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MCR raises $300m

The New York-based hotelier's first fund will invest in Marriott and Hilton hotels.

MCR Development announced a final close on its inaugural fund, MCR Hospitality Fund, at $300 million.

The hospitality fund, which is MCR’s first commingled vehicle after the New York-based firm had previously invested on a deal-by-deal basis, will target investment opportunities in Marriott and Hilton properties across the United States. $62 million of the firm’s committed capital have already been deployed to acquire 11 hotels.

According to MCR, the fund will use its $1 billion in total purchasing power to invest in a total of 50 to 55 assets.