PITTSBURGH—Concord Hospitality Enterprises has secured a $10.8 million loan to build the 124-room Courtyard by Marriott Meadow Lands in Washington, PA, a suburb of Pittsburgh.
The loan is the second one the company has secured in a six-month period; it received $13.4 million late last year for a 124-room Courtyard by Marriott in Settlers Ridge, PA.
S&T Bank financed both loans. The bank has financed eight of Concord’s 10 Pittsburgh-area properties.
The Courtyard by Marriott Meadow Lands is scheduled to open in fall 2010, and the Courtyard by Marriott Settlers Ridge is scheduled to open in spring 2010.
Located at I-79 and Racetrack Road, the Courtyard by Marriott Meadow Lands will be the company’s 10th property in the Pittsburgh area. Concord also owns the SpringHill Suites Washington, PA, located at 16 Trinity Point Drive.
Raleigh-Durham, NC-based Concord currently has eight new-build hotels representing more than 1,000 rooms under construction.