MCR Acquires Two Marriott Hotels in Salt Lake City for $27.5 Million
October 9, 2017 11:59am
NEW YORK--October 9, 2017--MCR, the seventh largest hotel owner-operator in the United States, today announced the acquisition of two Marriott hotels located in Lehi, Utah, a suburb of Salt Lake City. Both properties, the Courtyard Lehi and SpringHill Suites Lehi, are situated at the entrance to Thanksgiving Point, Lehi’s central business and leisure hub, which is known for its technology businesses, museums, and numerous entertainment facilities. The properties were purchased for $27.5 million.
“We are very excited to make this investment in Salt Lake City’s Silicon Slopes technology corridor,” said Tyler Morse, Chief Executive Officer and Managing Partner of MCR. “Given the array of demand generators supported by the city’s strong business climate and its highly educated workforce, we believe both properties are well positioned to outperform and generate positive returns for our business. These hotels represent an attractive combination of in-place yield with upside potential in the years to come.”
Lehi, situated between Provo and Salt Lake City, has more than doubled in size since 2000, and is home to a large cluster of technology companies including Adobe, Microsoft, Oracle, Ancestry.com, and others. Lehi is also home to major government facilities, including the NSA’s 1.5 million square foot Utah Data Center. Year-over year growth for the City in 2016 was 4.6 percent, and Adobe is currently in the midst of expanding its Lehi campus, which will add approximately 1,260 new jobs.
springhill suites lehi
MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 94 hotel properties with over 11,000 rooms in 24 states. MCR’s hotels are operated under 10 brands. The firm has offices in New York City and Dallas. In 2015 MCR was awarded the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence. For more information, please visit: www.mcrinvestors.com.
MCR Acquires 140-Key SpringHill Suites Fairfax Fair Oaks in Northern Virginia
MCR Acquires 160-Room Hilton Garden Inn Providence Airport/Warwick at Rhode Island’s T.F. Green International Airport
MCR Selected to Manage 259-Room Miami International Airport Hotel Located at Concourse E
MCR Appoints Executive Team to Oversee Independent Hotels Across the Country
MCR Acquires Three Hilton-Branded Hotels in Champaign, Illinois
MCR Acquires Hilton Garden Inn Cincinnati Northeast in Loveland, Ohio
MCR Acquires 169-Room Courtyard by Marriott Milwaukee Downtown
MCR Acquires SpringHill Suites by Marriott Richmond North Glen Allen in Virginia for $10.85 Million
MCR Completes Renovation of 101-Room Hampton Inn by Hilton Concord/Kannapolis in North Carolina
MCR & Morse Development Celebrate Topping Out of the TWA Hotel Located at New York's JFK Airport
MCR Acquires Allentown, Pennsylvania’s 111-Room Hilton Garden Inn for $15 Million
MCR Acquires Hampton Inn & Suites by Hilton in Chicago Suburb for $12.75 Million
MCR Sells Courtyard by Marriott Jacksonville Orange Park for $16.55 Million
MCR Opens 112-Room Residence Inn by Marriott Fort Lauderdale Pompano Beach Central, Florida
MCR Competes Sale of 18 Marriott and Hilton Hotels for $407.4 Million to American Hotel Income Properties REIT
MCR Development LLC Completes Renovation of Hilton Homewood Suites in Yuma, Arizona
Please login or register to post a comment.