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| 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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