Capstone Development Acquires SpringHill Suites Pittsburgh Bakery Square
Monday December 16th, 2013 - 8:48AM EBZHQ
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PITTSBURGH, PA—Capstone Development, LLC acquired the 110-room SpringHill Suites Pittsburgh Bakery Square, located here at 134 Bakery Square Boulevard, in a joint venture with Artemis Real Estate Partners.
Capstone acquired the hotel from a private developer and investor.
“This transaction represents an outstanding opportunity to acquire another high-quality, premium-branded hotel in a strong market with multiple sources of lodging demand," stated Norman Jenkins, president of Capstone Development. “We have been interested in entering the Pittsburgh market for some time and we are confident this acquisition will build upon our track record of delivering superior, risk-adjusted returns to our investors."
The hotel is part of the Bakery Square mixed-use development, an adaptive reuse of a former Nabisco biscuit factory, which now houses class-A office space, a number of retail stores and restaurants. Among the office tenants are Google, Carnegie Mellon University, The University of Pittsburgh, UP Medical Center Technology Development Center and Nuance Communications.
Opened in 2010, the SpringHill Suites Bakery Square offers 110 guest suites, an indoor swimming pool, an outdoor rooftop terrace with fire pit, a lobby bar, business center, sundry shop, guest laundry and complimentary wireless high-speed Internet access. Hotel guests also have complimentary access to a 40,000-sq.-ft. L.A. Fitness Signature Club, which is connected to the hotel via a sky bridge.
The hotel will continue to be operated by Concord Hospitality Enterprises.
The Springhill Suites Pittsburgh Bakery Square is the third hotel acquired by Capstone Development and its affiliates this year. It previously acquired the Courtyard by Marriott Washington, DC at Dupont Circle and the Residence Inn Birmingham Downtown at UAB. Capstone is also co-developing the 1,175-room Marriott Marquis in Washington, DC. The hotel is under construction and will open for business in May.
Tags: Capstone Development • Norman Jenkins • Artemis Real Estate Partners • SpringHill Suites Pittsburgh Bakery Square • Pittsburgh • Hospitality • Brands • Acquisitions • Ownership • Owners/Operators • Investment Funds •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.