NEW YORK CITY — MCR, a New York City-based hospitality development and investment firm, has received a $420 million loan to refinance a portfolio of 30 hotels totaling 3,792 rooms across 17 states.
The majority of the properties are located in high-growth markets within states such as Florida, Utah, Nevada, Colorado, Texas and South Carolina. Locations range from leisure destinations such as the Hilton Garden Inn Orlando at SeaWorld to urban assets like the Courtyard by Marriott Milwaukee Downtown, as well as university-driven markets.
The portfolio features eight different brands across the select-service and extended-stay segments of the market. These brands include Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites.
Wells Fargo led the consortium of lenders, including BMO Harris, Bank of America and Square Mile Capital, that provided the funds. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the transaction, and Eastdil Secured served as financial advisor.
MCR’s in-house team manages the hotels, all of which have recently undergone capital improvements.
Specific loan terms were not disclosed, but the debt was priced with an interest rate that was 3.73 percent above the 30-day average of the Secured Overnight Financing Rate (SOFR), which closed at approximately 1.47 percent on Friday, July 15.
Founded in 2006, New York City-based MCR owns and operates 145 hotels totaling roughly 25,000 rooms across 37 states and 102 cities.