RALEIGH, N.C. (March 26, 2019) – Six months following Alleghany Capital Corporation’s major investment in award-winning hotel manager and developer Concord Hospitality Enterprises Company, the two entities are celebrating the success of their initial collaboration and looking ahead to anticipated expansion.
Alleghany Capital 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. Additionally, the transaction has presented Concord with an opportunity to continue to expand while remaining committed to the values that have guided the company for the past three decades. The milestones and successes Concord has achieved over the past six months are early indicators of the synergy between the two companies and the future potential of the partnership.
Since October 2018, 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 associate base to more than 5,000 by year’s end, all while remaining committed to being a “Great Place to Work for All.”
“The resources and support that Alleghany Capital has provided Concord have allowed us to begin executing on our robust pipeline of development opportunities and will be the engine that continues to boost Concord’s growth trajectory,” said Mark Laport, President and CEO of Concord Hospitality. “We are eager to continue working with Alleghany Capital to build on our proven model of success and provide the service excellence that guests, partners and other stakeholders have come to expect from us.”
Not only are the companies’ business goals aligned, but their values are as well. Concord was founded on five cornerstones: delivering quality, living integrity, supporting community, growing profitability and having fun. Concord’s strong associate-driven culture is part of what attracted Alleghany Capital to Concord initially as Alleghany Capital shares these same values.
“It has been such a pleasure working alongside Alleghany Capital given our similarities in principles and how we each conduct business,” said Debra Punke, Senior Vice President of Human Capital and Communications. “At Concord, we believe that talent and culture are drivers of our success. Over the past six months, we have seen that Alleghany Capital feels the same way about its employees, and we are honored to be working in close conjunction with a company of Alleghany’s stature and reputation.”