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Public tape · 124 of 282 · 2021

Dec 1, 2021Historical cited · 2021

Four Seasons Resort Napa Valley — Sunstone acquisition

Sunstone completed the acquisition of the fee-simple interest in the 85-room Four Seasons Resort Napa Valley on December 1, 2021 for $177.5 million, excluding closing costs. Harbor PPK is $177.5 million ÷ 85. The same FY2021 Exhibit 99.1 names December 1, the 85 rooms, and that price. Use the $177.5 million hotel price, not closing costs and not the $110.0 million credit-facility draw. Seller unnamed. Exhibit names Napa Valley — Harbor will not invent a Calistoga lock. Not Host’s Four Seasons Orlando $610 million tape and not Four Seasons Jackson Hole $315 million. Sunstone’s 2021 Montage Healdsburg $265.0 million gross / 130 tape is a named Sonoma Montage — not this Napa Four Seasons. Older than the 2025–26 blotter cut.

$177.5M

Cited consideration · 85 keys · $2.1M / key

Sunstone FY2021 Exhibit 99.1: $177.5 million excluding closing costs for the fee-simple 85-room Four Seasons Resort Napa Valley. Wine-country Four Seasons — not an Orlando Disney PPK.

Sunstone Hotel Investors Exhibit 99.1, February 22, 2022 (closed December 1, 2021)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Deal FrameLiving packetLabeled estimateCompare this tape2021 cited corpus2021 cited filingsSunstone · 2021 filings

Keys at tape
85
Segment
Luxury
Buyer
Sunstone Hotel Investors
Seller
—

Source

Sunstone Hotel Investors Exhibit 99.1, February 22, 2022 (closed December 1, 2021)

https://www.sec.gov/Archives/edgar/data/1295810/000155837022001612/sho-20220222xex99d1.htm

Estimate ↔ tape

The worksheet next to the filing

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
$177.5M

$2,088,235 / key · 85 keys

Worksheet
$248.8M

$2,927,210 / key · Harbor defaults

Gap
+40%

Napa / Sonoma · worksheet vs tape PPK

Sunstone FY2021 Exhibit 99.1: $177.5 million excluding closing costs for the fee-simple 85-room Four Seasons Resort Napa Valley. Wine-country Four Seasons — not an Orlando Disney PPK.

Sunstone Hotel Investors Exhibit 99.1, February 22, 2022 (closed December 1, 2021)

Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.

Open the tapeDeal FrameShock the worksheetCompare tapes

The house

Run the labeled estimate

Worksheet, not an appraisal. Shock cap ±50 bps and ADR ±10% before you treat any number as a bid.

Napa / Sonoma · Luxury

Four Seasons Resort Napa Valley

85 keys · Napa Valley · Four Seasons

Napa Valley Four Seasons. Sunstone bought the fee-simple 85-key house on December 1, 2021 for $177.5 million excluding closing costs (FY2021 Exhibit 99.1). Seller unnamed. Exhibit city is Napa Valley — Harbor will not invent a Calistoga lock. Not Host’s Four Seasons Orlando $610 million tape, not Four Seasons Jackson Hole $315 million, and not Auberge du Soleil. Sunstone’s 2021 Montage Healdsburg $265.0 million gross / 130 tape is a named Sonoma Montage — not this Napa Four Seasons.

Same house or same market · 2

Related public tapes

Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.

Public filingSunstone boughtApr 22, 2021

Montage Healdsburg — Sunstone acquisition

Montage Healdsburg · 130 keys · Luxury

Consideration

$265.0M

$2.0M / key

Sunstone Q1 2021 Exhibit 99.1: $265.0 million gross for the fee-simple 130-room Montage Healdsburg. Sonoma Montage — not a Napa Four Seasons PPK.

Sunstone Hotel Investors Exhibit 99.1, May 3, 2021 (closed April 22)

Sunstone acquired the fee-simple interest in the 130-room Montage Healdsburg on April 22, 2021 for a gross purchase price of $265.0 million. Harbor PPK is $265.0 million ÷ 130. The same Q1 2021 Exhibit 99.1 names April 22, the 130 rooms, and that gross price. Use the $265.0 million hotel price, not the $66.25 million Series G preferred, not cash on hand, and not closing costs. Seller unnamed. Residences stay off this hotel tape. Not Sunstone’s Four Seasons Resort Napa Valley $177.5 million / 85 tape and not Auberge du Soleil. Harbor will not invent a Calistoga lock. The $442.5 million 2021 Healdsburg-plus-Napa line stays off this tape. Older than the 2025–26 blotter cut.

Open the tape →FramePacketEstimateNapa / SonomaCompare