MCR completes $300M funding round

The hotel operator is looking to pad its portfolio of more than 90 properties around the country

Jun.June 01, 2018 05:00 PM

CEO Tyler Morse and Mount Prospect hotel

Hotel owner-operator MCR is preparing to scoop up more than a dozen properties around the country this year thanks to a successful wrap on its $300 million funding push, the company announced Friday.

Now armed with about $1 billion in buying money, the company is on track to pad its portfolio with five more properties by August, on top of the 11 hotels it spent $160 million to acquire since last summer.

The more than 90 hotels in MCR’s portfolio include the Hampton Inn & Suites in northwest suburban Mount Prospect, plus three locations in Downstate Champaign.

MCR paid $12.75 million for the Mount Prospect location last year because of its location in “a redeveloped lifestyle center with lots of jobs and a good corporate presence in a prosperous part of the region,” according to Russell Shattan, the company’s vice president of acquisitions and development.

The company is “not specifically targeting Chicago” for its next round of acquisitions, but investors will continue to consider the region as part of the group’s nationwide strategy, Shattan told The Real Deal on Friday.

The 11 hotels most recently acquired by MCR combine for 1,272 rooms, with another 550 rooms split among the five properties that are “in the pipeline,” according to the company. MCR is planning to add another nine propeties between August and the end of 2018, making a total of 25 new hotels since last year.”

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