Jones Lang LaSalle


PITTSBURGH
Hilton Corp. Sells Pittsburgh Hotel for $28M
by Runette Tumaneng

Florida-based hotel owner Shubh, under the name Shubh Hotels Pittsburgh LLC, acquired the Hilton Pittsburgh hotel for $28 million, or approximately $38,000 per room.

Sold by Hilton Hotels Corp. and Hertz Gateway Center LP, the property is a staple of downtown Pittsburgh and the city's largest hotel.

Hilton Pittsburgh is at 600 Commonwealth Place in the Central Business District, adjacent to Point State Park and Pittsburgh’s famed three rivers. Hilton Pittsburgh is 22-story, 487,000-square-foot hotel with 713 rooms and 22 suites. The property also offers exclusive executive level rooms, luxury suites and a private executive level lounge.

Shubh and Hilton agreed on a 20-year franchise agreement to keep the Pittsburgh Hilton name. Shubh plans to spend about $15 million over the next year to upgrade the interior and exterior of the property. Dan Adamski of Jones Lang LaSalle represented the seller. The buyer was represented in-house.