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        
130 Rooms

Residence Inn Arundel Mills                                 
7035 Arundel Mills Circle, Hanover        
131 Rooms

SpringHill Suites Arundel Mills                             
7544 Teague Road, Hanover                    
128 Rooms

TownePlace Suites Arundel Mills                         
7021 Arundel Mills Circle, Hanover        
109 Rooms

Hampton Inn Baltimore Downtown                     
550 Washington Blvd., Baltimore             
126 Rooms

Hampton Inn White Marsh                                    
8225 Town Center Drive, Baltimore        
127 Rooms

Hilton Garden Inn White Marsh                           
5015 Campbell Blvd. Baltimore                
155 Rooms

Residence Inn White Marsh                                 
4980 Mercantile Blvd., Baltimore            
131 Rooms

Fairfield Inn and Suites White Marsh                  
8477 Cordon Way, Baltimore                  
116 Rooms

Residence Hunt Valley                                           
45 Schilling Road, Hunt Valley                  
141 Rooms

“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. 
 

Posted in and tagged with
.

Why Open a Browser, get citybizlist in your InBox.