Hotel Owner-Operator MCR Closes Latest Fund At $300M
Law360 (June 1, 2018, 4:45 PM EDT) -- Hotel owner-operator MCR on Friday said it has closed its latest fund with $300 million in commitments, which will provide the company with approximately $1 billion in purchasing capacity to target various hotel investments.
The New York and Texas-based hotelier closed MCR Hospitality Fund LP and will use the proceeds to target investments in institutional-quality Marriott and Hilton select service and extended-stay hotels in the U.S. The fund was formed in August 2017 and has acquired 11 hotels, totaling $160 million in transaction volume and $62 million in total equity, representing 20 percent of the fund’s capital.
"This important milestone reflects...
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