NEW YORK CITY-MCR Development LLC has acquired 10 hotels in theNortheast for approximately $164 million from the Briad LodgingGroup, which was represented by CB Richard Ellis. MCR acquired sixMarriott and four Hilton branded hotels located in New York, NewJersey, Connecticut and Pennsylvania. The brands include theResidence Inn by Marriott, SpringHill Suites by Marriott, Courtyardby Marriott, Hilton Garden Inn and Hilton Homewood Suites. Theaverage age of the assets is less than two years.

CBRE Hotels initiated work on the transaction on behalf of TheBriad Lodging Group at the beginning of the year, and monitored theperformance of the portfolio and investment marketplace throughoutthe first half of 2010 to gage buyer interest andunderwriting. In June CBRE Hotels approached selectinvestors, a process which culminated with a signed agreement inAugust.

According to Ron Danko, executive vice president of CBRE, “BradHonigfeld, the president of Briad observed in late 2009 thatrecovery was underway and significant capital was being raised forhotels.” Given the scarcity of deals in the marketplace, he tellsGlobeSt.com, “Brad sensed capital would be attracted to his assetsproviding the ability to monetized the portfolio at his desiredlevel. To the credit of the brands and locations, the portfolioperformed extremely well during the downturn and newly openedhotels were ramping up quickly. Brad’s theory clearly played out asanticipated and the portfolio continue to outperform budgetedresults leading to a win-win situation for Briad and MCR.”