September 11, 2018
MCR has sold the 195-key Hilton St. Louis Downtown at the Arch, which it purchased from Xenia Hotels & Resorts in December 2016 as part of a $119-million portfolio. The New York City-based hotel owner-operator did not disclose the buyer or the selling price for the St. Louis property in the current transaction.
MCR generated a 44% IRR on the investment. The sale closed this past Thursday.
“The returns generated by the sale of this property are a testament to MCR’s investment strategy: purchasing well-located hotels, improving operations and selling opportunistically — in this case, less than two years after acquiring the property,” said Tyler Morse, CEO and managing partner of MCR and MORSE Development. MCR’s holdings include 10 properties across the Midwest, part of a 24-state hotel portfolio.
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