MCR Development Acquires 18-Hotel Portfolio for $206M

MCR Development has acquired a portfolio of 18 Marriott and Hilton hotels for approximately $206 million. Collectively, the portfolio represents 1,787 rooms across 11 states in growing cities including Charlotte, Savannah, Cincinnati, Tulsa, and San Antonio. The portfolio has an average age of less than 10 years and is unencumbered by management agreements. All hotels were acquired with fee simple title. MCR will own and manage the portfolio, which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The portfolio includes multiple brands including Marriott’s Courtyard and TownePlace Suites and Hilton’s Hampton Inn & Suites, Hilton Garden Inn, and Homewood Suites.

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