8402 University Blvd
Moon Township, PA 15108
DoubleTree by Hilton Hotel Pittsburgh Airport · Hospitality Property For Sale · 117,364 SF

Holliday Fenoglio Fowler, L.P. ("HFF") is pleased to offer the fee simple interest in the 135-room DoubleTree Hotel Pittsburgh Airport (the "Property" or "DoubleTree"). This six-story hotel, located at 8402 University Boulevard, first opened in 1969 as a Ramada Inn. In 2005, a Pittsburgh developer purchased the Property and performed an extensive $13.0 million renovation, which included all guest rooms and public areas. The Property reopened as the DoubleTree Hotel Pittsburgh Airport on January 12, 2006 and was sold in 2013 for $14.0 million. The DoubleTree is ideally located just minutes from Pittsburgh International Airport and just 12 miles from Downtown Pittsburgh. In addition, the Property offers 14,000 square feet of flexible meeting space including the 5,000 square feet DoubleTree Ballroom on the ground level of the hotel, a three-meal restaurant offering American fare throughout the day, fully-equipped fitness center, indoor pool, and business center. The Doubletree Hotel Pittsburgh Airport is a full-service hotel operating under the Doubletree Hotel brand since January 2006, containing 135 first-class guestrooms including five suites. There is an opportunity to add four additional hotel keys by converting the existing Junior Suites in to separate guestrooms, each with full bathrooms. The property is conveniently situated six miles from Pittsburgh International Airport and minutes from key demand generators including Cherrington micro-market located west of downtown Pittsburgh. The last major renovation was completed in 2014 at an approximate cost of $1.3 million. With a new change of ownership PIP, several items could be addressed at the Property. Executing the PIP will generate immediate additional returns by offering a completely renovated Property inclusive of previous ownership capital investment. The Property is ideally located off Interstate 376 just minutes from the Pittsburgh International Airport (PIT) which has been rapidly expanding its presence; in fact, during the past two (2) years, the airport has increased its nonstop destinations by 80% to include sixty-eight (68) markets. This growth has not gone unrecognized. In January, Air Transport World magazine announced Pittsburgh International Airport as its 2017 Airport of the Year. The airport joins an impressive list of past winners around the world including Hong Kong International, London Heathrow and Singapore Changi, as the first U.S. airport to win. Additionally, the Property is situated just a few miles from the 700,000 square foot Dick’s Sporting Goods Headquarters and 12 miles from Downtown Pittsburgh. The Embassy Suites, a former 223-key full service hotel located less than a mile from the airport, is being converted into a senior housing facility. This has significantly reduced the competition in the Pittsburgh airport hotel market by removing more than 15% of the rooms from the competitive set. Therefore, HFF’s pro forma assumes that the removal of the Embassy Suites from the market will result in significant RevPAR growth for the Property in the 2018 – 2020 timeframe.