MCR & Building And Land Technology (BLT) Refinance $632M Loan On 53-Hotel Portfolio Across U.S

The hotel portfolio comprising 53 hotels across the U.S., valued at $960 million, has secured a $632-million, three-year, fixed-rate financing. The portfolio includes Marriott and Hilton extended-stay and select-service brands, achieving over $64 million of NOI on a trailing 12-month basis at closing.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $632,000,000
• Keys: 5,958
• Market: Texas & Arizona, Virginia & North Carolina
• Landlord: Tyler Morse - MCR; Carl Kuehner - Building and Land Technology (BLT)
• Broker: Eastdil Secured LLC

MCR and Building and Land Technology (BLT) are the parties involved in securing the financing. The loan terms are set at three years with a fixed-rate. The strong pricing and AAA bonds at +145 reflect the quality and financial performance of the portfolio, spread across 14 states with investments exceeding $118 million in capital expenditures since acquisition.