Alleghany Capital Corporation Announces Investment in Concord Hospitality Enterprises Company
Alleghany Capital Corporation (“Alleghany Capital”), a wholly-owned subsidiary of Alleghany Corporation, announced that it has acquired a majority interest in Concord Hospitality Enterprises Company (“Concord”), a leading third-party hotel management and development company headquartered in Raleigh, North Carolina. Founded in 1985, Concord manages over 100 properties and nearly 15,000 rooms across North America, partnering with leading brands including Marriott, Hilton, Hyatt, Choice, and InterContinental, as well as a diversified group of experienced hotel owners and investors.
“This transaction presents Concord with an exciting opportunity to continue to expand while remaining committed to the values that have guided us over the past three decades and have created our thriving culture,” said Mark Laport. “At Concord, we believe in five cornerstones: delivering quality, living integrity, supporting community, growing profitability, and having fun. Alleghany Capital shares these values and its strategy of providing a long-term home to entrepreneurial businesses will allow us to further enhance our portfolio and execute on a robust pipeline of opportunities through initiating ground-up developments and building quality third-party partnerships. We are eager to work together with Alleghany Capital to build upon our proven model of success and continue to provide the service excellence that guests, partners, and other stakeholders have come to expect from Concord.”
Udi Toledano, Chairman of Alleghany Capital, added, “In evaluating the hospitality market, we quickly identified Concord as a unique and compelling platform which we can support as it continues to expand its market presence. As is the case with all of our acquisitions, day to day operations and the company’s unique culture will not be impacted by the transaction."
RBI Advisors acted as financial advisor and Proskauer Rose LLP acted as legal counsel to Alleghany Capital. Morris, Manning & Martin, LLP acted as legal counsel to Concord.