REIT Purchases Courtyard by Marriott in Pittsburgh

» Done Deals | By WPC Deals Team | March 26, 2013 12:13 PM ET

Carey Watermark Investors of New York purchased a Courtyard by Marriott hotel in Pittsburgh for a total investment of about $34.6 million. It includes a purchase price of $29.9 million and $4.8 million in planned improvements and related costs, according to Commercial Property Executive.  

Open since 2003 in Pittsburgh's Shadyside neighborhood, the hotel offers 132 rooms and approximately 1,600 square feet of meeting space. Improvements will be made to lobby areas, guests rooms and public areas.  

The property will still be managed by Concord Hospitality of Raleigh, CWI announced. 

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