Forest City Completes Sale of Sheraton Station Square Hotel
Friday July 19th, 2013 - 9:16AM HM
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PITTSBURGH—Forest City Enterprises, Inc. has completed the disposition of the Sheraton Station Square, a 399-room hotel in Pittsburgh, to Station Square Pittsburgh Hotel LLC, a joint venture led by Pyramid Hotel Group and including an affiliate of Glenmont Capital Management, LLC.
Pyramid will operate the hotel under a long-term Sheraton franchise agreement with Starwood Hotels. The selling price was $61 million, generating net cash proceeds to Forest City of approximately $18.5 million.
“We’re pleased to complete this transaction with an experienced owner/operator such as Pyramid and their joint venture partners,” stated David J. LaRue, president and CEO of Forest City. “We continue to execute our strategy of exiting non-core products and markets, and using liquidity from dispositions to further improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets.”
The Sheraton Station Square Hotel, which features over 30,000 square feet of indoor meeting space, is located adjacent to historic Station Square, Forest City's retail/entertainment complex along the Monongahela River in downtown Pittsburgh. The Plasencia Group represented Forest City in the transaction.
Tags: • Hospitality • Ownership • Operational •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.