Miami Condos, Miami Real Estate

Developer of Miami Condos,
Related Group to buy and update Hilton

A group of Florida investors led by developer of Miami condos Jorge Perez of the Related Group is in the final stages of negotiating the purchase of a distressed downtown Pittsburg Hilton Hotel. This deal shows a new direction for the embattled developer.

Shubh Hotels is the seller of the 50 year-old Hilton which is a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.

The 25-story hotel is the largest in Pittsburgh with its 713 rooms and 45,000 square feet of meeting space.
Perez is joined in the deal by majority Miami Dolphins owner and president and chief executive of New York-based The Related Companies, Stephen Ross, as well as Kiran Patel, a Tampa-based cardiologist and philanthropist.

The Related Group is participating as an operating partner, as the nation's largest and prominent Miami condos developer looks for new business opportunities in a deteriorating development market.

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