December 10, 2010

MCR Development LLC announced today that it has acquired ten hotels in the Northeast with an aggregate of 1,100 rooms for approximately $164 million. The hotels will be managed by MCR Property Management LLC.

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 ten properties is less than two years.

MCR currently owns and manages 16 hotels with 1,850 rooms / suites in nine states.

“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,” said Tyler Morse, MCR’s chief executive officer. “This acquisition underscores our strategy of targeting quality properties in markets with high barriers to entry. We will continue to aggressively pursue strategic acquisitions.”