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DAN HAWKINS
Managing Director
240.793.0290 dan.hawkins@berkadia.com DC License #SP200201313
Andy Wimsatt
Senior Managing Director
Head of Hotels
301.529.6057 andy.wimsatt@berkadia.com MD License # 371388
JUSTIN STORER
Real Estate Analyst
774.275.7833 justin.storer@berkadia.com DC License #SP40003037
JAKE PIETRAS
Associate Director
410.940.9497 jake.pietras@berkadia.com MD License #5003787
H&H Investment Sales:
H&H Financing:
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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.
© 2025 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.
228 Federal St, Pittsburgh, PA 15212
PHOTO GALLERY
THE LOCATION
Carnegie Mellon University
14,500+ students.
Startup incubator.
400 startups in the last 10 years.
$7 billion in funding for startups in the last 10 years.
University of Pittsburgh
$5.2 billion statewide annual economic impact.
29,927 undergraduate and graduate students in fall 2024.
15,250 faculty and staff in fall 2024.
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EQT Corporation
Major natural gas production company specializing in the exploration and production of shale gas.
82,601 SF occupied.
1,677 employees.
Gecko Robotics
Technology firm that develops advanced robotic systems for industrial inspection and maintenance.
67,897 SF occupied.
453 employees.
Located in Nova Place.
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PPG Industries Headquarters
Global leader renowned for its innovative solutions that enhance and protect surfaces in various industries, including automotive, aerospace, and construction.
242,290 SF occupied.
1,500 employees.
PNC Financial Services Group Headquarters
800,000 SF occupied.
1,600 employees.
#139 on Fortune 500 list.
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Wabtec
Westinghouse Air Brake Technologies Corporation (Wabtec) is a leading global provider of equipment, systems, digital solutions, and value-added services for freight rail, transit, mining, and more.
80,000 SF occupied.
Alcoa
World's eighth-largest producer of aluminum.
2,000 employees.
90,000 SF occupied.
#380 on Fortune 500 list.
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Nova Place
Modern, mixed-use urban redevelopment in Pittsburgh's North Side, featuring office spaces, retail, and event venues, all centered around a vibrant plaza that fosters community engagement and innovation.
1.5 million SF of Class A office space.
+40 tenants.
6 event venues – 43,300 square feet combined.
Robotics Row
Robotics Row is a vibrant ecosystem where innovation thrives, and the future of robotics is being shaped along the Allegheny and Ohio rivers in Pittsburgh.
+20 companies in Robotics Row.
140 robotics organizations across Greater Pittsburgh.
13,000 robotics jobs across Greater Pittsburgh.
Within a 10-minute drive of two Tier 1 institutions: Carnegie Mellon University and the University of Pittsburgh.
Senator John Heinz History Center
Pennsylvania's largest history museum.
+300,000 visitors annually.
#1 “Best History Museum” in 2025 - USA Today.
275,000 SF museum, including the Western Pennsylvania Sports Museum.
Benedum Center for the Performing Arts
Historic theater renowned for hosting a diverse array of performances, including Broadway shows, concerts, and ballet.
2,800-seat theater.
Heinz Hall for the Performing Arts
Prestigious concert hall celebrated for its exquisite architecture and acoustics, and it serves as the home of the Pittsburgh Symphony Orchestra.
2,661-seat venue.
+40 weeks of Pittsburgh Symphony Orchestra concerts.
Museum of Illusions Pittsburgh
Interactive attraction that offers a collection of mind-bending optical illusions, immersive rooms, and educational exhibits designed to challenge perceptions and entertain visitors of all ages.
8,000 SF museum.
80 exhibits.
Second largest Museum of Illusions in the U.S..
Children's Museum of Pittsburgh
Innovative and interactive museum designed to inspire creativity and learning in children through hands-on exhibits, art studios, and educational programs.
80,000 SF museum.
+350,000 visitors in fiscal year 2024.
“Top Ten Children’s Museums” in 2025 - USA Today.
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National Aviary
America's largest indoor bird sanctuary.
202,656 visitors in 2023.
229 events in 2023.
+500 birds.
PPG Paints Arena
Regional epicenter for athletic events, concerts, and family shows in Western Pennsylvania, and it serves as the home of National Hockey League’s Pittsburgh Penguins.
Seating capacity:
Hockey: 18,187 fans.
Basketball: 19,000 fans.
Concerts: 19,758 fans.
+150 events per year.
Hosted NCAA Men’s Basketball Tournament in 2012, 2015, 2018, 2022, and 2024.
$10.4 million annual economic impact of NCAA Men’s Basketball Tournament.
17,909-fan average Pittsburgh Penguins home game attendance in 2023-24.
Acrisure Stadium
Home of the NFL’s Pittsburgh Steelers and the NCAA’s University of Pittsburgh Panthers football team.
68,400-fan capacity.
66,880-fan average Pittsburgh Steelers home game attendance in 2024.
$61 million total fan spending per week during Pittsburgh Steelers home games.
PNC Park
Home of the MLB’s Pittsburgh Pirates.
38,362-fan capacity.
21,239-fan average home game attendance in 2024.
Generates $546 million in visitor spending annually.
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Downtown Pittsburgh
With a population of 2.4 million in the greater region and anchored by downtown’s robust mix of Fortune 500 companies, shops, boutiques, lively culinary scene, intimate concert halls, professional sports stadiums, and billions of city-wide capital investment, the ‘Steel City’ has proliferated into a booming destination for tourism, arts, and culture, attracting 20.4 million annual visitors (2023) who contribute over 6.4 billion in annual economic spending (2023).
43 million SF of office space.
6.8 million SF of retail space.
160 shopping outlets, 310 bars/restaurants, 12,000 acres of parks/recreational facilities.
94,770 average daily downtown foot traffic in 2024
THE IMAGES USED IN THE OM ARE NOT SAVED IN THE 'MISC' FOLDER
Investment Highlights
2015-vintage, 10-story, recently renovated hotel, built with premium reinforced concrete and steel construction and offered at an attractive basis far-below replacement cost with no required Change of Ownership PIP
North Shore’s only IHG-affiliated hotel with the ability to capitalize on minimal IHG brand saturation in Downtown Pittsburgh
Fee simple, non-union, and unencumbered of management, with significant top-line and bottom-line upside potential and impressive YoY growth (2024)
Potential branding optionality
Favorable supply story with no new competitive hotels under construction
Highly coveted North Shore location with immediate access to PNC Park, Acrisure Stadium, Rivers Casino, and a substantial corporate, technology, and leisure footprint
Dynamic positioning off I-279 offering seamless connectivity to downtown Pittsburgh’s renowned leisure destinations and educational/medical demand generators
Poised to capitalize on transformational local development projects and the region’s continued economic growth trajectory (+$4 billion of projects)
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797 SF + prefunction space with sweeping views of the city and Hotel’s rooftop garden (located on the 14th story penthouse)
Meeting & Event Space
Off-site
Laundry
247
Guestrooms
14
#4 of 16 hotels in Cranberry Township
228 Federal St, Pittsburgh, PA 15212
Stories
September 2015
Vintage
135 (40 Suites)
Guestrooms & Suites
Indoor pool, fitness center, business center, complimentary Wi-Fi, laundry
Additional Amenities
0.19 acres
Land Area
Unencumbered (currently Peachtree Hotel Group)
Management
Reinforced concrete and steel
Construction
non-union
Labor
September 2025
FLA Expiration
10
Stories
81,903 SF
Building Area
FEE SIMPLE
Tenure
holiday inn express & Suites pittsburgh north shore
THE OFFERING
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Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 135-key Holiday Inn Express & Suites Pittsburgh North Shore (the “Hotel,”“Asset,” “Property,” or “Holiday Inn Express”).
Having been purpose-built in September 2015 with premium reinforced concrete and steel construction and recently completing approximately $1.0MM ($7k/key) of renovations during the year end 2023 period, the 10-story Holiday Inn Express, which is the newest select-service lodging asset within Pittsburgh’s highly coveted North Shore neighborhood, is in excellent condition and has been well-maintained throughout its life-cycle. Moreover, the Asset is well-positioned in the submarket and benefits from its status as the only IHG-affiliated hotel on the North Shore, allowing for the category-dominant midscale flag to leverage the 145-million-member IHG One rewards program, which is significantly underrepresented in the greater downtown Pittsburgh market, totaling only 8.5% of keys.
The Hotel is being offered fee simple, non-union, unencumbered of management, and at an attractive basis significantly below replacement cost. Furthermore, while a new owner has the ability to retain the Holiday Inn Express flag through a long-term FLA with IHG without a required Change of Ownership PIP (completion of a limited deficiency list will be required), a potential buyer will also have the optionality to convert the Hotel to a premium-branded select-service flag with no required liquidated damages (current FLA expires September 2025), providing potential value-add upside and the ability to capitalize on an industry-leading reservation and rewards system.
The Holiday Inn Express & Suites Pittsburgh North Shore represents a rare opportunity to acquire a 2015-vintage, IHG-affiliated, select-service lodging Asset, with strong in-place cash-flow and considerable top-line and bottom-line upside. Positioned on a corner-block location just off of Interstate 279 (70,000 VPD) on Pittsburgh’s North Shore, the Asset is seamlessly connected to downtown Pittsburgh (20.4 million annual visitors) and its broad spectrum of leisure destinations, corporate headquarters/technology firms, higher education and medical institutions, and the David L. Lawrence Convention Center, via the Andy Warhol Bridge or Pittsburgh Regional Transit’s North Shore metro station (8-minute walk). Within the North Shore neighborhood, guests of the Hotel enjoy walkability (87 Walk Score) to PNC Park (Home of the Pittsburgh Pirates), Acrisure Stadium (Home of the Pittsburgh Steelers), Rivers Casino ($160 million economic impact), the National Aviary, Nova Place (1.5 million square feet of mixed-use space), substantial business transient demand, and an array of restaurants, boutiques, and museums. These differentiating characteristics, coupled with outstanding local and regional growth initiatives, in addition to no new competitive supply, present a compelling investment opportunity in the current economic conditions.
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Spring 2019: Broke ground
November 2022: Hotel delivered
January 2023: Affiliate of the developer filed for Chapter 11 bankruptcy due to COVID impact and cost overruns, limiting the ability for the Asset to properly stabilize with a fully invested owner/management team due to financial and operational distress
April 2024: Lender purchased the Property at foreclosure auction.
Asset History/Timeline:
PITTSBURGH NORTH SHORE an IHG Hotel
Contact
THE HOTEL
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Complimentary hot breakfast
Food & Beverage
Katelyn Reynolds
Associate Director 213.399.3390 katelyn.reynolds@berkadia.com
Carnegie Science Center
Interactive science museum featuring hands-on exhibits, a planetarium, live demonstrations, and an OMNIMAX theater.
+500,000 visitors annually.
4 floors of interactive exhibits.
8 unique event spaces ranging from 50- to 500-person capacity.
LEISURE
Rivers Casino Pittsburgh
$160 million annual economic impact.
Gambling options:
+1,900 slot games, live dealer and electronic table games, poker room, sportsbook.
5 restaurants and cafes.
The Event Center performance venue.
Stage AE
Multipurpose entertainment venue located on the North Shore of Pittsburgh.
2,400-seat indoor venue.
5,550-person capacity outdoor amphitheater.
500-person capacity night club.
+100 events annually.
CORPORATE
Arconic Corporation
American industrial company specializing in lightweight metals engineering and manufacturing used worldwide in aerospace, automotive, packaging, oil and gas.
60,000 SF occupied.
United States Steel Corporation World Headquarters
1 million SF occupied.
6,267 employees.
EDUCATION
Duquesne University
+195 undergraduate, graduate, and certificate programs.
8,179 students.
3,900 on-campus housing beds.
908 faculty and staff.
UPMC Mercy
482 beds.
5.6-acre site.
Part of the University of Pittsburgh Medical Center (UPMC) health system.
UPMC Children's Hospital of Pittsburgh
MEDICAL
313 beds.
Undergoing expansion.
50,000 SF Heart Institute.
State-of-the-art clinical space.
Scheduled completion: 2025.
Part of the University of Pittsburgh Medical Center (UPMC) health system.
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Allegheny General Hospital
576 beds.
Undergoing $1 billion expansion.
879,000 SF additional tower.
100 total beds.
Scheduled completion: 2030.
Part of the Allegheny Health Network.
UPMC Presbyterian
900 beds.
Undergoing $1.5 billion expansion.
17-story, 900,000 SF additional tower.
636 total beds.
Scheduled completion: 2027.
Part of the University of Pittsburgh Medical Center (UPMC) health system.
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CONVENTION
1.5 million SF.
7.9-acre site.
313,400 SF total exhibit space.
53 meeting rooms.
60,000 SF North Terrace.
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David L. Lawrence Convention Center
Pittsburgh Union Station
Daily routes between Pittsburgh and New York City and between Chicago and Miami through Pittsburgh.
233,942 ridership on the Pennsylvanian line (to New York City) in fiscal year 2024, up 21.4% year over year.
Pittsburgh Regional Transit System
60 million annual ridership.
27 light rail stations.
Undergoing $150 million investment to improve light rail infrastructure.
4 stages.
Scheduled completion: 2028.
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Pittsburgh International Airport
Pittsburgh International Airport (PIT) serves as the national and international gateway for Southwestern Pennsylvania.
9.9 million passengers in 2024, up 8.1% year over year.
62 nonstop destinations.
15 commercial airlines operate out of PIT.
$1.6 billion Terminal Modernization.
$2.5 billion economic impact.
+40 restaurants and stores.
12 TSA lanes with state-of-the-art screening equipment.
8 baggage claim carousels with state-of-the-art baggage handling system.
3,300-space parking garage and 2,700-space parking lot.
Scheduled completion: year-end 2025.
Constructing $1.6 billion Terminal Modernization.
$2.5 billion economic impact.
+40 restaurants and stores.
12 TSA lanes with state-of-the-art screening equipment.
8 baggage claim carousels with state-of-the-art baggage handling system.
3,300-space parking garage and 2,700-space parking lot.
Scheduled completion: year-end 2025.
TRANSPORTATION
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The Hotel
Investment Highlights
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Contact
Richard Brace
PA License #RB067846
Broker of Record
Matt Raptosh
Managing Director
215.328.1318 matt.raptosh@berkadia.com
Lindsey deButts
Senior Director
240.204.5131 lindsey.debutts@berkadia.com