MCR Sells $410M Marriott, Hilton Hotels To American Hotel REIT
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MCR's formerly owned properties are across several states, including New York, New Jersey, Maryland and Pennsylvania, and account for 2,187 rooms. That works out to roughly $186K/room at a 7.9% cap rate, according to a release. The deal closed June 22.
The 10 Marriott hotels included five Residence Inns and two SpringHill Suites, CoStar reports, and the eight Hilton-branded hotels consisted of four Homewood Suites, two Hilton Gardens and two Hampton Inns.
“The strong returns generated by this disposition are a testament to the performance of our industry-leading brand partners, Marriott and Hilton, and to the strength of MCR’s hotel operations team,” MCR Managing Partner Tyler Morse said in a statement.