Station Square Pittsburgh Hotel has wrapped up the $61 million purchase of a 399-room hotel in Pittsburgh from Forest City Enterprises Inc. (NYSE: FCEA, FCEB)
The target, which does business as the Sheraton Station Square, is a joint venture led by Pyramid Hotel Group and an affiliate of Glenmont Capital Management, a New York-based real estate private equity fund manager.
The deal left Cleveland-based Forest with about $18.5 million in cash proceeds. The seller is a real estate developer and manager with about $10.6 billion in assets.
Boston-based Pyramid Hotel Group has 54 hotels and resorts under management.
The deal follows several others in the real estate sector. In July, private equity firm Century Bridge Capital made an investment in a Chinese real estate project, Starwood Capital Group bought InTown Hospitality Corp., and TPG made an investment in AV Homes Inc. (Nasdaq: AVHI).
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