Hotel & Motel Management - October 15, 2007 - (Page 54)

54 News H&MM October 15, 2007 | HotelMotel.com Portfolio Continued from page 4 hotel portfolio is Marriott Internationalbranded products, mostly in the Southeast United States. The brand composition was the big selling point for Brett Moody, chairman of the board and c.e.o. of Moody. “Marriott is one of the best breeds in the industry,” he said. “Then, the markets show great stability with opportunity for growth.” Moody owns 70 properties that are oper- New builds ational, and has an additional 10 under de- Laport said the sale was an opportunity to velopment. Most properties are operating gain liquidity for the company, and also was under Marriott and Hilton Hotels attractive to company stakeholdCorp. brands and are concentrated ers, “knowing that we have a huge on both coasts and in the sunbelt. pipeline beyond the sale in front of This deal is Moody’s largest us,” he said. portfolio acquisition to date, and He called the proceeds from the company is on track to grow its the portfolio sale “a war chest,” hospitality real-estate. which the company would use to “We’ve liked hospitality for the develop and acquire hotels. last ﬁve years and we probably have Concord’s development project about three years’ worth of acquisi- Moody list includes 28 properties comprisMOODY NATIONAL COS. tion appetite,” Moody said. ing 4,042 guestrooms in 10 states The company also owns real-esand Canada. tate in the ofﬁce space and multi-unit housTwenty-three of those are slated to be ing segments. new-build properties, Laport said. Concord will continue to manage the “Seven are under construction now, and portfolio, and the average age of each prop- all those will open within 12 months,” he erty is six years. said. The seven include Renaissance, Court“This was a win-win for both seller and yard by Marriott, Residence Inn and Sprinbuyer,” Laport said. “As the manager, [the ghill Suites properties. portfolio] was hand-picked with that overThe company also has properties under all strategy in mind.” development, with franchise approval. Up until this sale, Concord’s largest One brand Laport said he’s excited about portfolio sale was an 11-hotel group in the is Element, the new extended-stay offering early 1990s. “For the most part, we’ve been manager-owners,” Laport said. “This [deal] does change how we’ve been as an operator, because for the ﬁrst time we’re not only a larger owner-operator [company] with partners, we’re signiﬁcant in terms of being a thirdparty operator as well.” Laport said one of the company’s goals is to build a larger presence as a third-party management company. “We’re not in the numbers game though,” he said. “We want to be consistent.” from Starwood Hotels & Resorts Worldwide. “We have two Element properties that will go in the ground in the next four months [in Arizona], a Westin in our pipeline, and many more Marriott-branded properties,” he said. “Starwood is brand-new for us,” he said. “We think it’s an intelligently thought-out new offering that will compete well within the market against some other brands we own. We want to take advantage of that.” Laport said the company’s focus still will remain on Marriott. “For the most part, we are franchisees of Marriott,” he said. “We have great loyalty in the number of years and successes that we’ve been able to enjoy with Marriott.” Developing beyond U.S. borders is a priority for Concord, and it counts Canada as a stepping stone. “We’re the largest owner/operator for Marriott in Canada,” he said. “We started there six years ago and now have 13 properties.” Concord has four Marriotts under development in Canada. Next up, it’s looking at developing Marriott properties in Brazil. “We have the momentum now as well as the reputation to attract the kind of economic support we need to not go to Brazil and [just] do one or two hotels, which we know we could do, but we want to have a programmatic approach,” he said. sricca@questex.com The 19-hotel portfolio Moody National Cos. purchased from Concord Hospitality Enterprises is comprised of all Marriott-branded properties. Courtyard Altoona, Altoona, Pa., 105 rooms 1 2 3 4 5 6 7 8 9 Courtyard Columbus Airport, Columbus, Ohio, 150 rooms Courtyard Columbus Downtown, Columbus, Ohio, 149 rooms Courtyard Pittsburgh Downtown, Pittsburgh, 182 rooms Courtyard Pittsburgh Shadyside, Pittsburgh, 132 rooms Courtyard Pittsburgh Waterfront, Pittsburgh, 94 rooms Courtyard Waterbury, Waterbury, Conn., 199 rooms Courtyard Willoughby, Willoughby, Ohio, 90 rooms Courtyard West Palm Beach Airport, West Palm Beach, Fla., 103 rooms Marriott West Des Moines, West Des Moines, Iowa, 219 rooms Renaissance Meadowlands, Rutherford, N.J., 163 rooms Springhill Suites Des Moines, West Des Moines, Iowa, 97 rooms Springhill Suites Houston, Houston, 191 rooms Springhill Suites Washington, Washington, Pa., 86 rooms Springhill Suites Pittsburgh Airport, Pittsburgh, 102 rooms Residence Inn Midtown, Atlanta, 78 rooms Fairﬁeld Inn Meadowlands, East Rutherford, N.J., 141 rooms Fairﬁeld Inn & Suites Butler, Butler, Pa., 75 rooms Fairﬁeld Inn & Suites Des Moines, West Des Moines, Iowa, 102 rooms 10 11 12 13 14 15 16 17 CONCORD HOSPITALITY ENTERPRISES 18 19 Concord Hospitality Enterprises will retain management of all hotels it sold to Moody National Cos., including the 219-guestroom Marriott West Des Moines in Iowa. Total guestrooms: 2,458 Source: Concord Hospitality Enterprises http://HotelMotel.com

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Hotel & Motel Management - October 15, 2007 Contents Concord Sets Goal to Double Portfolio Leaders: Budgetel Brand Off and Running Pension Funds Put More Capital Into Hotels Perspective Letter to the Editor At Your Risk Consultant's Corner Sales Clinic On Finance Guest Column Trends & Stats Industry Leaders Say Healthy Times Will Continue Eco-Concious Hotels Looks for Certification Events Removing Chemicals, Suds from Housekeeping Products Handhelds Help Track Safe Activity People on The Move Awards Transactions Supplier News Ad/Editorial Index Bath Trends Marketplace Classifieds Checking Out

Hotel & Motel Management - October 15, 2007

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