MCR Acquires 10 Marriot, Hilton Hotels for $164M

NEW YORK CITY-MCR Development LLC has acquired 10 hotels in the Northeast for approximately $164 million from the Briad Lodging Group, which was represented by CB Richard Ellis. MCR acquired six Marriott and four Hilton branded hotels located in New York, New Jersey, Connecticut and Pennsylvania. The brands include the Residence Inn by Marriott, SpringHill Suites by Marriott, Courtyard by Marriott, Hilton Garden Inn and Hilton Homewood Suites. The average age of the assets is less than two years.

CBRE Hotels initiated work on the transaction on behalf of The Briad Lodging Group at the beginning of the year, and monitored the performance of the portfolio and investment marketplace throughout the first half of 2010 to gage buyer interest and underwriting.  In June CBRE Hotels approached select investors, a process which culminated with a signed agreement in August.