Alleghany Capital Corp., a subsidiary of Alleghany Corp., has acquired a majority stake in Raleigh-based hotel management and development company Concord Hospitality Enterprises Co. for an undisclosed amount

Founded as a four-employee venture in 1985, Concord now manages over 100 properties and 15,000 rooms in hotel chains such as Marriott, Hilton and Hyatt.

Concord has 10 North Carolina hotels in its portfolio, including Renaissance Raleigh North Hills Hotel and the Marriott hotel across from Crabtree Valley Mall in Raleigh.

Mark Laport, president and CEO of Concord, said the acquisition will give Concord a chance to grow.

“This transaction presents Concord with an exciting opportunity to continue to expand while remaining committed to the values that have guided us over the past three decades and have created our thriving culture,” said Laport.

Alleghany Capital handles the private capital investments and acquisitions for Alleghany, a company with $25 billion in assets and one of the oldest companies listed on the New York Stock Exchange.

Alleghany Capital primarily invests in the business services, construction, consumer products, energy production and manufacturing sectors, according to its website.

Alleghany Chair Udi Toledano said that day-to-day operations and Concord’s company culture will not be affected.

“However, with the addition of Alleghany Capital’s resources, we believe that Concord will be able to pursue an even greater set of opportunities,” Toledano said.