NEW YORK CITY--Hotel owner-operator MCR has secured a $300 million refinancing for a 22-hotel portfolio. Totaling 2,855 guestrooms, the 22-hotel portfolio is spread across 14 states in established and high-growth markets such as Texas, Florida, New Mexico and South Carolina.
According to a prepared release, the hotels are managed by MCR’s in-house operations team, which includes approximately 7,000 professionals. The release notes that MCR acquired the hotels between 2017 and 2020, and subsequently invested $65 million to renovate and modernize the portfolio, while also implementing a detail-oriented, data-driven approach to operations to improve asset performance.
According to Tyler Morse, Chairman and CEO of MCR, the refinancing lowered the company’s cost of debt capital and “provided additional duration as we continue to create value across the portfolio through our management and operational strategies.”
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The portfolio’s product type is diverse, according to the release, consisting of Marriott- and Hilton-affiliated limited service, select service and extended stay hotels across eight flags, including Residence Inn by Marriott, Courtyard by Marriott, Hilton Garden Inn and Homewood Suites by Hilton.
The loan was securitized in a floating-rate single asset, single-borrower CMBS transaction. The new financing replaces the original debt with an outstanding balance of $280 million at the time of payoff.
J.P. Morgan and BMO Capital Markets acted as co-lead managers and joint book runners on the transaction and Eastdil Secured acted as exclusive advisor and Fried Frank served as legal advisor to MCR on the transaction.
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