Concord Sells Portfolio; Retains Management

From Hotels Magazine April 2014

Concord Hospitality Enterprises announced on Monday the sale of 13 select-service U.S. hotels to an undisclosed “global investment fund” for approximately $240 million in an all-cash transaction.

Public records show the purchasing company created Delaware-based subsidiaries each named Black Sapphire C to buy the properties. Concord Hospitality Enterprises, Raleigh, North Carolina, will continue to operate the hotels under long-term management agreements.

“This sale is a continuation of our on-going plan to strategically sell stabilized assets while retaining management,” said Mark Laport, president and CEO of Concord Hospitality. “This gives our investors an attractive return on their development investment while providing long-term, sustainable growth opportunities for the companies that buy these assets.”

The hotels bought in the transaction include the:
• 101-room Courtyard by Marriott Dayton – University of Dayton, located in Dayton, Ohio
• 102-room Courtyard by Marriott Pittsburgh Greensburg, located in Greensburg, Pennsylvania
• 135-room Courtyard by Marriott Reading Wyomissing, located in Reading, Pennsylvania
• 124-room Courtyard by Marriott Pittsburgh Airport Settlers Ridge, located in Pittsburgh, Pennsylvania
• 124-room Courtyard by Marriott Pittsburgh Washington/Meadow Lands, located in Washington, Pennsylvania
• 108-room Fairfield Inn and Suites Cumberland, located in Cumberland, Maryland
• 110-room Fairfield Inn & Suites Pittsburgh Neville Island, located at 5850 Grand Avenue in Pittsburgh
• 108-room Fairfield Inn & Suites Parsippany, located in Parsippany, New Jersey
• 194-room Hampton Inn Cleveland-Downtown, located in Cleveland
• 132-room Hilton Garden Inn Dallas/Arlington, located in Arlington, Texas
• 136-suite SpringHill Suites Columbus OSU, located in Columbus, Ohio
• 156-suite SpringHill Suites Houston Intercontinental Airport, located in Houston, Texas
• 120-suite SpringHill Suites Chicago Waukegan/Gurnee, located in Waukegan, Illinois

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