US-based hotel owner and operator MCR has closed on a $420m refinancing for 30 hotels across the country.
The financing was offered by lenders Wells Fargo, BMO Harris, Bank of America and Square Mile Capital at an interest rate of SOFR + 3.73%.
MCR stated that it secured attractive financing terms especially in a period when capital markets are volatile, because of its operating performance.
The 30 hotels are managed by MCR’s in-house operations team including 6,000 professionals.
This portfolio features a total of 3,792 rooms across 17 US states, including Florida, Utah, Nevada, Colorado, Texas and South Carolina.
With cash flow in place, these hotels have recently undergone capital enhancements, positioning them well for growth, stated MCR.
With a diverse product type and geographic mix, the portfolio features Hilton- and Marriott-affiliated select service and extended stay hotels across eight different flags including Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn.
Their locations range from leisure destinations, urban markets to university-driven markets.
Fried, Frank, Harris, Shriver & Jacobson acted as legal advisor to MCR on the transaction, while Eastdil Secured was the financial advisor.