Pittsburgh’s largest hotel has sold for $28 million. The 713-room Hilton Pittsburgh, which has hosted every U.S. president since Dwight Eisenhower, was bought by Shubh Hotels Pittsburgh.
Hilton Hotels Corp. and Hertz Gateway Center sold the property to Shubh. Jones Lang LaSalle Hotels represented the sellers. “The emphasis of the City is shifting back towards the Hilton Pittsburgh, and it will become a major beneficiary of this increased activity,” says Dan Adamski, a senior vice president with Jones Lang LaSalle in Pittsburgh.
What’s more, Pittsburgh’s hotel market is in the throes of recovery. Last year, for example, average daily rate (ADR) growth topped 4%. Meanwhile the first quarter of this year brought a 6.3% increase in ADR, plus a 3.4% rise in occupancy.