PITTSBURGH-Forest City Enterprises of Cleveland reports it has sold The Sheraton Station Square Hotel here for $61 million to a partnership of the Pyramid Hotel Group of Boston and New York City-based Glenmont Capital Management LLC.
Forest City reports it will realize net cash proceeds of approximately $18.5 million from the sale of the 399-room facility, one of Pittsburgh's largest hotels. The property will remain a Sheraton hotel and be operated by Pyramid, according to the Pittsburgh Business Journal.
"Pittsburgh is a highly stable lodging market and the Sheraton Station Square offers an unmatched guest experience within the Station Square mixed-use development,” says Jim Dina, chief operating officer of Pyramid Hotel Group in a prepared statement. "The many planned renovations to the hotel promise to assist our dedicated staff in delivering a superior level of service for residents, and leisure, corporate and group travelers. We look forward to continuing the many partnerships that Forest City has fostered within the Pittsburgh community." See story in the Pittsburgh Business Journal.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.