MCR — the country’s 3rd-largest hotel owner-operator — today announced it has completed the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne located in Langhorne, Pennsylvania for $22.1 million, or $221,000 per key. Since the beginning of 2023, MCR has completed a series of dispositions totaling seven hotels for gross proceeds of $174 million, or $210,000 per key.
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Residence Inn by Marriott Philadelphia Langhorne. (Photo: Business Wire)
By successfully completing its business plan, MCR doubled the hotel’s net operating income over the course of its ownership. The firm purchased the hotel for $13.2 million, or $132,000 per key, in November 2018 and completed a $3 million upgrade of the hotel’s guest rooms and public spaces in June 2020.
“This disposition is consistent with our strategy to create value through repositioning and operational improvement and to realize that value through opportunistically selling,” said Tyler Morse, MCR’s Chairman and Chief Executive Officer.
About MCR
- 3rd-largest hotel owner-operator in the United States
- $5.0 billion portfolio of 150 premium-branded hotels
- MCR operates 9 Marriott brands, 8 Hilton brands and a number of unflagged independent hotels
- Over 25,000 guestrooms across 37 states and 107 cities
- Founded in 2006
- Offices in New York City, Dallas, Chicago and Richmond, Virginia
- 7,000 team members across the country
- Three-time recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners
- Recipient of the Hilton Legacy Award for Top Performer
- For the TWA Hotel at New York’s JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS), the Urban Land Institute New York Excellence in Hotel Development Award and the American Institute of Architects national Architecture Award, the highest honor given by the AIA
- Named one of Fast Company’s 10 Most Innovative Travel Companies
- For more information, please visit mcrhotels.com
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