Concord's TX Strategy: Seven Hotels in '09

Meanwhile, the Raleigh, NC company is also spearheading the construction of two other hotels in San Antonio, on the area's far northwest side near the three-million-square-foot retail center called the Rim. At the same time, a hotel is under construction near Houston's Intercontinental Airport on the north side of the city, while another is going vertical in Webster, TX, in the far southeast submarket. All hotels are expected to be open and running by the end of the year.

Concord president and CEO Mark Laport tells GlobeSt.com that all the hotels have one thing in common: They're all in phenomenal growth areas. The northwest area of San Antonio, he points out, continues growing, despite the economy. Webster is near NASA, which is an area that has a need for medium hotels that aren't any larger than 125 rooms or so.

And insofar as building by the airport, "Intercontinental Airport has become the gateway airport from South America to the U.S., surpassing Miami," Laport comments. "In spite of the current slowdown, we figure that bodes well for lodging. The fact that the hotel will be the closest the terminal, with the exception of a full-service Marriott that's at the terminal, doesn't hurt either, he adds.

Laport says that Texas is a favorite spot for the company; compared to other parts of the nation because of its diversity. The typical Concord model, he explains, is to partner with others for equity. The only exception to that were the two hotels in The Colony, which were developed by Jackson-Shaw as part of its mixed-use Cascades at The Colony.

But the company isn't focused solely on building. "We're changing our strategy to potential buying opportunities," Laport explains. "We're already seeing the tip of the ice berg in which some owners are saying 'I don't have the patience to be in this business'." When the owners are ready to exit, Laport says, Concord, will be ready to listen. "There'll be buying opportunities coming up," he adds.