Jones Lang LaSalle Hotels Markets For Sale the Hilton Pittsburgh
Pittsburgh's largest hotel anchored by a high profile downtown location
PITTSBURGH, PA, September 22, 2005. An icon within Pittsburgh's cityscape, the Hilton Pittsburgh is up for sale. Hilton Hotels Corporation and Hertz Investment Group have appointed Jones Lang LaSalle Hotels to sell this 713-room upscale meeting and convention hotel facing Point State Park and the city's three famed rivers.
The Hilton Pittsburgh is the city's largest hotel, and has hosted every President of the United States, from President Dwight Eisenhower to President George W. Bush, in the city's largest hotel ballroom. Given its prime downtown location and riverfront setting, the Hilton Pittsburgh is also the hub of activities for Pirate, Panther, Steeler and Penguin sporting events. It will be the official host hotel for the 2006 Major League Baseball All Star Game.
"Pittsburgh is undergoing a major redevelopment push as a part of the Downtown Initiative designed to promote and enhance downtown living. This will provide added occupancy drivers to the hotel's existing diverse mix of travelers," said Melinda McKay, a senior vice president for Jones Lang LaSalle Hotels.
The Hilton Pittsburgh is situated on an irreplaceable location, with some of the most coveted views in the city. "Given the major push to enhance downtown living, we are receiving strong interest from investors who are appraising this for its real estate value, with thoughts of repositioning and/or adding a residential component," said McKay. "And since the hotel is being offered free and clear of management and brand, investors have the opportunity to realize their own vision for this asset."
"We expect interest from investors that will exploit the city's investments in development, including the new convention center as well as the cultural district," said Tom Fisher, an executive vice president with Jones Lang LaSalle Hotels. Pending the decision on its highly anticipated location, the casino development could provide a strong demand driver for the Hilton Pittsburgh as well.
There are tremendous upside opportunities for an investor. With strategic capital improvements, this hotel is expected to recapture market share and post strong growth in revenue. For example, there is the opportunity to develop an Executive Meeting Center, which could ultimately add millions of dollars in value to the property.
The Hilton Pittsburgh is being offered for sale at a significant discount to replacement cost. "Given not only the hotel's strong location, physical characteristics and operating fundamentals, but also the city's excellent forward growth expectations, investors are recognizing this is a rarely offered opportunity," Fisher said.
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