Skye Hospitality Sells 10 Baltimore Area Hotels to NYC Owner
MCR Development LLC of New York City has purchased a ten-hotel portfolio totaling 1,294 guest rooms in the Baltimore metropolitan area free and clear of debt.
HFF marketed the offering on behalf of the seller, Skye Hospitality, LLC of Baltimore, Maryland, and its affiliates. The HFF team representing the seller was led by senior managing directors Mark Popovich and Dan Peek and director Max Comess, along with real estate analysts Christopher Lingerfelt and Alexandra Lalos.
Headquartered in Baltimore, Skye Hospitality, LLC was founded in 1995 by James Dresher, who was later joined by hotel industry veteran William Bello. Their hotels are all operated under franchise agreements with Hilton and Marriott.
Individual property and sale details are listed below:
Hampton Inn and Suites Arundel Mills
7027 Arundel Mills Circle, Hanover
Residence Inn Arundel Mills
7035 Arundel Mills Circle, Hanover
SpringHill Suites Arundel Mills
7544 Teague Road, Hanover
TownePlace Suites Arundel Mills
7021 Arundel Mills Circle, Hanover
Hampton Inn Baltimore Downtown
550 Washington Blvd., Baltimore
Hampton Inn White Marsh
8225 Town Center Drive, Baltimore
Hilton Garden Inn White Marsh
5015 Campbell Blvd. Baltimore
Residence Inn White Marsh
4980 Mercantile Blvd., Baltimore
Fairfield Inn and Suites White Marsh
8477 Cordon Way, Baltimore
Residence Hunt Valley
45 Schilling Road, Hunt Valley
“The seller, a family-owned company that developed and operated each hotel, made a timely exit at attractive terms while the buyer acquired immediate scale in prime, high-barrier locations with tremendous upside potential,” said Comess.
MCR Development LLC is an owner and operator of limited-service hospitality properties. Prior to its acquisition of the Skye Hospitality platform, the firm owned 20 hotels comprising 2,260 rooms in ten states, primarily in the Northeast.
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