Concord Hospitality Enterprises, the Raleigh hotel operator, has sold four of its Canadian properties.
The company announced Tuesday that it has sold four Marriott hotels in Ontario to Genesis Hospitality, a Canadian private investment group. Under the deal, Concord will continue to operate the hotels.
Terms of the transaction weren't disclosed.
Concord owns the Renaissance Hotel at Raleigh's North Hills.
The company is also preparing to begin construction on two new Triangle projects: Converting the landmark McPherson Hospital in Durham into a 146-room extended-stay Residence Inn by Marriott and building an extended-stay Hyatt Summerfield Suites on the east side of Six Forks Road in North Hills.
Concord CEO Mark Laport said in Tuesday's release announcing the sale that the company also plans to break ground on two new hotels in Canada within the next three to six months.
"The Canadian economy did not decline as severely as its U.S. neighbor and is not rebounding as rapidly," he said. "Financing is still somewhat difficult, but improving, backed by a strong Canadian dollar."
Concord is in the process of moving its Raleigh headquarters from just off Six Forks Road to a 32,000-square-foot building near the intersection of New Falls of Neuse Road and Capital Boulevard.
The company's 95 employees are expected to be relocated by Christmas.