Concord Hospitality Poised for Growth, Expansion and Further Success in 2020
RALEIGH, NC – Following a banner year in 2019, Concord Hospitality Enterprises is well-positioned to experience further growth, expansion and success in the new decade. The award-winning hotel development and management company ended 2019 with 120 properties in its portfolio and is already in the process of executing on a robust pipeline of opportunities for 2020 as it further increases and diversifies its portfolio.
During 2019, Concord opened eight new properties – all of which were either new construction or new ground-up developments – and announced 11 new management contracts, adding 19 hotels to its portfolio. This is nearly double the number Concord added in 2018 and a 14% increase in properties overall.
Additionally, Concord entered six new markets last year in locations spanning from coast to coast, with grand openings and/or management contracts in San Diego, Boston (Woburn, Mass.), Nashville, Tenn., Milwaukee and Beaufort, N.C.
On the heels of these successes, Concord expects to add 18 properties to its portfolio this year. To date, the company anticipates the opening of 12 new properties and management of an additional six, with more contract negotiations currently underway. The company is again poised to expand its footprint into new markets across the United States including Lansing, Mich., Salt Lake City, Wauwatosa, Wis., and West Palm Beach, Fla.
“From opening new properties in smaller markets such as Beaufort, N.C., to managing properties in some of the nation’s largest cities, like San Diego and Dallas, we are incredibly excited and proud of the growth and expansion we experienced in 2019,” said Mark Laport, President and CEO of Concord Hospitality. “It is even more rewarding that we are well-positioned to continue this trajectory into 2020 as we diligently execute on our robust pipeline of opportunities.”
Consistently ranked as one of the country’s top hotel management companies, Concord has close relationships with more than 20 brand affiliations including Marriott, Hilton, Hyatt, IHG and Choice with annual hotel revenues nearing $1 billion. Hotels within Concord’s portfolio have experienced an impressive 11 consecutive years of growth in the RevPAR Index.
Additionally, Concord continues to be recognized by trade and consumer organizations. In 2019, the hospitality company added the following accolades to its trophy case:
Owner/Developer of the Year – Hotel Interactive’s Lodging Industry’s Elite Awards
Developer of the Year for Lifestyle – Hilton’s Americas Owner Conference
Guest Experience Award – Marriott International’s MINA Conference & Full-Service Owners Conference
No. 1 Service Provider and First Place in Overall Partner Performance, Guest Satisfaction and Customer Retention – Marriott International’s GPNS Program
Great Place to Work® Certification
Best Companies to Work for in New York
At the property level, multiple hotels received platinum, gold and silver Circle Awards from Marriott International for their performance in 2019. Additionally, Whiskey Charlie – the rooftop bar at the Canopy by Hilton Washington, D.C. The Wharf hotel – was voted one of “The Best Rooftop Bars in DC” by Thrillist.com.
To keep pace with the company’s accomplishments, Concord expanded its Business Development team with the addition of Richard Rose and promotion of Ryan Maher, both named Vice Presidents of Business Development, and the Food and Beverage team with Dean Wendel’s promotion to Vice President of Food and Beverage and Dean Thompson’s appointment as Corporate Director of Culinary Operations. Jared Garner joined the company as its General Counsel and Chief Compliance Officer. Additionally, Patty Treaster was promoted to Vice President of Transitions, a new role that emphasizes the hospitality company’s focus on expansion as Treaster manages the process of properties transitioning into and out of Concord’s management portfolio, as well as providing support for new hotel openings.
“The success we experienced last year would not have been possible without the dedication and hard work of our nearly 6,000 associates, along with the support and contributions of our brand partners, investors, third-party owners and service providers,” added Laport. “We look forward to continuing to build upon our achievements in the new decade.”