Chatham Lodging Trust to Acquire Pittsburgh Hyatt Place for $40M
Chatham Lodging Trust has agreed to purchase the 178-room Hyatt Place Pittsburgh/North Shore near downtown Pittsburgh for $40 million. Scheduled for completion by June 17, the transaction is subject to customary closing requirements and conditions.
The property will be managed by Island Hospitality Management, which is 90 percent owned by Jeffrey H. Fisher, Chatham’s chairman, president and CEO.
Open since December 2010, the Pittsburgh Hyatt Place offers easy access to some of the city’s popular attractions including PNC Park, the Carnegie Science Center, the Andy Warhol Museum, the National Aviary and the Rivers Casino. The hotel is also proximate to Fortune 500 employers such as Alcoa, Del Monte Foods, PNC Financial, U.S. Steel and Heinz.
Chatham Lodging Trust of Palm Beach, Fla. is a real estate investment trust that focuses on investing in upscale extended-stay hotels and premium branded select-service properties. Nationwide, the company owns interests in 72 hotels acquired for approximately $1.5 billion.
In regional news, the Pittsburgh Business Times reports that Gerome Manufacturing is building a 150,000-square-foot plant on more than 10 acres in the Fayette Business Park in Smithfield.
Expected to become fully operational by next spring, the new facility will enable the company to consolidate two nearby operations in Uniontown and Lemont Furnace into a single location. The approximately $9 million investment ranks among the region’s largest industrial projects this year.
“The new facility will house almost $2 million worth of new finishing equipment and plans for future purchases of new, cutting-edge equipment have already begun,” Joe Putila, president of Gerome, told the newspaper.
For the past several years, Gerome has collaborated with the Fay-Penn Economic Development Council to determine the best location for the development and obtain financing. Other partners in the project include the Washington County Industrial Development Authority, the Pennsylvania Department of Community & Economic Development and Washington Financial Bank.
Photo credits: pittsburghnorthshore.place.hyatt.com