Harris Mathis, Shubh's COO, tells GlobeSt.com, this is thecompany's fourth hotel acquisition. It also owns a Doubletree inBoca Raton, a Marriott in Lincoln, NE, and the Hotel Pontchartrainin Detroit, which Mathis says is being converted to a Sheraton."We're always looking for major brands in major markets. Pittsburghis a great location and Hilton is a top national brand." It willcontinue to operate as a Hilton under a 20-year franchise agreementwith the Beverly Hills-based hospitality firm. Shubh has contractedwith the Denver-based Richfield Hospitality Management to managethe asset.

A team from the Chicago-based Jones Lang LaSalle Hotels marketedthe property on behalf of Hilton and Hertz. The team includedMelinda McKay, SVP; Thomas Fisher, EVP, in Chicago, and DanAdamski, SVP in the local JLL office. McKay tells GlobeSt.com itwas a single-asset sale, "part of Hilton's strategy of selling realestate to concentrate on management and franchising." The propertydrew a lot of interest, she adds.

The hotel, which is Pittsburgh's largest, opened in 1959. TheSanta Monica, CA-based Hertz Investment Group acquired the 10 acreson which the Hilton sits in conjunction with its $55-millionacquisition of the four Gateway Center office buildings in late2004. McKay declined to confirm published reports that Hertzobtained a $10-million portion of the selling price, and calls toHilton and Hertz were not returned by deadline.