Forest City Enterprises, Inc. earned net profits of US $18.5 million after it successfully completed the sale of Sheraton Station Square to Station Square Pittsburgh Hotel for US $61 million.
Station Square Pittsburgh Hotel is a joint venture of Pyramid Hotel Group, one of the largest hotel management companies in the US. It is also an affiliate of Glenmont Capital Management.
The Sheraton Station Square Hotel is a 399-room hotel featuring over 30,000 square feet of indoor meeting and convention space. Following the transaction, Pyramid will take over management after a franchise agreement with Starwood Hotels.
Jim Dana, CEO of Pyramid Hotel Group, said they are excited to acquire a property in a premier location in downtown Pittsburgh. Pyramid has pipelined several renovation plans to continue to deliver superior service to residents and visitors alike.
"Pittsburgh is a highly stable lodging market and the Sheraton Station Square offers an unmatched guest experience within the Station Square mixed-use development," he said.
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