JLL’s Hotels & Hospitality group represent the seller in the sale of the 127-key hotel
News release
28 March 2024
Hyatt Place Pittsburgh Airport/Robinson Mall trades
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NEW YORK, Mar. 28, 2024 – JLL’s Hotels & Hospitality group announced today that it arranged the sale of the 127-room Hyatt Place Pittsburgh Airport/Robinson Mall in Pittsburgh, Pennsylvania.
JLL worked on behalf of the seller and procured the buyer.
Located at 6011 Campbells Run Rd., the hotel is primarily supported by airport demand. It also boasts proximity to prime Pittsburgh destinations such as Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanic Garden. The 127-room property features an indoor pool, fitness center and on-site dining.
The JLL Capital Markets Investment Sales team was led by Director Philip White.
“The buyer saw an incredible opportunity to purchase an asset well-below replacement cost in a market with a lack of new competitive supply. The buyer intends to renovate the hotel to compete better within its competitive set as well as maximize profitability within a rebounding Pittsburgh market,” said White.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.