www.pittsburghpost.net/pg/09210/987197-100.stm -
[Cached Version]
Published on: 7/29/2009
Last Visited: 8/11/2009
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.
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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.