×

Classic Auction - Hospitality

REO - Hotel or Multi-Family Conversion Opportunity

500 Mansfield Avenue, Pittsburgh, PA 15205

  • Asset Type
  • Real Estate
  • Property Type
  • Hospitality
  • Land Area
  • 16.00 Acres
  • Year Built
  • 1972
  • Year Renovated
  • 2017
  • Number of Buildings
  • 3
  • Parking Count
  • 676
  • Hospitality Type
  • Full Service
  • Number of Rooms
  • 460 Rooms
  • Function Space Area
  • 40,000 Sq Ft

DoubleTree by Hilton Pittsburgh-Green Tree

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.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Lamar P. Fisher

    Fisher Auction Company Inc.

    License: AU005925