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Article: Concord, backer part; Sheraton parent gains. (Concord Hotels Inc. and Summit Associates Inc.; Lane Hotels Inc.)
- Article from:
- Crain's Cleveland Business
- Article date:
- April 22, 1991
- Author:
CopyrightCOPYRIGHT 1991 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Concord Hotels Inc. in Cleveland and a New Jersey real estate partner which has bankrolled its growth are parting ways. In the process, the owner of the Sheraton City Centre Hotel will gain a bigger presence in this market.
Summit Associates of Edison, N.J., and Concord Hotels are dividing Concord's $80-million portfolio of 12 hotels with a total of 1,763 rooms. The parties hope to reach an agreement by May 1, said Concord chairman Bert Moyar.
He said Concord will reduce its ownership in 11 hotels to 5% from 50%. Those hotels, with a total of 1,642 rooms, are in the Cleveland area and six states outside Ohio.
Summit would assume the debt ...