Wednesday, February 5, 2014

Concord Hospitality Enters 2014 Approaching $1 Billion Development Milestone


Mark Laport
MRALEIGH, NC,  Feb. 5, 2014—Concord Hospitality Enterprises today announced the company's most aggressive development pipeline to date, with fourteen hotels currently in active development, seven which are scheduled to open in 2014.

"Because we believe there is a consistent market for strategically located, premium-branded hotels, we continued to build every economic cycle as we have every year for the past twenty years," said Mark Laport, president and CEO of Concord Hospitality.  

“However, we view this current phase as one of the strongest periods to be a hotel developer in recent memory, certainly in the past five years.

“We are in the fortunate position of being able to attract significant amounts of well-priced debt, supported by appropriate equity.   We have partnered with several new investors in recent months and expect that trend to continue.

“The key is to not jump at every opportunity out there; as financing becomes more available and more projects get underway, discipline becomes especially important,” Laport cautioned.    “While we are currently working the most aggressive pipeline in our history, we also are turning down more than ever. On average, only one out of every eight projects goes forward." 
            
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins/Chris Daly
Daly Gray, Inc.
703-435-6293


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