MCR Development acquires 150-key Marriott in downtown Newark

Hotel operator MCR Development bought the 150-room Courtyard by Marriott in downtown Newark last week, according to Hospitality Net. When it was completed in 2013 by Illinois-based Tucker Development, the hotel was the city’s first in more than 40 years. Located at 858 Broad Street, next to the 18,000-seat Prudential Center, the hotel has a 24-hour business center and fitness center. Tucker Development also developed 14,000 square feet of retail and restaurant space as part of the $35 million project. While MCR did not disclose how much it paid for the hotel, the New York-based firm did note in a press release the presence of nearby Newark attractions, such as the events and programming at the Prudential Center and Grammy Museum, respectively. MCR’s acquisition comes one month after Newark officials opened the first phase of the Mulberry Commons mixed-use project fronting the arena. MCR also announced this week that it had secured $270 million to refinance its TWA Flight Center redevelopment at John F. Kennedy International Airport. In other northern New Jersey hospitality news, JerseyDigs recently reportedthat Hoboken’s city council had signed off on a redevelopment plan that will bring a Hilton to a lot at 1st Street and Sinatra Drive. [HN]