June 04, 2012
MCR Development LLC announced today that it has acquired three hotels in Florida and New Jersey for approximately $40M. The properties, a Homewood Suites by Hilton, Courtyard by Marriott, and Hampton Inn & Suites, comprise 329 rooms and have an average age of less than 5 years old. The hotels will be managed by MCR Property Management LLC.
In addition to the acquisitions, MCR has begun expansion projects to add guestrooms and public space to two Residence Inn by Marriott hotels it owns in New Jersey. MCR also recently completed a Courtyard by Marriott Refreshing Business lobby makeover.
MCR owns and manages 19 hotels with 2,158 rooms in ten states.
“These acquisitions are high quality additions to our portfolio and are backed by two of the strongest brands in the hotel industry, Marriott and Hilton,” said Tyler Morse, MCR’s Chief Executive Officer. “Today’s announcement underscores our strategy to opportunistically invest in new properties and perform value added improvements to our existing hotels. We will continue to pursue acquisitions of quality properties in markets with high barriers to entry.”