News for the Hospitality Executive
NEW YORK-December 21, 2012 --MCR Development LLC announced today that it has acquired ten Marriott and Hilton hotels from Skye Hospitality.
The portfolio is comprised of 1,294 rooms and is characterized by its young age, high-quality construction, and prominent visibility in four Baltimore submarkets: Arundel Mills, Downtown Baltimore / Camden Yards, Hunt Valley, and White Marsh. The hotels will be managed by MCR Property Management, and all ten of the properties will continue to be branded under long-term license agreements with Marriott and Hilton’s select service and extended stay brands.
"This portfolio is a great addition to MCR and we are excited about the opportunity to expand our relationship with Marriott and Hilton,” said Tyler Morse, MCR's Chief Executive Officer. “This investment, along with our four earlier acquisitions this year, underscores our commitment to strategically and opportunistically acquiring quality hotel properties in high barrier to entry markets.”
About MCR Development
Headquartered in New York and Dallas, MCR Development LLC is a hotel investment firm and a hotel management company which owns and manages 30 hotels with 3,500 rooms located in 11 states. MCR operates hotels under 9 brands and has approximately 1,000 employees.
MCR Development LLC
Development Acquires Three Marriott and Hilton Hotels in Florida and
New Jersey for Approximately $40 Million / June 2012
Lodging Group Sells Portfolio of Ten Northeastern Hotels Comprising
1,100 Rooms for $164 million to MCR Development, LLC / December 2010