Concord Secures $13M for Hotel, Plans Growth

PITTSBURGH-Concord Hospitality Enterprises has secured a $13.4-million loan to build a Courtyard by Marriott here, its ninth hotel in the market. The Raleigh, NC-based company is also on pace to double the total amount of hotels in its portfolio to about 100 properties.

S&T Bank, which has financed seven of Concord’s nine area hotels, provided the loan. The Courtyard by Marriott will have 124 rooms and be located in the 580,000-square-foot Settlers Ridge retail development being built by Faison at Parkway West and Ridge Road.

The hotel, already under construction, is to open in the spring of 2010. Other tenants planned for the Settlers Ridge development include P.F. Chang’s, Cinemark and a Market District grocery store, which is operated by Giant Eagle.