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Sources: Pittsburgh Hilton Hotel To Be Sold

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Nov 2, 2009 7:47 pm US/Eastern

Sources: Pittsburgh Hilton Hotel To Be Sold

Reporting
Marty Griffin
PITTSBURGH (KDKA) ― A major announcement is expected in the next few days concerning the city's largest hotel.

Sources tell the KDKA Investigators the final papers are now being drawn up for the sale of the downtown Hilton Hotel.

Sources close to the negotiations say after months of haggling between new owners, banks and former owner Atul Bisaria, the hotel will officially have a new group of owners this week, final details are being worked out and all parties will sign off on the deal by Wednesday.

Sources tell the KDKA Investigators the new group of owners is called The Related Group.

The Related Group, a Florida-based development company described as having deep pockets.

Sources say The Related Group plans on finishing the work on the Hilton, paying off the contractors owned significant amounts of money, keeping the Hilton name and doing all of it as quickly as possible.

Meantime, sources also say the Hilton Corporation has signed off on the deal and a highly-regarded management company will be called in to run the hotel.

Sources also indicated former owner Atul Bisaria has signed off on the sale but lost millions of dollars on the deal.

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