The Real Deal New York

MCR sells 18 hotels to American Hotel Income Properties REIT

July 07, 2017 05:04PM

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]