Laurus Acquires the DoubleTree Hotel in Pittsburgh
Laurus acquires centrally located hotel with plans to continue property repositioning and amplify meetings, weddings and event business.
Laurus Corporation has acquired the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh, Pennsylvania, expanding the Los Angeles-based real estate investment and development firm’s already robust hospitality platform. The Laurus team plans to leverage a recent multi-million-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.
Ideally located between the Pittsburgh International Airport and Downtown, the DoubleTree Green Tree draws guests and clients from across a region experiencing tremendous growth. As the largest Pittsburgh hotel within the Hilton family of brands, the DoubleTree Green Tree holds a prominent position as an anchor hotel for city-wide conventions and events. The property boasts nearly 40,000 square feet of flexible, multi-functional meeting space – one of the largest concentrations of space in the region – that can be segmented to enable multiple meetings to take place concurrently. With its unique 13,000 square-foot indoor athletic training center, the hotel is highly sought after by professional and college sports teams participating in regional events.
«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 high-energy, inviting lobby with soothing, 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 wall coverings with tasteful modern artwork in addition to durable carpets and beautiful eye-catching light fixtures.