November 16, 2018
A joint venture between New York-based MCR and Stamford, CT-based Building and Land Technology (BLT) completed a $647.5 million financing across a national 5,958-guestroom 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.
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.
MCR and Morse Development’s Tyler Morse says, “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.”
On average, the portfolio’s hotels are 12 years old and generate RevPAR of $90 and RevPAR Index of 120%.
*Pictured Courtyard by Marriott, Newport News
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