Harbor by Signalry · Buy / sell deskTape 222 of 282Cited price
Public tape · 222 of 282 · 2016
Jul 1, 2016Historical cited · 2016
Envoy Hotel — Hersha acquisition
Hersha acquired the 136-room Envoy Hotel in Boston in July 2016 for $112.5 million. Harbor uses the first of July rather than inventing a closing day. Harbor PPK is $112.5 million ÷ 136. The same Exhibit 99.1 names July, the 136 rooms, and that hotel price. Seller unnamed. Filing names Boston — Harbor will not invent a Back Bay lock. 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 November 2016 Residence Inn Framingham plus Residence Inn Norwood $47.0 million line stays combined. Hersha’s January 2017 Courtyard Alexandria plus Residence Inn Greenbelt $62.0 million line stays combined. Hersha’s June 8, 2017 three Hyatt House $130.5 million line stays combined. Hersha’s 2021 four-hotel $178.5 million line and August 2022 six-pack $435.9 million stay combined. The same paper’s Ambrose Hotel line is a contract, not a close. 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 2016 Hawthorn Suites Franklin $8.9 million / 100 tape, and not Hersha’s 2016 Courtyard Sunnyvale $75.0 million / 145 tape. Older than the 2025–26 blotter cut.
$112.5M
Cited consideration · 136 keys · $827k / key
Hersha Exhibit 99.1: $112.5 million for the 136-room Envoy Hotel in Boston. Boston Envoy — not a Back Bay convention PPK.
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.
Tape
$112.5M
$827,206 / key · 136 keys
Worksheet
$69.4M
$510,583 / key · Harbor defaults
Gap
-38%
Boston · worksheet vs tape PPK
Hersha Exhibit 99.1: $112.5 million for the 136-room Envoy Hotel in Boston. Boston Envoy — not a Back Bay convention PPK.
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.
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
Sunstone sold the 1,060-room Boston Park Plaza on October 26, 2023 for a contractual gross sale price of $370.0 million, or approximately $350,000 per key as Sunstone rounded it. Harbor PPK is $370.0 million ÷ 1,060. Use the $370.0 million sale price, not the $364.5 million net proceeds. Sunstone’s 12.1x / 7.1% TTM lines and the later 14.1x / 6.1% lines inclusive of near-term capex are Sunstone’s narrative, not a second hotel price. The $123.8 million gain is Sunstone’s accounting. Buyer unnamed. Not Chatham’s Billerica Homewood $17.4 million tape. Older than the 2025–26 blotter cut.
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
Host sold the Sheraton Boston Hotel in February 2022 for $233 million, including a $163 million bridge loan Host provided to the buyer. Harbor uses the first of February rather than inventing a closing day. Harbor PPK is $233 million ÷ 1,220 from Host’s IR — the sale 10-Q does not restate keys. Use the $233 million sale price, not the $163 million seller loan and not the $12 million gain. Host’s 14.2x / foregone-capex lines are Host’s narrative, not a second hotel price. Buyer unnamed in Host’s filing. Not Sunstone’s $370 million Park Plaza tape and not Chatham’s Billerica Homewood. Older than the 2025–26 blotter cut.