RALEIGH, N.C. — Concord Hospitality Enterprises, Inc. has announced the sale of four Marriott-branded hotels in Ontario to Genesis Hospitality, a Manitoba-based private investment group.
“Concord has been a leader in developing and managing hotels in Canada since 2002 and is currently the largest operator of Marriott-branded properties in the country,” said Mark Laport, CEO of Concord Hospitality Enterprises, Inc. “We continue to have strong development and third-party management interest nationwide. This is our first transaction with Genesis, and we look forward to the opportunity to build on that relationship.”
Meanwhile, Concord Hospitality is planning more hotel expansion and investment as it prepares to break ground on at least two properties within the next three to six months. “We have established a strong track record and expect to partner with more Canadian institutional and high net-worth investors to develop and acquire hotels. We are in due diligence on projects in and around urban and close-in suburban markets in Ontario and Toronto and possibly several provinces in the Maritimes,” Laport said. “We are seriously looking to expand our presence in Alberta, including Calgary and Edmonton, where we already operate one property that is undergoing a substantial renovation.”