PITTSBURGH, PA-HFF is marketing the Marriott Pittsburgh North hotel in northern Pittsburgh, just as it appears Starwood Capital Group may acquire the Westin Convention Center hotel downtown.
Starwood has reportedly made inquiries about acquiring the Liberty Center office complex and the adjacent Westin.
The 295-room Marriott hotel is currently owned by a partnership of Winegardner & Hammons and Eagle Realty Group. The partnership carries no debt on the property and HFF did not specify a list price for the sale.
Built in 2003, the Marriott Pittsburgh North is located at 100 Cranberry Woods Drive, near the Interstate 79 and Pennsylvania Turnpike (I-76) interchange about 20 miles north of downtown. The hotel has 14,905 square feet of meeting space, the River City Grille & Lounge, an indoor pool, fitness center, business center and sundry shop.
The HFF team representing the seller is led by senior managing directors Mark Popovich and Daniel Peek and director Max Comess.
The hospitality sector has been showing positive momentum, with rising prices and sales velocity up, according to a new report from Marcus & Millichap. “Strong corporate profits support increased business travel, and the broadening economic recovery inspires more leisure stays,” says the report issued today.
On the other hand, M & M says in its report that political deadlock over debt and spending issues in Washington pose a continuing threat to overall economic recovery.
Winegardner & Hammons owns a portfolio of properties including resort, all-suite, extended-stay, full-service and conference-center hotels in many markets across the United States. The company currently manages 30 hotels in the United States and is affiliated with major hotel brands including Marriott, Hilton and Intercontinental Hotel.
Eagle Realty Group is a real estate investment and property management company based in Cincinnati, OH.
HFF operates out of 21 offices nationwide, providing commercial real estate and capital markets services to the real estate industry.