Mount Prospect Hampton Inn and Suites sold for $12 million
MCR, a large hotel owner-operator, said it bought the 120-room Hampton Inn & Suites by Hilton in Mount Prospect 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, CEO 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, opened in 2012.
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. The firm has offices in New York City and Dallas. In 2015 MCR was awarded the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence.