MCR Development acquired 18 Marriott and Hilton hotels for approximately $206 million.
The portfolio includes multiple brands including Marriott's Courtyard and TownePlace Suites and Hilton's Hampton Inn & Suites, Hilton Garden Inn and Homewood Suites.
MCR Development is the seventh largest hotel owner-operator in the United States, and collectively, the Portfolio represents 1,787 rooms across 11 states in 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.
The purchase price averages about $11.5 million per hotel – or $115,000 per room, which MCR said is "significantly below replacement costs."
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.
This acquisition brings MCR's portfolio to 88 hotels with approximately 10,000 rooms in 23 states.