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MCR, BLT Secure $632M Refi on Lodging Portfolio
MCR and partner Building and Land Technology (BLT) have closed a $632-million, three-year, fixed-rate financing on a portfolio of 53 hotels across the U.S. The loan was securitized in a single-asset, single- borrower CMBS transaction with the portfolio valued at $960 million.
Totaling 5,958 keys, the properties were acquired between 2013 and 2015, with MCR and BLT spending a total of $118 million on capital improvements. The portfolio is concentrated in high growth markets across 14 states, including Texas, Arizona, Virginia and North Carolina. It’s comprised of eight Marriott and Hilton extended-stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton.
“This refinancing is a validation of the quality of assets in the portfolio and the attractive operating and financial performance of properties managed by MCR,” said Tyler Morse, chairman and CEO of MCR.
Citigroup Global Markets acted as manager and book runner. Eastdil Secured served as exclusive advisor to MCR and BLT. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.
- ◦Financing
