NEW YORK – Hotel owner-operator MCR has closed on a $420 million refinancing of 30 hotels across 17 states.
The financing was provided at an interest rate of SOFR +3.7% by lead left arranger Wells Fargo, joint lead arranger BMO Harris, Bank of America and Square Mile Capital.
The portfolio of assets comprises Marriott and Hilton hotels that total 3,792 rooms across high-growth markets, including Florida, Utah, Nevada, Colorado, Texas and South Carolina. The hotels boast strong historical and in-place cash flow.
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Each of the hotels is managed by MCR's in-house operations team, which includes 6,000 professionals and 145 hotels, and all of the hotels have recently undergone capital improvements.
The portfolio spans Hilton- and Marriott-affiliated select service and extended stay hotels across eight different flags, including Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard, SpringHill Suites and TownePlace Suites.
The hotels' locations range from leisure destinations , such as the Hilton Garden Inn Orlando at SeaWorld, urban markets such as Courtyard by Marriott Milwaukee Downtown, and university-driven markets, such as Home2 Suites by Hilton Champaign/Urbana at the University of Illinois.
Fried, Frank, Harris, Shriver & Jacobson LLP served as MCR's legal advisor in the transaction, and Eastdil Secured served as the firm's financial advisor.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
