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Concord Hospitality Committs $355 Million in Active
Development on 15 Hotels in 2012

RALEIGH, N.C., February 16, 2012—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that the company has committed $355 million  in active  development on 15 hotels in 2012 and expects to reach the 14,000 room threshold as a third-party operator and owner.  The development activity is expected to add approximately 3,500 construction jobs and more than 1,000 new hotel jobs to local economies.   In addition, the company said it will continue to expand its third-party management portfolio, focusing primarily on the full-service sector and premium-branded select-service hotels.

“Last year we opened or broke ground on five new properties and assumed management of seven, which was a robust year considering the stagnant economy,” said Mark Laport, president and CEO.  “For 2012, we expect to more than double our development pipeline.  Operationally, we will focus on adding more premium brand select-service and full-service hotels to our third -party managed portfolio, such as the DoubleTree in Albuquerque and Sheraton in Oklahoma City which we were selected to manage late in 2011.” 

Multi-brand Strategy
Concord, which historically has focused primarily on the Marriott brand family, is significantly expanding to include the top-tier brands, Hyatt, Hilton, Starwood and upscale Choice flags.  Laport cited several Cambria Suites and Hyatt House projects currently in Concord’s development pipeline, as well as the recent agreement to develop a 250 room full service Marriott hotel in Sugar Loaf in Atlanta as current examples of a more diversified portfolio mix.

North American Growth Strategy
“Last year, we expanded our portfolio geographically by adding hotels in major gateway cities such as Washington D.C. and New York City,” Laport added.  “In 2011, we have become much more geographically diverse and are looking to add hotels in an ever increasing number of states as well as developing in new markets near our existing hotels such as a yet-to-be-branded hotel in Jersey City, N.J., which will expand our presence in Metro NY.  To the south, we have a mixed-use development hotel near the University of Tennessee in Knoxville and have just broken ground on a Hyatt-branded hotel near our headquarters in the city of Raleigh, and our highly successful Renaissance North Hills Hotel.  We also remain quite active in the Cleveland and Pittsburgh markets, where Concord has a significant stake. 

Economic Impact
“These past few years have been some of the most economically difficult times in decades and not only were we active, but we aggressively grew both our ownership and management portfolios.  That growth demonstrates our commitment to development and our ability to deliver for high quality ownership groups looking for experienced third party management companies” Laport added.  “With little development activity in the industry the past few years, this is an opportune time to develop and take advantage of the economic rebound and lack of new room supply.”

In addition to the $355 million already committed for 2012 by Concord, the company has nearly a half billion dollars of additional projects in the early stages of the development pipeline.  “Due to our continued success, we have been fortunate to significantly expand the number of our investment partners.  We continue to find niche markets that have strong economic upside when teaming up with the right premium branded hotel.  We believe that development and acquisition environment has improved steadily than what we have seen in the past five years and intend to capitalize on opportunities.”

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 11,000 guest rooms in 23 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 U.S. 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

Lauralee Dobbins, Chris Daly
(703) 435-6293

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Also See: Concord Hospitality Sells Four Canadian Marriott-branded Hotels to Genesis Hospitality; Concord to Continue to Operate the Hotels with Plans for Additional Canadian Hotel Investment and Third-party Management Opportunities / November 2011

Concord Hospitality to Invest $25 Million in 2011 in Hotel Renovations and World Headquarters with an Additional $7 Million to be Spent in Q1 2012 / October 2011

The 136-suite SpringHill Suites by Marriott to Open in Columbus, Ohio Managed by Concord Hospitality / August 2011

Concord Hospitality Selected by Richmond Hotel Partners to Manage the 230-room DoubleTree by Hilton Richmond Downtown in Virginia / August 2011

Concord Hospitality Selected by Nazarian Enterprises to Manage the 395-room Sheraton Oklahoma City Hotel in Oklahoma / July 2011

Arnold Palmer and Concord Hospitality Break Ground for the 109-suite SpringHill Suites by Marriott Hotel in Palmer's Hometown, Latrobe, Pennsylvania / July 2011

Golfer Arnold Palmer to Develop a 109-room Springhill Suites by Marriott in Latrobe, Pennsylvania / June 2011

Owned and Managed by Concord Hospitality, New 124-room Courtyard Washington Meadow Lands to Open in Washington, Pennsylvania / June 2011

Concord Hospitality Acquires Partnership Interest in 194-room Hampton Inn Cleveland-Downtown in Ohio Owned by The Ferchill Group / May 2011

Concord Hospitality Joint Venture with Lupert-Adler Sells 177-room Courtyard by Marriott Edmonton in Alberta, Canada to MIG Real Estate; Concord Stays on as Property Management / April 2011

Marriott International to Open 155-suite SpringHill Suites Alexandria Tech Center in Alexandria, Virginia Owned by Apple REIT / March 2011

Concord Hospitality Enterprises Breaks Ground on LEED-Designed 124-suite Courtyard by Marriott Washington Meadow Hotel in Pittsburg Suburb, Washington, Pennsylvania / February 2011

Concord Hospitality Enterprises Breaks Ground on LEED-Designed 136-suite SpringHill Suites by Marriott in Columbus, Ohio in a Joint Venture with Continental Real Estate Companies / February 2011

White Lodging Promotes Mary Pat Hartman to General Manager for SpringHill Suites/Fairfield Inn & Suites Louisville Downtown / January 2011

A Joint Venture of Arnold Palmer and Concord Hospitality to Build a Springhill Suites Hotel Near Palmer's Latrobe Country Club in Latrobe, Pennsylvania / July 2010

Concord Hospitality Opens a New Look 120-room Springhill Suites in Waukegan, Illinois; Concord Co-designed the Brand’s Contemporary, Boutique-style Redesign in Partnership with Marriott / August 2008

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