Hotels only · No pay-to-rank · Advice first; verified when attested
Public tape · 116 of 282 · 2022
Host sold the Sheraton Boston Hotel in February 2022 for $233 million, including a $163 million bridge loan Host provided to the buyer. Harbor uses the first of February rather than inventing a closing day. Harbor PPK is $233 million ÷ 1,220 from Host’s IR — the sale 10-Q does not restate keys. Use the $233 million sale price, not the $163 million seller loan and not the $12 million gain. Host’s 14.2x / foregone-capex lines are Host’s narrative, not a second hotel price. Buyer unnamed in Host’s filing. Not Sunstone’s $370 million Park Plaza tape and not Chatham’s Billerica Homewood. Older than the 2025–26 blotter cut.
$233.0M
Cited consideration · 1220 keys · $191k / key
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
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 filingsHost · 2022 filings
Source
Host Hotels & Resorts Form 10-Q, quarter ended March 31, 2022 (February close; day unnamed; keys: Host IR 1,220-room)
https://www.sec.gov/Archives/edgar/data/1070750/000095017022008085/hst-20220331.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.
$190,984 / key · 1220 keys
$364,702 / key · Harbor defaults
Boston · worksheet vs tape PPK
Host 10-Q: $233 million for the Sheraton Boston Hotel, including a $163 million bridge loan. February 2022; day-of-month not named. Keys (1,220) from Host IR. Back Bay convention box — not a Park Plaza PPK.
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.
Boston · Upper upscale
1220 keys · Boston · Sheraton
Back Bay convention Sheraton. Host sold the 1,220-key house in February 2022 for $233 million (Q1 2022 10-Q; keys from Host IR). Day unnamed — Harbor uses the first of February. Use the $233 million sale price, not the $163 million bridge loan. Buyer unnamed. Not Sunstone’s $370 million Park Plaza tape.
Same house or same market · 3
Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.
Boston Park Plaza · 1060 keys · Upper upscale
Consideration
$370.0M
$349k / key
Sunstone Exhibit 99.1: $370.0 million contractual gross for the 1,060-room Boston Park Plaza. Downtown historic box — not a Billerica interstate PPK.
Sunstone Hotel Investors Exhibit 99.1, third quarter 2023 (closed October 26)
Sunstone sold the 1,060-room Boston Park Plaza on October 26, 2023 for a contractual gross sale price of $370.0 million, or approximately $350,000 per key as Sunstone rounded it. Harbor PPK is $370.0 million ÷ 1,060. Use the $370.0 million sale price, not the $364.5 million net proceeds. Sunstone’s 12.1x / 7.1% TTM lines and the later 14.1x / 6.1% lines inclusive of near-term capex are Sunstone’s narrative, not a second hotel price. The $123.8 million gain is Sunstone’s accounting. Buyer unnamed. Not Chatham’s Billerica Homewood $17.4 million tape. Older than the 2025–26 blotter cut.
Boston · 320 keys · Upper upscale
Consideration
Not disclosed
Sunstone Hotel Investors 8-K / supplement
Sunstone discloses selected urban full-service sales. Read the filing for price, cap rate, and whether a ground lease traveled with the deed.
Envoy Hotel · 136 keys · Upper upscale
Consideration
$112.5M
$827k / key
Hersha Exhibit 99.1: $112.5 million for the 136-room Envoy Hotel in Boston. Boston Envoy — not a Back Bay convention PPK.
Hersha Hospitality Trust Exhibit 99.1, October 25, 2016 (July 2016 close)
Hersha acquired the 136-room Envoy Hotel in Boston in July 2016 for $112.5 million. Harbor uses the first of July rather than inventing a closing day. Harbor PPK is $112.5 million ÷ 136. The same Exhibit 99.1 names July, the 136 rooms, and that hotel price. Seller unnamed. Filing names Boston — Harbor will not invent a Back Bay lock. Holiday Inn Express Chester stays off until a filing names a calendar month, a hotel price, and keys together. Hyatt Place King of Prussia stays off until one paper names month, a hotel price, and keys together. Hersha’s November 2016 Residence Inn Framingham plus Residence Inn Norwood $47.0 million line stays combined. Hersha’s January 2017 Courtyard Alexandria plus Residence Inn Greenbelt $62.0 million line stays combined. Hersha’s June 8, 2017 three Hyatt House $130.5 million line stays combined. Hersha’s 2021 four-hotel $178.5 million line and August 2022 six-pack $435.9 million stay combined. The same paper’s Ambrose Hotel line is a contract, not a close. Not RLJ’s 2021 AC Hotel Boston Downtown $89.0 million / 205 tape, not Ashford’s 2025 Courtyard Boston Downtown $123.0 million / 315 tape, not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape, and not Hersha’s 2016 Courtyard Sunnyvale $75.0 million / 145 tape. Older than the 2025–26 blotter cut.