New York, NY – December 20, 2010 – CB Richard Ellis' (CBRE) Hotel Group announced today that it has arranged the $164 million sale of a portfolio of 10 Marriott and Hilton extended-stay and focus-service hotels on behalf of The Briad Lodging Group. The 10 hotels encompass 1,100 rooms across lodging markets in Connecticut, New York, New Jersey and Pennsylvania, and were acquired by MCR Development LLC. The transaction is expected to be among the largest hotel real estate sales to close in 2010.
"We were pleased to be able to work with two top-notch organizations -- The Briad Lodging Group and MCR Development LLC-- to arrange this sizable and complex transaction in the current marketplace," said Ron Danko, executive vice president, CBRE New York City Hotel Group. "The Briad Lodging Group portfolio would be impossible to duplicate today and we knew it would be strategically attractive to an investor looking for the best extended-stay and focus-service brands, clustering and scale."
CBRE Hotels initiated work on the transaction on behalf of The Briad Lodging Group at the beginning of the year, and monitored the performance of the portfolio and investment marketplace throughout the first half of 2010 to gage buyer interest and underwriting. In June CBRE Hotels approached select investors, a process which culminated with a signed agreement in August.
For further information about this transaction and current CBRE Hotel Group property offerings, please contact Mr. Danko or Bradley Burwell at CBRE at 212-984-8000 or www.cbrehotels.com.