One of Nations Largest Hotel Owners Buys Rogers Hotel
by March 30, 2015 12:00 am 143 views
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.