MCR Refis 30 Hotels Nationwide for $420M
New York City-based MCR, the country’s fourth-largest hotel owner-operator, has closed on a $420-million refinancing of 30 hotels across the U.S. The financing was provided by balance sheet lenders Wells Fargo, BMO Harris, Bank of America and Square Mile Capital at an interest rate of SOFR + 3.73%.
MCR attributed the attractive financing terms during a period of capital markets volatility to its strong lender relationships, institutional sponsorship and superior operating performance. Spread across 17 states, the portfolio totals 3,792 keys and is concentrated in dynamic, high-growth markets — including Florida, Utah, Nevada, Colorado, Texas and South Carolina.
The properties have strong historical and in-place cash flow, and all have recently undergone capital improvements, positioning them well for future growth, MCR said.
Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the refi, and Eastdil Secured served as financial advisor.
- ◦Financing
