David Cocco, VP of hotel operations for Kratsa, tells GlobeSt.com it acquired the land, "only about 0.4 acres," from the Mount Lebanon Parking Authority for $450,000. Marriott approved the project on Sept. 13, he says. The ballpark construction cost is about $9 million, according to Cocco, and the all-in cost, including scraping the parcel and construction of underground hotel parking, is estimated at $11 million.
This is a land-constrained market in one of Pittsburgh's tiniest suburbs where there are few hotels. This land is across from a light rail station, affording easy access to Downtown Pittsburgh, Station Square and South Hills Village.
Kratsa is a prolific developer and operator of hotels in Pittsburgh and the surrounding suburbs and also owns and operates other classes of commercial and residential real estate. Its hotel portfolio now contains 13 properties, including four SpringHill Suites by Marriott, a Courtyard Marriott, a Fairfield Inn & Suites, a Holiday Inn Hotel & Suites, three Holiday Inn Express assets, a Comfort Inn, a Days Inn and a Super 8 Motel.
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