EDMONTON, Alberta, Can./RALEIGH, N.C., April 4, 2011—Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, 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.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton, Alberta. The firm currently is engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 1.5 million square feet comprising more than $250 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG
Absolute Return and MIG Private Equity. Additional information is available at http://www.migcap.com/RealEstate/.