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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).