MCR Secures $300 Million Refinancing for 22-Hotel Portfolio
Skift Take
MCR secured $300 million in refinancing for a 22-hotel portfolio spanning 14 states, replacing $280 million in prior debt through a CMBS transaction with J.P. Morgan and BMO Capital Markets as co-leads.
The DJIA was down 154 points, Nasdaq was down 49, the S&P 500 fell 18 points and the 10-year treasury yield was up .02 to 4.22%. Lodging stocks were mixed. SHO and XHR traded up to new highs.
Goldman Sachs made the changes to their lodging coverage's target prices because "tis the season." Buy-rated Wyndham goes to $115 from $100, Marriott goes to $314 from $280 and Hilton was upped to $271 from $247. Neutral-rated Hyatt had their price target upped to $167 from $151, while TNL went to $59 from $49. As for those Goldman Sachs rates a Sell, Choice Hotels was upped to $138 from $118, Hilton Grand Vacations went to $37 from $33 and Marriott Vacations new price target is $85 from $76.
The AC Hotel and Residence Inn by Marriott Reston are set to open next month in Reston Town Center in Reston, Virginia. According to Hotel Management Magazine, The Residence Inn has 120 guestrooms, while the
