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Posted: April 16, 2024
Fried Frank advises MCR in 16-hotel refinance
New York, NY Fried Frank advised MCR, the country’s third-largest hotel owner-operator, on its refinancing of a 16-hotel portfolio for $333 million, generating $51 million of net proceeds. MCR acquired the 16 hotels — totaling 2,274 guestrooms — primarily in 2020 and 2021. Spread across 11 states, the portfolio is concentrated in high-growth markets, including Texas, North Carolina, Florida and Arizona. The portfolio is comprised of 11 Hilton and Marriott extended-stay and select service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott.
The Fried Frank team was led by corporate real estate partner Patrick Dowd.
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