Hotels only · No pay-to-rank · Advice first; verified when attested
Public tape · 8 of 282 · 2026
Park sold the 396-room Hilton Seattle Airport & Conference Center in April 2026 for gross proceeds of $18 million. Harbor uses the first of April rather than inventing a closing day. Harbor PPK is $18 million ÷ 396. The house sat on a short-term ground lease. Park’s “over $25 million” anticipated capex line is Park’s narrative, not a second price. Do not apply this as a Seattle waterfront or downtown fee-simple tape. Buyer unnamed in Park’s IR. Hilton Checkers Los Angeles is its own approximately $13 million 10-Q tape — Harbor will not subtract $31 million − $18 million.
$18.0M
Cited consideration · 396 keys · $45k / key
Park IR: $18 million gross for the 396-room Hilton Seattle Airport on a short-term ground lease. Anticipated capex over $25 million is Park’s narrative. Not a waterfront PPK.
Park Hotels & Resorts IR, Q2 2026 (April 2026 close; day-of-month not named in the IR)
Morning blotter · public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Deal FrameLiving packetLabeled estimateCompare this tapeMorning blotterPark blotter
Source
Park Hotels & Resorts IR, Q2 2026 (April 2026 close; day-of-month not named in the IR)
https://www.pkhotelsandresorts.com/investors/news-and-events/press-releases/2026/08-06-2026-211554607Desks on the graph
Attached when a press release or public pattern names the firm. Not an unpublished book.
Estimate ↔ 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.
$45,455 / key · 396 keys
$205,052 / key · Harbor defaults
Seattle · worksheet vs tape PPK
Park IR: $18 million gross for the 396-room Hilton Seattle Airport on a short-term ground lease. Anticipated capex over $25 million is Park’s narrative. Not a waterfront PPK.
Park Hotels & Resorts IR, Q2 2026 (April 2026 close; day-of-month not named in the IR)
Morning blotter · 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.
Seattle · Upper upscale
396 keys · Seattle · Hilton
SeaTac conference box on a short-term ground lease. Park sold the 396-key house in April 2026 for $18 million gross (Park IR). Anticipated capex over $25 million is Park’s narrative, not a second price. Not a Seattle waterfront PPK.
Same house or same market · 1
Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.
Hotel Monaco Seattle · 189 keys · Upper upscale
Consideration
$63.3M
$335k / key
Pebblebrook 10-Q: $63.25 million for Hotel Monaco Seattle. Closed May 9, 2023. Keys (189) from Q2 2023 Exhibit 99.1. Downtown lifestyle — not an airport PPK.
Pebblebrook sold Hotel Monaco Seattle on May 9, 2023 for $63.25 million. Harbor PPK is $63.25 million ÷ 189 from Pebblebrook’s Q2 2023 Exhibit 99.1 — the sale 10-Q names $63.250 million, not keys. Use $63.25 million, not the exhibit’s rounded $63.3 million. Buyer unnamed. Not Hotel Vintage Seattle $33.7 million and not Park’s Hilton Seattle Airport tape. Harbor will not invent a split of Pebblebrook’s Q2 $97.0 million Seattle proceeds line — each house already has its own named price. Older than the 2025–26 blotter cut.