Latham Gets Called On Again For MCR's $206M Hotel Buy
Law360, New York (March 9, 2015, 2:00 PM EDT) -- MCR Development LLC tapped Latham & Watkins LLP to guide its second major hotel portfolio acquisition in two years, with Chicago and Los Angeles attorneys guiding MCR's $206 million purchase, announced on Monday, of 18 Marriott International Inc.- and Hilton Worldwide Inc.-branded properties.
Picked up in fee simple title transactions, the portfolio will continue to operate under the Marriott and Hilton flags via long-term franchise agreements, but MCR will manage the properties. The deal translated to about $115,000 per room, which is significantly below replacement cost, the hotel investor said.
The deal marks the second time that the hotel investment firm...
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