PRSI - Portsmouth Square Is Way Too Cheap

• Portsmouth Square owns the Hilton hotel in San Francisco's Financial District.
• The hotel has performed poorly since pandemic restrictions were imposed; Portsmouth Square is burning cash and looks terrible from an operational perspective.
• The Hilton's occupancy rates are recovering slowly but steadily; a return to profitability could be on the horizon.
• The value of the Hilton hotel is grossly understated on the balance sheet; recent hotel sales in the area imply the hotel is worth up to 10x its stated book value.
• Portsmouth Square is a rare low-risk, high upside opportunity.

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