibit 99.1). Use the $370.0 million sale price, not the $364.5 million net proceeds. Buyer unnamed. Not a Billerica interstate Homewood.

Boston · Upper upscale

Sheraton Boston Hotel

1220 keys · Boston · Sheraton

Back Bay convention Sheraton. Host sold the 1,220-key house in February 2022 for $233 million (Q1 2022 10-Q; keys from Host IR). Day unnamed — Harbor uses the first of February. Use the $233 million sale price, not the $163 million bridge loan. Buyer unnamed. Not Sunstone’s $370 million Park Plaza tape.

Boston · Upscale

Onyx Hotel

112 keys · Boston · Kimpton

Downtown Boston boutique. Pebblebrook closed the 112-key house on May 29, 2019 for $58.3 million (8-K Exhibit 99.1). Buyer unnamed. Not Host’s 2022 Sheraton Boston $233 million tape and not Sunstone’s 2023 Park Plaza $370 million tape.

Boston · Upscale

AC Hotel Boston Downtown

205 keys · Boston · AC Hotel

Downtown Boston AC. RLJ bought the existing 205-key house on October 18, 2021 for $89.0 million (2022 10-K table). Seller unnamed. Not Host’s Sheraton Boston $233 million tape, not Sunstone’s Park Plaza $370 million tape, and not Pebblebrook’s Onyx $58.3 million tape. The $198.25 million 2021 line is the sum of three named 10-K prices.

Boston · Upscale

Courtyard Boston Downtown

315 keys · Boston · Courtyard

Downtown Boston Courtyard. Ashford sold the 315-key house on January 10, 2025 for $123.0 million in cash (8-K). Buyer unnamed as a Harbor party — the 8-K names 275 Tremont Owner, LLC. Use that cash hotel price, not the $121.5 million net-of-selling-expenses line. Harbor will not invent a Back Bay lock. Hilton Boston Back Bay stays off (144 / 390 room conflict).

Boston · Midscale

Hawthorn Suites Franklin

100 keys · Franklin · Hawthorn Suites

Suburban Massachusetts Hawthorn. Hersha sold the 100-key house in September 2016 for $8.9 million (Q3 2016 Exhibit 99.1). Buyer unnamed. Harbor uses the first of September rather than inventing a closing day. Filing names Franklin — Harbor will not invent a Back Bay or Billerica lock. Not Ashford’s 2025 Courtyard Boston Downtown $123.0 million / 315 tape and not Chatham’s Billerica Homewood $17.4 million / 147 tape.

Boston · Upper upscale

Envoy Hotel

136 keys · Boston · Envoy Hotel

Boston Envoy. Hersha bought the 136-key house in July 2016 for $112.5 million (Q3 2016 Exhibit 99.1). Harbor uses the first of July rather than inventing a closing day. Seller unnamed. Filing names Boston — Harbor will not invent a Back Bay lock. Not RLJ’s 2021 AC Hotel Boston Downtown $89.0 million / 205 tape, not Ashford’s 2025 Courtyard Boston Downtown $123.0 million / 315 tape, and not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape.

Boston · Independent / boutique

Bulfinch Hotel

80 keys · Boston · Bulfinch Hotel

Boston independent. Hersha bought the 80-key house on May 7, 2012 for $18.2 million (May 11, 2012 8-K). The 8-K names Grand Prix Bullfinch LLC as seller — not a Harbor party. Filing names Boston — Harbor will not invent a Back Bay lock. Use the $18.2 million hotel price, not the revolving-credit draw. Not Hersha’s 2016 Envoy Hotel $112.5 million / 136 tape and not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape.

Boston · Upscale

Residence Inn Norwood

96 keys · Norwood · Residence Inn

Norwood Residence Inn. Hersha bought the 96-suite house on July 27, 2006 for $14.3 million (September 12, 2006 8-K). Seller unnamed. Filing names Norwood, Massachusetts — Harbor will not invent a Back Bay lock. Use the $14.3 million hotel price, not the $2.4 million cash line, not the $8.0 million assumed-debt line, and not the $3.9 million OP-unit line. Do not stitch the 424B5. Hersha’s November 2016 Residence Inn Framingham plus Residence Inn Norwood $47.0 million line stays combined. The same 8-K’s Holiday Inn Express Hauppauge $18.0 million / 133 tape, Hampton Inn Farmingville $21.5 million / 161 tape, and Courtyard Scranton $8.8 million / 120 tape are separately named singles already on the corpus. Not Hersha’s 2016 Envoy Hotel $112.5 million / 136 tape and not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape.

Desks covering this market

Public coverage lists, not a claimed book. Open a desk for the graph timeline.

Public tape · 1 events

Transactions

Cited prices stay cited. Unknown stays unknown. Linked houses open the estimate worksheet.

Morning blotterCompare a cited single

Public filingMay 7, 2012

Bulfinch Hotel — Hersha acquisition

Bulfinch Hotel · 80 keys · Independent / boutique

Consideration

$18.2M

$228k / key

Hersha 8-K: $18.2 million for the 80-room Bulfinch Hotel in Boston. Boston independent — not an Envoy PPK and not a suburban Hawthorn PPK.

Hersha Hospitality Trust Form 8-K, May 11, 2012 (May 7, 2012 close)

Hersha acquired the 80-room Bulfinch Hotel in Boston on May 7, 2012 for $18.2 million. Harbor PPK is $18.2 million ÷ 80. The same 8-K names May 7, the 80 rooms, and that hotel price. Use the $18.2 million hotel price, not the revolving-credit draw. The 8-K names Grand Prix Bullfinch LLC as seller — not a Harbor party. Filing names Boston — Harbor will not invent a Back Bay lock. Courtyard Westside stays off until its close paper names month, a hotel price, and keys together. Hotel Oceana stays off until a filing names keys with a hotel price. TownePlace Suites Sunnyvale stays off until one paper names a calendar month, a hotel price, and keys together. Parrot Key stays off until one paper names month, a hotel price, and keys together. Holiday Inn Express Chester stays off until a filing names a calendar month, a hotel price, and keys together. Hyatt Place King of Prussia stays off until one paper names month, a hotel price, and keys together. Hersha’s February 2010 Times Square Hampton, Candlewood, and Holiday Inn Express line stays combined. Holiday Inn Express 29th Street stays off as a remaining-interest buyout. The May 5, 2011 paper’s 32 Pearl Street $28.3 million line names a hotel price without keys. Hersha’s 2021 four-hotel $178.5 million line and August 2022 six-pack $435.9 million stay combined. Not Hersha’s 2016 Envoy Hotel $112.5 million / 136 tape, not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape, not RLJ’s 2021 AC Hotel Boston Downtown $89.0 million / 205 tape, and not Ashford’s 2025 Courtyard Boston Downtown $123.0 million / 315 tape. Older than the 2025–26 blotter cut.

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