LOS ANGELES, Oct. 21, 2015 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate investment manager, has allocated capital for the acquisition of the DoubleTree by Hilton Hotel - Green Tree in Pittsburgh, Pennsylvania. The DoubleTree Green Tree investment marks Ethika's first capital allocation in the Pittsburgh area and the 16th total capital allocation within Ethika's Diversified Opportunity Real Estate Fund. The 460-room property is the largest Pittsburgh hotel in the Hilton family of brands and recently underwent a $20 million renovation, presenting an attractive investment opportunity in a flourishing market.
The City of Pittsburgh is located within 500 miles of more than half of the United States population, and boasts a vibrant economy that outperforms both the United States as a whole and several key benchmark cities. The region has built on its historic strengths in advanced manufacturing, but over the past twenty years has seen its emergence as a key center for financial and business services, healthcare and life sciences, education and information, and communications technology, while also gaining recognition as a new center of American energy. Pittsburgh's health services sector employs more than 140,000 people. Major companies within the industry include Bayer HealthCare, United Healthcare and The University of Pittsburgh Medical Center, a $10 billion global enterprise that is the region's largest employer with more than 43,000 full-time employees.
The DoubleTree Green Tree features nearly 40,000 square feet of flexible, multi-functional meeting space – one of the largest concentrations of space in the region – that can be segmented to enable multiple meetings to take place concurrently. With its unique 13,000 square-foot indoor athletic training center, the hotel is highly sought after by professional and college sports teams participating in regional events, and is perfectly positioned in close proximity to both the Pittsburgh International Airport and Downtown. The recent renovation has upgraded the hotel, and Ethika's sponsor affiliate, Laurus Corporation, will execute an additional $7 million plan to complete the top to bottom renovations, introduce a new culinary concept - the Asado Grill restaurant, and elevate the guest experience.
"Our investment in the acquisition of the DoubleTree Green Tree reflects our extremely positive outlook for growth in the greater Pittsburgh area," said Austin Khan, Chief Investment Officer of Ethika Investments. "We took into account the strong economic and employment factors in place, the ideal location of the asset as well as the comprehensive recent renovation, and we believe there is an incredible upside opportunity that we're proud to pursue on behalf of our investors."
Ethika's $7 million capital plan will improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the Greater Pittsburgh area. Laurus Corporation recently completed the acquisition of the 5.6-acre property.
Ethika Investments is a real estate private equity firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
SOURCE Ethika Investments, LLC