MCR Acquires Milford Hotel in $206M Portfolio Buy
- Mar 17, 2015
A Milford hotel is among the 18 recently acquired by MCR Development L.L.C. as part of its $206 million purchase of Marriott and Hilton properties.
New York City-based MCR bought the Homewood Suites by Hilton Cincinnati-Milford for $6.7 million from an affiliate of Apple Hospitality REIT Inc., according to the Cincinnati Business Courier.
Located at 600 Chamber Drive, the property offers 76 studio, one- and two-bedroom suites, and numerous amenities, including a business center, indoor pool, fitness center, basketball court and two meeting rooms that can accommodate up to 100 guests.
MCR’s newly acquired 11-state portfolio consists of 1,787 guest rooms in such growing markets as Charlotte, Savannah and San Antonio. All properties were acquired with fee simple title, according to MCR. The company will manage all 18 hotels and, with long-term franchise agreements in place, will continue to operate each hotel under its respective Marriott or Hilton flag. With this acquisition, MCR’s portfolio grows to 88 hotels with about 10,000 keys in 23 states.
Photo credit: Homewood Suites by Hilton