The remarkable growth is a result of MCR’s data-driven and detail-oriented approach to hotel ownership: MCR measures 112 items for each of its 150 hotels every day, streamlining operations and ensuring every hotel delivers a consistent, enjoyable experience for guests.
"Securing a refinancing in today’s challenging debt environment demonstrates MCR’s success as an owner-operator," says Tyler Morse, Chairman and CEO of MCR. "We bought good hotels at the right time, in the right markets, and implemented our business strategies to boost operating performance."
MCR acquired the 16 hotels — totaling 2,274 guestrooms — primarily in 2020 and 2021. Spread across 11 states, the portfolio is concentrated in high-growth markets, including Texas, North Carolina, Florida and Arizona. The portfolio is comprised of 11 Hilton and Marriott extended stay and select service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott.
The loan was securitized in a floating-rate single asset, single borrower ("SASB") CMBS transaction. The new financing replaces the original debt with an outstanding balance of $268 million at the time of payoff.
Deutsche Bank Securities and BMO Capital Markets acted as Co-Lead Managers and Joint Book Runners on the transaction. Eastdil Secured LLC served as exclusive advisor to MCR on the transaction and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.
About MCR
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3rd-largest hotel owner-operator in the United States
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$5.0 billion portfolio of 150 premium-branded hotels
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MCR operates 9 Marriott brands, 8 Hilton brands and a number of unflagged independent hotels
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Over 25,000 guestrooms across 37 states and 107 cities
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Founded in 2006
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Offices in New York City, Dallas, Chicago and Richmond, Virginia
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7,000 team members across the country
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Three-time recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners
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Recipient of the Hilton Legacy Award for Top Performer
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For the TWA Hotel at New York’s JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS), the Urban Land Institute New York Excellence in Hotel Development Award and the American Institute of Architects national Architecture Award, the highest honor given by the AIA
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Named one of Fast Company’s 10 Most Innovative Travel Companies
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For more information, please visit mcrhotels.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208019535/en/