MCR has replaced an older loan with $300 million in new financing for a portfolio of 22 branded hotels.
The new loan for the New York-based owner-operator was securitized in a floating-rate single asset, single borrower commercial mortgage-backed securities transaction, according to a news release. It replaces the original debt with an outstanding balance of $280 million.
The hotel portfolio comprises 2,855 guestrooms across 14 states, including Texas, Florida, New Mexico and South Carolina. They are Hilton- and Marriott International-branded properties in the limited-service, select-service and extended-stay segments.
MCR's in-house operations team manages these properties.
MCR acquired these hotels between 2017 and 2020. It invested $65 million in renovations to modernize the hotels.
“We are pleased with the execution we achieved on this refinancing,” MCR Chairman and CEO Tyler Morse said in the news release. “This refinancing lowered our cost of debt capital and provided additional duration as we continue to create value across the portfolio through our management and operational strategies.”