Neema Hospitality Acquires 2 Pittsburgh-Area Hotels
- Aug 09, 2018
Neema Hospitality has purchased Fairfield Inn & Suites Slippery Rock in Slippery Rock, Pa., and Holiday Inn Express & Suites Pittsburgh SW hotel in Canonsburg, Pa. The combined price tag for the two hotels was about $13 million, Neema President Sandeep Thakrar told Commercial Property Executive. This acquisition brings Neema Hospitality’s portfolio to 11 hotels, across Pennsylvania, Maryland and West Virginia.
The 75-key Fairfield Inn & Suites Slippery Rock is north of Pittsburgh, near both Slippery Rock University and the Grover City Premium Outlets. Amenities include a complimentary hot breakfast, free WiFi, in-room microwaves, in-room refrigerators and an indoor pool.
The 90-key Holiday Inn Express & Suites Pittsburgh SW is south of Pittsburgh, within the Southpointe Business Park and near the Meadows Racetrack and Casino. Its rooms offer microwaves, refrigerators, 42-inch flat-screen TVs, and free breakfast and WiFi. The hotel also has a large heated indoor pool, a patio with fire pit and more than 1,600 square feet of meeting space.
Optimistic about conventions
The hospitality picture in Pittsburgh seems a bit fuzzy, at least with regard to downtown. The 2018 State of Downtown Pittsburgh report from the Pittsburgh Downtown Partnership expressed concern that Greater Downtown hotel occupancy was down half a percentage point from the average of 67 percent over the previous five years, the Pittsburgh Post-Gazette reported. Further, the $155 average daily rate downtown in 2017 had been the lowest since 2013. This was against the backdrop of 815 hotel rooms that have opened in Greater Downtown in 2016 and 2017, with another 386 rooms set for delivery by the end of this year. Still, it was noted that Greater Downtown is the region’s strongest hotel submarket.
However, VisitPittsburgh reportedly expects 2018 to be an even better year than 2017 for convention business, with the city currently 52,000 room-nights ahead of this time last year.
Earlier this year, a 223-key Embassy Suite traded in Coraopolis, less than 20 miles from Holiday Inn Express & Suites Pittsburgh SW.
Image via Google Street View