NEW YORK, Oct. 18, 2013 /CNW/ - MCR Development LLC announced today that it has acquired 26 Marriott and Hilton hotels from Western International for $430 Million.
MCR will own and manage all 26 hotels, each of which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place.
"We are excited to expand our partnership with the Marriott and Hilton brand families. The Western International hotels are built to a very high standard, and stand out amongst the competition. This investment provides great growth opportunities for our team members, and for our company to expand into new markets and continue to deliver high returns to our investors," said Tyler Morse, CEO of MCR Development.
This portfolio is comprised of 3,002 rooms in four states with an average age of approximately 4 years old.
About MCR Development LLC
MCR Development LLC is one of the twenty largest hotel owner-operators in the country and manages a portfolio of 56 premium-branded hotel properties with approximately 7,000 rooms in 15 states. MCR operates hotels under 9 brands and has approximately 2,000 employees.
SOURCE: MCR Development LLC
For further information:
MCR Development LLC, +1 (212) 277-5602, firstname.lastname@example.org