Wednesday September 18th, 2013 - 10:54AM
MONROEVILLE, PA— Shale Hotels, Inc. acquired the 187-room Holiday Inn here.
HREC Investment Advisors arranged the sale to the local group, which has other hotel holdings in the region.
Shale plans on extensively renovating the asset with a focus on capturing more business related to gas exploration/drilling in the greater region, according to the company.
"In the hotel industry, it's all about location, location, location," stated Tejas Gosai, president of Shale Hotels, Inc. "The Holiday Inn Pittsburgh-Monroeville sits just east of Pittsburgh, literally on top of the PA Turnpike and Route 376. Not only is it a prime location for folks already in Pittsburgh or those traveling through our interstates, but also for those associated with the shale oil/gas industry."