NEW YORK CITY-MCR Development LLC has acquired 10 hotels in the Northeast for approximately $164 million from the Briad Lodging Group, which was represented by CB Richard Ellis. MCR acquired six Marriott and four Hilton branded hotels located in New York, New Jersey, Connecticut and Pennsylvania. The brands include the Residence Inn by Marriott, SpringHill Suites by Marriott, Courtyard by Marriott, Hilton Garden Inn and Hilton Homewood Suites. The average age of the assets is less than two years.

CBRE Hotels initiated work on the transaction on behalf of The Briad Lodging Group at the beginning of the year, and monitored the performance of the portfolio and investment marketplace throughout the first half of 2010 to gage buyer interest and underwriting. In June CBRE Hotels approached select investors, a process which culminated with a signed agreement in August.

According to Ron Danko, executive vice president of CBRE, “Brad Honigfeld, the president of Briad observed in late 2009 that recovery was underway and significant capital was being raised for hotels.” Given the scarcity of deals in the marketplace, he tells GlobeSt.com, “Brad sensed capital would be attracted to his assets providing the ability to monetized the portfolio at his desired level. To the credit of the brands and locations, the portfolio performed extremely well during the downturn and newly opened hotels were ramping up quickly. Brad’s theory clearly played out as anticipated and the portfolio continue to outperform budgeted results leading to a win-win situation for Briad and MCR.”