MCR Development Purchases 26-Hotel Portfolio From Western International
Monday October 21st, 2013 - 11:44AM Q
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NEW YORK—MCR Development LLC has acquired 26 Marriott and Hilton-branded hotels from Western International for $430 million.
MCR will own and manage all 26 properties, each of which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The portfolio is comprised of 3,002 rooms in four states with an average age of roughly four years old.
"We are excited to expand our partnership with the Marriott and Hilton brand families. The Western International hotels are built to a very high standard, and stand out amongst the competition. This investment provides great growth opportunities for our team members, and for our company to expand into new markets and continue to deliver high returns to our investors," said Tyler Morse, CEO of MCR Development.
Tags: acquire • portfolio • Hospitality • Owners/Operators •
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