RALEIGH, NC—Concord Hospitality Enterprises Company added 10 hotels to its portfolio and entered into five new markets in 2018.
It closed out the year with a major investment from Alleghany Capital Corporation that will help catapult the company into its next phase of growth in 2019 and beyond, as well as enable Concord to further increase and diversify its portfolio and execute on a robust pipeline of opportunities, according to the company.
Over a 12-month period, Concord added 2,268 new guestrooms, ending the year with 105 properties in total—a 9% increase in hotels overall. In addition, at least 15 new developments were added to the pipeline, along with two existing hotels, for an additional 3,012 projected guestrooms.
Concord entered five markets for the first time in 2018:
The hotel company expanded its Canadian presence to include nine properties with the opening of a dual-branded Hilton Garden Inn and Homewood Suites in downtown Ottawa, Ontario.
Concord entered Louisville, KY, with its first modular hotel—the AC Hotel Louisville Downtown. One of the brand’s most unique properties, it is directly influenced by the hotel’s surrounding “NuLu” neighborhood with a variety of restaurants, boutiques, shops, bars and galleries located right outside the hotel’s front door.
The Canopy by Hilton Atlanta Midtown, managed by Concord, is inspired by the thriving and vibrant art community surrounding the property, with local textiles and artwork featured throughout the hotel.
In Philadelphia, Concord manages the Cambria Hotel Philadelphia Downtown Center City. This property, which includes a rooftop bar and restaurant, is situated on the Avenue of the Arts by the theater district and other cultural institutions perfect for any guest visiting the City of Brotherly Love.
Concord opened two new hotels in northern Florida—the Hyatt Place Jacksonville, located in the sought-after area of St. Johns Town Center, and the AC Hotel Gainesville Downtown, which is directly across from the University of Florida and an integral component of The Standard at Gainesville, a mixed-use project that includes luxury student housing, structured and on-site parking and street-level retail.
“From developing new dual-branded and premier properties to growing our management of existing hotels, as well as focusing on evolving our lifestyle brands and food and beverage offerings, we are incredibly excited about the growth we experienced in 2018 and the trajectory that is predicted in the coming years,” said Mark Laport, president/CEO of Concord Hospitality. “As we continue to partner with some of the world’s largest hotel brands, and now backed by the resources and experience of Alleghany Capital, we look forward to providing the amenities and service that our guests have come to know and expect from Concord.”
During the next four years, Concord is projected to open nearly 40 hotels across North America, as well as grow its associate base and continue to focus on developing and managing full-service, select-service, soft brands and lifestyle properties.