MCR Acquires the Staybridge Suites Chattanooga Downtown

MCR | December 1, 2022

NEW YORK--MCR — the country’s 4th-largest hotel owner-operator — 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 also has the opportunity to create additional value through (i) converting 13,000 square feet of underutilized ground-floor space into additional guest rooms, retail or meeting space and (ii) monetizing the property’s large, 2.2-acre site offering excess development potential in a prime downtown location. This is the company’s fifth hotel in Tenne...