EVEN Hotel Pittsburgh Downtown Sells for $14.9M

The EVEN Hotel Pittsburgh Downtown at 425 Forbes Avenue has sold for $14.9 million to NM Hospitality. The 160-room hotel occupies floors 5 and 6 of the historic Kaufmann's department store building, constructed in 1887.

Reception Hotels and Resorts LLC developed the hotel as part of the Kaufmann's Grand on Fifth redevelopment, which combines retail, hospitality, multifamily, and office space. The 13-month renovation covered 110,000 square feet. The hotel opened December 4, 2019.

Amenities include an in-room fitness bar with Pilates balls and yoga mats, a fitness room, two 13-foot indoor lap pools, an open-air atrium with an ornamental staircase, and a game room.

Walker & Dunlop arranged a $14.9 million construction loan with Orix USA for the original development.