MCR Acquires Two Marriott Hotels in Salt Lake City for $27.5 Million

. October 10, 2017

NEW YORK, NY. October 10, 2017 - MCR, the seventh largest hotel owner-operator in the United States, today announced the acquisition of two Marriott hotels located in Lehi, Utah, a suburb of Salt Lake City. Both properties, the Courtyard Lehi and SpringHill Suites Lehi, are situated at the entrance to Thanksgiving Point, Lehi's central business and leisure hub, which is known for its technology businesses, museums, and numerous entertainment facilities. The properties were purchased for $27.5 million.

“We are very excited to make this investment in Salt Lake City's Silicon Slopes technology corridor,” said Tyler Morse, Chief Executive Officer and Managing Partner of MCR. “Given the array of demand generators supported by the city's strong business climate and its highly educated workforce, we believe both properties are well positioned to outperform and generate positive returns for our business. These hotels represent an attractive combination of in-place yield with upside potential in the years to come.”

Lehi, situated between Provo and Salt Lake City, has more than doubled in size since 2000, and is home to a large cluster of technology companies including Adobe, Microsoft, Oracle, Ancestry.com, and others. Lehi is also home to major government facilities, including the NSA's 1.5 million square foot Utah Data Center. Year-over year growth for the City in 2016 was 4.6 percent, and Adobe is currently in the midst of expanding its Lehi campus, which will add approximately 1,260 new jobs.

About MCR

MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 94 hotel properties with over 11,000 rooms in 24 states. MCR's hotels are operated under 10 brands. The firm has offices in New York City and Dallas. In 2015 MCR was awarded the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence. For more information, please visit: www.mcrinvestors.com.

Contact:
MCR
[email protected]
212-277-5602

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Hotel Revenue Management: Every Square Foot Matters


Traditionally, hotels have employed a room-centric revenue model. The primary focus was on pricing strategies that could generate the most revenue from the sale of rooms. However, the pandemic has forced hoteliers to look beyond room revenue exclusively, and to maximize all available revenue streams. How is this accomplished? By re-imagining the use and function of every square foot of a hotel property, and how revenue is generated from it. For example, some hotels are rethinking their spaces for different uses - offering rooms for private day meetings, or offering suites for private dinners. Other hotels with meeting spaces are moving beyond daytime conferences and events, and figuring out how to book those spaces in the evenings, on holidays and weekends, for such things as exhibitions, workshops, rehearsals and pop-ups. Still other hotels are leasing work spaces or parking spaces to businesses in their local market. The October issue of the Hotel Business Review will report on how some leading hotels are re-inventing their revenue management strategies.