{"id":1004095129,"date":"2014-04-22T06:15:10","date_gmt":"2014-04-22T14:15:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095129"},"modified":"2022-12-08T20:22:53","modified_gmt":"2022-12-09T04:22:53","slug":"concord-hospitality-sells-13-hotel-portfolio-for-240m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/concord-hospitality-sells-13-hotel-portfolio-for-240m\/","title":{"rendered":"Concord Hospitality Sells 13-Hotel Portfolio for $240M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/i><\/p>\n

\"CONCORD\"<\/a>Concord Hospitality Enterprises, of Raleigh, N.C., has sold a portfolio of 13 premium-branded, select-service hotels to companies owned by a global investment fund for approximately $240 million in an all-cash transaction, Concord announced Monday. The buyer was not disclosed.<\/p>\n

Concord will continue to operate the hotels under a long-term management agreement. The portfolio totals 1,650 rooms\/suites in 11 Marriott and two Hilton-branded hotels.<\/p>\n

Mark Elliott of Hodges Ward Elliott, Atlanta, was the lead broker in the transaction.<\/p>\n

\u201cThis sale is a continuation of our ongoing plan to strategically sell stabilized assets while retaining management,\u201d Concord president\/CEO Mark Laport said in a release. \u201cThis gives our investors an attractive return on their development investment while providing long-term, sustainable growth opportunities for the companies that buy these assets.\u201d<\/p>\n

With the exception of one hotel, Laport added, the average age of the hotels is less than five years, and all are in \u201cexcellent physical condition,\u201d having been developed, rebranded or substantially updated by Concord.<\/p>\n

Concord will continue to focus its acquisition and development efforts in locations with high or growing concentrations of medical, educational, banking and technology industries, Laport continued, while growing its third-party management business through retained management of sold assets and strategic alliances with other ownership groups.<\/p>\n

The company currently has 10 hotels under construction at a cost of about $440 million with financing in place and expects to open all of them over the next 18 months. In addition, Laport said, Concord has eight further premium-branded hotels \u201cwell along the development process at a cost of approximately $400 million.\u201d<\/p>\n

A Concord spokesperson provided Commercial Property Executive<\/i> with a list of the 13 hotel properties just sold:<\/p>\n