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Harborby Signalry
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Estimate · not an appraisal

Hilton Checkers Los Angeles

Property · Los Angeles folio · Public tapes · Compare tapes · Deal Frame · Diligence kill list · Edit income

Defaults are Harbor by Signalry assumptions unless you replace them with a T12 you actually rebuilt.

Two-minute desk · three moves

Hilton Checkers Los Angeles

A GM or owner should finish this before the meeting. The harbor number is a labeled worksheet, not an appraisal.

  1. 1 · House
  2. 2 · Income
  3. 3 · Shock

Property page · Los Angeles folio · Start over

Other priced houses

Cited tapes only. Different years and NOI. Not an appraisal.

On the graph

2 · Income · 0 you own

Harbor defaults stay labeled until you type. RevPAR is occ × ADR — not a sold figure. Type a rebuilt NOI to own the cap. Harbor will not invent that dollar.

NOI stops · labels only

These name what your expense ratio includes. They do not invent a reserve, a fee, or a lease payment.

before FF&E reserve; before incentive management fee; before ground lease

Assumptions — replace what you rebuilt

  • · occupancy (hotel assumption — not a T12)
  • · ADR (hotel assumption — not a T12)
  • · expense ratio and rooms-revenue share (Harbor defaults unless you edit)
  • · going-in cap rate (midpoint of Harbor band)

Direct cap · labeled estimate

$52.8M

$273,454 / key · after PIP holdback $45.1M

Edit income

Blended band

$38.7Mmid $101.4M$164.1M
Teaching NOI / yr
$3.7M
Going-in cap
7.00%
Implied cap vs tape
28.42%

Uncertainty ±20% · implied RevPAR $139. Implied cap only appears when a cited tape price exists. It is teaching NOI ÷ tape — not a reported going-in and not a T12. Not a sale price Harbor invented.

NOI / cap truth

Teaching NOI = total revenue × (1 − expense ratio), before debt. Type a rebuilt NOI to own the cap. Stops you named: before FF&E reserve; before incentive management fee; before ground lease. The toggles label the ratio — they do not invent a reserve, a fee, or a lease payment. Trailing is evidence. This line is a claim until you replace it.

  1. RevPAR $139 × 193 keys × 365 → rooms $9.8M
  2. ÷ rooms share 74.0% → total $13.2M
  3. × (1 − 72.0%) → teaching NOI $3.7M
  4. ÷ going-in 7.00% → $52.8M from the teaching stack

I · Direct cap

Teaching NOI ÷ cap

A snapshot. Weak as the only pass on a renovation, a trophy, or a house whose next three years are not last year. A typed NOI is still not an appraisal.

II · PPK

Keys as a cross-check

Harbor research bands by segment and tier — not a proprietary survey. A leasehold tape is not a fee PPK.

III · Shock

Cap × ADR / occ

±50 bps against ADR ±10% or occupancy ±5 points. Combined stress is the honesty test.

3 · Shock · cap ±50 bps × ADR ±10%

Rows are going-in cap. Columns are ADR. Tap a cell to apply that shock. Combined stress is wider cap, −10% ADR, and −5 occupancy points.

ADR −10%
ADR base
ADR +10%
−50
Base
+50

Down-left (wider cap, −10% ADR): $44.3M. Combined stress: $41.0M.

Research PPK band

$350,000 – $850,000 / key

Harbor defaults by segment and market tier — not a proprietary survey.

Sales comparison

$240,456 – $448,858 / key

10 priced / 10 scored

Cited tape vs this worksheet

Tape $67,358 / key · Jan 1, 2026 · worksheet $273,454 / key

Different years and NOI. The tape is a public consideration, not this worksheet’s T12. Not an appraisal.

Park 10-Q: approximately $13 million gross for Hilton Checkers Los Angeles. Keys (193) from Park’s same-quarter Exhibit 99.1. Downtown box — not a West Hollywood hillside PPK.

Open the tapeCompare tapes

  1. Hotel Monaco Seattle — Pebblebrook disposition · Estimate · Comparescore 120 · $334,656 / key
  2. Embassy Suites South Jordan Salt Lake City — Apple Hospitality acquisition · Estimate · Comparescore 120 · $191,406 / key
  3. Sheraton Cerritos — Sunstone leasehold disposition · Estimate · Comparescore 120 · $206,897 / key

    Sunstone IR: $42.0 million contractual for the leasehold interest in the 203-room Sheraton Cerritos. Leasehold — not a fee coastal PPK.

  4. Estancia La Jolla Hotel & Spa — Pebblebrook leasehold acquisition · Estimate · Comparescore 114 · $514,286 / key

    Pebblebrook 8-K: $108.0 million for the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa. Ground lease through January 30, 2066. Leasehold — not a Hotel del Coronado PPK.

  5. Hilton Garden Inn LAX/El Segundo — Park disposition · Estimate · Comparescore 114 · $231,481 / key
  6. The Heathman Hotel — Pebblebrook disposition · Estimate · Comparescore 112 · $298,013 / key

    Pebblebrook 10-Q: $45.0 million for The Heathman Hotel, Portland. Closed February 22, 2023. Keys (151) from Pebblebrook IR. Downtown independent — not a waterfront palace PPK.

  • · Income lines include Harbor assumptions you can edit.

Rooms revenue $9.8M · cap 7.00% · teaching NOI $3.7M

Methodology
  • · Direct capitalization: Value = NOI ÷ going-in cap rate.
  • · Room revenue = RevPAR × keys × 365. Total revenue = room revenue ÷ rooms-revenue share.
  • · PIP / renovation reserve is subtracted from the capitalized value as a one-line holdback — not a DCF of the renovation year.
  • · Price-per-key cross-check uses Harbor research bands by segment and market tier.
  • · Sales comparison uses graph transactions scored by segment, market, region, rooms band, recency, affiliation, and whether a public price exists.
  • · NOI stops (FF&E reserve, incentive fee, ground lease) are labels you set. They do not invent dollar amounts.
  • · A NOI you type replaces the teaching stack for the cap. Harbor will not invent that dollar. The shock then is cap ±50 bps only — ADR and occupancy stay labels.
  • · Without a typed NOI, sensitivity shocks going-in cap ±50 basis points against ADR ±10% (occupancy held) and against occupancy ±5 points (ADR held).
  • · Without a typed NOI, the combined stress cell applies all three: wider cap, −10% ADR, and −5 occupancy points. With a typed NOI it is +50 bps on that dollar.
  • · Harbor research defaults are not HVS, PKF, CBRE, or JLL proprietary survey numbers.