MCR Refinances Its Hotel Portfolio
Photo Credit: The tarmac at MCR's TWA Hotel next to New York's John F. Kennedy International Airport. Skift
Skift Take
MCR has refinanced a 16-hotel portfolio for $333 million, generating $51 million of net proceeds. In less than three years, MCR doubled the portfolio’s new operating income, increasing it from $15 million at acquisition to $36 million.
The DJIA was up 49 points, while Nasdaq was up 37, the S&P 500 rose 3 points and the 10-year treasury yield was up .06 to 4.17%. Lodging stocks were higher with IHG and MAR hitting highs.
Truist upped their price targets on both Wyndham and Choice Hotels. For WH, their new PT is $105 and for CHH it is $142. Subsequently, they said CHH’s supposed $90 per share offer that was made during the summer is now looking increasingly stale. Truist believes it fundamentally undervalued shares of WH. Truist said that additionally, in a scenario where the offer is accepted following CHH getting their proposed board members elected in May, it may take an additional year for the DOJ to approve the acquisition, making the current $90 per share offer even more unattractive. Truist said while they believe CHH stock is currently und
