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Friday, February 16, 2024

MCR Sells Residence Inn by Marriott Philadelphia Langhorne

NEW YORK—MCR introduced it has accomplished the sale of the 100-room Residence Inn by Marriott Philadelphia Langhorne situated in Langhorne, Pennsylvania for $22.1 million, or $221,000 per key. Because the starting of 2023, MCR has accomplished a collection of inclinations totaling seven lodges for gross proceeds of $174 million, or $210,000 per key.

By finishing its marketing strategy, MCR doubled the resort’s internet working earnings all through its possession. The agency bought the resort for $13.2 million, or $132,000 per key, in November 2018 and accomplished a $3 million improve of the resort’s guestrooms and public areas in June 2020.

“This disposition is in step with our technique to create worth by repositioning and operational enchancment and to understand that worth by opportunistic promoting,” mentioned Tyler Morse, MCR’s chairman and CEO.

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