Concord Hospitality Sells Two Hotels in Raleigh for $109M

RALEIGH, N.C. — Concord Hospitality has sold the Renaissance and Hyatt House Raleigh North Hills hotels in Raleigh for a combined $109 million. Companies owned by an unnamed global investment fund acquired the two hotels through cash and an assumption of debt. The two properties anchor North Hills, a 1 million-square-foot mixed-use development that serves as a live-work-play destination for Raleigh residents and businesses. Concord will continue to manage the two assets under a long-term management agreement. Mark Elliott of Hodges Ward Elliott and Tom Ives of CBRE Hotels represented the seller in the transaction.