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Fundraising - JUNE 1, 2018

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MCR closes $300m hospitality fund

by Jody Barhanovich

MCR, a U.S. hotel owner-operator, has held a $300 million final close for MCR Hospitality Fund. The fund’s capital commitments provide MCR with approximately $1 billion in purchasing capacity.

MCR Hospitality Fund targets investments in institutional-quality Marriott and Hilton select service and extended stay hotels throughout the United States. The fund comprises a diverse mix of investors including endowments, foundations, charitable trusts, high-net-worth individuals and principals of MCR.

Since August 2017 the MCR Hospitality Fund has acquired 11 hotels (1,272 rooms), comprising $160 million in total transaction volume and $62 million in total equity (approximately 20 percent of the fund’s total capital commitments). The 11 properties include four Marriott hotels (496 rooms) and seven Hilton hotels (776 rooms) and represent an average purchase price of $126,000 per room, 20 percent below replacement cost. The acquired hotels are located in Chicago; Salt Lake C

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