Raleigh-based Concord Hospitality Enterprises has sold a portfolio of 13 premium-branded hotels a global investment fund for $240m.
The overall portfolio is comprised of a total of 1,650 rooms representing 11 Marriott and two Hilton-branded hotels.
The all-cash transaction also includes a long-term management agreement with Concord’s hotel management team to continue operating the properties.
The sale is part of the company’s on-going plan to strategically sell stabilised assets while retaining management.
Concord Hospitality president and CEO Mark Laport said the strategy gives investors an attractive return on their development investment while providing long-term, sustainable growth opportunities for the companies that buy the assets.
"We currently have ten hotels under construction at a cost of approximately $440m with financing in place and expect to open all of them over the next 18 months.
"We have an additional eight premium branded hotels well along the development process at a cost of approximately $400m," Laport added.
The Pittsburgh Business Times noted that, according to real estate reports, the buyer of two of the hotels involved in the transaction – Marriott Courtyard Settlers Ridge in Robinson Township, and Marriott Fairfield Inn & Suites on Neville Island – was a company called Black Sapphire.
Concord owns and/or manages more than 90 hotels in 21 states and two Canadian provinces.
It operates hotels and resorts under leading brand affiliations including Choice Hotels, Hilton, Hyatt, InterContinental Hotels Group, Marriott and Starwood, as well as select independent boutique hotels.