Hospitality

NEW YORK CITY — MCR, a New York City-based hotel owner and operator, has received a $333 million loan to refinance a 16-property hotel portfolio totaling 2,274 guest rooms.  The portfolio spans 11 states and features 11 Hilton and Marriott extended-stay and select-service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott. MCR acquired the properties primarily in 2020 and 2021. Although a full property list was not disclosed, a partial list includes Hilton Garden Inn Louisville Mall of St. Matthews in Louisville, Kentucky; Hampton Inn & Suites Charlotte Steele Creek in Charlotte, North Carolina; Courtyard by Marriott Oxford in Oxford, Mississippi; Hilton Garden Inn Missoula in Missoula, Montana; and Hilton Phoenix Chandler in Chandler, Arizona. The loan was securitized in a floating-rate, single-asset, single-borrower CMBS transaction. The financing replaces the original debt, with an outstanding balance of $268 million at the time of payoff. The portfolio’s net operating income has increased from $15 million at the time of acquisition to $36 million, according to MCR. The company says that the refinancing generated $51 million of net proceeds as a result. Deutsche Bank Securities and BMO …