CONCORD, N.C. -- The Hampton Inn Concord/Kannapolis hotel is under new ownership after MCR Development LLC purchased 18 Marriot and Hilton hotels for about $206 million, according to a press release.
The Hampton Inn Concord/Kannapolis hotel, located at 612 Dickens Place NE, Concord, is part of a purchase that includes 1,787 rooms across 11 states in growing cities including Charlotte, Savannah, Cincinnati, Tulsa and San Antonio.
MCR Development LLC owns a portfolio of 88 hotel properties with about 10,000 rooms in 23 states. The company is the seventh-largest hotel owner-operator in the United States, according to the press release.
MCR’s hotels are operated under 10 brands, and the firm is headquartered in New York City and Dallas.
MCR will own and manage the portfolio, which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The Portfolio includes multiple brands including Marriott’s Courtyard and TownePlace Suites and Hilton’s Hampton Inn & Suites, Hilton Garden Inn and Homewood Suites.
“This acquisition significantly enhances the size and scale of our premium branded select service hotel portfolio in the United States. Adding this collection of high-quality assets further strengthens our relationship with Marriott and Hilton as our portfolio will now include 50 Marriott and 31 Hilton hotels,” stated Tyler Morse, chief executive office and managing partner of MCR Development. “This investment meets our strict underwriting criteria of selectively acquiring, high-yielding premium-branded hotels in high-growth business and leisure markets with multiple demand generators. Given the properties’ attractive locations and unencumbered management agreements, the hotels are well positioned to deliver strong returns.”