Pittsburgh’s fourth-biggest hotel has a new owner, according to the Pittsburgh Business Times.
After investing $20 million in renovations, Houston-based RIDA Development Corp. has sold the 460-room DoubleTree by Hilton Pittsburgh located along the Parkway West in Green Tree.
The buyer is the Laurus Corp., a California-based firm that announced it plans to invest another $7 million in the property as well as adds its Asado Grill restaurant to the property.
No sale price for the property was divulged and county records do not yet reflect the property is under new ownership.
In an announcement of the property sale, Laurus President Jean Paul Szita called Pittsburgh “an absolutely essential region for Laurus to delve into in 2015.”
He noted the quality of the renovation along with the strength of the local employment market, the busy Parkway West locations as motivating factors in Laurus buying the property.
Laurus has acquired property in the region in the past, buying an office building at Southpointe in 2012.