REO - Hotel or Multi-Family Conversion Opportunity

Opportunity Overview

HREC Investment Advisors and RealINSIGHT Marketplace are pleased to offer for sale the fee-simple interest in the 460-guestroom DoubleTree by Hilton Pittsburgh-Green Tree located in Pittsburgh, Pennsylvania. The Hotel is located just outside Pittsburgh’s urban core and highly accessible to both the downtown and surrounding suburban areas and Pittsburgh International Airport via the adjacent I-376. Nearby leisure attractions include Heinz Field, PNC Park, PPG Paints Arena, and the David L. Lawrence Convention Center. The Property is also located within Foster Plaza, an eight-building, 730,000 square foot, Class ‘A’ corporate office park, and directly next to Green Tree SportsPlex. Other nearby demand generators include the corporate headquarters of H.J. Heinz Company, US Steel, and PNC Financial Services.

The acquisition of the DoubleTree by Hilton Pittsburgh-Green Tree represents a unique value-add opportunity to acquire an upscale, institutional-quality, full-service asset that benefits from strong historical revenue generation in a prime location within Foster Plaza and a robust and diverse city. The Hotel was cash-flowing pre-COVID in 2018 & 2019, despite a lack of hands-on asset management. The Property also offers an extensive meeting space inventory with over 40,000 square feet, placing it in an advantaged competitive position to capture group demand in the local market.
 

Investment Highlights

• Exceptional Location and Historically Strong Operational Performance
• Pittsburgh’s Robust & Diverse Economy
• Cash Flowing Asset Pre-COVID (2018 & 2019) Despite Lack of Asset Management
• Significant Value Add Opportunity Upon Completion of Property Improvement Plan
• Historically Thriving Food & Beverage Operations with Ample & Flexible Meeting Space
• Submarket Room Supply Decrease and No New Supply in the Pipeline
• Institutional Quality Brand & Asset
• Premium Hilton Branding with Potential Conversion Opportunities
• Unencumbered by Management

 

Property Tours

Tours are now available (by appointment only) during the dates listed below:
 

• Wed, February 24, 2021
• Thu, February 25, 2021
• Tue, March 2, 2021
• Wed, March 3, 2021
• Thu, March 18, 2021
• Fri, March 19, 2021

If you would like to schedule a tour, please contact Ketan Patel (kpatel@brec.com) at (410) 598-7595, or Phil White (pwhite@hrec.com) at (248) 798-0105.