Alleghany, Concord Look to Expand
Concord has opened six hotels since deal
Months after Alleghany Capital Corporation made a significant investment in hotel manager and developer Concord Hospitality Enterprises Company in October 2018, the two companies are looking forward to expanding, according to a news release.
Alleghany has provided Concord with a long-term investment horizon, quasi-autonomous operating model and the ability to support entrepreneurial management teams with additional capital as Concord accelerates its growth, officials say. The deal has allowed Concord to continue to expand while remaining committed to the values that have guided the company for the past three decades.
Since the transaction, Concord has opened six new properties and acquired two hotels. During the next four years, the company is projected to open nearly 40 hotels across North America and plans to continue its focus on developing and managing full-service, select-service, soft brands and lifestyle properties. Concord is on track to grow its employee base to more than 5,000 by the end of the year.
Photo of The Oaklander Hotel: Courtesy of Concord Hospitality Enterprises Company