Residence Inn by Marriott Philadelphia Langhorne
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...