public_filing
Courtyard Sunnyvale — Hersha acquisition
$75,000,000 · $517,241/key
Hersha acquired the 145-room Courtyard by Marriott in Sunnyvale, CA on October 20, 2016 for $75.0 million. Harbor PPK is $75.0 million ÷ 145. Hersha rounded the same math to $517,200 per key. The same subsequent-events paragraph names the completed buy, the 145 rooms, and that hotel price. Use the $75.0 million hotel price, not the $40.6 million assumed loan. Hersha’s 7.7% economic capitalization rate and 12.2x EBITDA lines are Hersha’s narrative, not a second hotel price. Seller unnamed. Filing names Sunnyvale — Harbor will not invent a San Jose or Palo Alto lock. The same paper’s Ambrose Hotel line is a contract, not a close. 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 2021 four-hotel $178.5 million line and August 2022 six-pack $435.9 million stay combined. Not Hersha’s 2016 Hawthorn Suites Franklin $8.9 million / 100 tape and not RLJ’s 2026 Hyatt Place Fremont / Silicon Valley $13.2 million / 151 tape. Older than the 2025–26 blotter cut.
Hersha Hospitality Trust Exhibit 99.1, October 25, 2016 (October 20, 2016 close)