December 21, 2012
MCR Development LLC announced today that it has acquired ten Marriott and Hilton hotels from Skye Hospitality.
The portfolio is comprised of 1,294 rooms and is characterized by its young age, high-quality construction, and prominent visibility in four Baltimore submarkets: Arundel Mills, Downtown Baltimore / Camden Yards, Hunt Valley, and White Marsh. The hotels will be managed by MCR Property Management, and all ten of the properties will continue to be branded under long-term license agreements with Marriott and Hilton’s select service and extended stay brands.
“This portfolio is a great addition to MCR and we are excited about the opportunity to expand our relationship with Marriott and Hilton,” said Tyler Morse, MCR’s Chief Executive Officer. “This investment, along with our four earlier acquisitions this year, underscores our commitment to strategically and opportunistically acquiring quality hotel properties in high barrier to entry markets.”