mcr
MCR To Acquire Historic BT Tower – One of London’s Tallest Buildings
MCR | February 21, 2024
NEW YORK, NY / FEBRUARY 21, 2024 MCR, the third-largest hotel owner-operator in the U.S., has agreed to purchase the BT Tower — one of London’s tallest buildings — from BT Group. MCR will own the 620-foot Tower and podium, encompassing a full London city block, freehold. MCR intends to secure the future of the iconic Tower — which was opened in 1965 in Fitzrovia, London, and is listed Grade II importance by England’s Historic Buildings and Monuments Commission — by repurposing it as a hotel and opening it up to the public. MCR will partner with London-based Heatherwick Studio to consider how best to reimagine its use as a ho...
MCR Sells the Residence Inn by Marriott Philadelphia Langhorne
MCR | February 6, 2024
NEW YORK-- MCR — the country’s 3rd-largest hotel owner-operator — today announced it has completed the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne located in Langhorne, Pennsylvania for $22.1 million, or $221,000 per key. 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 successfully 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 u...
Apple Hospitality REIT Completes Acquisition of Residence Inn by Marriott Seattle South/Renton for $55.5M
Apple Hospitality REIT, Inc. | October 23, 2023
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that it has completed the acquisition of the 146-room Residence Inn by Marriott Seattle South/Renton (the “Hotel”) for approximately $55.5 million, or $380,000 per key. “We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life scien...
MCR Acquires the Canopy by Hilton Charlotte Southpark
MCR | September 13, 2023
NEW YORK-- MCR — the country’s 3rd-largest hotel owner-operator — has acquired the Canopy by Hilton Charlotte Southpark, a five-story, 150-room hotel built in 2020 in Charlotte, North Carolina. Closed with new financing in place, the hotel was purchased at a 20% discount to MCR’s estimated replacement cost. This is the company’s sixth hotel in North Carolina and its first Canopy by Hilton hotel. Situated in the upscale commercial and residential Charlotte suburb of Southpark, the hotel is located 25 minutes from the Charlotte Douglas International Airport — the sixth busiest airport in the U.S., serving over 50 million passen...
MCR Acquires the Courtyard by Marriott North Charleston
MCR | September 7, 2023
MCR’s latest acquisition in The Palmetto State is just 10 minutes from the Charleston International Airport. NEW YORK — MCR — the country’s 3rd-largest hotel owner-operator — has acquired the Courtyard by Marriott North Charleston, a four-story hotel with 138 rooms in North Charleston, South Carolina. The hotel was purchased with acquisition financing in place and is MCR’s fourth hotel in The Palmetto State. Opened in 2019, the hotel is located 10 minutes from Charleston International Airport and 20 minutes from beautiful Downtown Charleston. With strong leisure demand driven by nearby beaches and...
MCR Acquires New York’s Iconic Gramercy Park Hotel, Shuttered Since 2020
MCR | August 28, 2023
The historic luxury hotel will receive a full renovation and reopen in 2025. NEW YORK--August 28, 2023--MCR — the country’s 3rd-largest hotel owner-operator — has acquired the iconic Gramercy Park Hotel in New York City. MORSE Development, which developed the experiential TWA Hotel at New York City’s JFK Airport, will bring back the magic and glamour of the five-star hotel, which has been closed since 2020. An extensive renovation will revitalize the lobby, the first-floor restaurants and bars, and the hotel’s 197 guestrooms and suites. The spectacular 7,000-square-foot rooftop bar — the only venue with a view o...
MCR Acquires Two Hotels in Phoenix, Arizona
MCR | July 31, 2023
NEW YORK--July 31, 2023--MCR — the country’s 3rd-largest hotel owner-operator — 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 are located in prime, high-barrier-to-entry submarkets in one of the fastest-growing cities in the U.S. With the acquisition of these hotels, MCR has nine hotels in the Grand Canyon State. Located in Old Town Scottsdale, the all-suite Holiday Inn Express & Suites is an ideal jumping-off point for exploring the area’s unique collection of shops, restaurants, and art galleries, a...
MCR Acquires Three Hotels in Florida
MCR | June 5, 2023
NEW YORK--MCR — the country’s 3rd-largest hotel owner-operator — has acquired three hotels in Florida. Totaling 384 rooms, the portfolio includes a Hampton Inn by Hilton, a Courtyard by Marriott and a Hyatt Place in Orlando and Daytona Beach — both among Florida’s fastest-growing markets. With this portfolio acquisition, MCR now has 13 hotels in Florida. How magical! The 169-room Hyatt Place Orlando/Lake Buena Vista is located a few miles from Walt Disney World Resort and in walking distance of the world-class shopping, dining and entertainment offered in the Disney Springs district. It’s also a short drive from iconic desti...
