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RALEIGH-DURHAM, N.C.—February 22, 2010—Concord
Hospitality Enterprises, a hotel developer/owner/operators, today
announced that it added 12 properties to its portfolio in 2009, closing
the year with 62 hotels.The company has continued its aggressive growth
in 2010, adding eight properties representing six brands in January.
Included among the 2010 hotels are the first flags under the Hyatt
Hotels Corporation and InterContinental Hotels & Resorts brand
families. Concord now owns or operates hotels franchised by all the
nation’s major premium brand groups.
The company said that it expects to grow at least another 20 percent in
2010 through three strategies: acquisitions/joint venture, third-party
management, and development. “We will be active in all three areas, but
in this phase of the hotel real estate cycle, we expect to become
increasingly active in acquisitions/joint ventures as the year
progresses,” Mark G. Laport, president and CEO of Concord Hospitality,
said in an announcement. “We are seeing more hotels coming to market
now than in the past 18 months, and with access to more than $200
million in equity and debt, we have a very active pipeline and expect
to close on transactions later this quarter.”
Laport noted that the company also continues to expand substantially
its third-party management growth. “We now manage 30 hotels, or more
than 45 percent of our total portfolio,” he said. “Because we are now
approved to operate in all the premium-branded hotel families, we
expect that growth to accelerate. We also continue to add boutique,
unaffiliated properties to our portfolio.
“We have a robust pipeline in all three of our growth strategies and
expect the next few months to be especially active,” Laport
continued. “While it remains a difficult operating environment,
we are seeing a lot of positive signs and are preparing for the
rebound. Our portfolio gained market share over its respective
competitive sets last year, which we intend to leverage as the industry
begins its expected climb out of a very challenging period.”
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