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Officials from Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, announced that the company is on track to invest nearly $18.5 million this year in hotel renovations in four states and Canada. In addition, the company has acquired a 32,000 square-foot office building outside of Wake Forest, N.C., that it plans to convert into its world headquarters facility, bringing the company’s total spend in 2011 to nearly $25 million.
“The poor economic outlook has been hindering construction and development in this country for the past few years,” noted Mark Laport, president of Concord. “We decided the time was now to reinvest in our business, in the communities where we operate and in ourselves. Our company and our country are entrepreneurs at heart, and it’s time we started focusing on our future instead of worrying about the past.”
For full-year 2011, the company will have undertaken renovation projects at 19 of its hotels. “By the end of the year, we will have updated, upgraded or refreshed more than 25 percent of our hotel portfolio, which will be in like new condition and ready to take full advantage of the anticipated lodging recovery,” he added.
Among the projects and their price tags begun this year are:
– Clinton Inn, Tenafly, N.J. – $1.5 million. Custom room and corridor renovation at this 116-room boutique hotel was completed in April 2011.
– Marriott Courtyard, Newark, Ohio – $1 million. Room and corridor upgrade including new flat panel televisions and fitness equipment and a new Courtyard lobby were completed in April 2011.
– Marriott Courtyard, Mississauga, Ontario – $1.6 million. Upgrade to new high-tech Courtyard lobby completed in June 2011. Room and corridor upgrades to the 144-room airport hotel scheduled for completion in the fourth quarter.
– Marriott Courtyard, Markham, Ontario – $1.7 million. Upgrade to new high-tech Courtyard lobby completed in July 2011. Room and corridor renovations for the 144-room hotel scheduled to be completed in the fourth quarter.
– Marriott Courtyard, Vaughan, Ontario – $1.6 million. Upgrade to new high-tech Courtyard lobby completed in July 2011. Room and corridor renovations for the 144-room hotel scheduled to be completed in the fourth quarter.
– Hampton Inn, Cleveland, Ohio – $5 million. Upgrade to Hampton’s ‘Perfect Mix’ lobby standard and total renovation of 194 guest rooms to reposition the hotel in the downtown Cleveland market is scheduled to begin in September 2011.
– Marriott Courtyard, Edmonton, Alberta – $2.2 million. Room and corridor upgrades, as well as the new high-tech courtyard lobby, are planned for this 177-room downtown hotel beginning in October.
– Springhill Suites, Washington, Pa. – $1.5 million. Extensive lobby reinvention and room renovation for this 86-suite extended stay hotel begins in November 2011.
– Marriott Courtyard, Altoona, Pa. – $1.4 million. Extensive lobby and rooms renovation for this 105-room hotel is expected to be completed in February 2012.
– Renaissance Raleigh North Hills, Raleigh, N.C. – $1 million. To accommodate a new restaurant, Mia Francesca, scheduled to open this month, the hotel added 748 square feet of new meeting space which will be accented by the natural light of windows along one interior wall and local art work, bringing the flavor of Raleigh into the new space.
In addition to the hotel renovation investments, Concord also purchased its first headquarters building earlier this year. The build-out, which will include a wall of windows to allow associates to enjoy the sunshine, and an employee exercise center, will be completed this fall. Some 95 employees will move into their new offices before Christmas.
“In the past, we’ve leased office space,” Laport noted. “When we started outgrowing it, we determined it was time to own our own home. We have been recognized by the top hotel brands for our excellence in development, and it was just time to put that expertise into our home base. It sends the right message about our company and our commitment to our cornerstones of delivering the highest quality product and work environment. It’s what we stand for. We bought an empty building and are turning it into our world headquarters, creating jobs and helping to support positive economic growth in our community.”
Laport added that the company has planned an additional $7 million in renovations for the first quarter of 2012. “As the economy sagged, most hotel operators took a wait-and-see approach to upgrades and enhancements. But the hotel business is starting to revive, and we’re determined to have the best products in each of the markets where we operate when the business returns to full throttle.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
