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Concord Hospitality Secures $13.4 million Loan to Build
a 124-room Courtyard by Marriott in Pittsburgh
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Company Continues to Secure Financing Despite Down Economy PITTSBURGH/RALEIGH-DURHAM, N.C., February 9, 2009�Concord Hospitality Enterprises, one of the nation�s top-ranked hotel developer/owner/operators, today announced that it secured a $13.4 million loan to build a 124-room Courtyard by Marriott in Pittsburgh, Pa. S&T Bank financed the loan. It is the seventh of Concord�s nine properties in Pittsburgh to be financed by the institution. �The economy and hotel industry are in a downturn that is expected to begin rebounding in 2010, just as this hotel is projected to open,� said Keith McGraw, a Pittsburgh-based partner of Concord. �Regardless of where we are in the economic cycle, management is the most critical component in the success of a hotel, and Concord has compiled an impressive track record over its 24-year history. Their management strategy and execution consistently produce hotels that perform at their maximum revenue potential and outperform their competitive set. As a result, we have been able to continue our long-standing relationship with S&T Bank and secure financing during one of the most difficult economic environments in decades.� The Courtyard by Marriott Settlers Ridge will be the company�s ninth property in the Pittsburgh area, and will be the only hotel in city�s newly planned Settlers Ridge retail development. The property, just under construction, is expected to open in the spring of 2010, in conjunction with the opening of the Settlers Ridge development. �Our ability to obtain financing even while credit markets are tight will allow us to continue our development program in 2009,� said Mark G. Laport, president and CEO of Concord Hospitality. �As a result, we remain on target to double the size of our portfolio to more than 100 owned and managed properties.� Concord currently has 11 new-build hotels aggregating nearly 1,358 rooms under construction. This is the largest amount of new hotel development under way at one time in the company�s 24-year history. Laport noted that operational excellence will be what sustains the hospitality industry through this downturn. �Meticulous management of top- and bottom-line revenues, costs and guest and associate satisfaction will be the difference between profit and loss. Pre-opening is one of the most important phases of developing a hotel, and we are putting a top-notch team in place to operate the property. �We believe there are solid opportunities to develop hotels in all phases of the economy,� he added. �There are certain advantages to being a contrarian, if you have the expertise and the funding to back it up.� About Concord Hospitality
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