Concord Hospitality publicizes record-breaking efficiency in 2022 with resort and growth income topping $1.6 billion. Both ADR and RevPAR for the corporate’s comp motels delivered above nationwide common progress for 2022.
RALEIGH, N.C. – Concord Hospitality, the award-winning resort and growth firm which presently operates over 150 motels, is making ready for a 12 months of enlargement in 2023 as the corporate recounts 2022 milestones and initiatives important progress for the 12 months forward.
In 2022, Concord Hospitality reported a record-breaking 12 months with a complete of 66 profitable transitions together with 12 new resort openings, a further 15 third social gathering administration contracts and 10 newly-opened branded restaurant and rooftop bar ideas. Concord noticed a further 18 motels that had a change in possession the place Concord was retained to remain on because the administration firm. The firm’s resort revenues grew to $981 million with comp motels seeing a 41.6% RevPAR progress over 2021 and the general portfolio surpassing its 2022 income funds by 8.2%. Food & Beverage operations delivered its most spectacular 12 months but with revenues coming in at over $125 million, a 25% progress over 2021.
2022 additionally marked one other award-winning 12 months for Concord Hospitality which has constantly been acknowledged as a number one developer and supervisor of each choose service properties and full-service life-style luxurious motels. A couple of accolades and awards that Concord Hospitality acquired in 2022 embody, however should not restricted to:
- Recognized by Marriott International as a Top Performer in North America for the Customer Satisfaction Category “Intent to Recommend”
- 11 motels acknowledged by U.S. News & World Reports as being amongst the Best Hotels within the U.S.
- Recipient of The Bonvoy Luminary Award from Marriott for operational excellence at full-service Marriott motels
- Awarded Marriott Developer of the Year at CONNECT 2022
- The Concord-managed Beaufort Hotel was chosen as USA Today’s “Best Boutique Hotel”
“Our performance in 2022 was outstanding, delivering record-breaking growth and a full recovery from the biggest economic downturn to ever impact the hospitality industry. We provided excellent topline and bottom-line performance and did it through excellence in service execution. We owe much of this success to the relentless 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. Our trajectory for 2023 shows a healthy pipeline of development and new business as Concord Hospitality continues to be a preferred developer and operator amongst the leading hotel ownership groups in North America,” mentioned Mark Laport, CEO & President, Concord Hospitality.
Expanding Concord’s Portfolio of Upper Upscale Independently Minded Assets
Among its milestones in 2022, Concord Hospitality expanded its presence within the full service section spurred by the expansion of Opus Collection by Concord. Launched in February 2019, the Opus Collection was created with a deal with working and growing higher upscale boutique motels, eating places and bars inside Concord’s portfolio. The Opus Collection is presently made up of 29 belongings and is poised to develop by 17% in 2023 as the corporate eyes new offers on the west coast within the southeastern area.
Increasing Presence within the Restaurant & Bar Space
The launch of the Opus Collection has bolstered the corporate’s presence within the restaurant, bar and meals companies trade. Today, Concord Hospitality is chargeable for working quite a lot of award-winning and famend eating places and bars together with Hook & Ladder which was voted one of the best new restaurant in Philadelphia in 2022 and the 1Watson which was voted greatest new bar in San Antonio. In 2022 the corporate opened 10 new belongings together with Smoke & Mirrors in Washington, D.C., Vue 360 in Clearwater Beach, FL and Prologue in Calgary. Concord is beginning off the 12 months with a number of new openings within the pipeline together with a brand new rooftop restaurant in Charlotte, North Carolina and there are additional developments within the pipeline that can probably see Concord attain new revenue information for the 12 months.
Concord Continues to Standout As The Top Developer & Operator in Economy & Midscale
While Concord has expanded exponentially over the previous 30 years the corporate continues to take care of its trade lead as developer of alternative and supervisor for financial system and midscale motels. In 2022, Concord exceeded projections by rising its pipeline by 9 motels for a complete of 1,098 rooms added to its belongings within the financial system and midscale section. With companions similar to Choice, Extended Stay America, and Hilton expressing their intent to additional spend money on reasonably priced midscale properties and likewise touting the expansion potential of choose service developments, Concord is poised to see file progress on this market section.
Concord Operated Hotels Continue to Lead In Customer Satisfaction
This 12 months Concord as soon as once more demonstrated they’re a best-in-class operator amongst its aggressive set as the corporate acquired recognition from quite a lot of its companions. Marriott International acknowledged Concord Hospitality as a prime performer for “Intent to Recommend” in Q1 and This fall of 2022 with the corporate being acknowledged for its operation of Marriott premium and luxurious motels in addition to Marriott choose manufacturers. Concord’s Hyatt areas additionally reported a rise in customer support rankings of greater than 10% YOY at a number of properties. Additional standout moments embody the Renaissance Westerville ending the 12 months because the #2 resort throughout the Renaissance model, the Residence Markham Inn coming in at #2 for many improved Elite Appreciation within the nation and The Dorian, Autograph Collection coming in as #7 general in Intent to Return for Canada.
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