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

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Hotel restaurants were not immune to the devastation that Covid caused in the food & beverage industry last year. In order to survive, many operations expanded their services to include packaged food sales, prepared meals to go, mini pop-up grocery stores, meal kits, takeout, and delivery to make up for lost revenues. These hybrid operations have become increasingly popular in hotels because they maximize limited F&B space and also attract local business. In those restaurants where customers are willing to dine in, there is a greater emphasis on safety protocols. Tables and chairs are spaced far enough apart to provide a sense of safety and comfort between parties. There are also stricter cleaning and disinfecting practices occurring in between dining encounters. In addition, there is a greater emphasis on outdoor dining with its offer of fresh air. The August issue of the Hotel Business Review will report on what some leading hotels are doing to manage their F&B operations in the wake of the pandemic.