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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

The investment firm wants both the hotel and the nearby residential land.

The total value of tourism and leisure industry merger and acquisition deals was down from June, but still up nearly 40 percent from July 2018.

Christoph Eichbaum has joined the investment management hospitality team headed by Andreas Löcher.