MCR Development, a New York–based hotel owner and operator, has raised $192.4 million for MCR Hospitality Fund, according to a filing with the SEC. The firm did not comment on its fundraising efforts.
MCR Hospitality Fund is an opportunistic real estate fund that will focus its investments in hotels in secondary and tertiary markets throughout the United States. The firm is seeking to raise $300 million for the fund with no hard cap.
MCR Development has acquired or developed approximately $1.3 billion of hotel real estate since its inception, focusing primarily on the Marriott and Hilton brands.
