MCR today announced that it has acquired the 120-room Hampton Inn & Suites by Hilton located in Mount Prospect, Illinois, a northwest suburb of Chicago, for $12.75 million. The property is located in Randhurst Village, a one million square foot open-air lifestyle center.
“The acquisition of this property by MCR represents the investment of a high-quality hotel with an industry leading brand at a price well below replacement cost,” said Tyler Morse, Chief Executive Officer and Managing Partner of MCR. “The hotel is positioned to provide attractive returns to our investors and will benefit from its proximity to both the retail amenities and the local demand generators.”
The hotel’s location within Randhurst Village provides its guests with proximity to various shopping, dining and entertainment options. The hotel also serves visitors to some of the many businesses in Mount Prospect, including the U.S. offices of Japanese corporations Mizkan and NTN Bearing, as well as Allstate Insurance, ITW, and a satellite office for CVS Caremark, which employs 1,400 people in the area.
Situated at 999 N. Elmhurst Road, the property, which opened in 2012, provides daily, free, hot breakfast, covered garage parking, indoor pool, fitness center, meeting space for up to 70 people, a 24-hour business center and a 24-hour Suite Shop. Guest rooms offer clean and fresh Hampton beds, spacious work area, 37-inch flat-screen TV and coffeemaker.
MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 95 hotel properties with over 11,000 rooms in 25 states. MCR’s hotels are operated under 10 brands.
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