Woodmont Lodging Grows Hotel Portfolio
In a joint venture with Milestone Cos. and Blue Vista Capital Management, the firm acquired a newly delivered asset in downtown Pittsburgh.
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Woodmont Lodging, in a partnership with Milestone Cos. and Blue Vista Capital Management, has acquired the newly developed 98-key Fairfield Inn & Suites Pittsburgh Downtown. Woodmont Lodging will serve as the asset manager and Milestone Hospitality will provide property management services. The acquisition marks Woodmont Lodging’s second Fairfield Inn & Suites and its third Marriott-branded hotel.
Located at 435 Fort Pitt Blvd. in downtown Pittsburgh, the seven-story hotel opened this month after two years of construction. Guestrooms feature oversized workspaces with ergonomic chairs and high-speed internet connection. Additional amenities include a 24/7 fitness center, laundry facilities and sundry stores.
The hotel is alongside Monongahela River near attractions such as PNC Park, Heinz Field and the David Lawrence Convention Center. Additionally, the property is just off interstates 376 and 579 and provides convenient access to First Avenue Metro Station.
According to a new mid-year report from Cushman & Wakefield, despite a strong performance in the hotel sector, signs indicate that the market might be heading toward a slowdown. Challenges include business travels, weather-related issues and the absorption of the new supply.
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