Concord Hospitality sells 13 hotel portfolio

Concord Hospitality Enterprises has announced the sale of a portfolio of 13 premium-branded, select- service hotels to companies owned by a global investment fund for approximately $240 mn in an all-cash transaction. Concord will continue to operate the hotels under a long-term management agreement. The portfolio comprises a total of 1,650 rooms representing 11 Marriott and two Hilton-branded hotels. The sale is an on-going process for the company.