Oxford Development buys Crowne Plaza Pittsburgh South

Pittsburgh-based Oxford Development has acquired the 179-room Crowne Plaza Pittsburgh South hotel, reports the Pittsburgh Business Times. Speculation is that the hotel sold for around $3 million, per an Allegheny County deed transfer.

The price of the deal is reportedly less than the 2014 county-assessed value of $7 million. The sale price projects to $18,659 per room.

The seller was a Chicago-based investment fund called SageCrest.

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The hotel was marketed for sale by HFF.

As the Pittsburgh Business Times reports, Oxford Development has become increasingly active in growing its hotel portfolio via acquisition. The company owns the DoubleTree Pittsburgh - Monroeville Convention Center Hotel and last year opened the Hyatt House - Pittsburgh South Side.

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.