Concord Hospitality Sells Four Canadian Hotels to Genesis Hospitality

BRANDON, MANITOBA, CANADA and RALEIGH-DURHAM, NC, Nov. 22, 2011 - - Concord Hospitality Enterprises, Inc., owner or operator of 11 hotels in Canada, today announced the sale of a portfolio of four  Marriott-branded hotels located in Ontario, Canada to Genesis Hospitality, a Manitoba-based private investment group.

 Under the sales agreement, Concord will continue to operate the hotels.  Alam Pirani and Robin McLuskie from Colliers International Hotels and Louis Stervinou and Adam Greenstone from Eastdil Secured acted as exclusive advisors in this transaction. 

                The hotels, all developed by Concord, include:

• ·         The 132-suite Residence Inn by Marriott Toronto Vaughan (top left photo) 

• ·         The 94-room Courtyard by Marriott Mississauga Airport/Corporate Centre West (middle right photo)

• ·         The 133-suite Residence Inn Mississauga Airport/Corporate Centre West (middle left photo)

• ·         The 136-room and suite Courtyard by Marriott Hamilton (lower right photo)

 “Concord has been a leader in developing and managing hotels in Canada since 2002 and currently is the largest operator of Marriott-branded properties in the country,” said Mark Laport (lower left photo), CEO of Concord Hospitality Enterprises, Inc.

 “We continue to have strong development and third-party management interest nationwide.  This is our first transaction with Genesis, and we look forward to the opportunity to build on that relationship.”

“These four hotels bring our portfolio to 10 properties, and we have an aggressive appetite to build on that,” said Gary Buckley a partner in Genesis Hospitality.  “We have plans to continue to reinvest in these market leading hotels to maintain their leadership within their respective markets”. 

Concord Plans Additional Investments

 Laport noted that Concord has four properties in its Canadian development and acquisition pipeline and plans to break ground on at least two properties within the next three to six months.

 “We have established a strong track record and expect to partner with more Canadian institutional and high net-worth investors to develop and acquire hotels. 

“We are in due diligence on projects in and around urban and close-in suburban markets in Ontario and Toronto and possibly several provinces in the Maritimes,” he said.  “We are seriously looking to expand our presence in Alberta, including Calgary and Edmonton, where we already operate one property that is currently undergoing a substantial renovation. 

 “Opportunities for hotel development in Canada have improved over the past year, but still remains difficult,” Laport said.  “International branded hotels, like Marriott, Hilton, Starwood and InterContinental Hotel Group, all want to expand their flags in Canada, and we have strong relationships within all the major brand groups.”

“The Canadian economy did not decline as severely as its U.S. neighbor and is not rebounding as rapidly,” he pointed out. 

 “Financing is still somewhat difficult, but improving, backed by a strong Canadian dollar.  The coming year should be solid for hotels, but not spectacular, creating opportunities for well-capitalized companies.”

In addition, Concord will invest more than $1 million each in upgrades at four of its remaining Ontario hotels with completion expected by the end of the first quarter 2012.    

 For more information, visit http://www.concordhotels.com/.

 Contact:  Chris Daly, Jerry Daly, (703) 435-6293

Concord Hospitality Selected to Manage Sheraton Oklahoma City Hotel

RALEIGH-DURHAM, N.C., July 25, 2011—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it has signed a contract to manage the Sheraton Oklahoma City (top left photo) in Oklahoma. 

The 395-room, full-service hotel is the latest addition to Concord Hospitality’s growing third-party management portfolio.  Concord currently owns or operates more than 80 hotels, aggregating more than 10,000 rooms, with several more properties under development. 

“The Sheraton Oklahoma City is a valuable addition to our full-service portfolio, and we’re honored that Nazarian Enterprises has selected Concord to manage this outstanding asset,” said Mark G. Laport (middle right photo), President and CEO of Concord. 

 “The hotel has tremendous attributes and is the largest business and convention hotel in Oklahoma City, within steps of the Cox Convention Center and across from the Ford Arena.

“ Among its unique features is an underground concourse connecting the property to the rest of downtown, and 28,000 square feet of ‘new’ meeting space, under one roof. 

“The Sheraton has been a prominent hotel in the market and we are confident that with our operational expertise and ability to drive top line revenues, coupled with our sales and revenue management capabilities it will continue to gain a  competitive advantage in Oklahoma City.”

Located at 1 North Broadway Ave., the Sheraton Oklahoma City is in the heart of downtown Oklahoma City, the state’s capitol, next to the Cox Convention Center and the Ford Center Arenas, and is within two blocks of the city’s vibrant Bricktown Entertainment District. 

All rooms feature Sheraton’s signature Sweet Sleeper® beds and large work stations with dual line phones and data ports.  The 100% non-smoking hotel boasts a 24-hour business center and trademark Link@Sheraton workstations featuring complimentary Internet access and a comfortable atmosphere. 

An underground concourse connects the hotel with downtown businesses, and keeps guests warm and dry during inclement weather. 

The hotel’s restaurant, 1889 Land Run Café (lower right photo), offers an authentic chop house experience.  Among the hotel’s recreational amenities are an outdoor pool and sundeck and state-of-the-art Core Performance Fitness Center.

 For more information, visit http://www.concordhotels.com.

Contact:  Chris Daly, Jerry Daly,  (703) 435-6293

Concord Hospitality Adds 12 Properties in 2009; Expects Minimum of 20% Growth in 2010

RALEIGH-DURHAM, N.C., Feb.  22, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked 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,” said Mark G. Laport, (top right photo)  president and CEO of Concord Hospitality.

“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.”

New hotels being added to the company’s portfolio in 2010 include:

· Management Contracts

ü The 219-room Crowne Plaza, Hamilton, Ontario, Canada.(top left lobby photo)  It is the company’s 11th Canadian property and its first under the InterContinental Hotels brand family.

ü The 89-room Fairfield Inn in Peoria, Ill.

ü The 130-room Four Points by Sheraton in Galveston, Texas. The property will go through a total make-over and is expected to reopen in June of 2010. Concord now manages Starwood-branded hotels in the full- and limited-service segments.

· Ownership, Joint Ventures

ü The 122-suite Hyatt Summerfield Suites in Broomfield, Colo. (bottom left photo)  just north of Denver.

The project, led by the Oxford Development Company, is a joint-venture partnership with Oxford.

The property currently is expected to open in June of 2010. “We have had a long relationship with Oxford, and we look forward to building on what has been a very successful partnership with them on additional projects,” Laport said. It is also Concord’s first managed Hyatt-branded property.

ü The 88-suite Residence Inn by Marriott Pompano Beach  (middle right photo) opened in February, following conversion of the former Ocean Sands Resort & Spa. It is the first Residence Inn “on the sand” on the Atlantic Ocean in Florida.

ü A 130-room Courtyard by Marriott is expected to break ground in Washington, Pa., in suburban Pittsburgh in the 2010 first quarter. It will be the company’s second LEED-certified, ground-up Courtyard, a concept that Concord is pioneering with Marriott.

“All future hotels development by Concord will be LEED-certified,” Laport commented. “While over time we will earn our LEED-related investment back, our primary reason is that it simply is environmentally the right thing to do.”

ü The previously announced 124-room Settler’s Ridge Courtyard by Marriott, the company’s first ground-up LEED-certified Courtyard, is expected to open during the 2010 second quarter. “We are working closely with Marriott, which is adopting our designs to create a pre-approved LEED-certified prototype.”

ü The 110-room Bakery Square Springhill Suites, (bottom right photo)  an adaptive reuse and new construction project in Pittsburgh. Built in a former Nabisco cookie plant, the mixed-use project will feature the hotel, a connected 50,000-square foot urban-active, lifestyle fitness center, which will be free to hotel guests.

“We have a robust pipeline in all three of our growth strategies and expect the next few months to be especially active,” Laport said. “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.”

Contact: Chris Daly, Jerry Daly, (703) 435-6293

Concord Hospitality Wins Two of Marriott’s Top Brand Awards

Company Awarded “Hotel Opening of the Year” for Fairfield Inn & Suites, SpringHill Suites

RALEIGH-DURHAM, N.C., April 6, 2009—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it won two of Marriott’s top brand awards: “Hotel Opening of the Year” for both the Fairfield Inn & Suites and SpringHill Suites brands.

The company also brought home from Marriott’s annual recognition event several other Marriott accolades, including two Platinum, five Gold and three Silver Circle awards, all honors given for exceptional guest satisfaction.

“These awards demonstrate the quality that is our hallmark within the industry,” said Mark G. Laport, (top right photo) Concord president and CEO. “Our commitment to excellence, community, integrity and guest and associate satisfaction continues to generate superior results in all aspects of our business.

" Both “Hotel Opening of the Year” properties are new builds, and were strategically placed in markets that would support their development and yield the maximum ROI.”

The Hotel Opening of the Year award is based on superior performance in a number of categories, including demonstrated leadership, team building and development, financial management, sales and service leadership and community service at the time of opening.

RevPAR, RevPAR Index, occupancy, and guest satisfaction are also considered.

The 120-room Springhill Suites Waukegan/Gurnee, Ill., (middle left photo) winner of SpringHill Suites Hotel Opening of the Year, is the first SpringHill Suites hotel to feature the brand’s contemporary, boutique-style redesign.

Concord co-designed the brand’s new look in partnership with Marriott, which includes an innovative lobby with custom lighting, moveable “soft walls” and changeable graphic panels to create distinctive environments throughout the day.

The property launched in August 2008 and within two months achieved 66 percent occupancy, beating the industry average by more than five percent.

The 110-room Fairfield Inn & Suites Pittsburgh Neville Island (bottom right photo) opened in October 2008 and claimed the top award for the Fairfield Inn & Suites brand.

The property is located on Interstate 79, and each of the guest rooms and suites features luxury bedding, a large work area and free wireless high speed Internet.

The new property achieved 65 percent occupancy within two months, also beating the industry average.

Contact: Melanie Boyer, Daly Gray Public Relations, (703) 435-6293.

Concord Hospitality Secures $13.4M Loan for Ninth Pittsburgh Property

Company Continues to Secure Financing Despite Down Economy

PITTSBURGH/RALEIGH-DURHAM, N.C.-Concord Hospitality Enterprises, one of the nation’s top ranked hotel developer/owner/operators, has secured a $13.4 million loan to build a 124-room Courtyard by Marriott in Pittsburgh, Pa.

S&T Bank financed the loan. It is the seventh of Concord’s nine properties in Pittsburgh to be financed by the institution.

(Top right photo is a Courtyard by Marriott in The Woodlands, TX, related only be physical design, to this transaction.)

“The economy and hotel industry are in a downturn that is expected to begin rebounding in 2010, just as this hotel is projected to open,” said Keith McGraw, a Pittsburgh-based partner of Concord.

“Regardless of where we are in the economic cycle, management is the most critical component in the success of a hotel, and Concord has compiled an impressive track record over its 24-year history.

"Their management strategy and execution consistently produce hotels that perform at their maximum revenue potential and outperform their competitive set.

"As a result, we have been able to continue our long-standing relationship with S&T Bank and secure financing during one of the most difficult economic environments in decades.”

The Courtyard by Marriott Settlers Ridge will be the company’s ninth property in the Pittsburgh area, and will be the only hotel in city’s newly planned Settlers Ridge retail development. The property, just under construction, is expected to open in the spring of 2010, in conjunction with the opening of the Settlers Ridge development.

“Our ability to obtain financing even while credit markets are tight will allow us to continue our development program in 2009,” said Mark G. Laport, (middle left photo) president and CEO of Concord Hospitality.

“As a result, we remain on target to double the size of our portfolio to more than 100 owned and managed properties.” Concord currently has 11 new-build hotels aggregating nearly 1,358 rooms under construction. This is the largest amount of new hotel development under way at one time in the company’s 24-year history.

Laport noted that operational excellence will be what sustains the hospitality industry through this downturn.

“Meticulous management of top- and bottom-line revenues, costs and guest and associate satisfaction will be the difference between profit and loss. Pre-opening is one of the most important phases of developing a hotel, and we are putting a top-notch team in place to operate the property.

“We believe there are solid opportunities to develop hotels in all phases of the economy,” he added. “There are certain advantages to being a contrarian, if you have the expertise and the funding to back it up.”

About Concord Hospitality

Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh-Durham, N.C., manages 51 hotels and with more than 6,400 guest rooms in 13 states and two Canadian providences, under such well-known brands as Renaissance, Marriott, Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn and Suites by Marriott, SpringHill Suites by Marriott, and Hampton Inn and Suites, and an independent boutique hotel.

Formed in 1985, the company was recently listed as one of the top management companies in the nation by independent sources. Concord properties are some of the most awarded hotels in the country, having won nearly 30 honors in the past two years alone. For more information, visit http://www.concordhotels.com/.

Contact: Melanie Boyer, Jerry Daly, Daly Public Relations, (703) 435-6293.

Concord Hospitality Celebrates First “Share Day” with $43,000 Donation to Feed The Children Organization

Contribution and Volunteers to Help Distribute Food and Sundries to More Than 2,400 Families in Six Cities in U.S. and Canada

RALEIGH-DURHAM, NC, Feb. 5, 2009—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it has donated $43,000 to Feed the Children, a contribution that will provide one week’s worth of food and sundries to more than 2,400 families in six cities across North America.

The donation is a part of Concord’s first “Share Day,” and will pay for the transportation costs of goods to FTC receiving organizations.

A total of more than 150 Concord associates, about 25 in each location, will help unload and distribute the supplies. Benefiting families will be present at each receiving organization.

Feed The Children is a non-profit relief organization that delivers food, medicine, clothing and other necessities to children and families who lack them due to famine, war, poverty or natural disaster.

“Concord believes in supporting the communities that our properties call home,” said Mark G. Laport, (top right photo) president and CEO of Concord.

“It is one of our founding cornerstones. Share Day is a natural extension of that cornerstone—it exemplifies our character as a company and the character of our associates. We consider volunteer work to be an important corporate responsibility, particularly in times of economic hardship.

Contacts: Melanie Boyer, Jerry Daly, (703) 435-6293

Concord Hospitality Breaks Ground on 17th Hotel in 2008

Company On Target to Double Portfolio to 100 Hotels Within Three Years

RALEIGH-DURHAM, N.C.—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, has broken ground on its 17th property of 2008, bringing to 15 the number of hotels the company currently has under construction.

The newest property is the 124-room Courtyard in Pittsburgh, PA, scheduled to open in fall 2009.

All of the hotels are premium brands affiliated with the world’s leading franchisors and are slated to open between now and year-end 2009.

Two of the properties, the SpringHill Suites by Marriott-Waukegan, Ill., (middle left photo) and the Fairfield Inn and Suites by Marriott Pittsburgh, Pa. (middle right photo), opened in August.

The remaining 15 under-construction hotels, aggregating more than 2,000 rooms and valued at nearly $350 million, put the company on pace to double the size of its portfolio to more than 100 owned and managed within the next three years.

“We did our first 50 hotels in 20 years; we hope to do our next 50 in three,” said Mark Laport, (top right photo) Concord Hospitality president and CEO.

“Our accelerated growth will be through a combination of new development, acquisitions/repositionings and third-party management contracts.

"Our development pipeline is the strongest it’s ever been, with 15 being the largest number of properties we’ve had under construction at one time. Even with a slowing economy and a troubled credit market, we have the ability to move projects forward.

"We have available equity to invest in new properties, in addition to the capital to develop, acquire and reposition/renovate hotels, and we have long-standing relationships with lenders who know us and know our capabilities.”

Laport noted that the 15 under-construction hotels will produce a portfolio with a wider geographical reach.

“In 2008, we have added or broken ground on properties in New York, Illinois, Maryland, Alabama and Texas and will break ground in North Carolina by the end of the year.

"We are gradually increasing our geographic diversification, developing in high-growth regions, like the southwest, in order to spread our business risk across a wider area and lessen our exposure to any one regional economy.

"As always, we are focusing on markets with solid demographics and high barriers to new supply. We continue to aggressively seek additional sites for hotel development, both domestically and overseas,” he said.

“With the continued globalization of the hotel industry, we see significant international growth opportunities, especially as U.S.-based brands like Marriott, Hilton, Starwood and Intercontinental Hotel Group seek to expand their presence there.”

The 15 hotels currently under construction in the Concord pipeline are:

Laport added that new development is just one leg of a multi-pronged growth strategy. With the recently announced signing of contracts with national real estate developer Jackson-Shaw, to manage two hotels in an under-construction, multi-use development in Dallas, Concord’s portfolio of hotels reached another important milestone.

Third-party management contracts now account for half of the company’s total portfolio of more than 50 hotels, compared to an 80/20 mix just a few years ago.

(Renaissance Raleigh hotel site, Raleigh, NC, bottom right map)

“Our existing owners have always been an important source of new management contract opportunities for us,” Laport said.

“Now we have taken a more proactive approach, looking for owners who have or wish to build quality assets and need high-level technical and pre-opening services to help in the development, opening and operating of hotels.”

Contacts: Melanie Boyer, Jerry Daly (703) 435-6293.

Concord Hospitality Unveils Marriott’s Next Generation of SpringHill Suites

Concord Co-designed New Look Showcased at Springhill Suites Chicago Waukegan/Gurnee

CHICAGO, Ill./RALEIGH-DURHAM, N.C., Aug. 28, 2008—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today opened the 120-room Springhill Suites Chicago Waukegan/Gurnee.

It is the first SpringHill Suites hotel to feature the brand’s contemporary, boutique-style redesign, ushering in the next generation of the select-service franchise. Concord co-designed the brand’s new look in partnership with Marriott. Concord, which owns a minority equity interest in the hotel, also manages the property.

“The SpringHill Suites Chicago Waukegan/Gurnee is at the forefront of contemporary hotel design,” said Mark Laport, (bottom right photo) Concord’s president and CEO. “It represents the next generation of hotels, created to deliver the experience that the next generation of travelers is looking for.

"It features an innovative lobby with custom lighting, music, moveable “soft walls” and changeable graphic panels to create distinctive environments throughout the day. Guests can also enjoy “ESCAPE,” the new modern lounge that serves wine and spirits, and the outdoor terrace illuminated by a fire pit and enclosed by a living green wall. We expect this property to become a market leader in the northern Chicagoland area, and the prototype for future hotel design.”

The joint re-design of the brand is not the first for Concord; the company also partnered with Starwood Hotels & Resorts to design the chic new aloft brand, launched last year.

“Concord creates partnerships that yield excellence,” Laport said. “We have an award-winning design and construction department, and by partnering with some of the leading brands and other management companies, we’re creating cutting-edge products that will set the standard for future hotel design.”

Concord already has broken ground in Texas on four additional SpringHill Suites, all with the updated design. The properties are slated to open in 2009.

Contact: Melanie Boyer, Jerry Daly, (703) 435-6293

Concord Hospitality Appoints Nick Kellock Chief Operating Officer

Former Senior VP at Marriott to Oversee Accelerated Growth Phase

RALEIGH-DURHAM, N.C., August 8, 2008—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that Nick Kellock (top right photo) has joined the company as the chief operating officer, effective September 15th.

Kellock will provide strategic direction to the overall operation and develop focused initiatives to manage and enhance the infrastructure of the company during a period of accelerated growth.

Kellock joins Concord from Marriott International, where he most recently served as a senior vice president in charge of franchising for five of Marriott’s select-service hotel brands-- Courtyard, Fairfield Inn, Residence Inn, SpringHill Suites and TownePlace Suites.

“Nick is an extraordinary addition to our leadership team,” said Mark Laport (top left photo) , Concord’s president and CEO. “Concord is entering a period of rapid growth and Nick’s experience and demonstrated strategic expertise will be critical as we focus on expanding.

"Nick has a proven track record of successfully launching and growing franchises, experience we expect to leverage heavily as we work to meet our goal of doubling our current portfolio of more than 50 owned and managed hotels by 2010.”

Kellock will replace Robert J. Micklash, who served in the position for 11 years and recently was named chief operating officer of Extended Stay America, effective July 1.

For more information, visit http://www.concordhotels.com/.

CONTACT:

Melanie Boyer, Account Executive, Daly Gray Public Relations
(703) 435-6293

Concord Hospitality Appoints William G. Gant GM of Renaissance Raleigh at North Hills

Hotel Veteran Will Open Flagship Hotel as Anchor of $2 billion Mixed-Use Development

RALEIGH-DURHAM, N.C.—Concord Hospitality Enterprises, one of the nation's top-ranked hotel developer/owner/operators, has named William G. Gant (top right photo) general manager of the 229-room Renaissance Raleigh at North Hills, (rendering above) based in Raleigh, North Carolina.

The full-service, four-star property, scheduled to open in November, will be the centerpiece of Raleigh’s North Hills development,(middle right photo) a $2 billion, mixed-use venue that includes 730,000 square feet of retail, dining, entertainment, business and residential space.

North Hills is located at the intersection of Six Forks Road and the Interstate 440 Beltline. Concord is currently developing the hotel and will manage it upon its completion.

A 21-year veteran of the hotel industry, Gant has extensive experience with Renaissance, a Marriott hotel brand. He was the assistant general manager at Concord’s Renaissance Meadowlands, (bottom left photo) located at New Jersey’s Meadowlands, 700-acre entertainment complex.

Prior to joining Concord, he held leadership positions with Renaissance and Marriot International. Before coming to the Raleigh property, Gant was the general manager at Concord’s historic Clinton Inn in Tenafly, New Jersey.

“Bill Gant’s extensive experience with the Renaissance brand and multi-use venues will give us a major leg up as we position this hotel as a destination property for business and leisure travelers,” said Mark Laport, (top left photo) president and CEO of Concord.

“This will be the only four-star property in the Raleigh area, but it also has a boutique feel, giving it a broad range of appeal.

“The Renaissance is our first development in Raleigh since moving our corporate headquarters here in 2003,” Laport added. “Bill has the skills, experience and knowledge to make this property a recognized leader in our hometown, something we are proud to have here.”

The Renaissance’s 229 guest rooms will include six luxury suites and a presidential suite.

The hotel offers 8,000 square feet of meeting space, and guests will have access to the adjoining Natural Body Spa and the 50,000-square-foot Gold’s Gym athletic club nearby in North Hills.

Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh-Durham, N.C., manages 51 hotels with over 6,000 guest rooms in 11 states and two Canadian providences under such well-known brands as Renaissance, Marriott, Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn and Suites by Marriott, SpringHill Suites by Marriott, Hilton Garden Inn, Hampton Inn and Suites, and an independent boutique hotel.

Formed in 1985, the company was recently listed as one of the top management companies in the nation. Concord properties are some of the most awarded hotels in the country, having won nearly 30 honors in the past two years alone.

For more information, visit http://www.concordhotels.com/.


CONTACTS:

Jerry Daly or Melanie Boyer, Account Executive, Daly Gray Public Relations, (703) 435-6293

Concord Hospitality Appoints Grant L. Sabroff Senior VP of Business Development

Industry Veteran Will Grow Company’s Third-Party Management Portfolio

RALEIGH-DURHAM, N.C.—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, announces Grant L. Sabroff (top right photo) has joined the company as senior vice president of business development.

A hospitality industry veteran, Sabroff brings more than 25 years of industry experience to Concord and more than 30 successfully completed transactions within the last 12 years. In his new position, he will focus on growing Concord’s third-party management portfolio, which currently accounts for approximately 50 percent of the company’s total portfolio of owned and managed properties.

Concord is on track to double the size of its overall portfolio by 2010, including 15 hotels that are scheduled to break ground by the end of the year.

“Grant brings indispensable skills and experience to Concord’s management team at a critical time in our development,” said Mark Laport, (photo at left) Concord’s president and CEO. “Concord is entering a period of accelerated growth; we have already broken ground on six new hotels this year and will have expanded into four new states by the end of 2008.

" We would like to maintain our portfolio’s current 50/50 balance between owned assets and management contracts, which is why Grant is such a key addition to our management team right now. He has a proven track record of identifying management opportunities, developing relationships and closing the deal.”

Sabroff joins Concord from Boykin Management, where he served for six and a half years, as senior vice president of business development. He has previously worked with McDonald & Company Investments, Coopers & Lybrand, and Laventhol & Horwath. He has experience with such brands as Marriott, Hilton, Radisson, Intercontinental and Choice.

Sabroff has a bachelor’s degree in hotel, restaurant and institutional management from Michigan State University.

CONTACTS:

Melanie Boyer
Account Executive or

Jerry Daly
Daly Gray Public Relations
(703) 435-6293
http://www.concordhotels.com/