A commercial real estate asset which stands out in some fashion may be qualif ied either as “atypical” or “trophy.” Past studies suggest conflicting price impacts of the two qualities. We examine distinctive features of such assets that determine price premi ums or discounts associated with them. By geospatially enrich ing a dataset of nearly 5000 hotel transactions consolidated from two independent sources, w e detect asymmetric price implications across local ly versus national ly superlative features. In particular, locally largest hotels are discounted while the nationally largest ones enjoy premiums. High status of the locality leads to significant price premium after controlling for submarket effects. Also, news coverage is ass ociated with significant price premium.