RobertDouglas Represents MCR in its Sale of Three Premium Select-Service Properties Totalling 330 Rooms to the Braintree Group
Courtyard by Marriott and Springhill Suites in Lehi, Utah and Hilton Garden Inn in Henderson, Nevada
RobertDouglas announced today that it represented MCR in its sale of three premium select-service properties to the Braintree Group, which will be managed by Resolute Road Hospitality, The Braintree Group’s preferred management team.
New York - RobertDouglas announced today that it represented MCR in its sale of three premium select-service properties to the Braintree Group, which will be managed by Resolute Road Hospitality, The Braintree Group’s preferred management team.
Totaling 330 rooms, the properties include the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point, both in Lehi, Utah; and the Hilton Garden Inn Las Vegas/Henderson, in Henderson, Nevada. Braintree plans to launch a renovation to the SpringHill Suites by Marriott and a property refresh of the Courtyard by Marriott at the end of 2024, while the Hilton Garden Inn Las Vegas/Henderson opened in 2007 and underwent a renovation in 2020.
Lehi, Utah lies between Salt Lake City and Orem-Provo along I-15. Of note, Texas Instruments plans a $11 billion expansion of its microchip fabrication plant based in Lehi. This Texas Instruments chip factory at its Lehi Silicon Slopes location will add 800 jobs to the existing 1,100 at the site.
These are great limited services properties with strong cash flow in place. The transaction, with good seller return for MCR and value-add opportunity for Braintree, is representative of the deals that can still happen in the current hotel transaction marketplace. Also, the new Texas Instrument plant is the largest single investment in Utah history. RobertDouglas Managing Director Andrew Broad
Jack Carr, Principal with Maxim Hotel Brokerage of Newport Beach, CA, assisted RobertDouglas in the transaction.
Andrew Broad and the RobertDouglas team adroitly navigated this off-market transaction for us, securing an outstanding buyer for these three properties, during this difficult capital market environment. We value our relationship with RobertDouglas and are delighted with the outcome of this transaction. Joe Delli Santi, Chief Investment Officer for MCR Development
About MCR
MCR is a premier hotel management company and the 3rd largest hotel owner-operator in the United States. Our firm, which has offices in New York City, Dallas, Chicago and Richmond, Virginia, has invested in and developed 189 hotel properties operated under 31 brands. Today, we offer more than 25,000 guestrooms in 150 hotels in 33 states and 107 cities.
MCR’s hotels are frequently featured in the Travel + Leisure World’s Best Hotels and the Conde Nast Traveler Readers’ Choice Awards. Consistently recognized for excellence in service and operations, we are the proud, three-time recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners, and the Hilton Legacy Award for Top Performer. MCR’s Chairman and CEO Tyler Morse was named honorable mention as Commercial Property Executive’s Hotel/Hospitality Executive of the Year.
About RobertDouglas
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles, San Francisco, Chicago, and Nashville that specializes in the sale, financing, and equity capitalization of hotel, resort, and gaming properties throughout North America. Founded in January 2013 and currently led by its four partners, Rob Stiles, Doug Hercher, Stephen O'Connor, and Evan Hurd, RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with diligent hotel underwriting and proven asset management experience.
For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.
About MCR
MCR is the 3rd-largest hotel owner-operator in the United States with a $5.0 billion portfolio of 150 premium-branded hotels containing more than 25,000 guestrooms. Founded in 2006 by Tyler Morse, MCR has 7,000 team members across the country and operates independent hotels as well as 9 Marriott and 8 Hilton hotel brands. MCR has been named one of Fast Company's Most Innovative Travel Companies. For the TWA Hotel at New York's JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS), the Urban Land Institute New York Excellence in Hotel Development Award and the American Institute of Architects national Architecture Award, the highest honor given by the AIA. For more information, please visit mcrhotels.com.
Media Contact
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