The Hyatt Place Pittsburgh Airport/Robinson Mall, a 127-room hotel located in Pittsburgh, Pennsylvania, US has been sold.
This deal was arranged by US-based real estate developer JLL's Hotels & Hospitality group, who represented the seller and secured the buyer.
The hotel, situated at 6011 Campbells Run Rd., is positioned to cater to airport travellers.
It is near to key Pittsburgh attractions, which include Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena, and the Pittsburgh Botanic Garden.
The pet-friendly establishment offers a range of amenities, including an indoor pool, a fitness centre, and on-site dining options.
It also features a meeting room spanning 926ft², which can house up to 80 people.
Guests can have complimentary breakfast and a variety of beverages from the coffee to beer & wine bar, which serves Starbucks products.
JLL Hotels and Hospitality director Philip White said: “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 maximise profitability within a rebounding Pittsburgh market.”
Earlier this month, JLL Capital Markets arranged the refinancing of Colorado's ski resort hotel, W Aspen.
The 88-room five-storey hotel has a heated pool and spa, three food and beverage outlets, meeting and banquet space, a fitness facility, fire pits, rooftop cabanas, structured parking, and a seasonal ski shop.
In July last year, JLL also arranged the sale of the 125-key Holiday Inn Express and Suites Pittsburgh-South Side.
The six-storey hotel has various amenities, including a fitness centre, an indoor pool, two banquet rooms, a lobby, and 600ft² of meeting area.
Over the past five years, JLL's Hotels & Hospitality Group has executed transactions worth $83bn globally and has completed over 7,350 advisory, valuation, and asset management assignments across more than 20 countries.
