Laurus Corporation Acquires DoubleTree in Pittsburgh

LOS ANGELES—Laurus Corporation has acquired the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh. The Laurus team plans to leverage a recent multimillion-dollar top-to-bottom makeover of the 460-room property and invest an additional $7 million to improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the Greater Pittsburgh area, according to the company.

Located between Pittsburgh International Airport and Downtown Pittsburgh, the DoubleTree Green Tree is the largest hotel in the city within the Hilton family of brands. The property offers nearly 40,000 sq. ft. of flexible, multifunctional meeting space and a 13,000-sq.-ft. indoor athletic training center. 

“Based on the sheer strength of the local employment market, which draws hundreds of thousands of business travelers to the area every year, our team had flagged Pittsburgh as an absolutely essential region for Laurus to delve into in 2015,” said Jean Paul Szita, president of Laurus Corporation. “After carefully examining the inventory in the market, we are tremendously pleased with our purchase of the DoubleTree Green Tree. Extremely well-located, we believe our investors will agree there is incredible upside potential for this recently renovated and high quality property that expertly serves the true drivers of the hospitality market—corporate business, conferences and weddings.”

A recent $20 million renovation touched nearly all areas of the hotel, including new top-quality finishes throughout; the addition of meeting space with state-of-the art lighting, Wi-Fi and audio visual capabilities; a lobby with natural-colored finishes that complement the hotel’s brick exterior; as well as updated guestrooms, pool and fitness center and building roofs. Guest hallways now feature enhanced wallcoverings with modern artwork in addition to new carpets and light fixtures.

Beginning immediately, Laurus will focus on further improving guest services by enhancing operations at the hotel, delivering a top-tier culinary experience across the hotel’s existing restaurants and introducing the all-new Asado Grill restaurant, which the team has included in several of their hotels across the country. Laurus has also tapped a new management team, TPG Hospitality.