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New Hilton Owners Pledge To Restore Pride To Hotel

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Nov 4, 2009 11:11 pm US/Eastern

New Hilton Owners Pledge To Restore Pride To Hotel

PITTSBURGH (KDKA) ― The downtown Pittsburgh Hilton Hotel has a new owner.

Jorge Perez, a reported billionaire, is the founder of one of the country's largest development companies, The Related Group.

Perez told KDKA Investigator Marty Griffin the deal is done and they plan to fix the front of the building that has become an eyesore.

The deal comes with massive debt. Sources tell the KDKA Investigators contractors are owed more than $7 million.

Griffin: "Millions are owed to the contractors, over a million to the unions. Will that be taken care of, sir?"

Perez: "Yes. We are right now negotiating with everybody - you know - to see what's real, what's not real and we hope that within the next two weeks all of those payables will be taken care of."

The front of the hotel has been under construction for more than two years. The contractors walked away. Perez says that is already being addressed.

"We're meeting with the contractor as we speak right now. We have two of our construction people from Miami coming in to meet with the contractor just to make sure that all the scope of work covers everything that needs to be covered."

Sources close to the deal tell Griffin that Perez has already committed $10 million to various aspects of the hotel, promised to hire more staff and return the pride to the Hilton.

"We will make it into the best hotel in Pittsburgh within a very short period of time," Perez said. "It's hard to find projects with relevance you know? And this is a project of relevance. It's very hard to duplicate almost 800 rooms, over 50,000 square feet of meeting facilities, great ballrooms and so forth. Today, to reproduce something like this would be prohibitive."

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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