Developer Jorge Perez and his company Related Group are leading a bunch of Florida investors to buy and renovate a stumbling Hilton Hotel in central Pittsburgh. Shubh Hotels, which has owned the 25-story hotel since 2006, is also a Florida entanglement, based in Boca Raton. The Hilton is Pittsburgh’s largest hotel, with 713 rooms and 45,000 square feet of space for meetings and events.
Related Group will reportedly put about $5 million into a planned meeting hall expansion and to the renovations of the convention space, lobbies, and new pools and spa facilities. Bankruptcy lawyer Thomas Lehman, a managing partner and co-chair of the bankruptcy and receivership group for the Tew Cardenas law firm in Miami, feels that the move means Perez’s situation with local creditors has likely improved. The ICON Brickell, a leading condo project from Related Group, has had to cut prices by 30% as sales suffered.
Via: The Real Deal