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New York & Tri-State  + New York  + Finance  | 

MCR Refinances 16 Hotels for $333M 

MCR has refinanced a 16-hotel portfolio for $333 million, generating $51 million in net proceeds. In less than three years, MCR doubled the portfolio’s net operating income from $15 million to $36 million, reflecting a 9.4% cap rate on their initial investment.  

MCR utilizes a data-driven approach to measure 112 items daily across its 150 hotels to streamline operations. The portfolio, acquired primarily in 2020-2021 across 11 states, includes Hilton and Marriott brands. The refinancing, secured in a SASB CMBS transaction, replaces the original debt of $268 million. Deutsche Bank Securities and BMO Capital Markets led the transaction, with Eastdil Secured LLC advising MCR.  

“Securing a refinancing in today’s challenging debt environment demonstrates MCR’s success as an owner-operator,” says Tyler Morse, chairman and CEO of MCR. “We bought good hotels at the right time, in the right markets, and implemented our business strategies to boost operating performance.” 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Financing
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