The article notes that the Florida investors are being led by Jorge Perez of Related Group. Also on the buy side is Stephen Ross, majority Miami Dolphins owner and president and CEO of Related Cos. in New York City. Kiran Patel, a Tampa, FL-based cardiologist, is also on the team. The Miami Herald reports that financial details were not available, though if the deal is successful, the Florida partnership plans a $5 million capital investment for the 25-story hotel at 600 Commonwealth Place.
Read more about the story here.
Boca Rotan-based Shubh Hotels' difficulties have been well-documented by the Pittsburgh media as the company had trouble funding renovations for the asset. Last summer, the Allegheny County Sheriff's Office froze the hotel's bank account in preparation for a sheriff's sale. Shubh Hotel bought the asset for $28 million in 2006.
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