MCR has completed the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne located in Langhorne, Pa. for $22.1 million, or $221,000 per key. Other terms were not disclosed. Since the beginning of 2023, MCR has completed a series of dispositions totaling seven hotels for gross proceeds of $174 million, or $210,000 per key.
By completing its business plan, MCR doubled the hotel’s net operating income over the course of its ownership. The firm purchased the hotel for $13.2 million, or $132,000 per key, in November 2018 and completed a $3 million upgrade of the hotel’s guestrooms and public spaces in June 2020.
“This disposition is consistent with our strategy to create value through repositioning and operational improvement and to realize that value through opportunistically selling,” Chairman and CEO Tyler Morse said in a statement.