Hotel owner-operator MCR has concluded the sale of Residence Inn by Marriott Philadelphia Langhorne in the US for $22.1m.
The company claims that it managed to double the 100-room hotel’s net operating income during its tenure of ownership.
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MCR initially acquired the hotel in November 2018 for $13.2m.
The company then invested $3m in upgrading the hotel’s guest rooms and public spaces, a project completed in June 2020.
MCR chairman and CEO Tyler Morse said: “This disposition is consistent with our strategy to create value through repositioning and operational improvement and to realise that value through opportunistically selling.”
The pet-friendly hotel, which is situated in Langhorne, Pennsylvania, offers an on-site meeting room spanning 234ft² with a capacity of 20 guests.
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By GlobalDataAdditional amenities include a fitness centre, indoor pool, hot breakfast, and complimentary Wi-Fi.
The hotel also provides access to nearby locations and activities such as Sesame Place, Carlucci’s Grill, Philadelphia Zoo, Adventure Aquarium, Walnut Lane Golf Club, Core Creek Park, and more.
MCR sold seven hotels since the beginning of 2023, accumulating gross proceeds of $174m.
In addition, the company purchased Canopy by Hilton Charlotte Southpark in North Carolina last September.
The hotel marked the company’s sixth hotel in North Carolina and its first Canopy by Hilton Hotel.
MCR currently has a diverse portfolio of 150 hotels across 37 US states, including Royalton New York, The High Line Hotel, TWA Hotel, Try by Hilton Smyrna Nashville and more.
