Hotel owner and operator MCR announced it has closed on a $420 million refinancing of 30 hotels across 17 states, according to a news release.
MCR secured financing from balance sheet lenders at Wells Fargo, BMO Harris, Bank of America and Square Mile Capital. The 30-hotel portfolio comprises 3,792 rooms across high-growth markets including Florida, Utah, Nevada, Colorado, Texas and South Carolina.
The company refinanced at an interest rate of SOFR +3.73%.
The 30-hotel portfolio, which is managed by MCR's in-house operations team, includes Hilton- and Marriott International-affiliated select-service and extended-stay hotels including Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites.
MCR currently has a portfolio of 145 branded hotels, as well as some unflagged independent hotels, with 25,000 guestrooms across 37 states.