MCR, BLT Secure $648M in Financing for 53-Hotel Portfolio

A joint venture between New York-based MCR and Stamford, CT-based Building and Land Technology (BLT) completed a $647.5 million financing across a national 5,958-guestroom portfolio of 53 Marriott and Hilton select service and extended stay hotels spanning 15 states and 31 markets. Thirty-three of the hotels carry Marriott brands, while 20 properties operate under Hilton brands.

Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds repaid current loans and returned capital to the joint venture.

MCR and Morse Development’s Tyler Morse says, “After evaluating various alternatives including CMBS loans, debt funds and balance sheet options, we selected Bank of America to lead this financing because we were seeking a trusted partner that values relationship-oriented balance sheet banking, which delivers better returns to the partnership.”

On average, the portfolio’s hotels are 12 years old and generate RevPAR of $90 and RevPAR Index of 120%.

*Pictured Courtyard by Marriott, Newport News

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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