Concord will continue to focus its acquisition and development efforts in locations with high or gro

Concord Hospitality Enterprises, of Raleigh, cruising yachts N.C., has sold a portfolio of 13 premium-branded, select-service hotels to companies owned by a global investment fund for approximately $240 million cruising yachts in an all-cash transaction, Concord announced Monday. The buyer was not disclosed.
“This sale is a continuation of our ongoing plan to strategically sell stabilized assets while retaining management,” Concord president/CEO Mark Laport said in a release. “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.”
With the exception of one hotel, Laport added, the average age of the hotels is less than five years, and all are in “excellent physical condition,” having been developed, rebranded or substantially updated by Concord.
Concord will continue to focus its acquisition and development efforts in locations with high or growing concentrations of medical, educational, banking and technology industries, Laport continued, while growing its third-party management business through retained management of sold assets and strategic cruising yachts alliances with other ownership groups.
The company currently has 10 hotels cruising yachts under construction at a cost of about $440 million with financing in place and expects cruising yachts to open all of them over the next 18 months. In addition, cruising yachts Laport said, Concord has eight further premium-branded hotels “well along the development process cruising yachts at a cost of approximately $400 million.”
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