with The Elmhurst Group
Elmhurst Investing $12 million in Transforming the Ramada Plaza Suites
and Conference Center into the Doubletree Hotel Pittsburgh City Center
|PITTSBURGH – Nov. 16, 2004 – Prospera Hospitality, a Pittsburgh-based
management company providing more than 100 collective years of hotel and
resort experience, announces today a joint venture has been formed with
The Elmhurst Group, also of Pittsburgh. Elmhurst is a regional real estate
developer looking to expand nationally in the hospitality industry. Elmhurst
secured an equity interest in Prospera to help implement the expansion
strategy. The combination of the development expertise of Elmhurst and
the operational expertise of Prospera provides a “one-stop-shop” for properties
requiring those services.
One of the first initiatives of the new partnership is a $12 million private investment, funded by The Elmhurst Group, for the complete renovation and transformation project of the Ramada Plaza Suites and Conference Center into the Doubletree Hotel Pittsburgh City Center. Elmhurst selected Prospera to manage all aspects of hotel operations. An accelerated construction schedule beginning immediately, brings the project to completion next June, increasing the first-class hotel rooms available in downtown Pittsburgh and returning a prominent name to the city’s rapidly-growing hospitality industry.
About Prospera Hospitality: Headquartered in Pittsburgh, Pa., Prospera Hospitality was founded in 2002 as a third-party hotel management company. Prospera’s executives have been involved in more than $2 billion worth of real estate acquisitions. The company’s services include targeting geographic markets, developing the appropriate brand relationship and market position strategies, and performing financial analysis and legal processes. Prospera executives have utilized their experiences to benefit all types of independent and branded properties, including: resort; commercial; convention; mid-market, and full- and limited-service hotels.
About The Elmhurst Group: The Elmhurst Group of companies is a 30-year-old Pittsburgh-based organization that invests in commercial real estate and operating businesses. Elmhurst’s real estate holdings include 27 properties exceeding 1.6 million square feet of office, distribution, retail, flex space and a hotel, all in Western Pennsylvania. Investments have also been made in the retail, medical, hospitality, oil and gas, and electronic security industries. Elmhurst’s long-term strategy is to continually increase the value of each of its holdings by providing strong and dedicated management.
The Elmhurst Group
|Also See:||Barry Fix Named Director of Sales and Marketing at Pittsburgh Ramada Plaza Suites & Conference Center / Jan 2002|
|DoubleTree Pittsburgh Hotel at Liberty Center Owner Forest City Commercial Group Selects Westin to Manage the 618-room Property / Dec 2000|