and Land Technology (BLT) has completed a $647.5 million financing
across a 5,958-guestroom national portfolio of 53 Marriott and Hilton
select service and extended stay hotels spanning 15 states and 31
markets. Thirty-three of the hotels carry Marriott brands, while 20
properties operate under Hilton brands. On average, the portfolio’s
hotels are 12 years old and generate RevPAR of $90 and RevPAR Index of
120%.
Bank of America led the financing, which also included Wells Fargo and
two mezzanine lenders. The proceeds repaid current loans and returned
capital to the joint venture.
“This transaction is the result of our strong financial partnership with
BLT and the industry-leading operating performance generated by MCR’s
property-level management teams,” said Tyler Morse, CEO and Managing
Partner of MCR and MORSE Development. “After evaluating various
alternatives including CMBS loans, debt funds and balance sheet options,
we selected Bank of America to lead this financing because we were
seeking a trusted partner that values relationship-oriented balance
sheet banking, which delivers better returns to the partnership.”
“This financing is a testament to the quality of the portfolio,
exceptional lending relationships, strong joint venture partnership and
MCR’s operational expertise,” said Carl Kuehner III, Chairman of
Building and Land Technology.
About MCR
MCR is the sixth-largest hotel owner-operator in the country and has
invested in and developed 104 hotel properties with more than 12,000
rooms in 27 states. MCR’s hotels are operated under 11 brands. The firm
has offices in New York City and Dallas. MCR is a recipient of the
Marriott Partnership Circle Award, the highest honor Marriott presents
to its owner and franchise partners, as well as the Hilton 2017 Top
Performer Award. For more information, visit www.mcrinvestors.com.
About Building and Land Technology
Building and Land Technology (BLT), founded in 1982, is a privately held
real estate developer, manager and private equity firm. BLT is
vertically integrated and has invested in, developed, owned and managed
more than 25 million square feet of commercial, hotel and residential
properties across 26 states. BLT is also the largest franchisee of
Sotheby’s residential real estate brokerage, with 28 offices and 1,000
real estate agents. To learn more about BLT visit http://www.bltoffice.com.
Contacts
MCR
212-277-5602
or
Building
and Land Technology
Eric Waters, 212-741-2977
or
Tom
Nolan, 212-741-2977