DENVER, Colorado, and JERSEY CITY, New Jersey—HREC Investment Advisors has arranged the sale of the 179-guestroom Crowne Plaza Suites Pittsburgh South located in Pittsburgh, Pennsylvania.
HREC Investment Advisors represented the buyer on this transaction. The marketing and negotiations were led by Phil White, vice president, located in the HREC Investment Advisors’ New Jersey office, and Mark von Dwingelo, the broker on record for Pennsylvania.
“The new owners of the Crowne Plaza bought into Pittsburgh’s market fundamentals and feel that after renovation the hotel will eclipse historic performance and uniquely benefit from its excellent location within Pittsburgh’s Bethel Park municipality,” said White. “The Pittsburgh MSA is a hotel market that is poised to bounce back strongly from the COVID pandemic, given the diverse demand generators, and buyers are assertively looking to expand their portfolios in the market.”
Located seven miles from downtown Pittsburgh, the Crowne Plaza Hotel and Suites Pittsburgh South hotel is situated in the heart of South Hills, a southern suburb neighborhood. South Hills has a wide range of local attractions and business such as the South Hills Village Mall, the South Park Theatre, The Meadows Racetrack & Casino, and the David L. Lawrence Convention Center.