MCR Development Acquires Three Marriott and Hilton Hotels for Approximately $40M
Located in Florida and New Jersey
NEW YORK - June 5, 2012 - MCR Development LLC announced today that it has acquired three hotels in Florida and New Jersey for approximately $40M. The properties, a Homewood Suites by Hilton, Courtyard by Marriott, and Hampton Inn & Suites, comprise 329 rooms and have an average age of less than 5 years old. The hotels will be managed by MCR Property Management LLC.
In addition to the acquisitions, MCR has begun expansion projects to add guestrooms and public space to two Residence Inn by Marriott hotels it owns in New Jersey. MCR also recently completed a Courtyard by Marriott Refreshing Business lobby makeover.
MCR owns and manages 19 hotels with 2,158 rooms in ten states.
"These acquisitions are high quality additions to our portfolio and are backed by two of the strongest brands in the hotel industry, Marriott and Hilton," said Tyler Morse, MCR's Chief Executive Officer. "Today's announcement underscores our strategy to opportunistically invest in new properties and perform value added improvements to our existing hotels. We will continue to pursue acquisitions of quality properties in markets with high barriers to entry."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
