MCR Enters Massachusetts With SpringHill Suites Acquisition
The new owner shelled out $16.2 million for the 164-key hotel in Peabody.
SpringHill Suites by Marriot Boston Peabody. Image courtesy of MCR
MCR has acquired SpringHill Suites by Marriot Boston Peabody, a 164-key hotel in Peabody, Mass., for $16.2 million, according to public records. This marks the company’s first acquisition in the state. Lightstone Group sold the property after seven years of ownership, having paid $8.9 million for the hotel in 2012.
The new owner financed the acquisition with a $15.6 million loan from BMO Harris Bank. The variable interest rate mortgage is set to mature in 2023 and carries a one-year extension option.
Located at 43 Newbury St. on 6.3 acres, the six-story building came online in 2002. Amenities include an indoor pool, gym, convenience store, business center and a 5,500-square-foot space for events. The hotel is close to State Route 1 and Interstate 95, roughly 13 miles from Boston Logan International Airport. Several other hospitality and dining options are available within walking distance.
MCR’s portfolio encompasses 86 hotels across 29 states. In 2019, the company made its first foray into Albuquerque, N.M., with the purchase of a 110-key Residence Inn by Marriott.
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