Concord Hospitality announces record-breaking performance in 2022 with hotel and development revenue topping $1.6 billion. Both ADR and RevPAR for the company’s comp hotels delivered above national average growth for 2022. Concord’s Food & Beverage operations achieved its highest revenue in 2022 growing by 40% over 2021.
RALEIGH, N.C. – Concord Hospitality, the award-winning hotel and development company which presently operates over 150 hotels, is preparing for a year of expansion in 2023 as the company recounts 2022 milestones and projects significant growth for the year ahead.
In 2022, Concord Hospitality reported a record-breaking year with a total of 66 successful transitions including 12 new hotel openings, an additional 15 third party management contracts and 10 newly-opened branded restaurant and rooftop bar concepts. Concord saw an additional 18 hotels that had a change in ownership where Concord was retained to stay on as the management company. The company’s hotel revenues grew to $981 million with comp hotels seeing a 41.6% RevPAR growth over 2021 and the overall portfolio surpassing its 2022 revenue budget by 8.2%. Food & Beverage operations delivered its most impressive year yet with revenues coming in at over $125 million, a 25% growth over 2021.
2022 also marked another award-winning year for Concord Hospitality which has consistently been recognized as a leading developer and manager of both select service properties and full-service lifestyle luxury hotels. A few accolades and awards that Concord Hospitality received in 2022 include, but are not limited to:
- Recognized by Marriott International as a Top Performer in North America for the Customer Satisfaction Category “Intent to Recommend”
- 11 hotels recognized by U.S. News & World Reports as being amongst the Best Hotels in the U.S.
- Recipient of The Bonvoy Luminary Award from Marriott for operational excellence at full-service Marriott hotels
- Awarded Marriott Developer of the Year at CONNECT 2022
- The Concord-managed Beaufort Hotel was selected as USA Today’s “Best Boutique Hotel”
“Our performance in 2022 was outstanding, delivering record-breaking growth and a full recovery from the biggest economic downturn to ever impact the hospitality industry. We provided excellent topline and bottom-line performance and did it through excellence in service execution. We owe much of this success to the relentless pursuit of innovation and excellence by our talented teams making strides in technology, food & beverage, operations and revenue management / digital marketing to keep Concord a best-in-class operator. Our trajectory for 2023 shows a healthy pipeline of development and new business as Concord Hospitality continues to be a preferred developer and operator amongst the leading hotel ownership groups in North America,” said Mark Laport, CEO & President, Concord Hospitality.
Expanding Concord’s Portfolio of Upper Upscale Independently Minded Assets
Among its milestones in 2022, Concord Hospitality expanded its presence in the full service segment spurred by the growth of Opus Collection by Concord. Launched in February 2019, the Opus Collection was created with a focus on operating and developing upper upscale boutique hotels, restaurants and bars within Concord’s portfolio. The Opus Collection is currently made up of 29 assets and is poised to grow by 17% in 2023 as the company eyes new deals on the west coast in the southeastern region.
Increasing Presence in the Restaurant & Bar Space
The launch of the Opus Collection has bolstered the company’s presence in the restaurant, bar and food services industry. Today, Concord Hospitality is responsible for operating a number of award-winning and renowned restaurants and bars including Hook & Ladder which was voted the best new restaurant in Philadelphia in 2022 and the 1Watson which was voted best new bar in San Antonio. In 2022 the company opened 10 new assets including Smoke & Mirrors in Washington, D.C., Vue 360 in Clearwater Beach, FL and Prologue in Calgary. Concord is starting off the year with several new openings in the pipeline including a new rooftop restaurant in Charlotte, North Carolina and there are further developments in the pipeline that will likely see Concord reach new profit records for the year.
Concord Continues to Standout As The Top Developer & Operator in Economy & Midscale
While Concord has expanded exponentially over the past 30 years the company continues to maintain its industry lead as developer of choice and manager for economy and midscale hotels. In 2022, Concord exceeded projections by growing its pipeline by 9 hotels for a total of 1,098 rooms added to its assets in the economy and midscale segment. With partners such as Choice, Extended Stay America, and Hilton expressing their intent to further invest in affordable midscale properties and also touting the growth potential of select service developments, Concord is poised to see record growth in this market segment.
Concord Operated Hotels Continue to Lead In Customer Satisfaction
This year Concord once again demonstrated they are a best-in-class operator amongst its competitive set as the company received recognition from a number of its partners. Marriott International recognized Concord Hospitality as a top performer for “Intent to Recommend” in Q1 and Q4 of 2022 with the company being recognized for its operation of Marriott premium and luxury hotels as well as Marriott select brands. Concord’s Hyatt locations also reported an increase in customer service rankings of more than 10% YOY at several properties. Additional standout moments include the Renaissance Westerville finishing the year as the #2 hotel within the Renaissance brand, the Residence Markham Inn coming in at #2 for most improved Elite Appreciation in the country and The Dorian, Autograph Collection coming in as #7 overall in Intent to Return for Canada.
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