Spawns in the room to the left of the bar, and despawns very quickly. Hail him fast.
Placeholders are: Plnorrick Spinecracker, Biggle Limbokker, Tlin Bowfright and Lozani. No need to kill any of the placeholders just sit and wait for him to spawn. Took roughly 8min for him to spawn for me. Addendum: PH spawn in random order approximately every 4 min. so your wait may be longer.