Pittsburgh Embassy Suites Changes Hands for $25M
- May 07, 2018
NHH CMS Pittsburgh LP has sold the 223-key Embassy Suites Pittsburgh Airport hotel, located in Coraopolis, Pa. The $25 million deal was brokered by Marcus & Millichap, equating to a price of $112,108 per key. According to public records, the former owner purchased the hotel in 2008, for $21.5 million.
The property is situated at 550 Cherrington Parkway, adjacent to Pittsburgh International Airport. The site is located between Interstate 376 and Beaver Grade Road, while downtown Pittsburgh is roughly 17 miles away.
Embassy Suites Pittsburgh Airport was built in 1990 on a hilltop. The geological location provides good visibility from I-376, the main artery connecting the airport to Downtown. The closest retail, dining and entertainment center is within an eight-minute drive.
Jerry Swon and Daniel Zagoria of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer.
“The buyers’ vison for repositioning the asset made them uniquely qualified to execute on this transaction,” said Swon, in prepared remarks.
Image via Google Maps