Concord Secures Second Property Financing in Six Months
Loan Will Fund Company's 10th Pittsburgh Property
JULY 20, 2009 - Concord Hospitality Enterprises, one of the nation's top-ranked hotel developer/owner/operators, today announced that it secured a $10.8 million loan to build a 124-room Courtyard by Marriott Meadow Lands in Washington, Pa., a suburb of Pittsburgh. This is the second loan the company has secured in a six-month period; it received $13.4 million late last year for a 124-room Courtyard by Marriott in Settlers Ridge, Pa.
S&T Bank financed both loans. The bank has financed eight of Concord's 10 Pittsburgh-area properties.
The Courtyard by Marriott Meadow Lands is scheduled to open in fall 2010, and the Courtyard by Marriott Settlers Ridge is scheduled to open in spring 2010.
"Securing financing has become difficult in the current economy, however, we are finding it is still possible through strong relationships with lenders and a proven track record of successful hotel development," said Mark Laport, CEO of Concord. "Our success in obtaining this loan is a testament to the Pittsburgh properties we already own and operate, which continue to outperform the local market by revenue premiums that are, on average, 40 percent above competing properties.
"We are fortunate to have forged a trusted relationship with S&T Bank, one of the most respected lending institutions in the region. We hope to build on this relationship as we continue to identify additional opportunities that complement our portfolio of branded and independent hotels in attractive markets with high barriers to new entry."
Located at I-79 and Racetrack Rd. near the Tanger Outlets, the Courtyard by Marriott Meadow Lands will be the company's 10th property in the Pittsburgh area. Concord also owns the SpringHill Suites Washington, Pa., located at 16 Trinity Point Dr., about five minutes from the outlets. Concord currently has eight new-build hotels aggregating more than 1,000 rooms under construction.
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