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
info@mcrinvestors.com
212-277-5602

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in December 2019...

Hotel Law: A Labor Crisis and Cyber Security

According to a recent study, the hospitality industry accounted for 2.9 trillion dollars in sales and in the U.S. alone, was responsible for 1 in 9 jobs. In an industry of that scope and dimension, legal issues touch every aspect of a hotel's operation, and legal services are required in order to conform to all prevailing laws and regulations. Though not all hotels face the same issues, there are some industry-wide subjects that are of concern more broadly. One of those matters is the issue of immigration and how it affects the ability of hotels to recruit qualified employees. The hotel industry is currently facing a labor crisis; the U.S. Labor Department estimates that there are 600,000 unfilled jobs in the industry. Part of the problem contributing to this labor shortage is the lack of H2B visas for low-skilled workers, combined with the difficulty in obtaining J-1 visas for temporary workers. Because comprehensive immigration reform is not being addressed politically, hotel managers expect things are going to get worse before they get better. Corporate cyber security is another major legal issue the industry must address. Hotels are under enormous pressure in this area given the large volume of customer financial transactions they handle daily. Recently, a federal court ruled that the Federal Trade Commission had the power to regulate corporate cyber security, so it is incumbent on hotels to establish data security programs in order to prevent data breaches. The lack of such programs could cause hotels to face legal threats from government agencies, class action lawsuits, and damage to their brand image if a data breach should occur. These are just two of the critical issues that the December issue of Hotel Business Review will examine in the area of hotel law.