RIDA Development Corporation is to carry out a $15m renovation of the Radisson Hotel in Pittsburgh, Pennsylvania, US.
The renovated 465-room property will be relaunched as DoubleTree by Hilton Pittsburgh-Green Tree.
The renovations are expected to be complete by 2012 and the hotel will be operated under a franchise management agreement with a subsidiary of Hilton Worldwide.
RIDA president Ira Mitzner said the property will have ownership interests exceeding 3,000 rooms nationwide and will be valued at approximately $1bn.
The renovation includes 455 guestrooms and suites, two restaurants, a sports bar, a marketplace, a health club and more than 30,000ft² of meeting space and events facilities, containing 26 meeting rooms and ballrooms.