MCR, which is headquartered in New York City and Dallas, acquired the 150-room hotel located nearby the Prudential Center, a major entertainment venue and home to the New Jersey Devils, for an undisclosed price.
The real estate investment firm received an $80 million loan secured by the Times Square property.
Non-optimal activities, limited technology use and labor issues continue to plague the construction and logistics industries, with the former accounting for $177.5 billion in US labor costs per year.
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