MCR, BLT Secure $647.5M Refinancing for 53-Property Hotel Portfolio

The Residence Inn Norfolk Virginia is one of 53 hotels included in the joint venture’s portfolio.

NEW YORK CITY — A joint venture between hotel owner-operator MCR and real estate developer and manager Building and Land Technology has secured a $647.5M refinancing for a 53-property hotel portfolio spanning 15 states and 31 markets.

The 5,958-room portfolio includes 33 Marriot-branded properties and 20 Hilton-branded properties. The assets are 12 years old on average.

Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds will go towards repaying current loans as well as returning capital to the joint venture. Terms of the financing were not disclosed.

MCR has offices in New York City and Dallas and is the sixth-largest hotel owner-operator in the United States. MCR’s hotels are operated under 11 different brands.

Stamford, Connecticut-based BLT was founded in 1982 and has invested in more than 25 million square feet of commercial, hotel and residential properties across 26 states.

— David Cohen