News for the Hospitality Executive
EDMONTON, Alberta, Can./RALEIGH, N.C., April 4, 2011—Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that its joint-venture partnership with Lupert-Adler has sold the 177-room Courtyard by Marriott Edmonton in Alberta to MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, for an undisclosed amount. Concord will continue to operate the hotel under a long-term management contract.
“This hotel has done extremely well in the seven years since we acquired it and completed a major renovation to reposition the hotel, rebranding it to the Courtyard by Marriott flag,” said Mark G. Laport, president and CEO of Concord Hospitality. “It quickly began outperforming its historical trends, doubling its revenues shortly after renovation. Our partners have made an excellent return on their investment, above projections. We believe the new owners will benefit from the additional upside potential of this quality asset as the economy improves and the hotel continues to build market share, a win-win situation for both the buyer and seller.”
“Along with a successful history of partnering with Lubert-Adler, we have added 11 new investment partners in the past year and are in discussions with other investment groups, both in Canada and the U.S., who seek appropriate risk-adjusted returns on their investments,” he said. “All of our future development projects will be LEED-certified, which we believe will be better for the environment and give us a competitive edge,” he noted.
The 11-story Courtyard Marriott Downtown Edmonton is located at One Thornton Court in the city’s Central Business District and near a number of business and leisure demand generators.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton, Alberta. The firm currently is engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 1.5 million square feet comprising more than $250 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. Additional information is available at http://www.migcap.com/RealEstate/
About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., manages or has under construction more than 80 hotels, offering more than 10,000 guest rooms in 21 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, IHG and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord recently was ranked as one of the top management companies in the nation by independent sources. Concord properties are some of the most awarded hotels in the country, having won a number of top honors for operating and development excellence in the past two years alone, including Marriott’s Hotel of the Year and Developer of the Year, and Best Opening of the Year awards. For more information, visit www.concordhotels.com.
Daly Gray Public Relations
Office: (703) 435-6293
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