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Berkadia Hotels & Hospitality has been exclusively retained in connection with the soliciation of offers to acquire the fee simple interest in the 110-room Hampton Inn & Suites Cranberry Pittsburgh (the “Hotel” or “Asset”). Purpose-built in September 2018, the Hampton Inn & Suites boasts status as the newest hotel in the submarket and benefits from a best-in-class brand within the select-service segment. As a result of these differentiating characterstics, combined with no new supply under constructuion in all of Butler County and a strategic location in a submarket which has a RevPAR that currently sits $16 higher when compared to pre-pandemic benchmarks (adjusted comp set), the Hotel has demonstrated the innate ability to yield strong top and bottom-line performance, with considerable room for upside.
The Hampton Inn & Suites offering represents a rare opportunity for a new owner to acquire a recently delivered, Hilton-affiliated, cash-flowing hotel, offered unencumbered of management, with attainable yield growth potential. When paired with a highly accessible location 30 minutes north of downtown Pittsburgh and Pittsburgh International Airport (amid a $1.6 billion expansion), a category dominant brand, world-class loyalty program of more than 180 million members, and limited required capital expenditures, the Asset presents a highly attractive investment opportunity in the current economic environment and is positioned to offer hospitality investors with immediate and long-term returns throughout their hold period.
OFFERING
The
2023 Forecast (9+3) Quick Facts:
RevPAR
$122.54
Revenues:
$5.4MM
NOI
$1.5MM | 28.6% Margin
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Fee simple, non-union and unencumbered of management
Best-in-class brand and loyalty program with proven historical flag performance
Newest hotel (September 2018) in the submarket with no new lodging entrants under construction
Strong in-place market capture with attainable top-line growth potential
Lean select-service operating model with substantial realized cash-flow generation
Amenity rich, suburban office hub location strenghtened by a diverse demand channel mix
Investment Highlights
Additional Amenities
Indoor pool, fitness center, business center, outdoor terrace with a fire pit, complimentary high speed WiFi, digital key
Food & Beverage
Complimentary hot breakfast
Vintage
September 2018
Guestrooms & Suites
110 (36 suites)
Land Area
2.44 AC
Building Area:
59,368 SF
Floors
4
Labor
Non-union
Management
Unencumbered
TENURE
Fee simple
#4 of 16 hotels in Cranberry Township
Property overview
THE LOCATION
CRANBERRY HIGHLANDS GOLF COURSE
Stunning 186-acre course with over 90 sand bunkers, water hazards, and 70 separate tee areas
Equipped with full-service pro shop, grill room, banquet and meeting facility, featuring indoor seating for 150 and outdoor pavilion which seats 100, golf instruction, and two practice putting greens.
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PITTSBURGH INTERNATIONAL AIRPORT
56 gates and 135 nonstop destinations
Amidst a $1.6 billion expansion which will add 51 new gates
9.3 million passengers during the TTM February 2024 period compared to 9.8 million passengers at YE 2019
Directly and indirectly supports over 148,000 jobs
Generates $29 billion in business revenues
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CRANBERRY MALL
33 stores across multiple retail segments
Stores Include:
- Marhsall’s
- PETCO
- HomeGoods
- ALDI
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MORAINE STATE PARK
16,725-acre park attracting more than two million boaters, picnickers, hikers, bikers, horseback riders, cabin renters, and swimmers a year
71 miles of trails
Highlighted by the 3,225-acre Lake Arthur and its 42-miles of shoreline
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UPMC PASSAVANT-CRANBERRY
17-acre campus equipped with 24/7 emergency department, heliport, , and pediatric care center
33-bed hospital with state-of-the-art technology including 3D imaging
Part of the greater University of Pittsburgh Medical Center (UPMC) health system, which contains over 40 hospitals, 8,000 licensed beds, and employs over 92,000 people within the region
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MSA SAFETY INCORPORATED
Global Leader in the development, manufacture, and supply of safety products
Founded in Cranberry Township, their downtown Pittsburgh headquarters employs about 800 people
$1.5B in revenues (YE 2022)
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PPG PAINTS
#232 Fortune 500 Rank (2023)
117,980 SF facility in Cranberry Township
Downtown Pittsburgh headquarters employing over 1,000 people
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KAWNEER
Leading manufacturer of architectural systems and products for commercial construction
Approximately 600 employees are supported at their 950,000 SF facility in Cranberry Township
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GRAYMATTER
Industrial technology and consulting firm
Located on the 223-acre Innovation Ridge Advanced Technology Office Park in Cranberry Township
10,000 SF headquarters with approximately 100 employees
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CRANBERRY WOODS BUSINESS PARK
Mixed-use business campus featuring office, flex, and industrial capabilities
13 buildings containing in excess of 750,000 SF
Planned for 1 million SF at full build out
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KEYSTONE SUMMIT CORPORATE PARK
101-acre Class A office complex consisting of five buildings across 554,000 SF
Features a 3,300 SF auditorium, fitness center, and outdoor café
Major tenants include Heinz, Federated Investors, and EXCO Resources
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THORN HILL INDUSTRIAL PARK
925-acre corporate park
+3 million SF of industrial, flex, and office space
More than 100 companies occupy the park
Mitsubishi Electric, Paragon, USPS, and RedZone Robotics are among its tenants
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UPMC LEMIEUX OUTPATIENT FACILITY
Comprehensive outpatient facility for UPMC Sports Medicine, UPMC Magee-Women’s Specialty Services, and UPMC Children’s Express Care.
54,000 SF of clinical space
Sports medicine clinic with 24 patient rooms and on-site MRI and x-ray imaging
Exclusive Hotel Partner
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UPMC LEMIEUX SPORTS COMPLEX
Primary training and practice facility of the NHL’s Pittsburgh Penguins
Two full-size hockey rinks with approximately 1,400 seats
Sprinting track and batting cages
14 locker rooms
Exclusive Hotel Partner
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GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Ethan Wagner
Real Estate Analyst
814.574.7376
ethan.wagner@berkadia.com
Connor Wimsatt
Associate Director
240.204.5138
connor.wimsatt@berkadia.com
Matt Raptosh
Managing Director
215.328.1318
matt.raptosh@berkadia.com
Broker of Record:
Rick Brace
PA BoR #RB067846
Financing
Justin Storer
Real Estate Analyst
301.202.3542
justin.storer@berkadia.com
DC License #SP40003037
JAKE PIETRAS
Associate Director
410.940.9497
jake.pietras@berkadia.com
MD License #5003787
DAN HAWKINS
Managing Director
240.204.5139
dan.hawkins@berkadia.com
DC License #SP200201313
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Primed to benefit from Pittsburgh’s continued economic growth trajectory
Parking
Complimentary surface parking (110 Spaces)
10015 Pendleton WaY, Cranberry Township, PA 16066
quick facts
RevPAR
TTM March 2024
$85.39
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Hampton Inn & Suites Cranberry Pittsburgh
10015 Pendleton Way, Cranberry Township, PA 16066
10015 Pendleton WaY, Cranberry Township, PA 16066
The Hotel
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MEETING SPACE
None
99.4%
Index (Adjusted Comp Set)
$3.5MM
Revenues
$1.1MM
NOI
32.3%
Margin
Budget 2024
$93.31
RevPAR
$3.8MM
Revenues
$1.6MM
NOI
41.2%
Margin