We show that conventional hedonic models of commercial real estate prices ignore the utility investors derive from the externality created by extremes in attributes such as building size and height. Analyzing geo-enriched data on nearly 4,800 hotel transactions in the U.S., we detect separating equilibria across trophy commercial properties and others in pricing the extreme attributes. Only conspicuous extremes separate the equilibrium. Presence of nationally largest or tallest assets leads to price premium, although having locally largest or tallest assets discount the prices. When pricing the extremes across top-tier and lower-tier sub-markets, investors exhibit significantly asymmetric behavior. News coverage and high-status locality lead to significant price premium, but we do not observe any separating equilibria in these variables.