MCR, one of the largest hotel owners and operators in the country, has recently sold a 146-room Residence Inn by Marriott located in Renton, Washington. The property was purchased for $55.5 million at a rate of approximately $380,000 per key. This is significantly higher than its previous purchase price of $41.8 million (or around $286,000 per key) just two months prior.
The Marriott Seattle South/Renton is situated at 1200 Lake Washington Boulevard and offers convenient access to Renton Technical College as well as nearby Mercer Island. Additionally, it is less than 10 miles from both Seattle-Tacoma International Airport and King County International Airport/Boeing Field.
Headquartered in New York City with additional offices in Dallas, Chicago and Richmond,Virginia,MCR specializesin hotel managementandhasinvested indeveloping189hotel propertiesoperatedunder31differentbrands.The recent saleoftheRentonResidenceInnfurtherdemonstratesthecompany’ssuccessinthehospitalityindustryandtheirabilitytocontinuouslygenerateprofitablereturnsfortheirinvestors.
