MCR Sells $410M Marriott, Hilton Hotels To American Hotel REIT
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.