Detailed Information
Location
Property Highlights
- Fee Simple interest in the 100-room Hampton Inn & Suites Pittsburgh Airport South- Settlers Ridge
- Property is institutionally owned and managed
- The property is being offered for sale at a substantial discount to replacement cost and unencumbered of debt and management
- Strong year-over-year +9% RevPAR growth with asset pacing to +$90 RevPAR
- Core-branded 2016-constructed asset available for a new 15-year relicense with Hilton
- Development well underway for a ~$1.6B airport renovation and modernization to better accommodate preferred passenger routes
LOCATION SUMMARY
- Walking distance to Settlers Ridge – the $100MM mixed use lifestyle center with more than 40 retail and dining establishments
- Proximate to all broader airport corporate corridor demand – including Dick’s Sporting Goods HQ, Covestro North America HQ and the Pittsburgh Airport Innovation campus
- Ideally situated proximate to the heavily trafficked airport commercial corridor – home to numerous big box retail establishments including IKEA, Target, Sam’s Club and the 872,000SF Mall at Robinson Town Center
- Property is readily accessible to Interstate 376 and Interstate 76 with upwards of 85,000 cars passing the location daily
- Situated approximately 10 miles from downtown Pittsburgh and proximate to all regional demand including the University of Pittsburgh, Carnegie Mellon University, Heinz Field, PNC Park, the Pittsburgh Convention Center, and Pittsburgh International Airport
- Optimal time to invest in the Pittsburgh MSA with strong diversified growth in the life sciences and tourism sector with more than 20MM visitors totaling $6.4MM economic impact