MCR Acquires Trio of Hilton Hotels Near University of Illinois
- May 31, 2018
MCR has acquired three Hilton-branded hotels in Champaign, Ill., upping the portfolio of the seventh-largest hotel owner/operator to 103 properties with more than 12,000 guestrooms in 27 states.
“These three well-located Hilton-branded properties are positioned to benefit significantly from the University of Illinois’ continued growth and are expected to produce attractive returns for our investors,” Tyler Morse, MCR’s managing partner & CEO, said in a prepared statement. “The acquisition continues our investment strategy of purchasing premium-branded select service and extended stay hotels with operations upside.”
An Exciting Trio
The Home2 Suites by Hilton is located at 2013 S. Neil St., and originally opened in 2016. The property offers 104 pet-friendly suites with fully equipped kitchens and flexible furniture. Amenities include a fitness center with indoor pool, a 24-hour convenience store and meeting space for 50. The hotel also provides free shuttle service to the University of Illinois Willard Airport.
Located at 1500 S. Neil St., The Hilton Garden Inn Champaign/Urbana has 99 guestrooms. The hotel offers 18,000 square feet of flexible event space, a fitness center, an indoor pool, and is also home to the Garden Grille and Bar and Pavilion Lounge cocktail bar.
The third hotel, the Homewood Suites by Hilton, is situated just steps from the 44,000-student University of Illinois campus and the recently renovated State Farm Center arena. The property offers 98 suites with fully equipped kitchens. Amenities include a fully equipped fitness center with an indoor pool, a basketball court and tennis court, as well as a 24-hour convenience store. There’s also a business center and its meeting space can accommodate up to 50.
The city of Champaign and the surrounding area of the campus is considered a bustling business region with the Carle Foundation Hospital nearby and the corporate offices of Jimmy John’s, Wolfram Research and Yahoo!
MCR’s hotels are operated under 11 brands. Earlier in May, MCR acquired the Hilton Garden Inn Cincinnati Northeast, located in Loveland, Ohio, and took over managing duties as well. In April, the company acquired SpringHill Suites by Marriott Richmond North Glen Allen in Glen Allen, Va., for $10.9 million.
Images courtesy of MCR