The University of Dayton announced today that, in partnership with Concord Hospitality of Raleigh, North Carolina, it has purchased and will upgrade the Dayton Marriott Hotel at the western gateway to campus.
The University and Concord will jointly own the property, which was purchased for $18.5 million. Concord will operate the hotel on South Patterson Boulevard and oversee its renovation. It will remain a full-service Marriott hotel.
“This is an excellent investment for our future, because it ensures University control of a crucial piece of land for our campus and also helps diversify the University’s investments, which support the core mission of the University,” said Tom Burkhardt, vice president for finance and administrative services.
“Our strategic plan calls on us to be good stewards of our financial resources and manage them wisely to ensure the University’s vitality for future generations. The more successful our long-term investments are, the more successful we will be in keeping UD affordable,” he said.
The hotel sits in the middle of the University’s expanded campus and has hosted thousands of families, alumni, athletic teams and academic conference participants through the years.
“This is great news for the City of Dayton,” said Dayton Mayor Nan Whaley. “The hotel has always been an important asset to Dayton, hosting visitors and members of the UD family alike. A first-rate hotel is crucial to support the high-tech economic development that is quickly growing in our southern corridor.”
Burkhardt said having a first-class, full-service hotel will complement the development of the University’s campus master plan, already underway with the multi-million dollar GE Aviation EPISCenter and the Emerson Innovation Center projects.
“The project was analyzed using the same measurements we use in evaluating and making investments of this type,” Burkhardt said. “We determined that it meets those criteria and is a good investment risk for the University.”
The property will be held in the University’s investment portfolio and will not be considered a University facility.
Highlights of the renovation include complete guest room and guest bath upgrades as well as reconfiguration of the existing lobby and restaurant space into a Marriott great room with flexible space for business, recreation and social activities. Renovations will also extend to the ballroom, meeting rooms and fitness center.
Concord is a highly regarded hotel developer and operator with extensive experience in developing and managing Marriott properties. The University had a successful partnership with Concord with the Courtyard Dayton-University of Dayton hotel, which was sold earlier this year, Burkhardt said.
“This transaction represents Concord’s continued confidence in the Dayton market,” said Mark Laport, president of Concord. “With a great location in a vibrant market, a comprehensive renovation and our rich experience in the market working with the University of Dayton and the local business community, we are confident that this hotel will be the market leader. The University has been a trusted, valued partner and I am certain that this asset will be a strong addition to both of our portfolios.”
Located on River Park Drive at South Patterson Boulevard, the hotel sits on 9.8 acres of riverfront land. It was built in 1982 and renovated in 2008. It includes 399 guest rooms with nine suites, 13,600 square feet of meeting space, a full-service restaurant and bar as well as a health club and indoor/outdoor pool.
Burkhardt said the administration informed the University’s Educational Leadership Council, composed staff, faculty and students, during negotiations about the potential investment on a confidential basis.
About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., owns and-or manages more than 90 hotels comprised of more than 13,000 guest rooms in 20 states and 2 Canadian provinces. The company operates hotels and resorts under leading brand affiliations including Choice Hotels, Hilton, Hyatt, InterContinental Hotels Group, Marriott and Starwood, as well as select independent boutique hotels. Concord properties are some of the most awarded hotels in the country, having won nearly 100 top honors in the past two years alone.
About the University of Dayton
Founded in 1850 by the Society of Mary (Marianists), the University of Dayton is a top-tier, national, Catholic, research university and Ohio’s largest private university. Characterized by the Marianist educational philosophy of learning in community, welcoming all, serving others, intellectual curiosity and academic rigor, the University of Dayton fosters servant-leaders who connect scholarship and learning with leadership and service.