Premier Riverfront Hotel in Pittsburgh Sells for $61M
Cleveland-based Forest City Enterprises has sold the 399-room Sheraton Station Square hotel in Pittsburgh. Station Square Pittsburgh Hotel LLC, a joint venture between Boston-based Pyramid Hotel Group and an affiliate of Glenmont Capital Management, LLC of New York, acquired the asset for $61 million. The Plasencia Group represented the seller in the transaction.
Forest City has also announced it will realize net cash proceeds of about $18.5 million from the sale of the riverfront property, which will continue to operate under the Sheraton flag.
The hotel is located within Forest City’s historic Station Square mixed-use retail and entertainment complex along the Monongahela River. Amenities include an indoor pool, a fitness center, and wireless high-speed internet access as well as more than 30,000 square feet of meeting space. According to the 2013 Pittsburgh Business Times Book of Lists, the property ranks as the seventh largest hotel in the city.
“We’re pleased to complete this transaction with an experienced owner/operator such as Pyramid and their joint venture partners,” said David J. LaRue, Forest City president and chief executive officer.”We continue to execute our strategy of exiting non-core products and markets, and using liquidity from dispositions to further improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets.”
“Pittsburgh is a highly stable lodging market and the Sheraton Station Square offers an unmatched guest experience within the Station Square mixed-use development. The many planned renovations to the hotel promise to assist our dedicated staff in delivering a superior level of service for residents and leisure, corporate, and group travelers. We look forward to continuing the many partnerships that Forest City has fostered within the Pittsburgh community,” added Jim Dina, chief operating officer of Pyramid Hotel Group.
Photo credits: www.starwoodhotels.com