Tuesday, December 21, 2010

“hotels.com Reveals What U.S. Travelers Prefer to Eat While on Vacation” plus 1 more

“hotels.com Reveals What U.S. Travelers Prefer to Eat While on Vacation” plus 1 more

hotels.com Reveals What U.S. Travelers Prefer to Eat While on Vacation

Posted: 21 Dec 2010 09:03 AM PST

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MCR Acquires 10 Marriot, Hilton Hotels for $164M

Posted: 21 Dec 2010 04:12 AM PST

Last Updated: December 20, 2010 04:23pm ET

Marriott Residence Inn

NEW YORK CITY-MCR Development LLC has acquired 10 hotels in the Northeast for approximately $164 million from the Briad Lodging Group, which was represented by CB Richard Ellis. MCR acquired six Marriott and four Hilton branded hotels located in New York, New Jersey, Connecticut and Pennsylvania. The brands include the Residence Inn by Marriott, SpringHill Suites by Marriott, Courtyard by Marriott, Hilton Garden Inn and Hilton Homewood Suites. The average age of the assets is less than two years.

CBRE Hotels initiated work on the transaction on behalf of The Briad Lodging Group at the beginning of the year, and monitored the performance of the portfolio and investment marketplace throughout the first half of 2010 to gage buyer interest and underwriting.  In June CBRE Hotels approached select investors, a process which culminated with a signed agreement in August.

According to Ron Danko, executive vice president of CBRE, "Brad Honigfeld, the president of Briad observed in late 2009 that recovery was underway and significant capital was being raised for hotels." Given the scarcity of deals in the marketplace, he tells GlobeSt.com, "Brad sensed capital would be attracted to his assets providing the ability to monetized the portfolio at his desired level. To the credit of the brands and locations, the portfolio performed extremely well during the downturn and newly opened hotels were ramping up quickly. Brad's theory clearly played out as anticipated and the portfolio continue to outperform budgeted results leading to a win-win situation for Briad and MCR."

As for MCR, CEO Tyler Morse, tells GlobeSt.com that "these assets are high quality additions to our portfolio, especially given their alignment with two of the strongest brands in the hotel industry, Marriott and Hilton. This acquisition underscores our strategy of targeting quality properties in markets with high barriers to entry." He adds that MRC will continue to aggressively pursue strategic acquisitions. "We look forward to further acquisitions of strong products to strategically expand our current portfolio of 1,850 rooms and suites across nine states."

Clearly, transaction activity is increasing which is driven by rapidly improving fundamentals and availability of capital, says Danko. "Hotel's are highly desirable and allow our clients, such as Braid, to execute corporate strategies," he says. "In addition to the Briad transaction, the CBRE NYC hotel team closed six other transactions totaling over $120 million with six to eight additional closing scheduled in the first quarter." 

 

 

 

 

Categories: Northeast, Hotels, Acquisitions/Dispositions, New York

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