One of Nations Largest Hotel Owners Buys Rogers Hotel

The seventh-largest hotel owner/operator in the nation acquired a Rogers hotel recently for $9 million.

MCR Development LLC of New York City, bought the 99-room Fairfield Inn & Suites by Marriott at 4611 W. Rozell St.

An affiliate of Richmond, Virginia-based Apple Hospitality REIT Inc. was the seller.

The purchase was part of MCR’s acquisition of 18 Marriott and Hilton hotels for approximately $206 million.

MCR will own and manage all 18 hotels, each of which will continue to operate under its respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place.

The portfolio is comprised of 1,787 rooms in 11 states, which comes to a purchase price of $115,000 per room.

The acquisition brings MCR’s portfolio to 88 hotels with approximately 10,000 rooms in 23 states.

Gary Brandon of Gary Brandon Enterprises Inc. of Springdale purchased a building permit valued at $3.4 million to build the three-story Fairfield Inn, which opened in 2002.

Apple Eight acquired the property in February 2008. Commercial real estate developer Long & Cox Properties Inc. of Atlanta was the seller.

Long & Cox bought the land in September 2001 for $793,000. Carol Foster was the seller.

The property had an appraisal in 2014 of $4.54 million.