MCR has acquired two hotels in Phoenix, Arizona - the 169-room Holiday Inn Express & Suites Scottsdale - Old Town and the 121-room Hampton Inn by Hilton Phoenix-Biltmore.
MCR has acquired the Hilton Miami Airport Blue Lagoon, a 14-story hotel with 508 rooms in Miami, Florida. With a prime waterfront setting within the Blue Lagoon business park, the hotel is located just south of Miami International Airport (MIA).
MCR has acquired the Courtyard Dallas Grand Prairie, a four-story, select service hotel with 120 rooms in Grand Prairie, Texas. The hotel was purchased with acquisition financing from American Momentum Bank in place, at a rate of SOFR plus 260 basis points and a 65% loan to value.
MCR has acquired the Hyatt Place Miami Airport East, a six-story, select service hotel with 135 rooms in Miami, Florida. Built in 2015, the hotel was purchased at over a 25% discount to MCR’s estimated replacement cost.
MCR has acquired the Staybridge Suites Chattanooga Downtown, a five-story, extended-stay hotel with 124 suites in Chattanooga, Tennessee. The hotel was purchased at over a 25% discount to MCR’s estimated replacement cost.
MCR has acquired the Homewood Suites by Hilton Kansas City Speedway, a four-story, extended-stay hotel with 108 suites in Kansas City, Kansas. Opened in 2018, this is the company’s first hotel in The Sunflower State.
MCR has reopened the historic, 161-room Pasadena Hotel & Pool on Colorado Boulevard and Lake Avenue following an extensive restoration of the hotel’s public spaces. It is the company’s second hotel in California.
MCR has closed on a $420 million refinancing of 30 hotels across the country. The financing was provided by balance sheet lenders Wells Fargo (who served as lead left arranger on the transaction), BMO Harris (joint lead arranger), Bank of America and Square Mile Capital at an interest rate of SOFR + 3.73%.
MCR has acquired the DoubleTree by Hilton Hotel Tallahassee, a 17-story, 242-room hotel in Florida’s state capital. The hotel was purchased as a real estate-owned asset from a special servicer and is the company’s seventh hotel in The Sunshine State.
MCR has completed $2 billion of investments and deployed more than $500 million of equity since 2020. In the last 24 months, the company has acquired 46 select service hotels, five full-service hotels, four non-performing loans and two hospitality-related software companies.