PITTSBURGH--(BUSINESS WIRE)--Woodmont Lodging, a leading hotel company, and Milestone Companies, a premier full-service real estate development company specializing in hotel assets, today jointly announced the completed acquisition of the 98-room Fairfield Inn & Suites Pittsburgh Downtown. Woodmont Lodging will provide asset management services, and Milestone Hospitality will deliver property management services to the newly constructed hotel.
“We continue to seek premium-branded assets in compelling markets with multiple demand generators capable of better weathering any potential economic downturns,” said Elliott Estes, principal, Woodmont Lodging. “Pittsburgh is a dynamic market, the hotel has incredible river views and is surrounded by a variety of Fortune 500 companies, universities, hospitals and a growing tech corridor. The hotel is the newest property in Pittsburgh, providing business and leisure guests with the latest amenities.”
Located at 435 Fort Pitt Boulevard, the seven-story hotel is proximate to such local attractions as PNC Park, Heinz Field and the David L. Lawrence Convention Center. The hotel provides customers with fantastic waterfront views along the Monongahela River and ease of access to the Station Square entertainment and retail district. Each room and suite provide oversized workspaces with ergonomic chairs, complimentary high-speed Wi-Fi, cotton-rich linens and a comfortable pillow top mattress for relaxation. Hotel amenities include a 24/7 fitness center, guest laundry, sundry store and a daily, complimentary hot breakfast. The hotel hosted its grand opening in October 2019 after two years of construction.
“This acquisition marks our second Fairfield Inn & Suites and our third Marriott-branded hotel,” Estes added. “We are confident that our familiarity with the brand, coupled with Milestone’s expertise and comprehensive approach to property management, will allow us to quickly ramp up operations and position the hotel as the upper midscale destination of choice for visitors to the area.”
Woodmont Lodging is focused on the acquisition and aggressive asset management of select-service and extended-stay hotels. The company delivers financial results to third-party owners through advisory engagements, asset management services and property management services.
Milestone Companies is an award-winning hotel management, investment and development firm with a dedicated team of hospitality industry professionals that have amassed more than 100 years of combined experience in property management, asset management and hotel renovations. Over the past 30 years, the principals of Milestone have been involved in the acquisition and/or management of more than 125 hotels located across the United States with an aggregate value in excess of $1.5 Billion. Milestone provides property management services through its wholly-owned affiliate, Milestone Hospitality Management, LLC. The Milestone Companies are headquartered in Baltimore, MD, with satellite offices in Harrisburg, PA, Greensboro, NC and Los Angeles, CA. For more information, visit www.milestonehotels.com.
Blue Vista Capital Management:
Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate strategies in student housing, middle market equity and middle market lending. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender. Since its inception in 2002, the firm has invested over $9.0 billion as of June 30, 2018 in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, visit www.bluevistallc.com.