{"id":1004193551,"date":"2017-10-11T02:22:54","date_gmt":"2017-10-11T10:22:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193551"},"modified":"2022-12-08T23:04:42","modified_gmt":"2022-12-09T07:04:42","slug":"mcr-buys-2-salt-lake-city-marriott-hotels","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcr-buys-2-salt-lake-city-marriott-hotels\/","title":{"rendered":"MCR Buys 2 Salt Lake City Marriott Hotels"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Courtyard<\/a>

Courtyard by Marriott Lehi<\/p><\/div>\n

MCR has acquired two Marriott hotels, the 97-key Marriott Courtyard Lehi and the 94-key Marriott SpringHill Suites Lehi, both located in the Salt Lake City suburb of Lehi, Utah, for $27.5 million.<\/p>\n

\u201cWe specialize in purchasing limited-service Hilton and Marriott properties so these two hotels were right down the pipe for us,\u201d<\/em> Russ Shattan, MCR\u2019s senior vice president of acquisitions and development, told Commercial Property Executive<\/em>. \u201cA 3-year-old Marriott Courtyard and a 6-year-old Marriott SpringHill Suites, both in a great location. They are beautiful assets, well built and one of the best brands in the business.\u201d<\/em><\/p>\n

Both hotels are located at the entrance to Thanksgiving Point, known as Salt Lake City\u2019s Silicon Slopes technology corridor, which also includes museums and numerous entertainment facilities.<\/p>\n

\u201cIt has some of the biggest names in tech as part of it,\u201d <\/em>Shattan said. \u201cAdobe has a giant office park and are currently in the process of spending $200 million in expanding.\u201d<\/em><\/p>\n

Other companies such as Microsoft, Oracle and Ancestry.com all call the area home.<\/p>\n

Booming tech sector drives growth<\/h2>\n

Recent data by MCR shows that the city of Lehi has more than doubled in size since the turn of the new century, boosted by the large cluster of technology companies, with year-over year growth reaching 4.6 percent in 2016.<\/p>\n

\u201cThe area is benefitting from the high cost of living in California and we\u2019ve seen a migration from East from California into areas like Reno, Nev., Phoenix, Ariz., and quite a bit into Salt Lake,\u201d<\/em> Shattan said. \u201cIt has a very steady political environment, a highly educated workforce and a pro-business economic outlook.\u201d<\/em><\/p>\n

Situated between Provo and Salt Lake City, Lehi is also home to major government facilities, including the NSA\u2019s 1.5 million-square-foot Utah Data Center.<\/p>\n

Renovation plans far ahead<\/h2>\n

The Marriott SpringHill Suites recently went through a renovation and MCR is planning to make upgrades to the Marriott Courtyard Lehi in four years, on its seventh birthday.<\/p>\n

Earlier this month, MCR opened the $21 million Residence Inn by Marriott Fort Lauderdale Pompano Beach Central, a\u00a0112-key hotel in Pompano Beach<\/a>, Fla.\u00a0<\/p>\n

There\u2019s been a lot of activity in the Salt Lake City hotel market in 2017. In August, Marcus & Millichap arranged the sale of a four-story, 86-key SpringHill Suites hotel in downtown Salt Lake City, and earlier this summer,\u00a0 ASAP International Holdings arranged the acquisition of the DoubleTree by Hilton Salt Lake City Airport hotel in Salt Lake City.\u00a0<\/p>\n

Image courtesy of MCR<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company has purchased the 97-key Marriott Courtyard Lehi and 94-key Marriott SpringHill Suites Lehi for a combined $27.5 million.<\/p>\n","protected":false},"author":451,"featured_media":1004193587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,21742,1606,15],"tags":[34836,33877,32898],"class_list":["post-1004193551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-latest","category-salt-lake-city","category-west","tag-marcus-millichap","tag-marriott","tag-mcr-development"],"acf":[],"yoast_head":"\nMCR Buys 2 Salt Lake City Marriott Hotels - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcr-buys-2-salt-lake-city-marriott-hotels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCR Buys 2 Salt Lake City Marriott Hotels\" \/>\n<meta property=\"og:description\" content=\"The company has purchased the 97-key Marriott Courtyard Lehi and 94-key Marriott SpringHill Suites Lehi for a combined $27.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mcr-buys-2-salt-lake-city-marriott-hotels\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-11T10:22:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:04:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Courtyard-by-Marriott-Lehi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcr-buys-2-salt-lake-city-marriott-hotels\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mcr-buys-2-salt-lake-city-marriott-hotels\/\",\"name\":\"MCR Buys 2 Salt Lake City Marriott Hotels - 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