WASHINGTON, DC-MCR Development LLC, a New York City-based company acquired 26 Marriott and Hilton hotels from Western International for $430 million.

MCR will own and manage the hotels, each of which will continue to operate under its respective Marriott or Hilton flags, with long-term franchise agreements in place. The portfolio consists of 3,002 rooms in four states with an average age of approximately 4 years old. The deal gives MCR exposure to new markets, says Tyler Morse, CEO of MCR Development, in a prepared statement. "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," he says.

In December 2012, MCR Development acquired ten Marriott and Hilton hotels from Skye Hospitality. That portfolio consisted 1,294 rooms in four Baltimore submarkets: Arundel Mills, Downtown Baltimore / Camden Yards, Hunt Valley, and White Marsh. As with its more recent transaction, these hotels are being managed by MCR Property Management and they kept their Marriott and Hilton's select service and extended stay brands.

Prior to this deal, MCR made four earlier acquisitions, all part of MCR's goal of acquiring hotels in high barrier to entry markets, Morse says.