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Mar. 25, 2013

New York REIT Acquires Courtyard By Marriott Property in Pittsburgh

By Adriana Pop, Associate Editor

Carey Watermark Investors Incorporated of New York has acquired a 132-room Courtyard by Marriott hotel in Pittsburgh’s Shadyside neighborhood.

The company’s total investment in the Courtyard Pittsburgh Shadyside property is around $34.6 million. This amount includes a purchase price of $29.9 million as well as $4.8 million in planned capital improvements and acquisition-related costs.

Open since 2003, the hotel offers approximately 1,600 square feet of meeting space, a Starbucks Coffee House, a fitness center, a business center and an indoor pool/whirlpool. It also provides easy access to the University of Pittsburgh Medical Center, Western Pennsylvania Hospital, Carnegie Mellon University and the University of Pittsburgh.

The upgrades, which are slated for completion early next year, will include the lobby, guest rooms and public areas. Concord Hospitality of Raleigh will continue to manage the property, CWI announced.

“We view Shadyside as Pittsburgh’s most upscale market and see its location as one of the best within the market. The Courtyard Shadyside is already a market leader in terms of average rate and RevPAR and, as part of the Marriott family of brands, benefits from a strong loyalty program and significant national distribution,” said Michael Medzigian, CEO of CWI.

In other news, the Pittsburgh Post-Gazette reports that the Pittsburgh City Council has approved the Urban Redevelopment Authority’s request to pursue a $90 million tax increment financing plan for the proposed $900 million redevelopment of the former LTV Steel site along the Monongahela River in Hazelwood.

The financing plan will now go before the Allegheny County Council and the Pittsburgh Public Schools board. If approved, it would become the largest TIF deal in the city’s history.

The redevelopment of Pittsburgh‘s last major brownfield would bring about 2.1 million square feet of high-tech research and office space, as well as approximately 1,200 residential units on 178 acres of land owned by a consortium of four local foundations called Almono LP.

Photo credits: Carey Watermark Investors