MCR buys Glen Allen SpringHill Suites by Marriott for $10 million
- April 18, 2018
MCR, the seventh-largest hotel owner-operator in the U. S., said that it has acquired the SpringHill Suites by Marriott Richmond North Glen Allen for $10.85 million. The 136-unit property in Henrico County is located at the intersection of I-295 and I-95.
“We are pleased to make this investment in the Richmond area, a region MCR has successfully invested in previously,” Tyler Morse, CEO and managing partner of MCR, said in a statement. “Given the variety of demand generators and the continued investment from major corporations, we believe the property is positioned to generate positive returns for our investors.”
The hotel is located within 5-minute drives of regional distribution centers for Amazon, FedEx, and Supervalu, as well as regional offices for Capital One, Oracle, Lowe’s, Markel Corp. and Bank of America.
Situated at 9701 Brook Road, the property offers an indoor pool, fitness center, Wi-Fi, 300 square feet of meeting space and a 24-hour business center.
MCR said it has invested in and developed 102 hotel properties with more than 12,000 rooms in 26 states. MCR’s hotels are operated under 11 brands. The firm has offices in New York and Dallas.