Hilton St. Louis Downtown at the Arch Hilton St. Louis Downtown at the Arch

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ST. LOUIS, MI—New York City-based MCR has sold the 195-roomHilton St. Louis Downtown at the Arch here less than two yearsafter it acquired the property.

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Hotel owner-operation MCR purchased the storied property inDecember 2016 from Xenia Hotels & Resorts. The sale of thehotel at 400 Olive St. closed on Sept. 6. MCR states in anannouncement that the sale generated a 44% internal rate of returnon its investment. No further financial terms of the transactionwere reported, including the identity of the buyer of theproperty.

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The hotel was built in 1888 as the Merchant Laclede NationalBank. The sale marks MCR's exit from the Missouri hotel market.

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“The returns generated by the sale of this property are atestament to MCR's investment strategy: purchasing well-locatedhotels, improving operations and selling opportunistically—in thiscase, less than two years after acquiring the property,” says TylerMorse, CEO and managing partner of MCR and MORSE Development.

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MCR has been particularly active of late, acquiring the 98-roomHampton Inn & Suites New Haven-South-West Haven in Connecticutand the 107-room TownePlace Suites Harrisburg Hershey inPennsylvania last month. In July, MCR purchased the 140-roomSpringHill Suites Fairfax Fair Oaks in Northern Virginia and the160-room Hilton Garden Inn Providence Airport/Warwick at RhodeIsland's T.F. Green International Airport.

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In early June, MCR announced the successful closing of its $300-million MCR Hospitality FundLP.

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MCR, the sixth-largest hotel owner-operator in the nation, hasinvested in and developed 104 hotel properties with more than12,000 rooms in 27 states. The firm has offices in New York Cityand Dallas. MCR's portfolio of hotels are operated under 11brands.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.