NEW YORK, Mar. 28, 2024 - JLL's Hotels & Hospitality group announced today that it arranged the sale of the 127-room Hyatt Place Pittsburgh Airport/Robinson Mall in Pittsburgh, Pennsylvania.

JLL worked on behalf of the seller and procured the buyer.

Located at 6011 Campbells Run Rd., the hotel is primarily supported by airport demand. It also boasts proximity to prime Pittsburgh destinations such as Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanic Garden. The 127-room property features an indoor pool, fitness center and on-site dining.

The JLL Capital Markets Investment Sales team was led by Director Philip White.

"The buyer saw an incredible opportunity to purchase an asset well-below replacement cost in a market with a lack of new competitive supply. The buyer intends to renovate the hotel to compete better within its competitive set as well as maximize profitability within a rebounding Pittsburgh market," said White.

JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group's 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL's newsroom.

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Jones Lang LaSalle Inc. published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 15:33:09 UTC.