CONCORD HOSPITALITY’S 2022 SUCCESSES TO FUEL ITS GROWTH IN 2023
By Kathakali Nandi – Hotels Mag
Concord Hospitality is preparing for a year of expansion after making significant growth in 2022. The Raleigh, N.C.-based management company posted a successful 2022 as its hotel revenues grew to $981 million, with comp hotels attaining 41.6% RevPAR growth compared to 2021.
Additionally. Concord’s overall portfolio exceeded its 2022 revenue budget by 8.2%.
The company saw 66 successful transitions, including 12 new hotel openings, 15 additional third-party management contracts and 10 newly-opened branded restaurant and rooftop bar concepts. A total of 18 more hotels, which changed ownership, retained Concord as the management company.
“Our performance in 2022 was a full recovery from the biggest economic downturn to ever impact the hospitality industry. We provided excellent top-line and bottom-line performance and did it through excellence in service execution. We owe much of this success to the pursuit of innovation and excellence by our talented teams making strides in technology, food & beverage, operations and revenue management/digital marketing to keep Concord a best-in-class operator,” said Mark Laport, CEO & president, Concord Hospitality. “Our trajectory for 2023 shows a healthy pipeline of development and new business.”
FOCUS ON UPPER, UPSCALE ASSETS
Concord grew its footprint in the full-service sector, driven by the growth of its Opus Collection by Concord. Introduced in February 2019, the brand focuses on developing and operating upper upscale boutique properties and bars within Concord’s portfolio. The Opus Collection presently includes 29 properties and is expected to grow 17% this year as the company plans to sign new deals on the West Coast in the southeastern region.
The Opus Collection has strengthened Concord’s presence in the restaurant, bar and food services segment. In 2022, the company opened 10 new properties, including Smoke & Mirrors in Washington, D.C., Vue 360 in Clearwater Beach, Fla., and Prologue in Calgary. This year, the company has several new openings lined up, including a new rooftop restaurant in Charlotte, N.C., and more in the development pipeline.
ECONOMY, MIDSCALE HOTELS
Last year, Concord grew its pipeline by nine hotels totaling 1,098 rooms added to its assets in the economy and midscale segment. Concord partnered with Hilton, Choice and Extended Stay America to further its growth in this segment.