Hotels only · No pay-to-rank · Advice first; verified when attested
Public tape · 48 of 282 · 2024
Braemar closed the 394-room Hilton La Jolla Torrey Pines on July 17, 2024 for $165 million, or approximately $419,000 per key as Braemar rounded it. Harbor PPK is $165 million ÷ 394. Use the $165 million hotel price, not Park’s later pro-rata share of approximately $41 million from the same house. Braemar’s 7.2% cap inclusive of $40 million anticipated capex is Braemar’s narrative, not a second price. Buyer unnamed on this tape — Harbor will not invent a desk from trade press. Not a Hotel del Coronado tape. Older than the 2025–26 blotter cut.
$165.0M
Cited consideration · 394 keys · $419k / key
Braemar Exhibit 99.1: $165 million for the 394-room Hilton La Jolla Torrey Pines. Golf-adjacent resort box — not a Hotel del Coronado PPK.
Braemar Hotels & Resorts Exhibit 99.1, July 17, 2024
Historical cited · 2024 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Deal FrameLiving packetLabeled estimateCompare this tape2024 cited corpus2024 cited filings
Source
Braemar Hotels & Resorts Exhibit 99.1, July 17, 2024
https://www.sec.gov/Archives/edgar/data/1574085/000157408524000178/bhrtorreypinesclosingpr.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.
$418,782 / key · 394 keys
$565,161 / key · Harbor defaults
San Diego · worksheet vs tape PPK
Braemar Exhibit 99.1: $165 million for the 394-room Hilton La Jolla Torrey Pines. Golf-adjacent resort box — not a Hotel del Coronado PPK.
Braemar Hotels & Resorts Exhibit 99.1, July 17, 2024
Historical cited · 2024 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.
San Diego · Upper upscale
394 keys · La Jolla · Hilton Hotels & Resorts
Torrey Pines golf-adjacent Hilton. Braemar closed the 394-key house on July 17, 2024 for $165 million (8-K Exhibit 99.1). Use the $165 million hotel price, not Park’s later pro-rata $41 million JV line. The $40 million anticipated capex is Braemar’s narrative. Buyer unnamed on this tape. Not a Hotel del Coronado PPK.
Same house or same market · 2
Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.
Embassy Suites La Jolla · 340 keys · Upper upscale
Consideration
$226.7M
$667k / key
Sunstone FY2021 Exhibit 99.1: $226.7 million contractual for the 340-room Embassy Suites La Jolla. La Jolla Embassy — not an Estancia leasehold PPK.
Sunstone Hotel Investors Exhibit 99.1, February 22, 2022 (sold December 2, 2021)
Sunstone sold the 340-room Embassy Suites La Jolla on December 2, 2021 for a contractual sale price of $226.7 million. Harbor PPK is $226.7 million ÷ 340. The same FY2021 Exhibit 99.1 names December 2, the 340 rooms, and that price. Use the $226.7 million contractual price, not the $56.6 million assigned loan and not the $148.8 million gain. Buyer unnamed. Not Pebblebrook’s 2021 Estancia La Jolla $108.0 million leasehold, not Braemar’s Hilton La Jolla Torrey Pines $165 million, and not Apple’s 2015 Courtyard San Diego $56.0 million / 245. Older than the 2025–26 blotter cut.
Estancia La Jolla Hotel & Spa · 210 keys · Upper upscale
Consideration
$108.0M
$514k / key
Pebblebrook 8-K: $108.0 million for the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa. Ground lease through January 30, 2066. Leasehold — not a Hotel del Coronado PPK.
Pebblebrook Hotel Trust Form 8-K, December 1, 2021 (closed December 1)
Pebblebrook acquired the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa on December 1, 2021 for a $108.0 million purchase price. Harbor PPK is $108.0 million ÷ 210 and is a leasehold number — do not apply it as a fee-simple La Jolla rooms deed. The same 8-K names the ground lease with The Regents of the University of California, expiring January 30, 2066. Use the $108.0 million table price, not the $46.0 million cash and not the $62.0 million assumed loan — those are funding, not a second hotel price. Seller unnamed. Not Hotel del Coronado and not Braemar’s Hilton La Jolla Torrey Pines $165 million tape. Jekyll Island Club Resort $94.0 million / 200 is its own tape. The Kimpton Sir Francis Drake $157.6 million net-proceeds line stays off. Older than the 2025–26 blotter cut.