Berkadia Completes $24.85 Million Sale of Hotel in Pittsburgh, Pennsylvania
Pittsburgh, PA– June 12, 2022 – Berkadia announced today the $24.85 million sale of the SpringHill Suites Pittsburgh Bakery Square, a 110-unit hotel in Pittsburgh, Pennsylvania. Managing Directors Dan Hawkins and Kyle Stevenson of Berkadia Hotels & Hospitality completed the sale on behalf of the seller. The deal closed July 11.
Located at 134 Bakery Square, the 110-unit hotel offers a fitness center, dry cleaning service and free buffet/hot breakfast. The hotel is located within the Bakery Square mixed-use development and lifestyle center, including 950,000 square-feet of Class A office space, 90,000 square- feet of retail space, and 2,000 parking spaces.
As the existing site of the historic Nabisco Baking Factory, the premier open-air shopping and office development, which was recently refreshed and expanded in 2020, is anchored by prominent corporate tenants such as Google, Amazon, Uber, Ford Argo, Philips, UPMC, University of Pittsburgh and CMU Software Engineering Institute, in addition to retailers, restaurants and services like Starbucks, Panera Bread, Anthropologie, West Elm, LA Fitness and more.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.