MCR acquires 3 hotels for $40 million

MCR Development, New York City, has acquired three hotels in Florida and New Jersey for approximately US$40 million.

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. MCR Property Management LLC will manage the hotels.

“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 MCR CEO Tyler Morse. “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.”

MCR owns and manages 19 hotels with 2,158 rooms in 10 states.