Hotels only · No pay-to-rank · Advice first; verified when attested
Public tape · 98 of 282 · 2022
Pebblebrook closed the 236-room Hotel Spero on August 25, 2022 for $71.0 million to a third party. Harbor PPK is $71.0 million ÷ 236. Pebblebrook’s 9.1x / 9.8% 2019 lines are Pebblebrook’s narrative, not a second hotel price. Buyer unnamed in Pebblebrook’s filing — Harbor will not invent a desk from trade press. Not The Marker San Francisco $77.0 million, not Hotel Zoe Fisherman’s Wharf $68.5 million (2023), and not Sunstone’s $279 million Embarcadero Hyatt Regency. Harbor will not invent a split of Pebblebrook’s $183.9 million Q3 2022 proceeds line — each house already has its own named price. Older than the 2025–26 blotter cut.
$71.0M
Cited consideration · 236 keys · $301k / key
Pebblebrook 8-K: $71.0 million for the 236-room Hotel Spero. Union Square boutique — not a Marker PPK and not a Zoe Wharf PPK.
Pebblebrook Hotel Trust Form 8-K, August 25, 2022 (press dated August 26)
Historical cited · 2022 corpus. Public filing or issuer IR. Combined PSAs stay combined. Harbor will not invent a price.
Deal FrameLiving packetLabeled estimateCompare this tape2022 cited corpus2022 cited filings
Source
Pebblebrook Hotel Trust Form 8-K, August 25, 2022 (press dated August 26)
https://www.sec.gov/Archives/edgar/data/1474098/000147409822000112/peb-20220825.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.
$300,847 / key · 236 keys
$278,233 / key · Harbor defaults
San Francisco · worksheet vs tape PPK
Pebblebrook 8-K: $71.0 million for the 236-room Hotel Spero. Union Square boutique — not a Marker PPK and not a Zoe Wharf PPK.
Pebblebrook Hotel Trust Form 8-K, August 25, 2022 (press dated August 26)
Historical cited · 2022 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 Francisco · Upscale
236 keys · San Francisco · Hotel Spero
Union Square boutique. Pebblebrook closed the 236-key house on August 25, 2022 for $71.0 million (8-K). Buyer unnamed. Not The Marker San Francisco $77.0 million, not Hotel Zoe Fisherman’s Wharf $68.5 million (2023), and not Sunstone’s $279 million Embarcadero Hyatt Regency.
Same house or same market · 6
Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.
Hyatt Centric Fisherman’s Wharf · 316 keys · Upscale
Consideration
$80.0M
$253k / key
Park IR: $80 million for the 316-room Hyatt Centric Fisherman’s Wharf. Wharf upscale — not a Union Square palace.
Park Hotels & Resorts IR / BusinessWire, May 22, 2025
Park closed the 316-room Hyatt Centric Fisherman’s Wharf for $80 million, or $253,000 per key as Park rounded it. Harbor PPK is $80 million ÷ 316. Park’s 64.0x 2024 EBITDA line is Park’s narrative, not a second price. Park did not name the buyer — Harbor will not invent one. Wharf recovery tape, not a Nob Hill palace.
Four Points San Francisco Airport · 101 keys · Upscale
Consideration
$17.7M
$175k / key
Summit Exhibit 99.1 sold table: $17.7 million for the 101-guestroom Four Points San Francisco Airport. October 2024; day-of-month not named. Airport box — not an Embarcadero or Wharf PPK.
Summit Hotel Properties Exhibit 99.1, year ended Dec 31, 2024 (October 2024 close; day unnamed)
Summit sold the 101-guestroom Four Points San Francisco Airport in October 2024 for $17.7 million. Harbor uses the first of October rather than inventing a closing day. Harbor PPK is $17.7 million ÷ 101. Buyer unnamed. Summit marked the cap-rate N/M because hotel NOI at sale was de minimis — that is Summit’s narrative, not a second price. Not Sunstone’s $279 million Embarcadero Hyatt Regency and not Park’s $80 million Wharf Centric. Older than the 2025–26 blotter cut.
Hotel Zoe Fisherman’s Wharf · 221 keys · Upscale
Consideration
$68.5M
$310k / key
Pebblebrook 8-K: $68.5 million for the 221-room Hotel Zoe Fisherman’s Wharf. Wharf boutique — not an Embarcadero convention PPK and not Park’s $80 million Centric.
Pebblebrook Hotel Trust Form 8-K, November 14, 2023 (press dated November 15)
Pebblebrook closed the 221-room Hotel Zoe Fisherman’s Wharf on November 14, 2023 for $68.5 million to a third party. Harbor PPK is $68.5 million ÷ 221. Pebblebrook’s 25.0x / 3.2% TTM lines are Pebblebrook’s narrative, not a second hotel price. Buyer unnamed in Pebblebrook’s filing — Harbor will not invent a desk from trade press. Not The Marker San Francisco $77.0 million (2022), not Hotel Spero $71.0 million (2022), not Park’s 2025 Hyatt Centric Wharf $80 million tape, and not Sunstone’s $279 million Embarcadero Hyatt Regency. The Westin Michigan Avenue and Marina City retail parcels stay off this tape. Older than the 2025–26 blotter cut.
The Marker San Francisco · 208 keys · Upscale
Consideration
$77.0M
$370k / key
Pebblebrook 8-K: $77.0 million for the 208-room The Marker San Francisco. Union Square boutique — not a Zoe Wharf PPK and not an Embarcadero convention PPK.
Pebblebrook Hotel Trust Form 8-K, June 28, 2022 (press dated June 28)
Pebblebrook closed the 208-room The Marker San Francisco on June 28, 2022 for $77.0 million to a third party. Harbor PPK is $77.0 million ÷ 208. Pebblebrook’s 10.0x / 8.8% 2019 lines and the $25.0 million planned renovation are Pebblebrook’s narrative, not a second hotel price. Buyer unnamed in Pebblebrook’s filing — Harbor will not invent a desk from trade press. Not Hotel Spero $71.0 million, not Hotel Zoe Fisherman’s Wharf $68.5 million (2023), and not Sunstone’s $279 million Embarcadero Hyatt Regency. Older than the 2025–26 blotter cut.
Villa Florence San Francisco on Union Square · 189 keys · Upscale
Consideration
$87.5M
$463k / key
Pebblebrook 8-K: $87.5 million for the 189-room Villa Florence San Francisco on Union Square. Union Square boutique — not a Marker PPK and not an Embarcadero convention PPK.
Pebblebrook Hotel Trust Form 8-K, September 9, 2021 (press dated September 9)
Pebblebrook closed the 189-room Villa Florence San Francisco on Union Square on September 9, 2021 for $87.5 million to a third party. Harbor PPK is $87.5 million ÷ 189. Pebblebrook’s 12.4x / 7.2% 2019 lines — adjusted in the exhibit for retail rent and a one-time retail lease termination fee — are Pebblebrook’s narrative, not a second hotel price. Buyer unnamed. Not The Marker San Francisco $77.0 million (2022), not Hotel Spero $71.0 million (2022), and not Hotel Zoe Fisherman’s Wharf $68.5 million (2023). The Kimpton Sir Francis Drake $157.6 million net-proceeds line stays off this graph — that 8-K does not name a hotel sale price. Older than the 2025–26 blotter cut.
Axiom Hotel San Francisco · 151 keys · Upscale
Consideration
$75.0M
$497k / key
Host 10-K / earnings exhibit: $75 million for the 151-room Powell Hotel, 8,554 sf of retail, and the fee-simple land. PPK includes retail and land — not rooms-only.
Host Hotels & Resorts earnings exhibit (EX-99.1), February 2014
On January 21, 2014 Host acquired the 151-room Powell Hotel in San Francisco, along with 8,554 square feet of retail and the fee-simple land, for $75 million. Later converted to Axiom. Do not treat $496k/key as a rooms-only Union Square comp. Trade-press hotel/retail splits are unnamed-source gossip — Harbor will not repeat them as fact.