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Business & Finance

MCR Sells Courtyard by Marriott Jacksonville Orange Park for $16.55 Million

NEW YORK, NY. October 16, 2017 - MCR, the seventh largest hotel owner-operator in the United States, today announced it has sold the Courtyard by Marriott Jacksonville Orange Park located at 610 Wells Road in Orange Park, Florida, for $16.55 million. The 115-room hotel was built in 2008.

“The sale of this property reaffirms our strategy of investing in limited service hotels affiliated with industry-leading brands and opportunistically disposing assets to generate attractive returns for our investors,” said Tyler Morse, Chief Executive Officer and Managing Partner of MCR.

MCR

MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 95 hotel properties with over 11,000 rooms in 25 states. MCR’s hotels are operated under 10 brands. The firm has offices in New York City and Dallas. In 2015 MCR was awarded the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence. For more information, please visit: www.mcrinvestors.com.

Contact:
MCR
info@mcrinvestors.com
212-277-5602

Coming Up In The December Online Hotel Business Review




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Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.