MCR sells 18 hotels to American Hotel Income Properties REIT

MCR, one of the biggest hotel builders and managers in the country, has just sold Marriott and Hilton hotels in New York, New Jersey, Maryland and Pennsylvania in a sale to American Hotel Income Properties REIT that was announced last week. The $407.4 million selloff of a total of 2,187 rooms works out to $186K per room at a 7.9 cap rate, according to an official statement on the deal. [Bisnow]