Tampa, Fla. (October 15, 2015) – The Plasencia Group is pleased to announce the sale of the DoubleTree by Hilton Pittsburgh – Green Tree hotel, located in Pittsburgh, Pennsylvania. The firm represented RIDA Development Corporation, the seller of the 460-room hotel. Laurus Corporation, a California-based private real estate investment and development firm, acquired the property.
“The comprehensive renovation of the DoubleTree has transformed it into the nicest asset within the Hilton family of brands in all of Pittsburgh. Its vast aggregation of meeting space allows it to draw a growing contingent of excellent group accounts,” commented Nick Plasencia, The Plasencia Group’s Vice President and member of the disposition team. The Plasencia Group has advised on the sale of 95 Hilton properties, including 32 DoubleTree hotels, since 1999.
Keith Coe, Senior Vice President at The Plasencia Group added, “Both buyer and seller benefitted from this terrific transaction. New ownership should continue to enjoy the fruits of Pittsburgh’s record-setting group bookings in 2015.”
The DoubleTree benefits from its proximity to Pittsburgh’s Central Business District in a high-visibility location just west of downtown and en route to Pittsburgh International Airport. The hotel’s extensive $20 million renovation in late 2013 and its 40,000 square feet of meeting and function space make it an attractive option for business and leisure travelers.
