public_filing
Sanctuary Beach Resort — Hersha acquisition
$39,500,000 · $658,333/key
Hersha acquired the 60-room Sanctuary Beach Resort in Monterey, CA in late January 2016 for $39.5 million. Harbor uses the first of January rather than inventing a closing day. Harbor PPK is $39.5 million ÷ 60. The same subsequent-events paragraph names late January, the 60 rooms, and that hotel price. Use the $39.5 million hotel price, not the $14.7 million assumed loan. Seller unnamed. Filing names Monterey — Harbor will not invent a Carmel lock. Hotel Oceana stays off until a filing names keys with a hotel price. Hilton Garden Inn M Street stays off — that line is a contract. 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. Not Host’s 2021 Alila Ventana Big Sur $150 million / 59 tape. Harbor will not invent a Post Ranch price. Older than the 2025–26 blotter cut.
Hersha Hospitality Trust Exhibit 99.1, February 16, 2016 (late January 2016 close)