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Harborby Signalry

Northeast · gateway

New York

The deepest hotel capital market in the country. Trophy pricing, ground-lease complexity, and a buyer set that reads like a sovereign-wealth directory. Sunstone’s 2015 Doubletree Guest Suites Times Square $540.0 million / 468 tape is an entity sale of the leasehold interests — not a fee Midtown deed, not Host’s 2022 Sheraton Times Square $373 million convention box, and not Pebblebrook’s Roger $19.0 million boutique. Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape is a named Financial District Hampton — not that Doubletree and not that Sheraton convention box. Hersha’s 2014 Hotel 373 $37.0 million / 70 tape is a named midtown Manhattan boutique — not that Financial District Hampton, not that Doubletree, and not that Sheraton convention box. Hersha’s 2013 Hyatt Union Square $105.0 million / 178 tape is a named Union Square Hyatt — not that Hotel 373 boutique, not that Financial District Hampton, and not that Times Square Doubletree. Hersha’s 2011 Holiday Inn Express Water Street $36.7 million / 112 tape is a named Water Street Holiday Inn Express — not that Financial District Hampton, not that Hotel 373 boutique, and not that Union Square Hyatt. Hersha’s 2010 Holiday Inn Wall Street $34.876 million / 113 tape is a named Wall Street Holiday Inn — not that Water Street Holiday Inn Express, not that Financial District Hampton, and not that Hotel 373 boutique. Hersha’s 2008 Duane Street Hotel $24.75 million / 45 tape is a named Tribeca independent — not that Hotel 373 boutique, not that Financial District Hampton, and not that Wall Street Holiday Inn. Hersha’s 2007 Hampton Inn Seaport $27.6 million / 65 tape is a named Seaport Hampton — not that Duane Street independent, not that Financial District Hampton, and not that Wall Street Holiday Inn. Filing names Hampton Inn Seaport in New York City — Harbor will not invent a Financial District or Pearl Street lock. Pebblebrook’s 2021 Roger $19.0 million tape is a leasehold with about 23 years left — not that Doubletree, not RLJ’s 2021 DoubleTree Metropolitan $169.0 million box, not DiamondRock’s 2021 Lexington Hotel $185.3 million box, and not the Marriott Marquis. Sunstone’s 2021 Renaissance Westchester $18.8 million / 348 tape lives on its own market — that suburban Renaissance is not a Manhattan PPK. Hersha’s 2006 Holiday Inn Express Hauppauge $18.0 million / 133 tape and Hersha’s 2006 Hampton Inn Farmingville $21.5 million / 161 tape live on their own Long Island market — Harbor will not invent a Manhattan lock.

Hotels
25
Graph events
26
Cited prices
17
Desks
12

Hotels

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

New York · Upper upscale

Sheraton New York Times Square Hotel

1780 keys · New York · Sheraton

Times Square convention Sheraton. Host sold the 1,780-key house on April 20, 2022 for $373 million (Q1 2022 10-Q; keys and close day from Host IR). Use the $373 million sale price, not the $250 million bridge loan. Buyer unnamed. Not the Marriott Marquis, not Sunstone’s Hilton Times Square assignment, and not Sunstone’s 2015 Doubletree Guest Suites Times Square $540.0 million / 468 leasehold entity sale.

New York · Upscale

The Roger New York

194 keys · New York · The Roger

Manhattan boutique leasehold. Pebblebrook sold the leasehold interest in the 194-key house on June 10, 2021 for $19.0 million (8-K). About 23 years remained on the ground lease. Buyer unnamed. Harbor PPK is a leasehold number — not Host’s 2022 Sheraton Times Square $373 million convention box.

New York · Upper upscale

DoubleTree Hotel Metropolitan New York City

764 keys · New York · DoubleTree

Midtown East DoubleTree. RLJ sold the 764-key house in December 2021 for a gross sales price of $169.0 million (Q4 2021 8-K Exhibit 99.1). Day-of-month unnamed — Harbor uses the first of December. Buyer unnamed. Not Host’s 2022 Sheraton Times Square $373 million convention box, not DiamondRock’s 2021 Lexington Hotel $185.3 million tape, and not Pebblebrook’s 2021 Roger $19.0 million tape.

New York · Upper upscale

The Lexington Hotel New York

725 keys · New York · The Lexington Hotel

Midtown East box. DiamondRock sold the 725-key house on June 30, 2021 for $185.3 million (8-K Exhibit 99.1). Buyer unnamed. Use the $185.3 million sale price — DiamondRock’s projected capital line is DiamondRock’s narrative, not a second hotel price. Not RLJ’s 2021 DoubleTree Metropolitan $169.0 million tape, not Host’s 2022 Sheraton Times Square $373 million convention box, and not Pebblebrook’s 2021 Roger $19.0 million tape.

New York · Upper upscale

Doubletree Guest Suites Times Square

468 keys · New York · DoubleTree

Times Square Doubletree suites. Sunstone sold 100% of the membership interests in the LLC that held the leasehold interests in the 468-key house on December 18, 2015 for a $540.0 million contractual gross sale price (8-K). Buyer unnamed. That is a leasehold entity sale — not a fee Midtown deed. Use the $540.0 million hotel price, not the $520.574 million expected net and not the $175.0 million mortgage payoff. Not Host’s 2022 Sheraton Times Square $373 million convention box, not RLJ’s 2021 DoubleTree Metropolitan $169.0 million tape, and not Pebblebrook’s Roger $19.0 million tape.

New York · Upper midscale

Hampton Inn Financial District

81 keys · New York · Hampton

Manhattan Financial District Hampton. Hersha sold the 81-key house on March 14, 2018 for $32.4 million (IR). Buyer unnamed. Filing names Financial District — Harbor will not invent a Seaport or Pearl Street lock. Not Host’s 2022 Sheraton Times Square $373 million convention box and not Sunstone’s 2015 Doubletree Guest Suites Times Square $540.0 million / 468 tape.

New York · Independent / boutique

Hotel 373

70 keys · New York · Hotel 373

Midtown Manhattan boutique. Hersha sold the 70-key house on April 30, 2014 for $37.0 million (Q1 2014 Exhibit 99.1). The paper names an offshore investment group, not a Harbor party. Filing names midtown Manhattan — Harbor will not invent a Times Square or Financial District lock. Not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape.

New York · Upper upscale

Hyatt Union Square

178 keys · New York · Hyatt

Union Square Hyatt. Hersha bought the 178-key house in April 2013 for $105.0 million total consideration (Q1 2013 Exhibit 99.1). Harbor uses the first of April rather than inventing a closing day. Seller unnamed. Filing names Union Square — Harbor will not invent a Times Square or Financial District lock. Use the $105.0 million named consideration, not the $55.0 million new mortgage. Not Hersha’s 2014 Hotel 373 $37.0 million / 70 tape and not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape.

New York · Upper midscale

Holiday Inn Express Water Street

112 keys · New York · Holiday Inn Express

Water Street Holiday Inn Express. Hersha bought the 112-key house on March 25, 2011 for $36.7 million (May 5, 2011 Exhibit 99.1). Seller unnamed. Filing names Water Street — Harbor will not invent a Seaport or Pearl Street lock. Use the $36.7 million hotel price, not the 10-Q $38.664 million allocation. Not Hersha’s 2010 Holiday Inn Wall Street $34.876 million / 113 tape, not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape, not Hersha’s 2014 Hotel 373 $37.0 million / 70 tape, and not Hersha’s 2013 Hyatt Union Square $105.0 million / 178 tape.

New York · Upper midscale

Holiday Inn Wall Street

113 keys · New York · Holiday Inn

Wall Street Holiday Inn. Hersha bought the 113-key house on May 7, 2010 for $34.876 million (Q2 2010 10-Q). Seller unnamed — an unrelated third party. The 10-Q names Maiden Hotel LLC as the owner entity purchased — not a Harbor party. Filing names Wall Street, New York — Harbor will not invent a Seaport or Financial District lock. Use the $34.876 million membership-interest purchase price, not the $151 closing-cost add-on and not a trade-press $34.8 million / $308,000 per key line. The August 4, 2010 Exhibit 99.1 names May without a hotel price or keys. Not Hersha’s 2011 Holiday Inn Express Water Street $36.7 million / 112 tape and not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape.

New York · Independent / boutique

Duane Street Hotel

45 keys · New York · Duane Street Hotel

Tribeca independent boutique. Hersha bought the 45-key house in January 2008 for $24.75 million (Q4 2007 Exhibit 99.1). Harbor uses the first of January rather than inventing a closing day. Seller unnamed. Filing names Tribeca — Harbor will not invent a Financial District or Seaport lock. Use the $24.75 million hotel price, not the $2.0 million cash line, not the $15.0 million assumed debt, and not the $7.75 million OP-unit line. Later Duane Street $20 million and Blue Moon $30 million lines stay off as contracts without keys. Hilton Garden Inn Tribeca stays off as a development-loan conversion. Not Hersha’s 2014 Hotel 373 $37.0 million / 70 tape, not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape, and not Hersha’s 2013 Hyatt Union Square $105.0 million / 178 tape.

New York · Upper midscale

Hampton Inn Seaport

65 keys · New York · Hampton Inn

Seaport Hampton Inn. Hersha bought the 65-key house on February 1, 2007 for $27.6 million (May 8, 2007 Exhibit 99.1). Seller unnamed. Filing names Hampton Inn Seaport in New York City — Harbor will not invent a Financial District or Pearl Street lock. Use the $27.6 million hotel price, not the $19.25 million debt line and not the supplemental $27.625 million investment column. Do not stitch the February 1, 2007 8-K. The same paper’s January Residence Inn Langhorne, Holiday Inn Express Chester, and Residence Inn Carlisle $34.6 million line stays combined. The same paper’s Chelsea Holiday Inn Express line stays off as a 50% operations interest. Not Hersha’s 2018 Hampton Inn Financial District $32.4 million / 81 tape, not Hersha’s 2011 Holiday Inn Express Water Street $36.7 million / 112 tape, and not Hersha’s 2008 Duane Street Hotel $24.75 million / 45 tape.

Desks covering this market

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

Public tape · 2 events

Transactions

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

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Public filingSunstone soldDec 18, 2015

Doubletree Guest Suites Times Square — Sunstone leasehold entity sale

Doubletree Guest Suites Times Square · 468 keys · Upper upscale

Consideration

$540.0M

$1.2M / key

Sunstone 8-K: $540.0 million contractual gross for the entity sale of the leasehold interests in the 468-room Doubletree Guest Suites Times Square. Leasehold — not a fee Midtown PPK.

Sunstone Hotel Investors Form 8-K, December 18, 2015 (entity sale closed that day)

Sunstone completed the sale of 100% of the membership interests in Times Square Hotel Sub, LLC, the indirect holder of the leasehold interests through which the 468-room Doubletree Guest Suites Times Square is operated, on December 18, 2015 for a contractual gross sale price of $540.0 million. Harbor PPK is $540.0 million ÷ 468 and is a leasehold number — do not apply it as a fee-simple Midtown rooms deed. The same 8-K names December 18, the 468 rooms, and that contractual hotel price. Use the $540.0 million hotel price, not the $520.574 million expected net and not the $175.0 million mortgage payoff. Buyer unnamed. Not Host’s 2022 Sheraton Times Square $373 million convention box, not RLJ’s 2021 DoubleTree Metropolitan $169.0 million tape, and not Pebblebrook’s Roger $19.0 million tape. Renaissance Harborplace and Renaissance Los Angeles Airport stay off until a filing names month, price, and keys together. Older than the 2025–26 blotter cut.

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