Concord raises $5.9m in JV

 

Concord Hospitality Enterprises of Raleigh, NC, has raised $5.9m in a joint venture to build a hotel in Tennessee.

The money was raised through the equity venture of Concord Nilhan Brookview LLC that attracted 29 investors to build a 124-room Courtyard by Marriott in Knoxville. Concord had previously announced the project as part of its $355 pipeline for 2012.

Concord is involved with Nilhan in another hotel project.

Nilhan partner is Nilhan Hospitality of Norcross, GA, which also plans to build a $57m Marriott next to the Gwinnett Center & Arena in Gwinnett County, GA. Concord Hospitality will manage the property.

Chittrahjan (Chuck) K. Thakker is listed as manager of Nilhan Hospitality. According to reports, Thakker won the bid to build the 300-room full-service hotel after telling Gwinnett County Commissioners that he had the financing in place, including $30m of federal stimulus money. The county owns the convention center. Thakker also reportedly agreed to set aside an additional $6.5m in the event of cost overruns.