MCR, BLT complete $632m refinancing of 53-hotel portfolio

MCR, and Building and Land Technology (BLT) announced they have closed a $632 million, three-year, fixed-rate financing on a portfolio of 53 hotels across the United States.

MCR and BLT acquired the 53 hotels — totaling 5,958 guestrooms — between 2013 and 2015. Spread across 14 states, the portfolio is concentrated in high-growth markets, including Texas, Arizona, Virginia and North Carolina. The diverse portfolio comprises eight Marriott and Hilton extended-stay and select service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton.

The loan was securitized in a single-asset, single-borrower CMBS transaction with the portfolio valued at $960 million.

The hotels are managed by MCR’s in-house operations team, which includes 7,000 professionals across 150 hotels. Under the stewardship of MCR and BLT, the portfolio achieved more than $64 million of NOI on a trailing 12-