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Hamister Takes Fifth Area Hotel for $11M

PITTSBURGH-With the addition of a Cranberry Township Hampton Inn to a four-property portfolio it acquired in October, Hamister advances its plan to have 50 properties by 2014.

By Marita Thomas | Updated on December 01, 2006

PITTSBURGH-Hamister Hospitality Group LLC has acquired the 117-room Hampton Inn Pittsburgh Cranberry Township, its fifth buy in this area in less than two months. It paid nearly $10.5 million or $89,483 a key for the asset, which is located at 210 Executive Dr. and was built in 1986.

This follows Hamister’s October acquisition of a four-property portfolio here aggregating 456 rooms for approximately $40 million or $87,719 a key. Its equity partner in both deals is the New York City office of HSBC Capital USA Inc. The four properties are the Cranberry Township Residence Inn by Marriott, the Greentree Hampton Inn by Hilton, the Pittsburgh Airport Hampton Inn by Hilton, and the Cranberry Township Holiday Inn Express by Intercontinental Hotels.

The principal seller of all five properties is Donald Rodgers, a private investor based in Cranberry Township. Anjali Bagat Peterson of the Chicago real estate investment office of Marcus & Millichap represented the seller in the latest negotiation while Hamister spoke for itself.

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