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Walnut Capital bringing Homewood Suites to the Strip District

Walnut Capital has had a hard time finding the right use for the retail/restaurant space at 1400 Smallman Street in the Strip District so they’ve opted to tear it down and start over. The local developer is currently demolishing the on-site structure and will build a Homewood Suites in the space next to Lidia’s Pittsburgh.

“This is a really great new use for the space. The market could use a hotel and it’s going to complement Lidia’s,” says Walnut Capital’s Greg Perelman, adding that demolition should take about another two weeks. “We’re over the toughest part right now.”

The 150-room hotel to the Strip, right on the edge of Downtown, is a new model from Hilton, designed to cater mainly to business travelers. It will be the first Homewood Suites within the city. A second location is slated to open in Robinson this summer.

Pittsburgh-based builder PJ Dick will handle the construction, and Walnut Capital will partner with Concord Hospitality, which will manage the hotel.

“The market in Pittsburgh for limited-service hotels is pretty tight,” Perelman says. “It’s a very strong market right now. I think we’re close enough to downtown and the convention center, and it gives people an alternative.”

Once demolition is complete, Perelman says, the construction on the hotel should take about 18 months.

Writer: Matthew Wein
Source: Greg Perelman
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