A Raleigh-based hotel management company has sold $15.4 million in equity, according to a Securities and Exchange Commission filing.

Concord Aztec Springfield LLC, or Concord Hospitality management company, filed a Form D on March 10, stating it has raised its total offering of $15.4 million. The filing did not state what the company intends to do with the proceeds.

Concord Hospitality started in 1985 and now has over 85 hotels. The company’s aims to develop and acquire high-quality hotel properties and to provide dedicated hotel management services to both full-service and upscale select-service properties.

Concord is expanding its portfolio with new build development acquisitions and new third-party management contracts with leading brands like Marriott, Hilton, Starwood, Hyatt, Choice and InterContinental Hotels.

Mark Laport, co-founder, president and CEO of Concord, has served on various franchise committees from full service to select service hotel brands. He has been a chairman of the Courtyard by Marriott Franchise Advisory Council, is a member of the Renaissance Franchise Advisory Committee, as well as a member of the Canopy Owner Advisory Council and the AC Hotel Brand Advisory Council.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must first file what’s known as a Form D electronically with the SEC after they first sell their securities.