The Real Deal Miami

Related Group stages Pittsburgh comeback

December 01, 2009 01:12PM

Developer Jorge Perez and his Related Group are spearheading a consortium of Florida investors to buy and rehabilitate a faltering Hilton Hotel in central Pittsburgh. Shubh Hotels, which has owned the 25-story hotel since 2006, is also a Florida concern, 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 will put about $5 million into a planned meeting hall expansion and 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, said the move means Perez’s situation with local creditors has likely improved. The ICON Brickell complex, a flagship condo project from Related, has had to cut prices by 30 percent as sales languished. [Miami Herald]