Business

April 21, 2014

Concord sells portfolio of 13 hotels for $240 million

Concord Hospitality Enterprises has sold 11 Marriott and two Hilton-brand hotels with a combined 1,650 rooms, though Concord will continue to manage the Renaissance Raleigh and Hyatt House Raleigh hotels at North Hills, the Courtyard Raleigh North at Triangle Town Center and the Raleigh Marriott Crabtree Valley.

Raleigh-based Concord Hospitality Enterprises has sold a portfolio of 13 hotels for $240 million.

Concord didn’t disclose the name of the buyer in a news release announcing the sale other than to say it was “companies owned by a global investment fund.”

The deal includes 11 Marriott and two Hilton-brand hotels with a combined 1,650 rooms. Concord will continue to manage the properties.

“This sale is a continuation of our ongoing plan to strategically sell stabilized assets while retaining management,” said Mark Laport, president and CEO of Concord, in a statement. “This gives our investors an attractive return on their development investment while providing long-term, sustainable growth opportunities for the companies that buy these assets.”

Concord owns and/or manages more than 90 hotels in 21 states and Canada.

In the Triangle, the company’s properties include the Renaissance Raleigh and Hyatt House Raleigh hotels at North Hills, the Courtyard Raleigh North at Triangle Town Center and the Raleigh Marriott Crabtree Valley.

The Hyatt House at North Hills was completed last year. Concord took over management of the Raleigh Marriott Crabtree last fall after Ohio-based Rockbridge Capital bought the 375-unit hotel for $26.15 million.

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