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Buy / sell desk · Hotels only

The hotel.The file.Then the number.

The calm desk for buying or selling a hotel. A Deal Frame before the number. A living diligence packet. Cited tapes only. Never a confidential price dressed as fact.

Open a deal frameTwo-minute estimatePublic tapes

Hotels in graph

276

Public events

282

With a cited price

229

Markets

95

Desks & principals

20

Frame

The file before the number

Thesis, dated assumptions, written kill-switches, and a three-way triangulation. User-owned. Not an appraisal.

Estimate

A number you can shock

Named NOI stops, cited PPK, and a shock you can toggle — cap × ADR or occupancy. Assumptions labeled. Not an appraisal.

Tape

Only what we can cite

Morning blotter is 2025–26 cited singles. Older cited years sit on the historical corpus. Combined PSAs stay combined. Host, Sunstone, Park, and Apple chips are issuer IR only.

Diligence

Questions that can kill the deal

A living packet: open, evidence, blocker, or cleared. Blockers write onto the Deal Frame. Export stays local.

Brokers

Desks, not dossiers

Attach from a public page. Name the comps. Ask the conflict sentence. Read the engagement. No private phones.

Explainers

Read before you bid

Seven folios with named methods. Direct cap is not DCF. A logo is not 80 bps. Print-quality.

Cited tapes · 2025–26

Public consideration only

Latest closed singles with a named price. Combined PSAs and under-contract Host paper stay off this row.

2026 cited →2025 citedCompare twoBlotterSelect tapeFilingsHostSunstoneParkApple
Public filingSunstone soldJul 30, 2026

Hyatt Regency San Francisco — Sunstone disposition

Hyatt Regency San Francisco · 821 keys · Upper upscale

Consideration

$279.0M

$340k / key

Sunstone Exhibit 99.1: $279 million gross for the 821-room Hyatt Regency San Francisco. Embarcadero convention atrium — not a Nob Hill palace PPK and not the $80 million Wharf Centric.

Sunstone Hotel Investors Exhibit 99.1, August 6, 2026 (closed July 30)

Sunstone sold the 821-room Hyatt Regency San Francisco on July 30, 2026 to funds affiliated with Blackstone Real Estate for a gross sale price of $279 million. Sunstone rounds that to approximately $340,000 per key; Harbor PPK is $279 million ÷ 821. Sunstone’s 21.4x Hotel Adjusted EBITDAre / 3.5% TTM NOI cap (trailing twelve months ending May 31, 2026, from the June 23 agreement exhibit) are Sunstone’s narrative, not a second hotel price. Do not apply this as a Fairmont Nob Hill or Fisherman’s Wharf tape. RLJ’s Dallas Love Field + Houston Galleria December 2025 pair stays off this row — that was a combined $49.5 million.

Open the tape →FramePacketEstimateSan FranciscoCompare

Public filingJul 21, 2026

Kimpton RiverPlace Hotel — Xenia disposition

Kimpton RiverPlace Hotel · 85 keys · Upper upscale

Consideration

$11.0M

$129k / key

Xenia 10-Q: $11.0 million for the 85-room Kimpton RiverPlace Hotel. Waterfront boutique — exclusive of significant near-term capex. Not a downtown independent PPK.

Xenia Hotels & Resorts Form 10-Q subsequent event (closed July 21, 2026)

Xenia closed the 85-room Kimpton RiverPlace Hotel on July 21, 2026 for a sale price of $11.0 million. Harbor PPK is $11.0 million ÷ 85 (Xenia rounded $129,400). Use the $11.0 million sale price, not the $10.3 million net cash after costs. Xenia’s 19.4x / 2.0% TTM lines are exclusive of significant near-term capex — that is Xenia’s narrative, not a second price. The $38.8 million impairment is Xenia’s accounting, not a hotel price. Buyer unnamed in the filing.

Open the tape →FramePacketEstimatePortlandCompare

News / press releasePark soldJul 1, 2026

Hilton Short Hills — Park disposition

Hilton Short Hills · 314 keys · Upper upscale

Consideration

$12.0M

$38k / key

Park IR: $12 million gross for the 314-room Hilton Short Hills. Anticipated capex of about $27 million is Park’s narrative. Not a Midtown fee PPK.

Park Hotels & Resorts IR, Q2 2026 (July 2026 close; day-of-month not named)

Park sold the 314-room Hilton Short Hills in July 2026 for gross proceeds of $12 million. Harbor uses the first of July rather than inventing a closing day. Harbor PPK is $12 million ÷ 314. Park’s “approximately $27 million” anticipated capex is Park’s narrative, not a second hotel price. Suburban New Jersey — not a Manhattan gateway tape. Buyer unnamed. Embassy Suites Alexandria (JV interest) and the Austin ground-lease reversion stay off this tape.

Open the tape →FramePacketEstimateNorthern New JerseyCompare

The briefs · Folios I–VII

Read like an owner

All seven →

  1. I

    How hotel valuation actually works

    Income, cap rate, DCF, sales comparison, and cost — Harbor by Signalry framing for a GM, an owner, and an investor. A labeled worksheet, not an appraisal.

    14 min

  2. II

    Cap rates, explained — and misunderstood

    NOI definitions, going-in versus terminal, and why a hotel that looks “cheap on cap” is often expensive on honesty.

    12 min

  3. III

    Hotel due diligence — the checklist a CIM hopes you skip

    A buy-side walk through the files that actually kill deals. Written so a GM can brief an owner in one sitting.

    16 min

  4. IV

    Buy-side playbook

    How a hotel buyer should move: thesis, broker, underwriting, walk, IC, and the written permission to say no.

    11 min

  5. V

    Sell-side playbook

    How an owner prepares a hotel for sale: ops truth, data room, broker selection, and the story that survives a buyer’s night-audit sample.

    12 min

  6. VI

    Soft brand, franchise, independent — and the value story

    How a flag, a soft brand, or no brand at all changes distribution, reserves, PIP, buyer set, and the number you can defend.

    13 min

  7. VII

    Financing hotel acquisitions

    CMBS, balance-sheet, agency-adjacent, and seller paper — what a hotel buyer should understand before a term sheet feels like a compliment.

    12 min

Jobs to be done

How, then who

Get operations ready so a buyer will underwrite

When I plan to sell in two to four quarters, I want the house operable on paper so a buyer’s night-audit sample does not become a price chip.

Build a hotel data room a buyer can trust

When we go to market, I want a room indexed like evidence so diligence is a conversation about the hotel, not a hunt for the ground lease.

Choose a hotel broker without buying a brochure

When I sell or buy a hotel, I want a desk that matches the comparable set — not a compliment that cannot name a public tape.

Underwrite a hotel acquisition like an operator

When I am about to buy, I want a memo that rebuilds the T12 from ops evidence, names the basis risk, and is allowed to kill the deal.

Plan a PIP without lying to the P&L

When a sale, a flag, or a tired product forces renovation, I want a scope, a calendar, and a displacement number — not a mood board.

Decide flag, soft brand, or independent before you price it

When affiliation is the argument, I want a cash-flow comparison — fees, PIP, mix, buyer set — not a logo debate.

Finance a hotel acquisition without borrowing a CIM

When I need debt to close, I want a term I can survive in a PIP year — not a compliment that dies if ADR misses 10%.

Sale-ready pack · Full buy/sell pack →

Questions first

Is Harbor by Signalry a licensed appraiser?
No. Estimates are labeled worksheets. Public prices are cited. Confidential consideration is never invented as fact.
Where do the cap-rate bands come from?
Harbor research defaults for education — not HVS, PKF, CBRE, or JLL proprietary survey numbers. Move the sliders.
Can I estimate any hotel?
Yes. Pick a hotel in the graph or type keys, market, and income. Defaults are marked as assumptions.
Which tapes sit on the hub?
The latest 2025–26 cited singles. Combined PSAs, JV interests, ground-lease reversions, and under-contract Host paper stay unlabeled as hotel prices.

276 hotels on the property graph. Wikidata ids attached when Harbor is sure. OSM remains a join key, not a scraped listing feed.