Eyes Additional Development and Investment Opportunities in Canada and U.S.
Officials of Concord Hospitality Enterprises today announced that its joint-venture partnership with Lupert-Adler has sold the 177-room Courtyard by Marriott Edmonton in Alberta to MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, for an undisclosed amount. Concord will continue to operate the hotel under a long-term management contract.
“This hotel has done extremely well in the seven years since we acquired it and completed a major renovation to reposition the hotel, rebranding it to the Courtyard by Marriott flag,” said Mark G. Laport, president and CEO of Concord Hospitality. “It quickly began outperforming its historical trends, doubling its revenues shortly after renovation. Our partners have made an excellent return on their investment, above projections. We believe the new owners will benefit from the additional upside potential of this quality asset as the economy improves and the hotel continues to build market share, a win-win situation for both the buyer and seller.”
“Along with a successful history of partnering with Lubert-Adler, we have added 11 new investment partners in the past year and are in discussions with other investment groups, both in Canada and the U.S., who seek appropriate risk-adjusted returns on their investments,” he said. “All of our future development projects will be LEED-certified, which we believe will be better for the environment and give us a competitive edge,” he noted.
The 11-story Courtyard Marriott Downtown Edmonton is located at One Thornton Court in the city’s Central Business District and near a number of business and leisure demand generators.