Woodmont Lodging, a Maryland hotel company, and Milestone Companies, a Baltimore real estate development company specializing in hotel assets, have completed acquisition of the 98-room Fairfield Inn & Suites Pittsburgh Downtown. The transaction is a premium-branded asset in a compelling market with multiple demand generators capable of better weathering any potential economic downturns.
Blue Vista, a Chicago-based investment management firm focused on helping investors maximize returns through real estate strategies in student housing, middle market equity and middle market lending, was also involved in the acquisition.
Woodmont Lodging will provide asset management services, and Milestone Hospitality will deliver property management services to the newly constructed hotel. The hotel hosted its grand opening in October 2019 after two years of construction.