Hotel operator Concord Hospitality Enterprises has netted $240 million after agreeing to sell 13 select-service hotels in a cash transaction to an undisclosed buyer.
The company did not reveal details of the buyer, other than saying it was a group of companies "owned by a global investment fund."
Concord said it will continue to manage the properties on a long-term management agreement.
The transaction is for 11 Marriott and two Hilton-branded hotels, comprising a total of 1,650 rooms.
All but one of the hotels is under five years old, according to Concord CEO Mark Laport.
Laport also said Concord has a construction pipeline of a further 10 hotels valued at around $440 million and all are expected to open within the next 18 months.
The Raleigh-based hotel management and development firm owns or manages over 90 hotels in the US and Canada under branded affiliations including Choice Hotels, InterContinental Hotels Group, and Starwood.
