Concord's 17-hotel pipeline is among the most robust in the United States, and with 11 additional hotels in active development (sites under contract and franchises secured), Concord has surpassed most competitors in terms of total hotels in the funnel.
RALEIGH, N.C. – Concord Hospitality announced that the company is developing its most ambitious pipeline in its 30-year history. The company has 12 hotels under construction from south Florida to New York City and is providing third-party management services for another five that also are in active construction. All 17 hotels will be managed by Concord upon opening. With the opening of these hotels, the company will surpass the century mark, 100 hotels under management, and open 12 hotels in as many months.
Concord’s 17-hotel pipeline is among the most robust in the United States, and with 11 additional hotels in active development (sites under contract and franchises secured), Concord has surpassed most competitors in terms of total hotels in the funnel.
“Having weathered a number of hotel cycles, we were confident coming out of 2009 that the near future would be positive, and we took a well calculated risk that this cycle would be a bit unique,” said Mark Laport, president and CEO. “We were one of the few companies who developed continuously through the downturn, setting the stage for the most aggressive growth phase in our company’s 30-year history.”
True to his conservatively contrarian tendencies, Laport is leading Concord into markets and even service sectors eschewed by industry pundits.
“Even if New York’s fundamentals soften with increased capacity, our three new hotels underwrite very well,” Laport added. “Contrary to popular opinion, in some markets, there’s also feasibility for ground up full-service hotels as both group and meeting spend and transient travel demand continue to increase in most markets throughout the country. Many people anticipated that technology would be the death knell of business travel, but businesses have rediscovered that there is no substitute for in-person relationship building.”
Laport noted that the aggressive development pipeline brings with it innovations, as well as brand and market firsts.
The company recently broke ground on a $91 million Hyatt House in Jersey City, N.J., which will be the brand’s first upside-down hotel with a top-floor lobby that takes in the magnificent New York City skyline with floor to ceiling windows. Concord also is developing two New York City hotels, an AC Hotel in Hudson Yards and a Cambria Hotel and Suites close to Times Square. The company will also be managing two additional hotels in the city – a Cambria Suites on 28th St. and a Courtyard by Marriott on Greenwich Street adjacent to the World Trade Center Memorial site. Additionally, Concord is developing the first Marriott full service/Residence Inn dual-brand hotel in Columbus, Ohio, near Ohio State University.
“Our entry into new markets like New York and Washington, D.C., where we opened the first downtown Cambria Suites near the convention center, has not distracted us from our management focus,” noted Laport. “In fact, several of our hotels recently were ranked best-in-brand for overall customer satisfaction.”
Those hotels include:
- Raleigh Renaissance Hotel, Raleigh, NC
- Courtyard by Marriott, Knoxville, TN
- Residence Inn by Marriott, North Pointe, FL
- Hyatt House – Raleigh, NC
- SpringHill Suites by Marriott – Latrobe, PA
In addition, Concord earlier this week announced that the company had won three awards at the recent Marriott International National Association (MINA) full service owners’ conference, including the prestigious Partnership Circle award. The other two awards recognized Concord’s achievements in Service and Food and Beverage excellence.
“Success breeds success,” added Laport. “We currently have a base of more than 175 investors, both high net worth individuals and institutions, many of whom have been investing with us for 30 years, who share our optimism about the hospitality industry and the opportunities for expansion over the next few years. We also find ourselves in the fortunate position of being able to attract some of the best talent in the industry. People who want a career in hospitality recognize Concord as an employer of choice. If you are an energized professional, you know that there’s no better company to work for than one that is putting jobs on the map and operating best-in-class hotels. Throughout our 30-year history we have rigidly adhered to our four cornerstones of Quality, Integrity, Community, and Profitability and they have clearly served us very well.”
Laport estimated that Concord’s current construction pipeline will create more than 800 permanent hotel jobs and 3,400 construction jobs.
Photo caption: Raleigh Renaissance Hotel, Raleigh, NC.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
