MCR PROPERTY GROUP ACQUIRES FOUR BOUTIQUE HOTELS IN LONDON

British, Manchester-based real estate investment company MCR Property Group has acquired a portfolio of four hotels (87 rooms) in London, UK, for £123 million (£1.4 million per room). The portfolio includes the four-star, 38-room Ashburn Hotel, the four-star, 19-room Ashburn Court Apartments, the five-star, 16-room Claverley Court and the 14-room Chesham Court. All properties are located in Kensington & Chelsea and will undergo extensive refurbishment to reposition them under a new independent lifestyle collection brand. The combined acquisition and renovation investment is expected to total £150 million. These assets represent the first phase of MCR’s strategy to build a platform, with plans to expand through additional hotel acquisitions across the UK.