News for the Hospitality Executive
Concord Hospitality Adds 12 Properties in 2009,
RALEIGH-DURHAM, N.C., Feb. 22, 2010 -- Concord Hospitality Enterprises, one of the nation's top-ranked hotel developer/owner/operators, today announced that it added 12 properties to its portfolio in 2009, closing the year with 62 hotels. The company has continued its aggressive growth in 2010, adding eight properties representing six brands in January. Included among the 2010 hotels are the first flags under the Hyatt Hotels Corporation and InterContinental Hotels & Resorts brand families. Concord now owns or operates hotels franchised by all the nation's major premium brand groups.
The company said that it expects to grow at least another 20 percent in 2010 through three strategies: acquisitions/joint venture, third-party management and development. "We will be active in all three areas, but in this phase of the hotel real estate cycle, we expect to become increasingly active in acquisitions/joint ventures as the year progresses," said Mark G. Laport, president and CEO of Concord Hospitality. "We are seeing more hotels coming to market now than in the past 18 months, and with access to more than $200 million in equity and debt, we have a very active pipeline and expect to close on transactions later this quarter."
Laport noted that the company also continues to expand substantially its third-party management growth. "We now manage 30 hotels, or more than 45 percent of our total portfolio," he said. "Because we are now approved to operate in all the premium-branded hotel families, we expect that growth to accelerate. We also continue to add boutique, unaffiliated properties to our portfolio."
New hotels being added to the company's portfolio in 2010 include:
"We have a robust pipeline in all three of our growth strategies and expect the next few months to be especially active," Laport said. "While it remains a difficult operating environment, we are seeing a lot of positive signs and are preparing for the rebound. Our portfolio gained market share over its respective competitive sets last year, which we intend to leverage as the industry begins its expected climb out of a very challenging period."
About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh-Durham, N.C., manages over 70 hotels with more than 8,000 guest rooms in 15 states and two Canadian providences. The company operates under such well-known industry elite brands as Marriott, Hilton, and Choice Hotels, is an approved franchisee for Hyatt and Starwood, and also operates an independent boutique hotel. Formed in 1985, Concord was recently listed as one of the top management companies in the nation by independent sources, and recently won Marriott's elite Partnership Circle award for the sixth time. Concord properties are some of the most awarded hotels in the country, having won nearly 30 honors in the past two years alone, including Marriott's Hotel of the Year and Developer of the Year awards. For more information, visit http://www.concordhotels.com/.
Chris Daly, Jerry Daly