The owner of the Hilton Pittsburgh is looking to bring in another investor to help pay off hundreds of thousands in debts and get the Downtown hotel's $25 million renovation rolling again.
After meeting with Mayor Luke Ravenstahl this afternoon, Atul Bisaria, CEO of Shubh Hotels LLC, the Hilton owner, said the firm was "actively negotiating" to bring another investment group in to raise capital to settle debts with contractors and suppliers and to complete a stalled exterior addition at the hotel's entrance.
Mr. Bisaria would not disclose the name of the group but said he hoped to reach an agreement within the next week.
He did not give an estimate on the additional capital he is seeking, saying only "whatever is required." He said the group would become part owner of the hotel. He said he did not know whether Shubh would remain majority owner.
Mr. Bisaria's comments came after a meeting with the mayor to discuss the stalled project and what can be done to spruce up the partially completed steel frame at the Hilton entrance in advance of the G-20 economic summit in September.
Among the remedies discussed were to cover the steel frame with some type of canvas or canopy, Mr. Ravenstahl said.
"We were very forceful, very adamant about the fact that something needed to be done and we were pleased with the response we received from the ownership group," he said.
Shubh owes contractor P.J. Dick and the project's architect each more than $300,000 for the Hilton work. P.J. Dick stopped working on the addition in May and still hasn't been paid. The city revoked the building permit last week when the architect asked for his design drawings back because of nonpayment.
