Starwood Capital Group Purchases Liberty Center
Friday August 2nd, 2013 - 9:49AM E
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PITTSBURGH—Starwood Capital Group has announced that an entity controlled by Starwood Distressed Opportunity Fund IX has acquired Liberty Center, a mixed-use office and hotel asset located in downtown Pittsburgh. The property was acquired from a partnership that included Forest City Enterprises, Inc. and Jos. L. Muscarelle, Inc., for a gross selling price of $135 million.
The office building is attached to the 616-room Westin hotel. The hotel is connected via an enclosed pedestrian bridge to the David L. Lawrence Convention Center designed by Rafael Vinoly. Starwood plans to improve guest experience through substantial near-term renovations to the lobby, guestrooms and other common areas.
“We are pleased to be adding to our hotel portfolio the Westin Pittsburgh, one of the premier hotels in Pittsburgh’s city center,” stated Suril Shah, SVP at Starwood Capital. “We expect the convention center to provide a sustainable source of room demand and when combined with the city’s projected job and population growth, should offer meaningful upside to the investment on behalf of our partners.”
Tags: • Hospitality • Acquisitions •
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.