Hotels only · No pay-to-rank · Advice first; verified when attested
Public tape · 156 of 282 · 2021
Apple acquired the 176-room Hilton Garden Inn Madison on February 18, 2021 for a $49.599 million gross purchase price. Harbor PPK is $49.599 million ÷ 176. Use the table price, not transaction costs and not the $49.6 million MD&A round. Construction finished that February. Seller unnamed. Not a Chicago Loop PPK. Older than the 2025–26 blotter cut.
$49.6M
Cited consideration · 176 keys · $282k / key
Apple Q3 2021 10-Q table: $49.599 million gross purchase price for the 176-room Hilton Garden Inn Madison, excluding transaction costs. Rooms-focused new-build — not a Chicago Loop PPK.
Apple Hospitality REIT Form 10-Q, quarter ended September 30, 2021 (closed February 18)
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 filingsApple · 2021 filings
Source
Apple Hospitality REIT Form 10-Q, quarter ended September 30, 2021 (closed February 18)
https://www.sec.gov/Archives/edgar/data/1418121/000156459021054504/aple-10q_20210930.htmEstimate ↔ tape
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.
$281,813 / key · 176 keys
$190,995 / key · Harbor defaults
Madison · worksheet vs tape PPK
Apple Q3 2021 10-Q table: $49.599 million gross purchase price for the 176-room Hilton Garden Inn Madison, excluding transaction costs. Rooms-focused new-build — not a Chicago Loop PPK.
Apple Hospitality REIT Form 10-Q, quarter ended September 30, 2021 (closed February 18)
Historical cited · 2021 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
The house
Worksheet, not an appraisal. Shock cap ±50 bps and ADR ±10% before you treat any number as a bid.
Madison · Upscale
176 keys · Madison · Hilton Garden Inn
Madison Garden Inn. Apple bought the 176-key house on February 18, 2021 for a $49.599 million gross purchase price (Q3 2021 10-Q table). Construction finished that February. Seller unnamed. Use the table price, not transaction costs and not the $49.6 million MD&A round. Not a Chicago Loop PPK.