Concord, Aztec and Mercury JV Adds Ocean Sands Resort to Portfolio
RALEIGH-DURHAM, NC, August 26, 2009 - Concord Hospitality Enterprises, one of the nation's top-ranked hotel developer/owner/operators, today announced that it has formed a joint venture partnership with the principals of Florida-based Aztec Group, Inc. to join current owner Mercury Investment in ownership of the 88-unit, all-suite Ocean Sands Resort & Spa in Pompano Beach, Fla. for an undisclosed amount. Concord will also manage the property.
The property, which is located directly on the Atlantic Ocean, offers a combination of luxury studio, one-bedroom and two bedroom suites ranging in size from 560 to 981 square feet, all featuring spectacular views of the Atlantic Ocean. It also boasts a luxury, 20,000 square foot spa, a salon, a fully-equipped fitness center and two swimming pools. Other on-site amenities include a casual dining/lounge with pool-side service, a business center, sundry shop, valet parking and wired and wireless Internet throughout the property.
The joint venture marks Concord's entrance into the full-service resort segment and is the sixth addition to its portfolio this year.
"The Ocean Sands Resort & Spa is a jewel that will benefit from strategic investment and enhanced operations and marketing," said Mark G. Laport, president and CEO of Concord. "We also will explore a number of options to further physically upgrade the property."
"We are extremely pleased to have Concord Hospitality and the Aztec Group join us in partnership at the Ocean Sands Resort & Spa," said Karen Stelmak, vice president of asset management of Mercury Investment. "We appreciate the strength that Concord will provide in managing the property and look forward to many future ventures with them."
Laport said Concord expects to grow its portfolio to 60 owned, joint-ventured and/or third-party managed hotels by the end of 2009, an increase of 20 percent since 2008.
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