JLL’s Hotels & Hospitality group arranged the sale of the Hyatt Place Pittsburgh (Pa.) Airport / Robinson Mall, working on behalf of the seller and procuring the buyer. According to a report from The Business Times last year, the previous owner was ARA U.S. Hospitality Trust and the property had an asking price of $7.7 million. Other terms of the transaction were not disclosed.
The 127-room property has an indoor pool, a 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,” White said in a statement.
The hotel is primarily supported by airport demand. It also is close to Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanic Garden.