MCR Development LLC Acquires Portfolio of 18 Marriott and Hilton Hotels for $206 Million
NEW YORK - March 10, 2015 - MCR Development LLC ("MCR"), the seventh largest hotel owner-operator in the United States, today announced it has acquired a portfolio of 18 Marriott and Hilton hotels (the "Portfolio") for approximately $206 million. Collectively, the Portfolio represents 1,787 rooms across 11 states in growing cities including Charlotte, Savannah, Cincinnati, Tulsa and San Antonio. The Portfolio has an average age of less than 10 years and is unencumbered by management agreements. All hotels were acquired with fee simple title.
This collection of premium-branded hotels further enhances the geographic diversity of MCR's portfolio and expands its presence in high-growth markets with strong underlying fundamentals. Each hotel is also located in proximity to its respective market's core businesses, attractions and airports. MCR will own and manage the Portfolio, which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The Portfolio includes multiple brands including Marriott's Courtyard and TownePlace Suites and Hilton's Hampton Inn & Suites, Hilton Garden Inn and Homewood Suites.
"This acquisition significantly enhances the size and scale of our premium branded select service hotel portfolio in the United States. Adding this collection of high-quality assets further strengthens our relationship with Marriott and Hilton as our portfolio will now include 50 Marriott and 31 Hilton hotels," stated Tyler Morse, Chief Executive Office and Managing Partner of MCR Development. "This investment meets our strict underwriting criteria of selectively acquiring, high-yielding premium-branded hotels in high-growth business and leisure markets with multiple demand generators. Given the properties' attractive locations and unencumbered management agreements, the hotels are well positioned to deliver strong returns."
This acquisition brings MCR's portfolio to 88 hotels with approximately 10,000 rooms in 23 states.
About MCR Development LLC
MCR Development LLC is the seventh largest hotel owner-operator in the country and owns a portfolio of 88 premium-branded hotel properties with approximately 10,000 rooms in 23 states. MCR's hotels are operated under 10 brands and the firm is headquartered in New York City and Dallas.
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 
