MCR has sold the 94-room Hampton Inn & Suites St. Augustine-Vilano Beach, located at 95 Vilano Road, St. Augustine, Florida. The firm purchased the hotel in 2012.
MCR generated a 35% IRR and a 3.7X equity multiple on the investment. The transaction closed on December 12, 2018.
"The substantial returns generated by this sale are a credit to MCR's best in class operations team," says Tyler Morse, CEO and Managing Partner of MCR and MORSE Development. "We pride ourselves on our excellent guest relations, our strong sense of teamwork and the overall quality of our Hilton- and Marriott-branded hotels throughout the United States."
MCR is the sixth-largest hotel owner-operator in the country and has invested in and developed 104 hotel properties with more than 12,000 rooms in 27 states. MCR's hotels are operated under 11 brands. The firm has offices in New York City and Dallas.
Logos, product and company names mentioned are the property of their respective owners.